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Foreclosure Markets Dominate Realtor.com Turnaround Towns
Ten of the nation's local real estate markets that suffered from high foreclosure rates in recent years, eight of which are in Florida, are leading America's housing sector towards a general recovery, according to Realtor.com's Top 10 Turnaround Town Report, fourth quarter 2011.
What Does Recovery Look Like?
By: Steve Cook; Mon, Jan 30, 2012
Like everything in real estate, recovery will arrive market-by-market. Is this the year recovery will come to your market? Knowing your market's bottom could be critical; how will you recognize it?
Luxury Listings Lag Cheaper Properties as Inventories Rise
Sales are typically slow in winter, but this January is proving especially sluggish for luxury homes even though sales for all existing homes have increased through the last three months of 2011.
Markets Seen Stabilizing This Year
By: editor; Mon, Jan 9, 2012
Home prices this year cease their decline and gain a slight 0.2 percent across all markets as more and more individual markets stabilize in the months to come.
Homeownership Counseling Helps Keep Modified Loans Current
Just three weeks after Congress restored $40 million in its budget for homeownership counseling, a new study by the Urban Institute reports that counseling greatly increased the ability of homeowners to stay current once they cured a serious delinquency or foreclosure.
Financial Security Rebounds to Six Month High
Americans' feelings of financial security are at their highest level in six months, according to Bankrate.com's December Financial Security Index, which was released today. The overall index jumped 3.3 points to 95.8, the highest level since June.
Mortgage Defaults are on the Road to Recovery
By: editor; Mon, Dec 12, 2011
The UFA Default Risk Index for the fourth quarter of 2011 edged lower to 131 from last quarter's revised 133, which has suggests that residential mortgage default and prepayment risks are continuing their return to normalcy.
Jobs Report Lifts Rates Above 4 Percent
By: Steve Cook; Fri, Oct 7, 2011
The U.S. economy added more jobs than expected last month, and employment gains for the previous two months were revised higher-not great news considering the jobless rate is unchanged at 9.1 percent but good enough to stop mortgage rates from setting new records.
Experts’ Forecast for 2011 Prices Improves
By: editor; Wed, Sep 21, 2011
The home price picture for this year is shaping up to be a little better than it looked June, according to the September 2011 home price expectations survey of 111 leading housing economists and experts sponsored by MacroMarkets LLC.
Soaring Prices Suggest a Florida Phenomenon
By: Steve Cook; Sat, Sep 17, 2011
According to the latest data from Realtor.com, the world's largest real estate site, Florida single family home and condo prices are zooming at the same time that the rest of the nation is still recovering from the first quarter's double dip.
Summer Prices Fail to Warm the Double Dip Chill
By: Steve Cook; Thu, Sep 8, 2011
As summer days fade away into fall, the long term impact of this year's buying season on prices is coming into clear focus.
Go Figure: Record Low Rates AND Record Low Mortgage Apps
By: Steve Cook; Thu, Sep 8, 2011
The latest headlines from Freddie Mac and MBA make it clear beyond a doubt that the old assumptions about the housing economy no longer work.
Seasonal Buying Drives June Prices
By: Steve Cook; Thu, Sep 1, 2011
June home prices rose for the third consecutive month, ending the month with the largest seasonal gain year to date.
Purchase Mortgages Falling to 20 Year Low!
By: Steve Cook; Mon, Aug 22, 2011
Lenders will write fewer mortgages for home buyers this year than in any year since 1991.
June Prices Still in Red; Northeast Booms
National average home prices in June were still 7.9 percent below a year ago, which was the height of the boomlet spawned by the tax credit. However, prices are still up 4.1 percent over the first quarter.
Contract Rate Falls to 2011 Low
By: Steve Cook; Wed, Jul 27, 2011
The National Average Contract Mortgage is 4.62 percent, lower than it has been all year. This is a decrease of 0.12 percent from the previous month. Many lenders use this rate in adjusting some adjustable-rate mortgages. This index was the only index rate that federally chartered savings and loan associations could use as an adjustable-rate mortgage [...]
