EMOL.org: Real EstateForecast for 2009 real estate market still sluggishForeclosureDeals.com Reports on Foreclosure Filings for First Half of 2009ForeclosureDeals.com has been closely following and analyzing foreclosure filing data around the nation. For the first half of 2009, the company reports that foreclosure filings were just shy of two million. This number is a nine percent increase from the last six months of 2008 and a 15 percent increase from the first six months of 2008. The data shows that cities in California, Florida, Nevada and Arizona had the greatest number of documented foreclosure rates in the first half of 2009. These states accounted for 35 of the 50 highest foreclosure rates among metro areas with a population of 200,000 or more. More than 20 percent of the metro areas which showed above average levels of foreclosure activity were in states such as Oregon, Idaho, Utah, Arkansas, Illinois and South Carolina. This data suggests that much of the new foreclosure activity may be more directly related to growing unemployment rates in those areas as opposed to subprime and adjustable rate loans coming to term. However, not all the news is grim. Some of the previously foreclosure-saturated metro areas in Michigan, Ohio, Indiana and California actually posted declining foreclosure activity in the first six months of 2009. ForeclosureDeals.com says, "now is an opportune time for first-time home buyers and other real estate investors to scoop up a prime piece of real estate for well under market value. Why pay full price when some properties are available for up to 50 percent less?" ForeclosureDeals.com is a leading online foreclosure listing service that provides its users with access to a huge database of foreclosure listings that are updated and refreshed daily. Staffed by an expert team of real estate professionals, ForeclosureDeals.com provides its clients with guidance and support 24 hours per day, seven days per week. Source: ForeclosureDeals.com
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Foreclosure filings were reported on 889,829 U.S. properties in the second quarter, an increase of nearly 11 percent from the previous quarter and a 20 percent increase from the second quarter of 2008.“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” noted James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes’ are now worth represent a potentially significant future risk. Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue.” RealtyTrac is the #1 source for foreclosure data in the country. Their web site provides a variety of foreclosure information. Foreclosures Increased Over 80% in 2008Foreclosure filings on more than 2.3 million properties reported in 2008NEW YORK, Feb. 5, 2009 - A total of 3,108,364 foreclosure filings in 2008 -- auction sale notices, bank repossessions, and default notices -- 1,275,791 U.S. Properties over the course of the year; an 82% increase in all properties from 2007, and a 240% increase in the total number of properties from 2006, according to ForeclosureListings.com, one of the largest foreclosure listings providers. Continue reading details about 2008 foreclosures. Americans Lose $1.4 Trillion in Home Values in Q4; More Than was Lost in All of 2007Eighth Consecutive Quarter of Declines is Worst So Far: Home Values Fall 11.6% in 2008; One in Six Homeowners is Underwater, According to Q4 2008 Zillow (R) Real Estate Market Reports Home values in the United States fell for the eighth consecutive quarter, declining 11.6 percent during 2008 to a Zillow Home Value Index(1) of $192,119, according to the fourth quarter Zillow Real Estate Market Reports(2), which encompass 161 metropolitan areas. The declines mean that U.S. homeowners lost a cumulative $3.3 trillion(3) in home values during 2008, with much of that loss coming in the fourth quarter. Homeowners lost $1.4 trillion during the fourth quarter alone; more than the $1.3 trillion lost during all of 2007. Since the housing market's peak in 2006, $6.1 trillion in home values have been lost. Continue reading about the US home report. Existing-Home Sales to Stabilize Before Upturn in Second Half of 2009Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast by the National Association of Realtors(R)." Continue reading... Bankrate: Inflation Fears Nudge Mortgage Rates HigherFixed mortgage rates moved higher for the second consecutive week, with the average conforming 30-year fixed mortgage rate now at 6.21 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.35 discount and origination points. Continue reading... First American LoanPerformance Releases House Price IndexFirst American LoanPerformance, a member of The First American Corporation family of companies and a leader in residential mortgage data and analytics for the mortgage industry and Wall Street, today announced the release of its August 2007 LoanPerformance Home Price Index (HPI). The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,376 ZIP codes, 956 Core Based Statistical Areas (CBSA) and 655 counties in all 50 states and the District of Columbia. The index, which is the most comprehensive available in the industry, is reported five weeks after each month ends. See the report and download a copy...
