Category
Negative Equity
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03.12.09Home foreclosure rates skyrocketFrom CNN: The foreclosure picture suddenly darkened again in February. More than 74,000 homes were lost to bank repossessions during the month, up from 67,000 in January, according to a regular monthly report from RealtyTrac, the online marketer of foreclosed properties. Nearly 1.2 million have been lost since the foreclosure crisis hit in August 2007. The number of foreclosure filings rose 6% during the month after falling 10% in January. Worse, filings leaped nearly 30% compared with February 2008. And the results confounded expectations: A downtrend had been expected due to the numerous foreclosure moratoriums in effect during the month. "We were very surprised," ...
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12.15.08US homes lose $2 trillion in 2008From CNN: American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report released Monday. The real estate Web site, Zillow.com, calculated that home values have dropped 8.4% year-over-year during the first three quarters of 2008, compared with the same period of 2007. Some 11.7 million Americans are now "underwater," owing more on their mortgage balances than their homes are worth. Zillow collects home values and analyzes home price trends in 163 markets; all but 30 registered price drops over the nine months ended September 30, compared with the same nine-month period of 2007. "This ...
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12.02.08Foreclosures hurting home sellersFrom CNN: Selling a home in this market is hard enough. Competing in a neighborhood flooded with foreclosed homes that are heavily discounted is nearly impossible. There are nearly a million repossessed homes on the market right now. And these homes, dubbed in the industry as REO (real estate owned) properties, are being marketed by the most motivated of all sellers - that is, the lenders stuck holding the bag when homeowners default. On average, foreclosed homes are priced almost 40% lower than normal real estate listings, according to data supplied by Trulia.com, the real estate Web site. "Distressed sales [like foreclosures and short ...
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11.03.0810 Million are upside-downFrom Inman: More than 7.5 million single-family homes are worth less than what's owed on their mortgages, and another 2.1 million were very close to being upside down at the end of September, according to an analysis by First American CoreLogic. First American CoreLogic used automated valuation models to analyze its huge database of public records and produce what it claims is the industry's first state-level assessment of households with negative equity (click to download spreadsheet). The analyses, of 42 million properties with mortgages, found the states with the highest percentage of upside-down mortgages were Nevada (48 percent), Michigan (39 percent), Florida (29 ...