Economy « HomeBuyerPower®

Baltimore-Area ‘Shadow Inventory’ Reported At 50,000 Homes

An article in the Baltimore Sun reported that, according to John Burns Real Estate Consulting, Baltimore’s “Shadow Inventory” of homes may be in the 50,000 range:

“Thousands of homes are on the market in the Baltimore region. But as the commercials say, wait — there’s more.

Tens of thousands of Baltimore-area homeowners are [...]

Surge In All-Cash Buying Signals The Demise Of The ‘Normal’ Housing Market

Business Insider has an excellent article, with strong analysis, commenting on the unprecedented cash buying trend we have seen since 2008. Just look at this stat:

“In July, Inside Mortgage Finance (or IMF) reported in its monthly Housing Pulse Survey report that 75% of investor purchases nationwide in June were all-cash transactions. These investors [...]

Housing Time Bomb Goes Tick Tock Tick Tock

An interesting and very detailed analysis was posted yesterday on the Wall Street Examiner Web Site regarding the state of the U.S. housing market. A few snippets:

“The actual, not seasonally adjusted, data suggests that the momentum of declining sales has leveled off. However, in order for the oversupply in distressed markets to be [...]

Investors Outdo Banks Offloading Distressed Properties

DSNews.com and ForeclosureRadar are reporting what many “on the ground” have observed for some time:

“Third-party investors are much faster at reselling foreclosures than banks…

‘Our statistics clearly show that real estate investors continue to far outperform banks in dealing with distressed properties,’ said Sean O’Toole, CEO and founder of ForeclosureRadar.”

“Outperform”?

As buyer agents [...]

Homes Built For Families May Not Make The Buyer’s Cut

Smaller homes may be a better idea for home buyers — so says John Burns Consulting on Housing Wire:

“A staggering 39.2 million American households consist of people living alone or with nonfamily members, changing the outlook for real estate professionals who want to design and sell homes to this demographic…”

So according to the [...]

Banks Artificially Reducing Inventory To Bolster Prices

Imagine that. The banks are alleged to be manipulating the system thru a strategy of reducing the number of filed foreclosures — thereby reducing the amount of available sales inventory and artificially bolstering prices.

Who would have guessed?

The New York Times is reporting:

“Millions of homeowners in distress are getting some unexpected breathing room — [...]

Worcester County Maryland Housing Statistics For Year 2010

I took a glance yesterday at the Maryland Association of REALTORS® published 2010 Year End stats for Worcester County and noticed a mixed bag.

On the issue of price, the numbers showed a decline, with Worcester County actually in the highe ranges compared to other Maryland jurisdictions showing a 8.7% and 9.1% decline in average and [...]

S&P/Case-Shiller Home Price Indices Show U.S. Home Prices Keep Weakening

Yes, folks, there is more ugly housing news on the pricing front. In a Press Release today, The S&P/Case-Shiller Home Price Indices, the leading measures for the US residential housing market, showed that the feared “double dip” seems to be continuing with a vengence:

“Data through November 2010, released today by Standard & Poor’s [...]

Zillow Reports That Home Prices Fell For The 53rd Consecutive Month, Exceeding That Of The Great Depression

Reuters is reporting the latest press from Zillow:

“Home prices fell for the 53rd consecutive month in November, taking the decline past that of the Great Depression for the first time in the prolonged housing slump, according to Zillow.

Home prices have fallen 26 percent since their peak in [...]

Zillow Warns Of “Unprecedented Decline” In Home Values And No Stabilization In Q3

From the November 10th Business Insider, this disturbing tidbit from Zillow about the national picture:

“Zillow just released a devastating third quarter housing report. Basically every major indicator is crashing:

The decline in home values accelerated in September, dropping 0.4% month-over-month
Foreclosures reached an all-time high
A record 23.2% of mortgages are now underwater

The double [...]

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