Keyword: real estate economy
Banks’ brilliant idea to give cash incentives to short sale
The housing crash Now that some of the causes and effects of the housing crash are becoming universally agreed upon and banks are ordered to pay billions in civil lawsuits and settlements for illegal foreclosures, the big banks are struggling to regain their composure after overlooking simple fixes like not continuing robo-signing documents illegally without human review before kicking people ...
Home prices fall for fifth consecutive month
Home prices decline in 2011 With the release of the CoreLogic Home Price Index (HPI®) report for December, a full-year picture is now available for all price changes in 2011. According to the CoreLogic, the HPI report reveals that including distressed sales, home prices in the U.S. decreased 4.7 percent in 2011 compared with December 2010. With distressed sales excluded, ...
Mortgage application volume dips, lending remains tight
Applications decrease According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, the volume of mortgage applications dropped 2.9 percent from the week prior, on a seasonally adjusted basis and is 4.3 percent lower than the same week in 2011. The share of mortgages that are refinances has been relatively level, coming in at 80 percent this week, down ...
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New task unit takes aim at mortgage crimes as 50-state talks stall
New York Attorney General New York Attorney General, Eric Schneiderman was appointed this week by President Obama to a special investigative unit that will coordinate existing federal and state probes into foreclosure fraud prior to the financial crisis. Schneiderman said today that these efforts would “move aggressively.” Schneiderman is not popular on Wall Street and his appointment as lead of ...
Subprime loans to continue driving foreclosures
The controversy surrounding subprime loans Because we are still to close to the situation as a nation, there is not a consensus among economists as to the cause of the foreclosure crisis, the accelerant, or when the collapse will be over. Some say that housing and finance are in recovery mode, others say we have yet to hit bottom, while ...
Housing starts slide, slowed by multifamily starts
Housing starts slide In a statement to be released today, the U.S. Commerce Department is reporting that housing starts fell in December by 4.1 percent, far more than was anticipated, even taking into account the holidays. Multifamily housing starts took a dip, unlike previous months wherein they were the strongest factor in the growth of housing starts. The news has ...
Builder confidence up for fourth month, hits 2007 levels
Builder confidence is up According to the the NAHB/Wells Fargo Housing Market Index (HMI) released today, builder confidence in the market for newly built, single-family homes continued rose for a fourth consecutive month in January, up four points to 25, representing the highest level the index has attained since June of 2007. “Builder confidence has now risen four months in ...
2011 real estate market report shows rentals are hot
Rents rise, home sales prices slip Tomorrow, HotPads will release their annual housing report, this year reporting that rents for two bedroom units rose 3.75 percent in 2011 while home sale prices of two bedroom units fell 1.83 percent in the top 20 most populated metropolitan markets. In 2011, HotPads reports that studio rentals rose 7.12 percent, representing the highest ...
Foreclosure rates plummet to 2007 levels
Foreclosure filings down According to RealtyTrac, foreclosure filings and repossessions for 2011 dropped to their lowest level since 2007, down 33 percent for the year to 2.7 million. The company reports that one in ever 69 American homes had at least one foreclosure filing during 2011 and over 804,000 homes were repossessed. This marks a substantial reduction from 2010′s 1.05 ...
Home prices drop to 2002 levels, more sliding expected
Home prices drop 0.8 percent Lender Processing Services’ Home Price Index out today reports that home prices drop 0.8 percent in October from September and down 2.7 percent over the year, falling to late 2002 levels and say another 0.5 percent drop is likely for their November reporting of 13,500 zip codes the company tracks. The national average home price ...
Canadian real estate market cooling, Toronto still hot
Conflicting statements One of Canada’s largest banks, the Bank of Montreal (BMO) has a recent case of split personality, in one week saying Toronto is the hottest real estate market in Canada, only to report the next week that bank investors should brace for a slowing market, particularly because of overbuilt condo markets in the city. According to The Globe ...
Home prices drop mostly due to distressed sales
Home prices sliding For the fourth consecutive month, U.S. home prices fell, according to CoreLogic, as distressed sales continue to plague the housing market. CoreLogic’s home price index fell 1.4 percent in November from October and slid 4.3 percent from November 2010, representing a larger annual slide than the month prior. It is notable that when distressed sales are excluded ...
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