housing

‘s Effect On Home Prices?

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Home sale numbers are still weak, but there is a silver lining to this cloud.  Shadow inventory (the number of foreclosed, bank owned homes not on the market) is finally showing some signs of stabilizing.  According to the most recent report from CoreLogic, shadow inventory in January is about the same (1.6 million homes) as it was in October of 2011.  This is a 200,000 unit decrease from a year ago. “Almost half of the shadow inventory is not yet in the foreclosure process,” said Mark Fleming, chief economist for CoreLogic. “Shadow inventory also remains concentrated in states impacted by sharp … Read more

| The White House

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From: The White House “In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last, calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own, the President believes that responsible homeowners should not have to sit and wait for the market to hit bottom to get relief when there are measures at hand that can make a meaningful difference, including allowing these homeowners to save thousands of dollars by refinancing at today’s low interest rates. That’s why the President … Read more

Bubble Meter: Zillow CEO on housing market

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Zillow CEO Spencer Rascoff on housing market.. Link here. Recap: Zillow’s data suggests that, while down 29% as a nation, home values haven’t bottomed out quite yet: Another 3-5% decrease in values can be expected based on foreclosure back logs, this decline will most likely be spread out over the course of 2012. While shadow inventory is dwindling due to the majority of 2005-2007 loans that ran the risk of default having done so, a slow and relatively jobless recovery will continue to put a damper on home demand further restrict appreciation. After a 3-5% reduction, home values are expected … Read more

US Property Prices Fall

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Real Estate prices in major US cities rose for the second straight month in May, propped up by a flurry of spring buyers. But after adjusting for such seasonal factors, prices fell in a majority of markets. The Standard & Poor’s/Case-Shiller home-price index released on Tuesday showed that prices rose in 16 of the 20 cities tracked. Boston posted the biggest monthly increase, followed closely by Minneapolis and Washington. Prices in three metro areas hit the hardest by the housing crisis – Detroit, Las Vegas and Tampa (Florida) – fell to their lowest points since the recession began. Prices in … Read more