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Is L.A. the Next Detroit?

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Is L.A. the Next Detroit? By Octavio Nuiry   According to the latest UCLA Anderson School of Management study, Los Angeles, Detroit and Cleveland share the dubious distinction of cities with the weakest job growth since 1990. The researchers at UCLA say Los Angeles has lost 3.1 percent of its employment base since 1990, more than Detroit (-2.8 percent) and ... Read More »

More than Half of Foreclosures Still Occupied

Portrait

Even though it takes an average of 19 months to complete a foreclosure today, at least half of the bank-owned REOs in a recent RealtyTrac survey were still occupied by the former homeowner or a tenant.  Many of the owners who stayed in their homes did so rent-free for as much as two years or more since they made their ... Read More »

New Mortgages Fall to 14 Year Low

stonehoiuse

  In yet another sign the recovery is hitting a wall due to strict lending standards: in February monthly mortgage originations dropped to the lowest level in at least 14 years as credit standards have not shown signs of loosening, according to latest Mortgage Monitor Report from Black Knight Financial Services. “February’s data showed the continued trend of declining origination ... Read More »

Shadow Inventory Down 23 Percent, Foreclosure Inventory Shrinks 35 Percent

shadow inventory

The numbers of foreclosures and potential foreclosures have fallen dramatically over the past 12 months as the foreclosure picture rapidly returns to pre-2006 levels.  The decline in foreclosures in the pipeline has important ramifications for real estate investors and local markets that are returning to health as they recover from the foreclosure flood that produced 4.9 million foreclosures since 2008. ... Read More »

Rising Prices Seen Driving Investors Out

banker

The salad days of low price tier home sales (homes selling for $95,000 and less) that fueled the recovery over the last two years are ending and with them, the legions of investors that have led the nation’s housing recovery. “The Investors Did Their Job,” headlines Clear Capital’s latest market report.  “Can traditional home buyers take it from here?” Deeply ... Read More »

Big Boys Have Moved into Smaller Markets in the South and Midwest

small-town-1

Big institutional investors — companies that have purchased at least 10 properties in a calendar year — accounted for 5.9 percent of all U.S. residential property sales in February, up from a revised 5.0 percent of sales in January but down from 7.2 percent of sales in February 2013. February was the third consecutive month where the institutional investor share ... Read More »

What do San Jose and Washington DC have in Common?

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  There are few surprises in Gallup’s new survey results ranking the markets with the greatest economic confidence levels.  Did you guess the home towns of Silicon Valley and the federal government would lead the list? You’re right.  Among the 50 largest U.S. metropolitan areas, Washington, D.C., remained the most confident in the U.S. economy in 2012-2013, but it now ... Read More »

What a Housing Recovery Looks Like

realtytrac

It’s official!  All but four percent of the nation’s counties are better off today than they were during the foreclosure floods of four years ago, but only 8 percent of county housing markets are better off than they were eight years ago in 2006 before the housing price bubble burst, according to a new analysis by RealtyTrac. The analysis also ... Read More »

Consumers Pay Auto Loans Before Mortgages

family

A new TransUnion study has found that consumers are once again prioritizing their mortgage payments ahead of their credit card payments. This reverses a trend that began in September 2008, when the mortgage crisis drove consumer payment preferences toward paying credit cards ahead of mortgages. The study also found that consumers have placed an emphasis on paying their auto loans ... Read More »

Thousands of Vacated Foreclosures Destroy Neighborhoods

buffalo-vacant-houses

Foreclosure filings fell 10 percent from January to February and sank to the lowest monthly total since December 2006 — a more than seven-year low, RealtyTrac reported. Yet more and more vacant foreclosures poison neighboring home values. As of the first quarter of 2014, a total of 152,033 U.S. properties in the foreclosure process (excluding bank-owned properties) had been vacated ... Read More »