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...]

Appreciation Forecast Tops 100+ U.S. Cities

For the first time in six years, more than 100 U.S. cities are forecast to experience housing appreciation by the end of the year. After strong evidence of growing economic recovery developed in North Carolina and Utah housing markets, the number of U.S. cities projected to inflate in home values hit 105. Driven by near record low mortgage rates and lower home prices, home sale trends in Utah and North Carolina cities housing markets gained … [Read more...]

2012 Utah Housing Market

Bulging home sales driven by near record low mortgage rates, better employment levels than many other states and the lowest home prices in years are beginning to pressure home values in Utah. Average home prices are forecast to appreciate by the end of the year. Five years after the housing bubble burst, the Utah housing market has slowly been making its way out of the bust in Salt Lake City, where home sales are moving at a brisk pace in … [Read more...]

Courts May Decide Housing Market Future

By Mike Colpitts Hundreds of lawsuits winding their way through courtrooms in the U.S. could ultimately determine the future of the housing market in America. A major case involving the attempted foreclosure of a home in Utah could produce a court precedent on which other cases could stand. Courts are hearing cases over foreclosure challenges in the majority of the country, including appellate courts in New York, California and Florida. … [Read more...]

Home Price Index Shows Six Month Drop

By Mike Colpitts Home prices dropped for six straight months in the U.S., declining by 5.7% on average in January compared to a year earlier, despite the federal governments home buyer tax credit, according to Core Logic. The real estate research firm gathers mortgage data for the lending industry. The drop represented a 1% higher loss in average home values from 2009 levels. The rate was narrowly similar to the Housing Predictor average … [Read more...]

2011 Utah Housing Market

Homeowners forced to walk away from their homes and other mortgage holders who are losing confidence in home prices ever recovering from their slide, contribute to record high foreclosure rates in Utah, which is suffering through the foreclosure crisis despite better employment opportunities in some areas. Foreclosures and bank assisted short sales of troubled homes make up the highest number of home sales in Salt Lake City as bargain … [Read more...]

2010 Utah Housing Market

Heavy lay-offs in construction and retail sales are hurting the Utah economy, which was one of the last states in the country to see its housing markets turn. The deflationary spiral has sent home values south, but government incentives have acted to aid the market, improving housing sales. The lower price ranges were mainly assisted by the first time buyers' tax credit and hopes are high that the expansion of the credit to move-up buyers will … [Read more...]