Home prices in the United States have declined for two months in a row, according to CoreLogic's market index, after rising for the first seven months of the year. The latest CoreLogic Home Price Index (HPI) shows that national home prices, including distressed sales, declined 2.79 percent in September 2010 when compared to September 2009. That follows a drop of 1.08 percent in August 2010 from a year earlier. All but seven states saw a decline in residential property values during the month of September.
Monday, November 22, 2010
Tuesday, November 16, 2010
Despite a bounce in home prices during the first half of 2010, Fiserv Inc. says it expects property values nationally to fall another 7.1 percent over the next 12 months before beginning to stabilize at the end of 2011. The company sees double-dip territory ahead for many major markets, particularly those that saw the strongest appreciation during the spring and summer months of this year. The analysts at Standard & Poor's have released a similar forecast for the path of home prices. They anticipate an additional 7 percent to 10 percent drop through 2011.
Tuesday, November 9, 2010
The Federal Housing Administration (FHA) insured 1.74 million single-family mortgages during fiscal year 2010, which for the agency ended in September. The collective value of the loans endorsed was $318.8 billion. FHA's loan volume for the year was down 10.3 percent from 2009, and came in below the 1.87 million mortgages it had previously projected would be endorsed in the 2010 fiscal year. The agency's serious delinquency rate stood at 8.4 percent at year-end. At the same time in 2009, the rate was 8.3 percent.
Tuesday, November 2, 2010
Fitch Ratings puts the industry's shadow inventory - meaning loans that are seriously delinquent, in foreclosure, or REO - at 7 million homes. The agency says based on recent liquidation trends, it will take more than 40 months to clear this distressed inventory. While the volume of newly delinquent mortgages has begun to improve, liquidation rates have been constrained by weak demand and initiatives to modify loans. On top of that, Fitch says the recent discovery of defects in the foreclosure process is prolonging the housing correction.