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Foreclosure Situation

Negative Equity Freezes Lowest Tier Owners

frozen

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 »

Homeownership Falls Farthest among Middle Aged Adults

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Homeownership has fallen farther and faster among adults in the middle age bracket than among younger Millennials whose attitudes towards homeownership have been the focus of attention among housing professionals, according to the newest Census data.  Though only about 34.6 percent of adults under 35 own a home, the percentage of those in the 35-44 year old bracket who own ... Read More »

Spring is Here and Banks Clean House(s)

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  Foreclosures soared in March, jumping 20 percent from a 104-month low in February increasing for the first time on a year-over-year basis in four and a half years, since September 2010. Foreclosure filings hit a total of 122,060 U.S. properties with foreclosure filings in March, according to RealtyTrac’s quarterly foreclosure report. The increase was driven primarily by a jump ... Read More »

HELOC Resets? No Worries!

noworries

Perhaps you’ve seen the headlines crafted to conjure up fearful memories of Alt-A and Option ARM loan defaults during the depths of the housing depression. Tidal wave of HELOC resets about to hit! HELOC Resets Will Undermine Any Housing Recovery. Boom-Era HELOC Resets Raise Concerns. Not to worry.  Home Equity Line of Credit (HELOC) resets are not going to cripple the housing ... Read More »

Distressed Discounts Dwindle, Sales Skew up and Median Price Rises

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The U.S. median home price in February increased 14 percent from a year ago but was flat from the previous month to $183,000.The median sales price of distressed homes — those in the foreclosure process or bank-owned — increased 13 percent from a year ago to $127,000, 33 percent below the median sales price of non-distressed properties, $190,000 according to ... Read More »

Striking Out Again and Again

Umpire-Strike-Out

Spring training has just started but thousands of homeowners are already striking out for the second time. Black Knight reports that in January foreclosure starts reached at 12-month high. Repeat foreclosures were up 11 percent month-over-month and made up over half of January foreclosure starts; first-time starts were up just 0.33 percent. The month’s data showed that both first-time and ... Read More »

1.8 Million Bubble-Era HELOCS Could Bust

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More than half, 56 percent, of the 3.3 million Home Equity Lines of Credit scheduled to reset over the next four years with fully amortizing monthly payments replacing interest-only payments are on properties that are seriously underwater, according to a new report from RealtyTrac. With no equity remaining in the Bubble-era HRLOCs, the risk is high that the resets will ... Read More »

Flips Flopped in 2014

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Don’t tell the HGTV producers who find audiences for their endless stream of shows devoted to house flipping, but it’s looking like flipping is losing popularity. RealtyTrac® reports that last year flips fell to their lowest market share since 2011.  Some 136,269 U.S. single family homes were flipped in 2014, 5.4 percent of all single family home sales during the ... Read More »

REO’s: They’re B-A-A-A-A-A-ACK

Theyre Baaack

Four years of declining distress sales quietly ground to a halt last year and now real estate owned properties (REOs) have increased steadily for four months in a row, rising to 23.2%, based on a three-month moving average, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The distressed property share of home sales peaked at 45.5% in March ... Read More »

Foreclosure Inventory Fell 34 Percent in 2014, but January Repos Add New Starts

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  Foreclosures in the national inventory fell to about 550,000 in December, a 38 month decline, but the New Year may break that pattern as banks ended their traditional holiday grace periods with a 55 percent increase in repossessions. The national foreclosure inventory fell by 34.3 percent year over year in December 2014 to approximately 552,000 homes, or 1.4 percent ... Read More »

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