2011 Kentucky Housing Market

Painfully high joblessness and business closings trouble Kentucky as it tries to move out of the economic downturn into a recovery in housing, but an over-supply of homes on the market and foreclosures trouble the state, despite near record low mortgage rates. Consumer confidence over the real estate market ails homeowners trying to sell their homes. In Louisville, the state’s largest metropolitan area home sales rose with the federal home … [Read more...]

2011 Illinois Housing Market

Troubled by a state economy on the edge, lingering high unemployment and a foreclosure crisis that rivals the most devastated areas in the nation, Illinois is losing residents as they flee high state income and property taxes for greener pastures. The uncertainty of the Illinois economy signals a housing market that has made little progress in recovering from the worst real estate crash in U.S. history. Home sales are declining and few … [Read more...]

Home Prices Fall Almost 5% in 2011

By Mike Colpitts Home prices fell nearly an average of 5% last year as a result of a troubled U.S. economy, decaying consumer sentiment, high unemployment and a foreclosure crisis that is running out of control, according to real estate research firm Core Logic. The company’s December Home Price Index showed an average 4.7% decline in U.S. home prices, which includes foreclosure and bank assisted short sales. The year-end report indicates … [Read more...]

Foreclosure Activity Drops 34% in 2011

By Mike Colpitts Court ordered moratoriums halting foreclosures produced a 34% drop in the number of homes entering the foreclosure process in 2011, according to foreclosure tracker RealtyTrac. The slowdown in activity came as lenders reviewed foreclosures in the pipeline after bank servicing employees admitted to making illegal forgeries on what is likely to be millions of foreclosure documents. The report also shows that a total of 2.7 … [Read more...]

Home Prices Tumbled Less in 2011

By Mike Colpitts Home prices tumbled an average of 4.3% on a year-over-year basis through last November, according to real estate analytics firm CoreLogic. The company’s Home Price Index, released Monday, confirmed what other real estate research companies reported – that home prices fell less in 2011 than 2010. The Santa Ana, California based firm said prices fell 1.4% in October, which marked the fourth straight month home values … [Read more...]

Mortgage Rates Jump for New Year’s

By Mike Colpitts Mortgage rates, already at their record all-time lows jumped slightly higher in time for New Year's this week as lenders became weary about growing problems in international financial markets, according to Freddie Mac. The rate of a 30-year fixed rate loan rose to 3.95% from a record low 3.91% last week. The 15-year fixed rate mortgage also moved up slightly to 3.24% from 3.21% a week ago. The 5-year Treasury indexed … [Read more...]

Record High Crop Prices Inflate Home Values

By Mike Colpitts Record high prices farmers are being paid for crops in the Mid-West are pressuring home prices, and are forecast to inflate home values as the real estate collapse moves closer to an end for part of the U.S. in 2012, according to the new Housing Predictor annual forecast. In all, a total of 15 states will witness at least some cities with inflating home prices, despite the horrific foreclosure crisis and ailing economy in … [Read more...]

Mortgage Rates Set New Record Low

By Mike Colpitts Mortgage rates set a new record low hitting an average of 3.91% on a fixed 30-year loan, according to Freddie Mac. Rates on the shorter term 15-year fixed mortgage remained at the same record level as last week. Rates on the benchmark 30-year mortgage have been at or below 4.00% for eight straight weeks, providing the lowest rates for home buying and refinancing in the history of the Freddie Mac survey. The move, however, … [Read more...]

Home Sales Jump Two Straight Months

By Kevin Chiu Home sales jumped for the second month in a row in November, increasing 4% after rising almost half as much the previous month, according to the National Association of Realtors. The jump in sales accounts for an annual adjusted rate of 4.42 million existing homes sales. The rise also accounts for a 12.2% jump above the pace of sales made a year ago. “Sales reached the highest mark in 10 months and are 34% above the cyclical … [Read more...]

Lowest Mortgage Rates of Year Arrive

By Kevin Chiu The lowest mortgage rates of the year arrived in time for New Year’s, according to the Mortgage Bankers Association survey. However, despite the drop, mortgage refinances and mortgages for home purchases slipped for the week. The drop in applications was attributed to the traditional holiday slowdown caused by Christmas and New Years, but also demonstrates growing pressures on many homeowners. The fixed 30-year conventional … [Read more...]