“Normal” Home Prices are Stabilizing
By: editor; Tue, Jul 26, 2011
Prices of "normal" homes-those that aren't foreclosures or short sales-are stabilizing and the numbers of future foreclosures are falling. That "sliver of good news for consumer spending" was included in CoreLogic's July report on housing and market trends.
RE/MAX Reports Inventories Are Shrinking
By: Steve Cook; Fri, Jul 15, 2011
Inventories in 53 markets surveyed last month by RE/MAX are down nearly fifteen percent from a year ago, when the tax credit boom was winding down, another indication that housing markets have recovered from the tax credit-induced sales boom and the bust that followed it.
High Rollers Move Up
By: Steve Cook; Wed, Jul 6, 2011
While a third of homeowners struggle to stay above water on their mortgages, nearly a quarter of those in the upper income tiers have been trading up to take advantage of deals in the luxury home market.
Agents and Owners Turn Increasingly Pessimistic on Values
By: Steve Cook; Wed, Jul 6, 2011
Half of agents and 42 percent of homeowners in a second quarter survey expect home values to decrease or stay the same through the end of the year, according a second quarter survey.
Prices Rise for Second Consecutive Month
By: Steve Cook; Thu, Jun 30, 2011
Hours after NAR announced an 8.2 percent jump in May prices, CoreLogic confirmed its May numbers show a second consecutive month-over-month increase.
May Pending Home Sales Rise Above 2010 Levels
By: Steve Cook; Thu, Jun 30, 2011
NAR's Pending Home Sales Index 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two months.
Case-Shiller: Slight Increase in April
By: Steve Cook; Tue, Jun 28, 2011
S&P/Case-Shiller's 10 and 20 city composites rose less than one percent in April over March, the first price increase the indices have measured in eight months.
Prices Perked up in April
By: Steve Cook; Wed, Jun 22, 2011
U.S. house prices rose slightly in April for the first month-to-month increase since last May, according to new numbers released today by the Federal Home Finance Agency, a branch of the Treasury Department.
Agents More Bearish on Home Values
By: Will Stein; Tue, Jun 21, 2011
Half of all agents and brokers and forty-two percent of homeowners think that home values will decrease over the next six months, a huge increase in price pessimism over the first quarter.
New Index Finds April Prices Improved
By: Steve Cook; Thu, Jun 16, 2011
April home prices have improved over March in the new national composite index launched yesterday by FNC at the National Association of Real Estate Editors Annual Meeting in San Antonio.
CB: Niagara Falls Most Affordable
By: Steve Cook; Wed, Jun 15, 2011
Once America's favorite honeymoon destination, Niagara Falls, NY is the most affordable housing market in the nation, and Newport Beach, CA is the priciest.
RE/MAX: Home Prices Hang Tough
By: Steve Cook; Wed, Jun 15, 2011
Year to year prices in May are still 7.2 percent below those of a year ago, but they've virtually the same as April's on a year to year basis. However, the number of closed transactions and price also increased from April to May.
Radian’s Mortgage Delinquencies Rose 8.6 Percent in May
By: Steve Cook; Fri, Jun 10, 2011
New mortgage delinquencies reported by Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., rose 8.6 percent in May and the major mortgage insurer reported a slower pace of the decline in its delinquency inventory.
REAL Trends: May Sales Show Surprising Strength
By: Steve Cook; Fri, Jun 10, 2011
A third consecutive spring market report has May home prices rising in the wake of the double dip reported by S&P/Case-Shiller in the first quarter.
May Home Prices Spring Back
By: Steve Cook; Thu, Jun 9, 2011
Home sales prices continued a downward trend in May, but only half as far and half as fast as in April.
“Catfish” Recovery Outswims Case-Shiller
By: Steve Cook; Fri, Jun 3, 2011
New listing prices, which lead transactions by three to six months, are already up 8.7 percentage points over the March trough, an indication that sellers are pricing more confidently, said Scott Sambucci, vice president of market analytics for Altos Research in a Webcast for customers yesterday.
