The homeownership rate is back to the level of Q2 2000. So much for the homeownership gains of the last 8+ years. Gone.
The front end of the baby-boom generation is now pushing past age 60. Over the next 10 years, the increase in household formation throughout New England will be largely confined to those over 55. Such households traditionally look for smaller homes,
Why is the media misleading the public about housing? The housing market is crashing. There are no "green shoots" or "glimmers of hope"; the market is worn to a stump, it's kaput. Still, whenever new housing figures are releas
California's Riverside County has been one of the most punished areas in the U.S. housing crash and now local leaders are among the first in the nation with a program to buy foreclosed homes and sell them back to young families.
If these patterns hold, we can expect a gigantic tsunami of foreclosures hitting the market in Q3 and Q4 of 2009. And there is no reason to believe otherwise.
This is the lowest sales for March since the Census Bureau started tracking sales in 1963. (NSA, 34 thousand new homes were sold in March 2009; the previous low was 36 thousand in March 1982).
Star analyst Meredith Whitney warned home prices will fall by more than 66.0% of current bank assumptions in the 10-City Case-Shiller Index. "Increased liquidity drove home prices higher," Whitney explained, "and contracting liquidity
Fannie Mae and Freddie Mac mortgage delinquencies among the most creditworthy homeowners rose 50 percent in a month as borrowers said drops in income or too much debt caused them to fall behind, according to data from federal regulators.
Existing-home sales declined 3.0 percent to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008.
In 1979 the New York medium home price was 2.8 times the medium income, today the ratio is still over 6.7.
Las Vegas had the highest rate of foreclosures of any city, with one in every 22 homes subject to a foreclosure filing in the first three months of the year. The rate of foreclosure filings was 4.5%, seven times the national average.
03/27/1997: $85,000 Pre-bubble days - 01/26/2006: $312,000 Height of the bubble. - 04/06/09: $69,800 to $64,800 Post bubble
I think this means that for every loan modified by the GSEs during December and January, more than 22 loans became more than 60 days delinquent in the same time period.
Note that we are now in uncharted territory — new home starts have never fallen to these levels for as long as the Commerce Department has been tracking this data (since 1959). Note also the magnitude of the drop — it is unprecedented...
Zach Fox at the North County Times brings us another half off sale ... this time in a little higher price range. This is a 5,500 sq foot home in Escondido. Zach says the bank ate $815,000.
If you look at homes over $400K, there’s over a year’s worth of homes. Trying to sell a home in the millions? There’s at least a four year supply on the market. There is a much greater disparity now between different price ranges than we have seen
At some point speculators who were left out of the initial explosive rise jump in because "prices are a real bargain now."
This entertaining and informative six minute video was on ABC Nightline Thursday night.
Regionwide, foreclosure resales accounted for 55.4 percent of March's resales activity, down from a revised 56.7 percent in February and up from 35.7 percent in March 2008
Meanwhile, auction sales decreased 41.4 percent from February, with just 10,040 properties sold in March, a 36.6 percent decrease from a year ago.
Pace offered under the listing price. The bank countered at a price higher than the listing. He offered $275,000, and the lender did not reply, instead sending the property to auction. The brochure claimed a previous high value of $718,000.
Just something to be aware of as foreclosure activity picks up again - the lull was because of the moratorium, not market fundamentals.
A report released by the Boston Fed last week found that home price depreciation is a leading cause of mortgage default, challenging common arguments that attribute rising delinquencies to unaffordable mortgage payments.
Slightly more than 10 percent of borrowers who took out FHA loans in the first quarter of 2008 were at least two months behind within the first 10 months, according to data analyzed by the Wall Street Journal.
May 1992: $115,500 -- April 2003: $275,000 -- April 2006: $440,000 -- March 2009: $135,000 This home saw a price decline of 69 percent in 35 months.
"It's unbelievable. With all we hear about all the homes out there that need to be sold, I have to call my congressman in order to purchase a house," Garcia said. "If that's the process, there's no way we're going to cl
Town & Country reported that Prices Plunged 67% in the first quarter, a Median Sale Price Drop of 28%, and Total Sales Volume Decline of 78%
Two months from now, the foreclosure crisis will be top of the news once again catching everyone off guard because of the past six months ‘intervention’. Thanks Washington.
Michael Stoops, executive director of the National Coalition for the Homeless, said about a dozen advocacy groups around the country were actively moving homeless people into vacant homes — some working in secret, others, like Take Back the Land, ope
A vast "shadow inventory" of foreclosed homes that banks are holding off the market could wreak havoc with the already battered real estate sector. Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have n