In the 20 cities that Case-Shiller tracks prices have fallen from 11% (Dallas) to 53% (Phoenix). Price declines are highest in CA, NV, AZ, FL and Detroit. In all of the cities prices have now declined back to early 2000 prices
It is very simple. Cut your interest payment on the home you are paying on. When you purchase a house for $200,000 you agree to pay over thirty years at five or six percent interest. This means you agree tp give up $400,000 toRead Letter
If the pending buyers did not lock rates, they are about to come to the closing table and find out that they cannot qualify any more with the more than one percent increase in rates (from ~4.75% to ~5.75%) over the last week.
But overly onerous payments are only part of the problem. For 15.4 million “underwater” borrowers — those who owe more on their mortgages than their homes are worth — a lack of home equity puts them at risk of default
Through 2012, the CRL expects foreclosures to rise to at least 9 million, costing 92 million families $1.9 trillion in lost home value.
Certainly we are closer to a bottom than two years ago but I am betting the bottom is still years away although the rate of decline is slowing.
She said that in talking with servicers, she's hearing other debt is so high that most of today's troubled borrowers cannot afford any loan payment at all, even at a very modest debt-to-income ratio. 'Just getting the house payment done doesn't mean their lifestyle...
For the first time since another Democrat occupied the White House, investors from Beijing to Zurich are challenging a president’s attempts to revive the economy with record deficit spending. 15 years after forcing Bill Clinton to abandon his own sti
This is the desperation move that overworked, understaffed mortgage divisions have to make in order to salvage what can be salvaged. Kicked aside could be at least half of their past two month’s of unlocked, unfunded originations that may ultimately
We're out of the eye of the hurricane, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in
One of eight U.S. households with a mortgage ended the first quarter late on loan payments or in the foreclosure process in a crisis that will persist for at least another year until unemployment peaks, the Mortgage Bankers Association said
Sales of new one-family houses in April 2009 were at a seasonally adjusted annual rate of 352,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
“If people don’t have a paycheck they can’t support a mortgage,” Jay Brinkmann, the MBA’s chief economist, said in an interview. “The longer the recession lasts the more people run through their savings reserves, leading to higher delinquencies...
It's important to note that close to half of these sales were foreclosure resales or short sales. Although these are real transactions, this means activity (ex-distressed sales) is under 3 million units SAAR.
How can the Main Stream Media claim that that the US housing market is turning around when you have Minneapolis -6.1%, Detroit -4.9%, Phoenix -4.5%, Las Vegas -3.8%, Miami -3.5%. Chicago -3.1%, Tampa -2.7, and New York -2.5%.
This is near the worst year-over-year price declines for the Composite indices since the housing bubble burst started.
Home prices fell at the fastest annual rate on record in the first quarter, but the pace of month-to-month declines continues to slow, a closely watched housing index showed Tuesday.
Every weekday morning, Lou Jarvis drives around looking for a family that will lose its house in a foreclosure auction within a few hours. When he wins, he offers to let the family rent their house for much less than their mortgage payment.
This is a theme I have been hammering on for some time: As more people lose their jobs, we will see increasing foreclosures, adding further stress to banks’ already ugly balance sheets.
As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures. In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted fro