Investors are Bearish on Next 12 Months
By: Steve Cook; Thu, May 26, 2011
Real estate investors are slightly more bearish than the general public about the outlook for prices in their local markets over the next six to 12 months.
Turnaround: Four Months and Counting?
By: Steve Cook; Wed, May 11, 2011
Price declines will end and average U. S. home prices will stabilize by Labor Day. Prices in even the hardest-hit markets will level out by the end of 2012.
Florida Sales Rise, Prices Fall
By: Steve Cook; Wed, May 11, 2011
Will Florida, which has been at the forefront of both the housing boom and bust, also lead the nation out of recovery?
Spring Breathes Life into Prices
By: Steve Cook; Fri, May 6, 2011
A seasonal uptick in both median prices and inventory has appeared in most metropolitan areas across the country, contradicting earlier price reports, according to Altos Research's 20-city Composite trends data in April.
Corelogic: Non-distressed Prices are Stabilizing
By: Steve Cook; Fri, Apr 8, 2011
Nationally home prices fell for the seventh month in a row in February according to the CoreLogic HPI, declining by 6.7 percent year over year after declining by 5.5 percent in January 2011 compared to January 2010.
Fewer Homeowners Have Problems Paying Mortgages
By: Steve Cook; Wed, Apr 6, 2011
A new Harris Poll released yesterday found that the percentage of homeowners having difficulty paying off their mortgages has fallen from 29 to 22 percent over the past year, a 24 percent decline.
Sellers Keep Faith as Inventories Rise
By: Steve Cook; Thu, Mar 24, 2011
Despites declines in prices through the fourth quarter and January, sellers are expecting nearly demand to be as strong as it was at the beginning of the homebuyer tax run-up in sales a year ago according to February data released today by Move, Inc.
Experts See Only Weak Recovery by 2013
By: Steve Cook; Tue, Mar 22, 2011
A panel of 111 leading housing economists, real estate experts, investment and market strategists have lowered their expectations of the housing markets and now see only a weak recovery taking place two years from now.
Prices Seen Stabilizing After Spring Fling
By: Steve Cook; Mon, Mar 7, 2011
Last month prices continued to decline in 27 key markets as listing inventories rose just in time to sweeten the coming home buying season for buyers but they should act now because small increases are appearing on the national level, according to Altos Research's Real-Time Housing Market Update.
Minorities and Young Keep Homeownership Dream Alive
By: Steve Cook; Mon, Feb 28, 2011
Fannie Mae's latest National Housing Survey found that younger Americans, Hispanics, and African-Americans are generally more positive about owning a home than the general population even though Gen Yers and minorities suffered the steepest decline in homeownership over the past five years.
Is Your Market Stabilized?
By: Steve Cook; Wed, Feb 2, 2011
It's official. Home prices in three major real estate markets have been declared stabilized by the authoritative Fiserv Case-Shiller Indexes and six more are in the offing.
Challenges Face Luxury Homes
By: Steve Cook; Fri, Jan 21, 2011
Things were looking up for luxury home sales during the tax credit boomlet last year. However, the credit wasn't the primary reason; after all, $4000 isn't a compelling incentive to well-heeled move up buyers in the million dollar plus housing bracket.
Private Mortgage Insurance Booms in a Shaky Market
By: Steve Cook; Wed, Jan 12, 2011
Even as overall home sales soured over the past six months, home buyers and lenders are turning to private mortgage insurance (PMI) at a record rate to get into homes with a lower down payment and reduce their exposure to risk. Since July, when home sales tanked following the expiration of the homebuyer tax credit, the [...]
Fewer Lenders Failed in 2010
By: Steve Cook; Tue, Jan 4, 2011
Fewer mortgage-related firms closed their doors during 2010 than in 2009 based on the Mortgage Graveyard from MortgageDaily.com
Economists See Slower Housing Recovery
By: Steve Cook; Wed, Dec 22, 2010
The recovery of housing prices will take at least four more years, according to a monthly survey of 110 leading economists and real estate experts, significantly longer than previously estimated.
