Foreclosures Seen Still Hitting Prices
Foreclosures Seen Still Hitting Prices
February 16, 2010, Wall Street Journal
More waves of foreclosures will keep downward pressure on home prices in parts of the U.S. over the next several years, two new studies project. The studies — by John Burns Real Estate Consulting Inc. and Standard & Poor's Financial Services LLC — both conclude that most efforts to modify loans with easier terms will delay, not prevent, the loss of homes to foreclosure. The Treasury Department is expected to give its latest update this week on government efforts to avert foreclosures. The John Burns study estimates that five million houses and condominiums on which mortgages are now delinquent will go through foreclosure or related procedures that put them on the market over the next few years. That would represent the bulk of the estimated 7.7 million households behind on their mortgage payments.
The Year in Foreclosures
February 14, 2010, New York Times (Opinion)
Last week offered some sobering news on the housing market: Even with broad government support for housing, data from the National Association of Realtors showed that the median price of single-family homes continued to decline in 2009. RealtyTrac, an online marketer of foreclosed properties, said foreclosure filings rose by 15 percent in January compared with a year ago.
U.S. Housing Aid Winds Down, and Cities Worry
February 14, 2010, New York Times
Over the next six months, the federal government plans to wind down many of its emergency programs for housing. Then it will become clear if the market can function on its own. People here are pretty sure the answer will be no. Losses from defaults on commercial real estate loans maturing in the next few years could go as high as $300 billion, threatening to topple nearly 3,000 community banks nationwide, a federal watchdog group has concluded.
Refinancing Unavailable for Many Borrowers
February 14, 2010, Washington Post
The refinancing wave that swept the nation when mortgage rates hit historic lows last year is petering out, leaving behind millions of homeowners who could not qualify for the best rates. Half of the nation's borrowers have mortgages with rates above 6 percent even though the average rate on 30-year, fixed-rate mortgages has been about 5 percent for most of the past year, according to research firm First American CoreLogic.