A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that while mortgage delinquencies continue to decline, an enormous backlog of foreclosures still exists and is expected to continue for some time. As of the end of February, foreclosure inventory levels stand at more than 30 times the monthly foreclosure sales volume.
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Dennis Norman When I take my kids out for an ice cream cone it’s pointless to ask if they want one or two dips, they always go for the double dip! What’s good for ice cream sales is not good for home prices though…..and, unfortunately, it appears that home prices are choosing to go for the double dip as well… Today the S&P/Case-Shiller Index report for January was released showing home prices are off to a dismal start in 2011 and further proof that the housing market is headed toward a double-dip in home prices. The report shows Continue Reading → Dennis Norman The National Association of REALTORS Pending Home Sales Index for February shows an increase of 2.1 percent in the index from the month before (seasonally adjusted), and a 8.2 percent decrease from a year ago. There were some wide swings regionally in this months statistics as the Northeast region had a 10.9 percent decline from the prior month and the West had a 7.0 percent increase. RPX Composite Home Price Fell to Lowest Level since April 2003 Radar Logic published it’s Housing Market Report for January showing that it’s “RPX Composite Price” fell 3.8 percent from December and 3.4 percent from the year before. WHAT IS A CREDIT SCORE? Simply stated, credit scores are a statistically-based tool to assess the future performance of a borrower. Scores are derived from the history of a borrower as it is reported to the credit repositories from any creditor. Credit scores are a proven indicator of the likelihood to repay a loan or credit obligation. The lower the score; the more risk from a borrower to repay a loan, on time and in full. Scores range from 400 to 850. This process was started by Fair, Isaac and Co., which is why credit scores are also Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for February 2011 showing a decrease of 16.9 percent from the month before, and a decrease of 28.0 percent from a year ago. The seasonally-adjusted new home sales rate for February was 250,000 homes. The supply of new homes on the market increased from an adjusted 7.4 month supply the month before to a 8.9 month supply in February. The median new home price decreased for the month to $202,100, a 13.9 percent decrease from a revised median price of $234,800 the Continue Reading → Dennis Norman The St. Louis foreclosure rate increased 4.8 percent in December to 1.76 percent, according to a report published by CoreLogic. On a positive note, the report shows that the rate of serious mortgage delinquencies in St. Louis (90+ days delinquent) decreased slightly to 5.14 percent in December from 5.18 percent the month before. Radar Logic published it’s “RPX Year in Review 2010” for the U.S. real housing market which illustrates the significant negative impact distressed sales have on home prices and the real estate market as a whole. The report reveals that “motivated sales” (sales that include REO’s, sales by financial institutions, short-sales, etc) made up less than 5 percent of the home sales in the 25 major metropolitan areas covered by the report until 2007 when the rate rose above 5 percent, ultimately peaked in 2009 at around 38 percent and then last year settled in around the 31 percent mark. Today’s existing home sales report from the National Association of REALTORS® shows mixed signals for the St. Louis Real Estate market as our rate of existing home sales is down 8.6 percent from a year ago, significantly higher than the 2.8 decline for home sales nationwide, however, on a positive note, St. Louis home prices were up 8.2 percent in February from a year ago, the highest increase of the 20 major metro markets covered by the report and much better than the 5.2 percent DECREASE in home prices for the U.S. as a whole! Nearly nine out of 10 homeowners say they would buy their homes again. Despite the financial blood-shed the real estate market downturn has caused many homeowners, Americans still have a deep-rooted attachment to home ownership according to the Allstate-National Journal Heartland Monitor Poll. The poll, funded by Allstate Corporation revealed that nearly nine out of 10 homeowners surveyed said they would buy their homes again. The amazing thing is that this percentage held true even for those homeowners who said their homes had lost value since they purchased it. Seven out of 10 Americans say they would advise a friend Continue Reading → As spring approaches (say good bye to winter!! ) many homeowners face the risk of potential flooding of their homes or investment properties. Thanks to the requirements of most lenders for a borrower to obtain a flood letter to determine if their property is in a flood plain and, if so, obtain flood insurance, possible flood damage is a “known” threat to most homeowners affected. Why rent when you can own? Over the past couple of years there has been much talk about home ownership losing it’s luster and asking the question if it is better to rent than own a home at this point. Today, I want to share with you 11 reasons to own a home: The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for February 2011 showing a 9.3 percent decrease in single-family home building permits from January, and a 27.0 percent decrease in new home starts compared to the year before. The St. Louis County Assessor today released the preliminary real property values as a result of this being a reassessment year. Pursuant to state law, the assessor is to look at what the fair market value of real property was on January 1, 2011 and then use this as the value for property tax purposes for the coming two years. HUD just released it’s “2010 Overview of U.S. Housing Market Conditions which gave a recap of the housing market for 2010. I’ve previously reported on most of the data and information that HUD included in the report however I thought this report did a good job of giving a complete and concise look at the market for the year so I wanted to share it. The Federal Housing Finance Agency (FHFA) announced it has extended the Home Affordable Refinance Program (HARP) to June 30, 2012. The HARP program was scheduled to end June 30, 2011. This program is designed to help homeowners whose homes have lost value. Through 2010 there have been 621,803 HARP refinances with