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REAL ESTATE INDEX:
Real Estate ArticlesMortgage Problems Continue to Hamper Pending Home SalesWhat's In, What's Out with Homebuyers Despite Shifting Tides, U.S. Commercial Real Estate Decorating Do's and Don'ts for Home Sellers Things To Consider When Buying A Home Exclusive Buyer’s Agent Provides Helpful Tips for Homebuyers Preconstruction Real Estate Investments - "Buy Now, Pay Later" Kiddie Condo Mortgages Hot Ticket in Arizona College Towns of Phoenix, Tempe, Flagstaff and Tucson Timeshare promotionsHome Exchange
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Single-family existing-home sales were stable in October while the condo sector was down, according to the National Association of Realtors. Lingering effects of the credit crunch were a drag on sales but the mortgage situation has improved significantly.
Total existing-home sales -- including single-family, townhomes, condominiums and co-ops -- eased by 1.2 percent to a seasonally adjusted annual rate of 4.97 million units in October from a downwardly revised level of 5.03 million in September, and are 20.7 percent below the 6.27 million-unit pace in September 2006. Continue reading...
Pending sales of existing- homes activity will be dampened near-term as mortgage disruptions continue to impact the housing market, according to the National Association of Realtors( R). The Pending Home Sales Index*, a forward-looking indicator, fell 6.5 percent to a reading of 85.5 from an upwardly revised 91.4 in July, based on contracts signed in August. It was 21.5 percent below the August 2006 index of 108.9. Continue reading...
The whole mortgage mess is turning into a real made for TV political extravaganza. And, with the elections a year away many things can happen. The government wasn't going to bail out anyone and inflation was the big concern. Now, the politician's are tripping over each other with ways to solve the financial problems.
The local real estate market from my point of view is still moving, albeit slow. I have written a few deals recently and the sellers seem to not want to face reality and lower their price, or they don't watch the news. I spoke to a couple of appraisers and they agreed that this market is just as hard as couple of years ago when the market was on a rampage.
When the Tucson, Arizona real estate market was red hot 25-40% of the sales were to investors. Now the market is slowing down and my guess is the majority of investors are out of the market. It's back to a real market where buyers are buying homes to live in and enjoy. Continue reading...
Housing activity this year will be somewhat lower than in earlier forecasts, with clearer analysis of the effects of stricter lending standards and a decline in subprime mortgage origination, according to the latest projections by the National Association of Realtors (R).
Lawrence Yun, NAR senior economist, said one benefit for the market is the disappearance of speculative behavior, which contributed to abnormal price growth. "Home buyers today are purchasing for the long-term, generally with a realistic expectation of modest gains over time," Yun said.
"Housing first and foremost is shelter. Second, it's a long-term investment that slowly builds the greatest amount of wealth for most families. It's good that we're getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market."
Existing-home sales are likely to total 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year. New-home sales are projected at 864,000 in 2007 and 936,000 next year, lower than the 1.05 million in 2006. Housing starts should total 1.46 million units this year and 1.52 million in 2008, down from 1.80 million last year. Continue reading...
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HUDforeclosed is a nationally recognized provider of Foreclosure Property Listings. Their web site has one of the most accurate, best-maintained lists of foreclosure properties available in the nation. These properties can sell for up to 60% below market value (according to industry reports). They provide all the information members need to find and buy foreclosed properties, whether it's as a home buyer, investor or real estate professional. Start searching for your next home today with HUDforeclosed and save money. Join HUDforeclosed.com now!
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