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Housing Crisis

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 »

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 »

Thousands of Vacated Foreclosures Destroy Neighborhoods

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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 »

Will Zombie Distress Sales Ruin the Party?

zombiecrawl

  With the significant declines over past two years, the demise of distress sales as a matter pf concern has seemed a matter of a few months, until now.  Like a zombie rising from a grave, distress sales of various sorts have returned this winter and still account for one in four home sales, according to Clear Capital. February national ... Read More »

Student Loan Debt is Torpedoing Home Sales

A crowd of college students at the 2007 Pittsburgh University Commencement.

  The combination of tough new rules denying qualified mortgages to applicants without the ability to repay and soaring study loan debt may be doing more than anything else to shut an entire generation out of homeownership. First-time buyer market share has fallen to 27 percent in recent months.  Rising prices, thin inventories of starter homes, rising down payment requirements ... Read More »

Flipping Moves on Up as Profits Rise 19 Percent

Fipping

Higher prices and fewer foreclosures have not put a dent in the flipping business.  In fact, last year saw 156,862 single family home flips — where a home is purchased and subsequently sold again within six months — in 2013, up 16 percent from 2012 and up 114 percent from 2011, according to RealtyTrac’s Year-End and Q4 2013 Home Flipping ... Read More »

Foreclosure Inventory Fell 31 Percent in 2013

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  There were 620,111 completed foreclosures across the country in 2013 compared to 820,498 in 2012, a decrease of 24 percent. For the month of December, there were 45,000 completed foreclosures, down from 52,000 in December 2012, a year-over-year decrease of 14 percent, according to CoreLogic.  Completed foreclosures are an indication of the total number of homes actually lost to ... Read More »

Thirty Somethings Flip-Flopped on Homeownership

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An analysis by Chris Porter, a senior manager at the John Burns Real Estate Consulting practice, has some frightening findings for the housing industry.  Americans aged 30 to 34 years old in 2012 had the lowest homeownership rate of any similarly aged group before them… yet just five years earlier, in 2007, the same people had the highest homeownership rate ... Read More »