Supply of Foreclosed Homes on the Rise Again
Supply of Foreclosed Homes on the Rise Again
March 19, 2010, Wall Street Journal
The supply of foreclosed homes that banks need to sell is rising again, signaling further downward pressure on home prices in some parts of the U.S. Mortgage analysts at Barclays Capital in New York estimated that banks and mortgage investors held a total of 645,800 foreclosed homes in January, up 4.6% from 617,286 a month earlier. According to Barclays, the supply peaked at around 845,000 in November 2008 and then declined through 2009.
California Home Prices Head Higher
March 19, 2010, Wall Street Journal
The California housing market is showing more signs of stabilization—at least for now—as sales of bank-owned and bargain-basement homes in inland areas partially give way to sales of costlier homes toward the coast, according to a new report. California's median home price rose 11.2% in February from February 2009, although home sales in the state slipped for the second consecutive month compared with a year earlier, according to a report released Thursday by MDA DataQuick, a La Jolla, Calif., housing-data provider.
Nabbing a Bargain-Basement Mortgage Before Rates Rise
March 13, 2010, Wall Street Journal
Is it time to rush out and buy a house before mortgage rates go up? As the Federal Reserve winds down its intervention in the mortgage market, rates on home loans are generally expected to rise at least modestly during the rest of this year from today's unusually low levels. Some analysts believe mortgage rates will jump to around 6% by year end from 5% in recent weeks, while others see only a slight increase. Meanwhile, federal tax credits available for some home buyers are due to expire at the end of April, adding to the sense of urgency many shoppers feel.
Declining for a decade: Detroit, Atlanta, Cleveland and Las Vegas
March 18, 2010, Christian Science Monitor
These are troubled times indeed… particularly for four regional housing markets where prices have literally fallen off the charts! Prices for homes in Detroit, Atlanta, Cleveland and Las Vegas now sit at levels not seen in at least ten years. Worse yet, the situation appears to be getting worse with 47% of Detroit homes “under water”, unemployment continuing to rise in Cleveland, Foreclosures hitting a new record in Atlanta and home sales on the decline in Las Vegas.