Summer Home Sales Decline

By Ryan Jackson Despite record low mortgage rates and the lowest home prices in years, existing home sales disappointingly fell for the second straight month in June as consumers remain skittish about the U.S. economy to a seasonally adjusted rate of 4.37 million units. The usually busy summer selling season has gotten off to a slow start. The sale of single family homes, condominiums and townhouses dropped 5.4% for the month, but still … [Read more...]

Home Prices Climb at 25 Year Clip

By Ryan Jackson Home prices increased at the fastest rate in 25 years during the spring selling season, according to real estate research firm CoreLogic. U.S. housing prices jumped an average of 1.4% during the month of June alone, the company said. The most substantial improvement in home prices has developed over the last three months since the housing downturn, according to the company’s data. The firm tracks the top 100 U.S. urban … [Read more...]

Recovery Heads to Higher Home Prices

By Ryan Jackson The U.S. housing recovery is moving into higher priced home markets as technology and newer industries pave the way for the nation's future economic growth. The trend also demonstrates how some major cities that were once heavily populated are unlikely to recover much at all. The real estate crash has left huge impacts on many cities, including Detroit, Las Vegas and Phoenix. The long lasting impressions have hurt economic … [Read more...]

Home Prices Rise 3 Straight Months

By Mike Colpitts Home prices rose for the third straight month in May across the U.S., according to real estate analytics company CoreLogic. On a year over year basis the firm said average prices rose 2.0%, and also increased 1.8% compared to a month earlier. The firm’s Housing Price Index, which tracks 100 of the nation’s top urban markets, including distress sales, which are foreclosures and short sales, indicates that house prices “will … [Read more...]

Hardest Hit States Foreclosures Slow

By Ryan Jackson Three of hardest hit states in the U.S. housing downturn have seen foreclosures drop by more than 25% providing a major sign of improvement for the nation's housing market. Formal foreclosures in Nevada, Arizona and Michigan have been reduced at the highest level since the housing crisis started more than five years ago. Nevada experienced a 66% drop in foreclosures in the last year, according to RealtyTrac figures. The drop … [Read more...]

Foreclosures Jump Resumes After Robo-Signing Slowdown

By Mike Colpitts Foreclosure starts rose for the first time in more than two years in May, signaling a resumption of formal bank repossessions of homes with mortgages in default after months of slower foreclosures. Initial filings were lodged against 205,990 U.S. residential properties, according to RealtyTrac. The increase accounted for a 9% hike in bank filings for the month after lenders resumed preparations to take back properties … [Read more...]

No Confidence in US Government to Aid Housing Market

Respondents to an online poll have given the U.S. government a no confidence vote when it comes to helping the housing market. An over-whelming majority of 84% who were surveyed said the government will not take major steps to help the housing market. The sweeping decision comes five years and more than 7 million foreclosures after the real estate market collapsed. Housing values in the majority of the country have suffered major losses, … [Read more...]

Shadow Inventory Declines, But Still Looms

By Mike Colpitts The shadow inventory or the number of homes that lurk uncounted by banks and other mortgage lenders in the abyss of the troubled housing market is shrinking as banks offer more troubled homeowners, including landlords short sales for the first time since the U.S. housing crisis started. Estimates of the shadow inventory, the number of homes that are likely to end up in foreclosure, range from about 1.6 million by CoreLogic … [Read more...]

States Rip Off Foreclosure Victims

By Mike Colpitts Almost $1-billion targeted to victims of banking foreclosure fraud is being ripped off from foreclosure victims to be used to pay for other programs for states facing serious financial deficits. The nation’s largest five banks agreed to pay a $25 billion settlement as part of their agreement to settle allegations of illegal forgeries and other frauds in the robo-signing scandal. However, only $2.5 billion is dedicated to … [Read more...]

2013 Arizona Housing Market

Arizona's real estate market took a major hit after the housing bubble burst in 2007. From that year until 2012, Arizona home prices fell 49.0 percent. In fact, with the exception of Nevada, the state may have suffered the most during the recent economic recession. According to RealtyTrac, the state continues to suffer the second-highest foreclosure rate in the nation with one of every 346 housing units having a foreclosure filing in July … [Read more...]