December « 2009 « HomeBuyerPower®

3 reasons home prices are heading lower

Well, there’s no doubt how CNNMoney feels about the upcoming 2010 housing market:

“After four months of gains, home prices flattened in October. Worse yet, industry insiders think that they’ll soon start to fall.

… most forecasts predict price declines in 2010, with possible losses ranging from anywhere from 3% on up. Fiserv [...]

Fannie, Freddie Backstop May Foreshadow Mortgage Forgiveness

Here’s a blockbuster. Fasten your seatbelts.

“The Treasury announced Dec. 24 that the two mortgage- finance companies, which were seized by the U.S. almost 16 months ago, could tap an unlimited amount of capital for three years, up from as much as $200 billion each.”

That’s right. On Christmas Eve, while everyone else in America [...]

November 2009 new home sales sink 11 percent

As reported today by Yahoo Finance:

“Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky and heavily dependent on the generosity of Uncle Sam.

The 11 percent slump from October’s pace shows that consumers are taking their time following [...]

First American Puts ‘Shadow Inventory’ at 1.7 Million

First American Corelogic, a national real estate data and predictive analytics firm reported on Thursday that the inventory of REOs and homes facing imminent foreclosure that had not yet hit the market, the “Shadow Inventory,” is thought to be as high as 1.7 homes:

“Together, total inventory of unseen and marketed properties comes to [...]

Loan Resets Projected to Cause Mortgage Crisis in 2010

Default Servicing News, an industry publication to the mortgage default servicing industry, is reporting that another wave of foreclosures are headed our way in 2010:

“As many exotic adjustable rate mortgages (ARMs) are set to recast in 2010, the Consumer Mortgage Audit Center (CMAC) is projecting a mortgage crisis in 2010 as large as [...]

Maryland State Department of Assessment and Taxation Reports That North-End Ocean City Maryland Property Values On Decline

The Maryland Coast Dispatch has a good article in it’s recent December 4th issue concerning the amount of assessment value decline for properties in the Greater Ocean City Maryland area:

“When the latest reassessment notices for the north end of Worcester County hit mailboxes later this month, most residents will not be surprised to [...]

Makai Condominium sells 21 units at auction in Ocean City Maryland

Back on November 27th we noted that the Makai Condominium in Ocean City Maryland was planning a condominium unit auction sale of “at least 15… auctioned to the highest bidder regardless of price.”

Ocean City Today reported that the auction met with some success:

“Fifteen of the units were sold at absolute auction with no [...]

Supreme Court hears arguments in Florida beach property case

Rarely does the U.S. Supreme Court hear arguments related to the property rights of beach property owners, but such a case is now pending before the Court. At issue is whether a ruling by the Florida Supreme Court had determined that the essential right for waterfront property owners was access to the water, not physical [...]

U.S. housing market meltdown not over yet: Zandi

Mark Zandi, chief economist at Moody’s Economy.com said yesterday in an interview with Reuters that he expected home prices to resume their decline by early next year as foreclosure sales pick up again.

“The housing crash is not over,” he said.

“Home prices, as measured by the Standard & Poor’s/Case-Shiller U.S. National Home [...]

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