loan amounts from 80 percent of value up to 125 percent of value. For more information, or to see if you are eligible for HARP, click here. The Insurance Information Institute (I.I.I.) just published the results of a survey of homeowners that showed almost half of the homeowners surveyed believe that coverage limits of their homeowners insurance policy are linked to the value of their home. However, this is not the case according to the I.I.I. “The real estate value of a home, that is the price you can buy or sell it for, has absolutely nothing to with the amount of insurance needed to financially protect the homeowner in the event of a fire or other disaster,” said Jeanne M. Salvatore, senior vice president and consumer Continue Reading → A report released this morning by CoreLogic shows home prices in the U.S. declined in January by 5.7 percent from the year before, marking the sixth-consecutive month year-over-year home prices have dropped, according to their index. The January data shows home prices continuing to slide. Mark Fleming, chief economist with CoreLogic, said, “A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the Continue Reading → St. Louis Foreclosure Activity in February declines 40 Percent More in St. Louis than overall U.S. RealtyTrac just released their foreclosure activity report for February showing foreclosure activity in the St. Louis metro area declined 19.6 percent from the month before and was down 17.86 percent from a year ago. The U.S. foreclosure rate declined 14 percent in February. The table below shows how each county in the St. Louis MSA fared in February. There have been many changes in the mortgage banking industry in the last couple of years. New regulations and laws now stipulate exact procedures, timetables and specific lending requirements to obtain a home mortgage. Mortgage bankers must obtain a federal license and state licenses for every state in which they originate loans. These changes in lending policies are designed to protect and aid borrowers when making mortgage decisions to purchase or refinance a new home. A report released this morning by CoreLogic shows negative equity, after decreasing for the three prior quarters, increased in the fourth quarter of 2010 for residential properties. The CoreLogic reports that 11.1 million, or 23.1 percent, of all residential properties with mortgages were in negative equity at the end of the fourth quarter of 2010, up from 10.8 million and 22.5 percent in the prior quarter. Radar Logic is a company that publishes a home price index (the RPX Index) that is based upon the price per foot homes are selling for, versus actual sale prices of homes. RPX publishes a daily RPX Composite price index for 25 major metropolitan areas in the U.S. based upon this square foot methodology and this morning the RPX Index, based upon sales that closed in the 28 day period ending January 3, 2011, came in at $183.18 per square foot, which is 34 percent lower than when it peaked during the boom at $278.32 per foot, and is the Continue Reading → Here’s our St. Louis Real Estate Market Update for March 4, 2011 with a quick overview of what’s happening in our market. Remember, for more in-depth information, or information geared specifically toward your individual situation, please contact us or go to St. Louis Real Estate Market Stats and Reports. [iframe http://www.youtube.com/embed/62bF7SmMIwg 480 390] A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that the rate of serious mortgage delinquency (90+ days) in January was 8.90 percent, a slight increase from 8.83 percent in December and a 18.8 percent decrease from a year ago. Seller concessions can be any negotiation where the seller, builder, developer or any interested party gives something up to the buyer…The concession can help lower or eliminate the amount a borrower is required to bring to the closing table. In some cases, a seller-paid concession can mean the difference between closing a home sale and losing one. Not providing a current mailing address to the Assessors office can cost you your home Mohammad Bhatti learned this the hard way. Bhatti, a resident of the City of St. Louis, purchased a property at 3243 Pennsylvania in 2005 to rehab and resell. From court records I reviewed it appears that the city had the property address as Mr. Bhatti’s mailing address rather than where he was actually living. This is something that would ultimately cost Mr. Bhatti to lose his property at 3243 Pennsylvania, which he claims to be worth $169,900, over $1,452.06 in delinquent property taxes. The Fannie Mae Fourth Quarter National Housing Survey polled homeowners and renters alike to assess their confidence in homeownership as an investment as well as their views on housing finance and the overall economy. The survey revealed that Americans are more confident about the stability of home prices than they were at the beginning of 2010, although they aren’t so confident about the strength of the overall US economy. Dennis Norman The National Association of REALTORS Pending Home Sales Index for January shows a decrease of 2.8 percent in the index from the month before (seasonally adjusted), and a 1.5 percent decrease from a year ago. The good news however is that the St. Louis area (five-county area including city of St. Louis and counties of St. Louis, St. Charles, Jefferson and Franklin) saw a 1.51 percent in pending home sales in January from the month before and a 3.30 percent increase from a year ago. It’s hard to miss the fact that the US Census Bureau just released some of the results of the 2010 census for our area. It’s been all over the media about St. Charles County’s population surpassing the City of St. Louis and moving it into the spot of the third largest county in the State. Being the data junkie I’ve become I decided to tear into the numbers and see how the 2010 data compared with the 2000 data to see what changes have taken place in the last decade and see what I could glean from the data to Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for January 2011 showing a decrease of 12.6 percent from the month before, and a decrease of 18.6 percent from a year ago. The seasonally-adjusted new home sales rate for January was 284,000 homes. The supply of new homes on the market increased from an adjusted 7.0 month supply in December to a 7.9 month supply in January. The median new home price decreased for the month to $230,600 a 1.8 percent decrease from a revised median price of $235,000 the month Continue Reading → |
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