Here’s some good news to end our week with: In St. Louis the number of homeowners that are underwater on their mortgage (owe more than their home is worth), otherwise known as being in a “negative equity” position, dropped to 90,196 homeowners, or 16.1 percent of all St. Louis homeowners with a mortgage, in the first quarter of this year, down from 101,829 St Louis homeowners, or 18.1 percent during the prior quarter, according to a report just released by Corelogic. Continue Reading →
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This morning, RealtyTrac released their U.S. Foreclosure Market Report for June 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 1,785 properties in St. Louis during the month, a 4.65 percent increase from the previous month and an increase of 7.27 percent from June 2011. During the month, 1 out of every 699 homes in St. Louis had a foreclosure filing. For the first half of 2012, there have been 9,672 St. Louis foreclosure filings, up from 8,786 from the 2nd half of 2011 and up from 8.933 from the first half of 2011. Continue Reading → According to a report just released by Lender Processing Services, the foreclosure inventory in the U.S. remains near all-time highs, with 4.12 percent of all active mortgages in the foreclosure pipeline in addition to the 3.2 percent that are 90 days or more delinquent but have not yet begun the foreclosure process. Continue Reading → A report just released by Trulia today which is based on the for-sale homes and rentals listed on Trulia, shows that asking prices for Saint Louis homes for sale decreased 2.4 percent from a year ago however Saint Louis rental rates increased 3.2 percent during the same period. Continue Reading → According to a report released today by CoreLogic, there were 63,000 completed foreclosures in the U.S. in May 2012, down from 62,000 the month before and down almost 20 percent (18.18) from May 2011. Since the real estate market meltdown began in September 2008 there have been about 3.6 million homes that had forecloses completed upon. Continue Reading → The percentage of first-lien mortgages that were current and performing at the end of the first quarter of 2012 increased to the highest levels in three years, according to a report published today by the Office of the Comptroller of the Currency. Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for May 2012 showing an increase of 7.6 percent from the month before, and an increase of 19.8 percent from a year ago. The seasonally-adjusted new home sales rate for May was 369,000 homes, up from a revised rate of 343,000 homes the month before. The supply of new homes on the market decreased to a 4.7 month supply from a revised 5.0 months the month before. The median new home price decreased slightly to $234,500 from a revised median price of $236,000 the month before and increased 5.6 percent from a year ago when the median new home price was $222,000. Continue Reading → The mortgage delinquency rate (the percentage of home loans 30 or more days past due) increased in May 1.1 percent from the month before according to the latest “First Watch Report” from Lenders Processing Services (LPS). While it’s a modest increase, this marks the second consecutive month we’ve seen an increase in mortgage delinquency rates reversing the downward trend for the 9 months prior which is not good. Since delinquent mortgages are the precursor to forelcosures and foreclosures have wreaked havoc on home prices, this is something we definitely want to keep an eye on. Yesterday’s existing home sales report from the National Association of REALTORS® shows existing home sales in May were at at a seasonally adjusted-annual rate of 4.55 million units which is a decrease of 1.5 percent from the month before, however, here in the Midwest we bucked the trend coming in with home sales at an annual rate of 1.04 million units, up 1.0 percent from the month before. The Midwest was the only region in May that saw an increase in the rate of home sales in May from the month before, all regions saw an increase from a year ago however. Home prices in the Midwest didn’t fare as well as the rest of the country however, coming in at 147,700 which is an increase of 6.4 percent from a year ago, less than the 7.9 percent increase seen at the national level, however the month over month increase of 5.6 percent in the Midwest did top the 5.1 percent month over month increase at the national level. Continue Reading → According to a report just released by S&P Experian, the first mortgage default rate fell by more than a quarter of a percent (26 basis points) in May compared to April and is the lowest rate since May 2007. The second mortgage rate also fell during the month, by 5 basis points, and is at a seven year low. Mortgage defaults and delinquencies are the pre-cursor to foreclosures and foreclosures are the enemy of home prices so this is good news and a trend that, if it continues, should point the way to a housing recovery. Yesterday, CoreLogic released their shadow inventory report which showed that the current residential shadow inventory (as of April 2012) had fallen to 1.5 million units, representing a supply of four months which is a 14.8 percent decline from