Sunday , 20 April 2014
REEW Launches New Site! - Latest Articles:
Home » Housing Crisis » Crisis Watch

Crisis Watch

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 »

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 »

Foreclosure Inventory Fell 31 Percent in 2013

foreclose homes

  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

homeowner

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 »

Distressed Sales Bumped Up Last Year

foreclosure_activity_annual_2013

  Just to prove that they are not quite ready for the history books, sales of foreclosures and short sales increased slightly last year.  Institutions bought 7.9 percent of all homes. RealtyTrac reported that short sales and foreclosure-related sales — including both sales to third party buyers at the public foreclosure auction and sales of bank-owned properties — accounted for ... Read More »

Foreclosure Rate in November Lower than 2000-2006

Only 46,000 completed foreclosures were reported for the entire month of November 2013, half the rate of foreclosure completions between 2000 and 2006 before the decline in the housing market in 2007 when they averaged 21,000 per month nationwide between Since the financial crisis began in September 2008, there have been approximately 4.7 million completed foreclosures nationwide. Read More »

Only 13 Percent are Still Underwater

Approximately 791,000 more homeowners returned to a state of positive equity during the third quarter of 2013 leaving only 6.4 million homes still underwater, according to the latest analysis by CoreLogic. The total has fallen from 7.2 million homes, or 14.7 percent of all residential properties with a mortgage, at the end of the second quarter of 2013*. The total ... Read More »

Smile When You Say “Bubble,” Mister

Texas tempers heated up last month when Trulia, a California-based web site, added all three of its major cities to its "Bubblewatch" list of major markets it considers to be overvalued. The designation was not appreciated in the Lone Star State. Read More »