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From Bloomberg.com today: “The crash in U.S. home prices will probably resume because about 7 million properties that are likely to be seized by lenders have yet to hit the market, Amherst Securities Group LP analysts said. The “huge shadow inventory,” reflecting mortgages already being foreclosed upon or now delinquent and likely to [...] As reported in the Wall Street Journal: “As of July, mortgage companies hadn’t begun the foreclosure process on 1.2 million loans that were at least 90 days past due, according to estimates prepared for The Wall Street Journal by LPS Applied Analytics, which collects and analyzes mortgage data. An additional 1.5 million seriously delinquent [...] From the LA Times, at http://www.latimes.com/classified/realestate/news/la-fi-harney20-2009sep20,0,2560658.story : ” A study shows that people who abruptly and intentionally abandon their mortgages often have high credit scores, in stark contrast with most financially distressed borrowers.” “Research using a massive sample of 24 million individual credit files has found that homeowners with high scores when they [...] Mark Hanson has an interesting article about what exactly can be defined as “Negative Equity”? http://mhanson.com/blog It is a very important question, as the answer determines how upwardly mobile the home-owning population really is. “If homeowners can’t sell for enough to pay a Realtor 6%, extract the down on the new property, and pay for moving [...] Interesting, but with more than 80% of new mortgages as FHA, we have roughly 80% of the market existing due to government financing. If we add the $8k tax credit, and low rates, we have a very, very weak environment. As reported in Yahoo Finance today: Housing construction up, but picture is mixed |
Joe Warth, President & Broker HomeBuyerPower, Ltd. |
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