More Homeowners Dodge Foreclosure Bullet with NFMC Counseling
By: Frances Flynn Thorsen; Tue, Dec 21, 2010
All loss mitigators are not created equal. The odds of curing a foreclosure and avoiding redefault are 1.7 times better for homeowners enrolled in the National Foreclosure Mitigation Counseling (NFMC) Program than for homeowners who do not receiving such counseling, according to the Urban Institute. The group released a report yesterday analyzing the NFMC program [...]
TransUnion Sees Double Digit Decline in Delinquencies Next Year
By: Steve Cook; Fri, Dec 17, 2010
Mortgage delinquencies will drop nearly 20 percent by the end of 2011 to 4.98 percent of all mortgages from an expected 6.21 percent at the end of 2010, according to the latest forecast from TransUnion, one of the three top credit rating bureaus.
Robo-Signing Scandal Dampens Housing Recovery Hopes
By: Frances Flynn Thorsen; Tue, Dec 7, 2010
Recent bank scandals involving robo-signing foreclosure documents and improprieties in the lending process have weakened consumer confidence about housing market recovery prospects. More than half of adults report that robo-signing disclosures account for less faith in mortgage lenders, banks, and government, according to a recent study by Trulia and RealtyTrac. Thirty-five percent believe the robo-signing issue [...]
Fewer Economists See Housing Recovery in 2011
By: Steve Cook; Wed, Oct 20, 2010
Hopes are sinking and uncertainty is on the rise that a housing recovery will begin next year, according to a monthly survey of housing economists.
August Sales Fall but Prices Hold Steady…For Now
By: Steve Cook; Mon, Sep 20, 2010
Home sales tumbled in August but prices held steady, at least for now, despite falling demand and rising inventories in most markets according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions.
First-time Buyers Sink Below Pre-Credit Levels
By: Steve Cook; Mon, Aug 23, 2010
Last month, first-time homebuyers' share of the housing market fell lower than it has been since 2008 when the first-time version of the homebuyer tax credit took effect.
TransUnion Reports Delinquencies Fall for Second Straight Quarter
By: Steve Cook; Tue, Aug 17, 2010
Another provider of national credit data reported today that mortgage delinquencies have been falling during the first half of the year, suggesting that the housing sector is beginning to stabilize.
Tax Credit Temporarily Checked Falling Home Values
By: Steve Cook; Mon, Aug 9, 2010
Though home values in the United States continued to decline in the second quarter of 2010, the percentage of single-family homeowners with mortgages who are underwater fell to 21.5 percent from 23.3 percent in the first quarter and 23 percent one year ago., according to the Zillow Real Estate Market Reports.
Nearly Half of Sellers Cut Prices
By: Steve Cook; Fri, Aug 6, 2010
The number of price-reduced homes on the market increased 5.3 percent in July as compared to June, according to a monthly review of MLS-listed properties within 26 of the country's largest housing markets conducted by the national online real estate brokerage ZipRealty.
Prices Rise 7.9 Percent
By: Steve Cook; Thu, Aug 5, 2010
Despite reports that sellers were dropping prices following the expiration of the homebuyer tax credit April 30, a new national report found that prices rose an average of 7.9 percent in the second quarter over the first, though price increases on listings slowed in June.
RE/MAX Finds Low Rates Lift Sales
By: Steve Cook; Tue, Jul 20, 2010
In the wake of the homebuyer tax credit, home sales and prices are holding their own, due largely to record low interest rates and the most affordable prices in years, according to the RE/MAX June survey of 54 metropolitan areas.
Home Prices Expected to Weaken
By: Steve Cook; Wed, Jul 14, 2010
Virtually every other indicator from Pending Sales to Mortgage Purchase Applications is showing home sales headed south with the expiration of the homebuyer tax credit ended April 30.
Falling Jumbo Rates Raise High End Sales
By: Steve Cook; Sun, Jul 11, 2010
High end sales have been picking up through the spring and early summer, even in the wake of the demise of the tax credit, whose impact was felt almost exclusively at the lower end of the market.