a year ago when shadow inventory stood at 1.8 million units, or a six-months’ supply. Continue Reading → This morning, RealtyTrac released their U.S. Foreclosure Market Report for May 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 1,872 properties in St. Louis during the month, a 4.41 percent increase from the previous month and an increase of 16.71 percent from May 2011. During the month, 1 out of every 667 homes in St. Louis had a foreclosure filing. Continue Reading → The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their May Housing Scorecard, which collects key market data and tracks the administration’s recovery efforts. According to the May scorecard, recent market data contains a number of promising indicators and increasing signs of stability. In April, sales of existing homes increased in every region of the country and the number of new homes rose for the first time since 2007. Continue Reading → My family is definitely a beach-loving family! Most of the trips and vacations our family has been on over the years have included beaches and both of our children’s first trips as infants were to the beach. So, I guess it is safe to say our family loves beaches and we are not alone! Even though beach property has suffered during the real estate bust, there seems to always be demand for homes in beach communities. Some areas, like Sarasota, Florida, are already seeing prices increase on homes located on or near the beach. Did you wait too late to buy that second home or vacation home in a beach community? Well, according to a report just released by RealtyTrac, there are still some bargains to be found out there! Continue Reading → Trulia today released the latest findings from the Trulia Price Monitor and the Trulia Rent Monitor, the earliest leading indicators available of trends in home prices and rents. Based on the for-sale homes and rentalslisted on Trulia, these monitors take into account changes in the mix of listed homes and reflect trends in prices and rents for similar homes in similar neighborhoods through May 31, 2012. Continue Reading → This morning RealtyTrac® released its U.S. Foreclosure Sales Report™ for the first quarter of 2012, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 24 percent of all St. Louis metro area home sales during the first quarter — up from 17 percent of all St Louis home sales in the fourth quarter and the same as the first quarter of 2011. The report also shows that, during the quarter, over 10 percent (10.36) of St Louis metro home sales were short-sales, an increase from 5.85 percent the previous quarter and an increase from 7.46 percent from the first quarter of 2011. Continue Reading → If you feel you were a victim of an improper foreclosure process in 2009 or 2010 by one of the companies below, you may apply for an independent foreclosure review and receive compensation if the independent review finds evidence of direct financial injury to you due to servicer error. Time is running out however as the deadline to apply is July 31, 2012. To make it easier to understand the process, the fed’s have produced a video on how to apply which I have included below. Continue Reading → Rents Rise in Three-Quarters of Markets, According to April Zillow Real Estate Market Reports National home values rose for the second month in a row, climbing 0.7 percent from March to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January 2006, when they rose 0.8 percent, according to the April Zillow® Real Estate Market Reports. Rents also rose from March to April, increasing 1.6 percent, according to the Zillow Rent Index. Rents rose in 78 percent of the 178 markets covered by Zillow. Continue Reading → But Negative Equity is a Paper Loss for Most, As 90% of Underwater Homeowners Pay Mortgage on Time Nearly one-third (31.4 percent) of U.S. homeowners with mortgages – or 15.7 million – were underwater on their mortgage in the first quarter of 2012, despite rising home values, according to the first quarter Zillow® Negative Equity Report[1]. Collectively, underwater homeowners owed $1.2 trillion more than their homes were worth. Negative equity rose slightly from 31.1 percent in the fourth quarter, and declined from 32.4 percent one year ago. Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for April 2012 showing an increase of 3.3 percent from the month before, and an increase of 9.9 percent from a year ago. The seasonally-adjusted new home sales rate for April was 343,000 homes, up from a revised rate of 332,000 homes the month before. The supply of new homes on the market decreased to a 5.1 month supply from a revised 5.2 months the month before. The median new home price increased slightly to $235,700 from a revised median price of $234,000 the month before and increased 4.4 percent from a year ago when the median new home price was $224,700. Continue Reading → Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in April were at at a seasonally adjusted-annual rate of 4.62 million units which is a increase of 3.4 percent from the month before and an increase of 10.0 percent from a year ago. The actual number of homes sold in April was 400,000 which is an increase of 11.1 percent from the month before and an increase of 