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...]

Former Homeowners Not Applying for Aid

By Mike Colpitts More than 4-million former homeowners whose homes may have been foreclosed illegally by the nation’s largest banks have received letters from the U.S. government asking them if they would like their foreclosures to be reviewed. But so disillusioned by the banking industry and their own situations, the over-whelming majority have failed to reply for aid. Only about 165,000 have so far. The low response rate, representing … [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...]

Recovery Pushes Foreclosures Lower 3 Months

By Mike Colpitts In a sign the U.S. housing market is on the road to recovery, foreclosures dropped for the third month in a row in April, despite a traceable increase in repossessions along the eastern U.S. coast. Initial notices of default were filed against 188,780 residential properties, the lowest since July 2007. Final bank repossessions (REOs) dropped for the third straight month in April, down 7% from March. Lenders completed … [Read more...]

FDIC Puts Real Estate Up for Auction

By Ryan Jackson Flooded with an inventory of foreclosures, the government’s Federal Deposit Insurance Corporation (FDIC), which has taken over hundreds of failed banks since the collapse of the U.S. real estate market, is holding an online auction to sell off some of its properties. The FDIC is auctioning-off 50 Midwest homes and commercial properties that were foreclosed as part of the ordered takeover of banks that it insures. The homes, … [Read more...]

More Than Half of Homeowners Can’t Move

More than half of all homeowners with a mortgage are unable to move or make a change in their housing situation as a direct result of being underwater on a mortgage, according to a new Housing Predictor survey. Some 54% of those surveyed online said they were halted from making a move. The other 46% said they were not stopped from making a change in their living situation. The finding comes more than five years after the worst real estate … [Read more...]

More Than Half of Homeowners Can’t Move

More than half of all homeowners with a mortgage are unable to move or make a change in their housing situation as a direct result of being underwater on a mortgage, according to a new Housing Predictor survey. Some 54% of those surveyed online said they were halted from making a move. The other 46% said they were not stopped from making a change in their living situation. The finding comes more than five years after the worst real estate … [Read more...]

Home Sales Fall Two Straight Months

By Mike Colpitts Home sales fell for the second month in a row in March, despite unseasonably warm weather and record low mortgage rates, according to the National Association of Realtors. Existing home sales, which include single family residences, condominiums and townhouses declined 2.6% to a seasonally adjusted rate of 4.48 million. However, the number of homes sold is still above last year’s pace. A tighter inventory of properties and … [Read more...]

Housing Peaks at 60% Deflation

By Ryan Jackson Nevada has led the U.S. in foreclosures for more than five years straight and it has also suffered the highest loss in average housing deflation, according to an audit conducted by Housing Predictor. With Las Vegas at the center of action, Sin City has sustained 62 months as the nation’s foreclosure capital sending home values tumbling. With the second highest Alt-A mortgage level in the nation at the height of its housing … [Read more...]

Home Values Rising in Hard Hit Markets

By Mike Colpitts A tighter inventory of homes listed on the market for sale are sending home values rising in some of the most unlikely U.S. housing markets, according to real estate research firm CoreLogic. Three states which cities have experienced some of the steepest deflation in home values in the nation are witnessing appreciation. Hard hit Florida, Michigan and Arizona are seeing a boost in average home values. Led by long suffering … [Read more...]