U S Foreclosures Drop Huge

By Mike Colpitts Formal foreclosures or homes that were repossessed by their lenders accounted for 830,000 U.S. homes in 2011, a huge drop of 24% from 2010, according to real estate data research firm CoreLogic. The decline comes as a result of moratoriums enacted by the nation’s five largest mortgage lenders to study damage from the robo signing scandal, and other judicial delays in many areas of the country. CoreLogic also says that 1.4 … [Read more...]

2012 Wyoming Housing Market

Rich coal laced energy fields combined with growth in manufacturing are pushing Wyoming housing markets higher, despite economic troubles elsewhere. Home sales are rising in most of the state along with housing prices, which are being aided by record low mortgage rates. Home prices in the state’s largest city of Cheyenne are seeing healthy gains and few foreclosures with one of the lowest unemployment rates in the country. Existing home sales … [Read more...]

Mortgages On Home Purchases Jump as Rates Decline

By Mike Colpitts Pushed by lower mortgage rates, home purchase applications jumped as consumers came out in greater numbers to take advantage of near record low mortgage rates. Seasonally adjusted purchases rose 1.8% from a week ago, according to the Mortgage Bankers Association. The refinance index, however, showed a slight two-tenths of a percent decline for the week. The four week moving average on the seasonally adjusted index is 2.5% … [Read more...]

Home Prices Decline Year Over Year

By Kevin Chiu Home prices declined an average of 4.4% on a year-over-year basis in the U.S. through August, despite a slight increase in home values over summer months as a result of higher home sales, and record low mortgage rates, according to real estate research firm CoreLogic. The decline in home values echoes Housing Predictor forecasts for most U.S. cities for the year. The 0.4% August drop was the first decline in four months after … [Read more...]

Wyoming Guest Ranch Goes To Auction

The real estate bust hasn't just left homeowners, the unemployed and those who took out too large of a mortgage on their homes out of luck. A massive guest ranch in Jackson Hole, Wyoming with all the fixings’ is going up for auction. The Darwin Ranch was listed for $8.5-million, but didn’t sell after more than a year on the market and will be auctioned-off to the highest bidder in mid-September above the reserve price of a mere $4.5-million. … [Read more...]

Mortgage Defaults Surge Higher

By Kevin Chiu Mortgage defaults, the first step homeowners face in the foreclosure process, surged higher during the month of June demonstrating an increase in future anticipated foreclosures growing at the fastest rate in more than a year, according to Lender Processing Services, a real estate data supplier which tracks defaults. The surge in mortgage defaults shows the expected rise in foreclosures may be just months off as the housing … [Read more...]

Shadow Inventory Falls 200,000 Homes

By Mike Colpitts The inventory of U.S. homes that have not yet been foreclosed but are in financial jeopardy recognized as the shadow inventory has declined by 200,000, according to real estate research firm Core Logic. The current residential shadow inventory is 1.8-million units, which represents a nine months supply of inventory at present sales volume. The company estimates the shadow inventory by calculating the number of distressed … [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 Wyoming Housing Market

Troubled by nervous newcomers concerned about the economy and selling their homes before moving, Wyoming is sustaining the financial crisis and the housing bust much better than most of the nation. Retirees and tourists are providing a boost to the economy for the state that has the lowest population of any in the U.S. In the state capitol of Cheyenne, new starts on home construction have been cut, but local bankers are providing a much … [Read more...]

Markets Forecast to Rise with Housing Inflation

In a turning point that demonstrates U.S. housing markets are making a recovery, Housing Predictor is forecasting that local markets in seventeen states will experience housing inflation in 2011. The states are dominated by the Mid-west and most Northern regions that were less affected by harmful new mortgage lending products during the real estate bubble, and are experiencing fewer foreclosures as a result of troublesome bank lending … [Read more...]