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That compares to two hours for a television, four hours for a computer, and 10 hours for a car, according to a new survey from Zillow, which offers mortgage rate shopping via its Mortgage Marketplace platform.
“There’s another big leg down,” he said. “You can’t have much of a rally when you’ve got this big overhang.”
This graph suggested to me that house prices would not bottom in real terms until the unemployment rate had peaked - and probably later (the recent housing bubble dwarfed the previous housing bubbles, and the bust will probably take some time).
"Median prices are really pretty flat," said Guntermann, a real-estate professor at ASU's W.P. Carey School of Business, adding that he doesn't expect anything different for the rest of this year.
The homeownership rate increased in the '90s and early '00s because of changes in demographics and "innovations" in mortgage lending.
On an unadjusted basis, prices dropped 0.9 percent in February, worse than the estimated 0.3 percent decline and following a 0.4 percent downturn in January.
During the '70s, the baby boomers started moving out of their parents' homes, and there was a dramatic decrease in the number of persons per household. And that lead to a huge demand for apartments (the surge in total starts).
Now the average American household has little to no equity. The equity was either squandered in big-spending drawdowns of equity via home equity lines of credit, or it was lost in "moving up" in the housing bubble to costly big homes...
The UA Economic and Business Research Center report predicts that new-home permits in metro Phoenix this year will jump 54 percent from last year to 13,320. Then, permits will more than double to 28,060 next year.
A record number of US homes were lost to foreclosure in the first 3 months of this year. The number of US homes taken over by banks jumped 35% in the first quarter from a year ago. Households facing foreclosure grew 16% in the same period and
"Foreclosure filings were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in Ja
RealtyTrac is forecasting that Houses with $5 million+ mortgages will likely be the next class of loans to go belly up. While the overall numbers are small, they expect to see a sharp rise in foreclosures this year.
The era of record-low mortgage rates is over. The average rate on a 30-year loan has jumped from about 5 percent to more than 5.3 percent in just the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market
You have no idea how hard it is for me to report survey results like this. In spite of all that has happened over the past four years, American's refuse to face reality on any level. I guess propaganda beats reality hands down.
Last month, a record 5,556 homes across metropolitan Phoenix were foreclosed on by lenders, reports the Information Market. That's a 30 percent increase from February. Pre-foreclosures climbed to 8,045 last month, up from 7,604 ...
Good thing the FASB has allowed all this worthless paper to be carried at par or else we might all realize just how the market trades on vapors, myth and lots of hope.
Fannie Mae reported its January total serious delinquency rate for single-family houses: the rate hit a new record of 5.54%, a jump from the December's 5.38%, and double the 2.77% in January 2009.
Some observers say that these suburban communities could become the new slums of America. As baby boomers age, they won't need McMansions and will want to live closer to urban centers. And Generation X and Y already prefer walkable residences...
The problem is that most of the troubled mortgages aren't owned by the banks themselves. They were bundled into securities during the housing boom and sold to investors. To reduce principal payments on those mortgages, banks often must get permiss
"The rate of decline has been slowing for several months, and if the present trend continues, prices will level off later this spring," said real-estate professor Karl Guntermann, who wrote the new report with research associate Adam Nowak.
Serious delinquencies continue to rise – in the 64% of the market covered by Mortgage Metrics, there are now about 3.4 million loans either seriously delinquent or in the process of foreclosures. Completed modifications actually declined in each...
It’s been just a few weeks shy of one year since the Obama Administration announced its plan to help 1.5 million homeowners modify their second mortgages, and the program has actually done something I did not think was possible.
New home sales drop to a record low adjusted annual rate of 308K. All of the government's housing stabilizing measures are now a disaster, as existing home sales inventory surges to nearly 9 months, not counting the shadow inventory, which is more th
The Market Composite Index, a measure of mortgage loan application volume, decreased 4.2 percent on a seasonally adjusted basis from one week earlier. ...
Tyson T. Lawrence at MIT proposed the Chassis + Infill system, consists of two main facets, in his 2003 master’s thesis. The chassis conforms to a specific set of standards, making mass production the most efficient means of construction
Further additions to the already swollen stockpile of vacant homes represent a threat to house prices and new home construction activity.
The double dip in housing is getting worse by the month. After hitting a nearly 6.6 million in existing home sales in late 2009, the number has now plunged to 5.02 million, a decline of 0.9% sequentially, and a major drop...
More ominously the spread between hope and reality, or the 1-family Sale Present Time component and the Next 6 Months components, dropped to 9, matching the tightest level over the past year, even as the Prospective Buyer Traffic component dropped...
This is truly terrific news. This means that of the 6 million in 60 day delinquent 1st lien mortgage outstanding, a whopping 2.8% have gotten relief. Score one for the Obama administration.
The Federal Housing Administration will need taxpayer money because it failed to properly project how borrowers with FHA-backed loans are affected by job losses and diminished equity in their homes, New York University professor Andrew Caplin told a
