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Middle class young family is also delaying on having children so the necessity for a bigger home is also being pushed out. This demographic shift is happening at the same time that baby boomers start entering retirement age and will want to downsize
Who is the largest foreign holder of mortgage bonds from Fannie Mae and Freddie Mac? China. The nation owns $300 - $400 billion worth, which comes to nearly 20% of China's official currency reserves according to unofficial estimates via China Daily
Her third proposal, however, was a shocker, taking dead aim at one of the most sacrosanct tenets of American politics: the lofty goal of homeownership.
The average borrower in foreclosure has been delinquent for 438 days before actually being evicted, up from 251 days in January 2008, according to LPS Applied Analytics….
Arizona posted the nation’s second highest foreclosure rate for the second month in a row. One in every 169 Arizona properties received a foreclosure notice during the month — more than twice the national average.
Because so many of the pendings were short sales, a larger percentage than normal will not close but I still think Existing Sales increase decently in May, then level out in June before plunging in July."
Last week, three House members introduced a $15 billion stimulus bill to provide homebuilders with construction loans. Yep — the plan is to build more houses in an attempt to save the housing industry from its oversupply of houses. Irony just died.
Purchase applications are now 35 percent below their level of four weeks ago, as homebuyers have not yet returned to the market following the expiration of the homebuyer tax credit at the end of April,” said Michael Fratantoni...
Some of the misconceived housing developments built during the boom years might have to be torn down because they don't make financial sense.
Hawaii -- 34% up since March, 2010. One in 348 homes received foreclosure filings in April. It's much worse in Maui where one in 187 homeowners got the note. Statewide, they're up 116% since April 2009. Source: Realtytrac.com
“Once I learned of the work One Reverse Mortgage was doing to help seniors, I was immediately interested,” Winkler said in a press release. “I have always been committed to helping others, and I see my work here as the next step in that effort.”
“Mortgage applications to purchase a home began to sink. Now, four weeks later, mortgage purchase applications are down nearly 40 percent from a month ago to their lowest level since April of 1997.
Loungani said his analysis of prices and rents in U.S. metro areas suggests that many markets on the West coast and in parts of the Northeast could yet see prices plummet a further 30%-40%.
It will take 42 months to clear the portion of the 8 million loans presently in the distressed pipeline that will ultimately be liquidated. If Foreclosures remain at April’s record high of 92.5k, it will take 101 months.
In Phoenix, contracts in the subdivisions surveyed by Metrostudy fell almost 49 percent for the week ended May 24 from the same period a year earlier, Hunter said. More than 8 percent of Phoenix households received a notice of default, auction or...
A number of recent reports suggest home prices across the country could be headed for a double-dip. But ASU professor Karl Guntermann offers some good news in the meantime for owners of higher-priced homes in metro Phoenix.
The numbers are especially disturbing because they show that improved sales due to the tax credits didn't translate into higher prices, said David M. Blitzer, chairman of the S&P index committee.
Phoenix-area home prices will climb slightly in June, take a small dip in July and then start to climb again in late August.
There was a spike in purchase applications in April, followed by a decline to a 13 year low last week. "The data continue to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season."
There are 80 million baby boomers retiring at the rate of 10,000 a day. Assuming that they downsize over time from an average 2,500 sq ft. home to a 1,000 sq. ft. condo, and eventually to a 100 sq. ft. assisted living facility, the total shrinkage...
March Case-Shiller data has been released: the seasonally-unadjusted Case-Shiller index has now declined for 6 straight months after peaking at 146.7 in September of 2009, for the composite 20 index, and is now back to a level last seen in June...
The FHA and Fannie Mae and Freddie Mac, which regulators seized in 2008, have been financing more than 90 percent of U.S. home lending after a retreat by banks and the collapse of the market for mortgage bonds without government...
What is wild is considering what will happen to real estate prices should mortgage failure gain greater momentum. Serious delinquencies are 30% greater today than a year ago.
Brinkmann argued the foreclosure crisis is now being driven by economic problems as opposed to the bursting of the housing price bubble - and this is showing up in prime loans and all states.
The Refinance Index increased 14.5 percent from the previous week and the seasonally adjusted Purchase Index decreased 27.1 percent from one week earlier. This is the lowest Purchase Index observed in the survey since May of 1997. ...
Back in 2007, L sent me a foreclosure map for a home in the El Mirage, which is a suburb in the Phoenix area. It's available to him through ARMLS. All the little gavels represent foreclosures, and at the time, we thought the picture looked dire...
The ultimate sign of housing distress is foreclosure. This should be obvious. So for all the talk of a housing recovery I point to the above chart. Today, as in right now, we are in record territory for the number of homes in foreclosure.
“Right now it appears that the banks are focusing on processing the loans already in foreclosure, and slowing down the initiation of new foreclosure proceedings as a way of managing inventory levels,” Rick Sharga, RealtyTrac’s...
“With more and more homeowners believing that lenders are failing to pursue those who default on their mortgages, there is a risk that a growing number of homeowners will walk away from their homes even if they can afford monthly payments.”
Government-related entities backed 96.5% of all home loans during the first quarter, up from 90% in 2009, according to Inside Mortgage Finance.
