Friday, December 10, 2010
A new report from ZipRealty shows the supply of homes for sale in November declined by an average of 3.8 percent in 26 major metropolitan areas that the company researched. The largest inventory declines were seen in Austin, Texas, where the for-sale supply fell 9.5 percent, and Boston, Massachusetts, down 10 percent. The company says declines could be indicative of sellers deciding to take their homes off the market, and could also be a result of foreclosure moratoriums.
Thursday, December 9, 2010
With property values still tumbling, it's no surprise that nearly a quarter of the nation's mortgage borrowers owe more than their home is worth. Industry studies support the consensus that the farther a borrower sinks into negative equity, the more likely they are to throw in the towel. The severity of this catch-22 is now top-of-mind for government officials. The administration is reportedly pressuring Fannie Mae and Freddie Mac to make principal write-downs a key component of their foreclosure prevention efforts.
Monday, December 6, 2010
Recently released information from Radar Logic claims home prices experienced a much sharper decline than the decline shown in other companies' reports. Radar Logic's September housing market report released on Thursday shows the composite index of home prices experienced a 2.7 percent decline from the previous month. Radar Logic asserts that its data, which is compiled from measurements of 25 metropolitan statistical areas, shows that the housing market is weaker than it might appear.
Thursday, December 2, 2010
New data released by RealtyTrac Thursday shows that distressed homes - including those in default, scheduled for foreclosure auction, and REO - accounted for 25 percent of all U.S. residential sales during the third quarter. These properties sold at an average of 32 percent below the price of their non-distressed counterparts. The company tracked 113,933 REO sales during the July to September period and 74,815 pre-foreclosure, typically short sale, transactions.