PMI Removes 105 Markets from Distressed List
By: Steve Cook; Mon, Jun 21, 2010
PMI Group, the nation's leading private mortgage insurer, has removed 105 markets effective June 18, including some of the nation's largest, from its Distressed Markets List. Homebuyers in those markets will find it easier and less expensive to obtain mortgage insurance.
First-Time Homebuyers Disappeared After Tax Credit Ended
By: Steve Cook; Mon, Jun 21, 2010
Homebuyer traffic nationwide tumbled in May, according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. Most of the decline was attributable to first-time homebuyers who sharply reduced their home shopping last month.
Post Tax Credit Price Cutting Eases
By: Steve Cook; Wed, Jun 16, 2010
Price cutting of listed properties apparently has eased as real estate markets recover from the boom and bust of the tax credit. On an annual basis, price cutting declined slightly.
Growing Confidence Fuels Single Family Home Price Increases
By: Steve Cook; Mon, Jun 14, 2010
Optimism that a sustainable economic recovery is underway is driving increases in home prices across many U.S. metro areas according to an analysis of fourth quarter 2009 prices in 384 metro markets by Fiserv, the leading global provider of financial services technology solutions, and data from the Federal Housing Finance Agency (FHFA).
Restoring Default Risk to Pre-Bubble Levels Will Take Five Years
By: Steve Cook; Wed, May 26, 2010
The risk of borrowers defaulting on their mortgages today is much less than in 2006 to 2008, but it will take at least five years for risk to return to pre-bubble levels, a leading expert on default risk told Real Estate Economy Watch.
Lowe’s Sees 2010 as Transition Year
By: Steve Cook; Mon, May 17, 2010
Reporting a 2.7 percent rise in net earnings today for the first quarter, the nation's second largest home improvement retailer remains cautious about the balance of 2010.
New Homes Surge Heralds Future Sales Gains
By: Steve Cook; Mon, Apr 26, 2010
Last week's 27 percent surge in new home sales in March, the largest advance since April 1963, signals future increases in existing home sales, which rose only 7 percent in March, and may show the real impact of the homebuyer tax credit, which expires at the end of this week.
Spring Sales Are Slow
By: Steve Cook; Tue, Mar 9, 2010
As record snows melt away in the Midwest and East, real estate professionals are not seeing the volume of interest or which they had hoped.
Short Sales See Big Jump in Activity
By: Steve Cook; Mon, Feb 22, 2010
Short sales have jumped from about ten percent of distressed property sales during most of last year to 15.9 percent of home purchase transactions in January.
More than One in Four Homes Appreciated in 2009
By: Steve Cook; Thu, Feb 18, 2010
Despite the fact that nearly one out of four American homeowners owe more on their homes than their mortgages are worth, more than one quarter of American homes actually increased in value last year.
Home Builders Court Equity Financing
By: Steve Cook; Fri, Jan 29, 2010
An amazing event at the International Builders' Show earlier this month promises to change the industry's financing structure forever and breathe new hope into the industry.
First-time Buyers Faded in Q4
By: Steve Cook; Tue, Jan 19, 2010
First-time homebuyers, the most important segment of the home purchase market in 2009, accounted for a shrinking share of the housing market as 2009 drew to a close.
Real Estate Goes Back to Print
By: Steve Cook; Mon, Jan 18, 2010
Newspaper real estate ad spending is projected to rise 16 percent in 2010, to $4.4 billion, after falling 34 percent last year.
Banks Tighten Lending Standards Further
By: Steve Cook; Mon, Nov 9, 2009
One out of every four banks continued to tighten lending standards and terms for prime mortgages in the third quarter.
Mortgage Rates Near All-Time Lows
By: Steve Cook; Sat, Oct 3, 2009
In the week ending October 1, 2009, the 30-year fixed-rate mortgage rate averaged 4.94 percent fell below 5 percent for the first time since May, nearing its all-time low of 4.78 percent reached last April.
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By: Steve Cook; Tue, Jan 31, 2012
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