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Crisis Watch

Mortgage Credit: The Private/Public Paradox

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Next September, two months before the Presidential election, America celebrates eight years since the Treasury Department took over Fannie Mae and Freddie Mac and turned them into wholly owned subsidiaries. Since then the federal government’s control over the nation’s housing markets has grown even greater than ever. While we’ve been waiting for policymakers to fix a broken system of housing, ... Read More »

New Study Suggests MLS Sold Prices are Inflated in Down Markets

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  Transaction prices reported by multiple listing services may differ by an average of 8.75 percent from sold prices reported on HUD-1 settlement statements, possibly because brokers are under pressure to inflate prices in a declining market, according to a new study by three real estate economists at Florida Gulf Coast University published last month by the Appraisal Journal. In ... Read More »

In 10 Years, 13 Million Households will spend half their income on rent

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The crisis in housing affordability will only get worse in the deceased to come, according to new research by the Joint Center for Housing Studies at Harvard and Enterprise Community Partners Inc (Enterprise).  The number of households spending more than 50 percent of their income on rent is expected to rise at least 11 percent from 11.8 million to 13.1 million by ... Read More »

Homeowners’ Equity Takes Big Leap Forward

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Only 9 million out of 50 million mortgaged homes still have less than 20 percent equity at the end of the second quarter, a decline of 700,000 homes from the first quarter.  The percentage of under equitied homeowners fell from 19.9 percent to 17.8 percentage of homes with a mortgage, CoreLogic reported today. Borrowers who are “under-equitied” may have a ... Read More »

Condos Struggle to Recover

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  Appreciating home values in the bottom third of the market helped pull more homeowners out of negative equity in the second quarter of 2015, but condos were more likely than houses to be underwater , according to the Zillow® Negative Equity Report. •             The U.S. rate of negative equity among mortgaged homeowners continued to drop in the second quarter ... Read More »

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 »

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 »

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 »

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