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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...
"As we readjust to the free market, we expect to hit turbulence in some markets," said Pete Flint, Trulia's chief executive.
Do not believe cheerleaders like the Arizona Republic, or National Association of Realtors.
The percentage of American single-family homes with mortgages in negative equity rose to 23.3 percent in the first quarter from 21.4 percent in the fourth quarter, according to the Zillow Real Estate Market Reports.
Fannie Mae reported that the rate of serious delinquencies - at least 90 days behind - for conventional loans in its single-family guarantee business increased to 5.59% in February, up from 5.52% in January - and up from 2.96% in February 2009.
Around eight million households are behind on their mortgage payments or in the often lengthy process of foreclosure. Many of those homes eventually are likely to be put on the market as banks foreclose or owners are forced to sell.
A higher share of Phoenix neighborhoods are out of reach for those families than are New York City neighborhoods for median-income earners there, the center said.
Heated pools, ocean views and media rooms are not what most people would expect to find in a foreclosed property, but more high-end homes—priced over a million dollars—have been falling into the hands of banks this year.
Millions of people face losing their homes in the continuing foreclosure crisis, but homeowners often have more than the struggling economy and slumping house prices to worry about: Disorganization within the big banks that service mortgages has made
Last month, lenders started foreclosure proceedings on 7,064 Valley homes, down 12 percent from March, according to the Information Market.
“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.
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.