6.7 percent from a year ago when there were 375,000 homes sold. Continue Reading → The mortgage delinquency rate (the percentage of home loans 30 or more days past due) increased in April 0.4 percent from the month before according to the latest “First Watch Report” from Lenders Processing Services (LPS). While this is a modest increase, it temporarily reverses the trend we have seen for the past 9 months of declining mortgage delinquency rates. The mortgage delinquency rate in April, at 7.12 percent of all loans, is down 10.6 percent from a year ago however. The foreclosure rate for April was 4.14 percent, the same as the month before as well as the year before so, at least the foreclosure rate is remaining flat and not increasing. Continue Reading → This morning, RealtyTrac released their U.S. Foreclosure Market Report for April 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 1,793 properties in St. Louis during the month, a 0.33 percent decrease from the previous month and an increase of 28.53 percent from April 2011. During the month, 1 out of every 696 homes in St. Louis had a foreclosure filing. Continue Reading → According to a new report, The Shifting Nature of U.S. Housing Demand, by The Demand Institute, average home prices will increase by up to 1 percent in the second half of 2012. By 2014, home prices will increase by as much as 2.5 percent. From 2015 to 2017, the study projects annual increases between 3 and 4 percent. This recovery will not be uniform across the country, and the strongest markets could capture average gains of 5 percent or more in the coming years. Continue Reading → Before you go getting too excited over my headline, I should point out that, even though Fed Reserve Board Governor Duke’s presentation today at the National Association of REALTORS mid-year meeting in Washington D.C. was titled “Prescriptions for Housing Recovery”, Governor Duke opened her remarks with “I wish I had such a prescription”. She went on to say that it is difficult to think of a single thing that, by itself will generate a sustainable recovery in housing. She did say, however, that she saw some policies that will help reduce the shadow inventory of houses in the foreclosure pipeline as well as improve the availability of financing to potential home buyers. Continue Reading → The collapse of the real estate market, along with a down economy has created a fertile environment for fraudsters to attempt to advantage of the many desperate homeowners that are out there. Their methods vary from foreclosure “rescue” schemes, mortgage assistance scams and other scams that generally offer to lower your payments or debt, prevent foreclosure, etc. Below is a list of tips the Department of Justice published this week to help consumers prevent themselves from becoming a victim of fraudsters. Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data forMarch 2012 showing a decrease of 7.1 percent from the month before, and an increase of 7.5 percent from a year ago. The seasonally-adjusted new home sales rate for March was 328,000 homes, down from a revised rate of 353,000 homes the month before. It’s worth noting that February’s sales were originally reported by the Commerce Department to be 313,000, so the revision to 353,000 was significant. So, in the end, March may not look so bad either if the revised numbers follow suit with the month before. Continue Reading → For the second month in a row, home prices have risen higher than a year ago. Median prices in March were an impressive 5.8% higher than March 2011 in the 53 metro areas surveyed for the RE/MAX National Housing Report. February marked the first time in 18 months that home prices rose higher than the previous year, and year-to-year price increases haven’t occurred in two consecutive months since August 2010. Home sales in March were 25.4% higher than February and 1.5% higher than March last year. For the last 9 months, sales have reached a level higher than the same month in the previous year. Following these trends, the spring and summer months should experience increased activity. With falling inventory and many markets witnessing multiple offers with bidding competitions, prices are likely to continue to rise in many areas. Continue Reading → This morning, RealtyTrac released their U.S. Foreclosure Market Report for the first quarter of 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 572,928 properties in the U.S. during the quarter, a 2 percent decrease from the previous quarter and a decrease of 16 percent from the first quarter of 2011. During the month, 1 out of every 230 homes in the U.S. had a foreclosure filing. Continue Reading → Foreclosure starts and foreclosure sales were down in February 15 and 19 percent respectively from January according to the latest Mortgage Monitor report released by Lender Processing Services, Inc. today. The report also showed that mortgage delinquencies continue to decline as well with 7.57 percent of the homes in the U.S. with a mortgage being delinquent which is down 5.0 percent from the month before. As reported in LPS’ First Look release, other key results from LPS’ latest Mortgage Monitor report include: |
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