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Housing Crisis

Foreclosure Starts Fall but Repos Rise

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Foreclosure activity rose in July, up 7 percent from the previous month and up 14 percent from a year ago. July was the fifth consecutive month with a year-over-year increase in overall foreclosure activity following 53 consecutive months of decreases. “The increase in overall foreclosure activity over the last five months has been driven primarily by rapidly rising bank repossessions, ... Read More »

Wake-Up Call: Depreciation Soars in Top Markets

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Though rising median home prices paint a favorable picture of current housing markets, the population of houses losing over 2 percent of value per year has increased to 24 percent from just 6 percent a year ago in ten of the nation’s largest markets. According to June data, in three major urban markets–New York City, Washington DC and Chicago–more than ... Read More »

The Dry Rot in America’s Housing Stock: A Sad Legacy of the Foreclosure Era

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  What would an influx of 3.8 million entry-level homes do for housing affordability? Limited inventory and strong demand continue to push home prices higher in America’s hottest housing markets, leading to declining affordability.  Forecasters are raising their predictions as tight inventories of homes, particularly lower priced properties, keep first-time buyers on the sidelines. Those 3.8 million homes, nearly twice ... Read More »

Are 30 Million Homeowners Underestimating their Equity?

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The difficulties homeowners face today obtaining accurate valuations of their homes, and in turn, the equity they have in it, may be freezing many out of refinancing or selling because they error on the side of caution and make estimates that are too conservative. A new analysis of Fannie Mae’s National Housing Survey by two economists at the University of ... Read More »

HomeVestors Proves Investing is Alive and Well

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For the business of residential real estate investing, these are not the best of times.  Bargains on attractive properties to flip or to hold and convert to rentals are tough to find.  Foreclosures and short sales have fallen to ten percent of home sales, the lowest level in four years, according to RealtyTrac.  Moreover, NAR reports the foreclosure discount has shrunk ... Read More »

Some 5.7 Million Crash Victims Still Feel the Pain

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Though about five million families lost their homes to foreclosure from 2009 to 20013, some seven million consumers’credit was negatively impacted by the housing crash.  Today, only 1.2 million, or 18 percent, have completely recovered.  But over the next five years some 2.2 million of the remaining 5.7 million unrecovered consumers could meet agency underwriting guidelines, according to a report from ... Read More »

Refi Closing Rates Soar

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Closing rates for conventional and FHA refinancings improved dramatically in April, while lending standards for purchase loans hardly burned and remained at virtually the same levels as three years ago despite housing industry complaints that overly restrictive underwriting rules are crippling sales to first-time buyers. The refinancing approval rate for all mortgage types jumped to 64 percent in April, up ... Read More »

First April Report: Midwest Trails the Recovery

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    The Midwest is disappointing forecasters who called for a strong recovery this year–through April the region remains volatile, according to Clear Capital’s take on April market data.  At the end of the first quarter, the Midwest is already seeing negative quarterly declines of -0.10%. For nearly seven years, it has struggled to get on equal footing with the ... Read More »

Negative Equity Freezes Lowest Tier Owners

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One reason inventories for first-time buyers are chronically depleted is that lower priced homes continue to bear a more of the brunt of negative equity that those priced higher. A new report from Black Knight found that in March the number of underwater borrowers decreased by 1.6 million from this time last year and that the negative equity population has ... Read More »

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