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Lack of Inventory, Not Shadow Inventory, Is the Real Concern

DS News took some time to chat with Daren Blomquist, VP of RealtyTrac, to get a reading on the current state of the foreclosure market and what is expected to come. Although foreclosures served to strip homes of their value during the housing crisis, Blomquist says foreclosures will be seen as a welcome sign this year and act as a stimulus. While this may seem counterintuitive, Blomquist said, “because of the severe lack of inventory available for sale, foreclosures could actually fill that inventory and … [Read more...]

Case-Shiller Indices Show Fastest Gain in 6 Years

Home prices rose at their fastest pace since July 2006, according to Standard and Poor’s Case-Shiller 10- and 20-city Home Price Indices. At the same time, the Case-Shiller national index, reported quarterly, registered its strongest gain since Q2 2006. The 10- and 20-city indices each rose 0.2 percent in December, reversing declines in November. Year-over-year, the 10-city index was up 5.9 percent, and the 20-city index rose 6.8 percent. The national index was up 7.3 percent year-over-year. The yearly gain … [Read more...]

Existing-Home Sales Inch Up; Inventory at Lowest Level Since 1999

Existing-home sales rose 0.4 percent in January to 4.92 million after December sales were revised downward, theNational Association of Realtors (NAR) reported Thursday. Economists had expected the sales pace to drop to 4.9 million from December’s originally reported 4.94 million The median price of an existing single-family home fell to $173,600 in January, the lowest level since last March.  The inventory of existing homes for sale fell 4.9 percent to 1.74 million, the lowest level since December 1999. At … [Read more...]

CoreLogic: Prices End 2012 with Biggest Annual Gain in Six Years

National home prices ended the year by posting their biggest annual gain since May 2006, and prices rose in December for the 10th consecutive month, CoreLogicreported Tuesday. The data provider’s Home Price Index (HPI) registered a year-over-year increase of 8.3 percent in December when including distressed sales. From November to December, prices barely moved higher, increasing just 0.4 percent. In January, the forward looking Pending HPI projects prices will rise 7.9 percent on a yearly basis in January, … [Read more...]

Mortgage Debt Relief Act Extended for Another Year

Struggling homeowners who are considering a short sale or modification will be eligible for tax relief in 2013.   The “fiscal cliff bill” passed by Congress on January 1 included a provision to exclude borrowers from paying taxes on debt forgiven through a short sale, foreclosure, or loan modification. Known as the Mortgage Debt Relief Act of 2007, the act was scheduled to expire December 31, 2012, but received an extension for another year.   Industry experts and political leaders … [Read more...]

Hurricane Sandy’s Impact on RMBS May Be Smaller than Expected

While the lives of those affected by Hurricane Sandy may not return to normal for some time, one research report suggests the storm’s impact on non-agency residential mortgage-backed securities (RMBS) may be much less substantial than originally anticipated. With some estimates as high as $88 billion, Opera Solutions, a New York-based company that specializes in machine learning, released its own estimate based on neighborhood-level data Friday. The firm suggests the damage will be closer to $6 … [Read more...]

NAR Makes Forecast on Housing, Economy

The National Association of Realtors (NAR) offered market projections into 2014 during a forum at the 2012 Realtors Conference and Expo. NAR chief economist Lawrence Yun says he expects the market share of distressed sales to fall from about 25 percent in 2012 to 8 percent in 2014, according to a release on the forum.  Mark Vitner, managing director and senior economist at Wells Fargo, was one of the speakers at the NAR forum. Vitner compared distressed homes to an after-Christmas sale stating, “most of the … [Read more...]

CoreLogic: September Sees Biggest Yearly Price Gain Since 2006

Home prices in September posted their biggest yearly gain in more than 6 years, but prices displayed a typical seasonal slowdown and fell month-over-month, according to the Home Price Index (HPI) report from CoreLogic. When including distressed sales, the report showed home prices moved higher by 5 percent from September 2011, the seventh straight month of yearly increases and the biggest annual gain since July 2006. From August to September, prices decreased by 0.3 percent. CoreLogic’s … [Read more...]

Will the Upcoming Election Shed Some Light on Shadow Inventory?

Ever since the notorious subprime mortgage meltdown and subsequent collapse of the housing market in 2007-2008, many of the nation’s lenders have found themselves loaded down and plagued with a plethora of foreclosed real estate holdings. Not wanting to create an influx of inventory in what had been an unambiguous buyer’s market for several years, lenders were hesitant to overstep the delicate tenets of supply and demand for fear that such a step would further reduce property values, diminishing their … [Read more...]

Inventory of New Homes Down to Lowest Level in Nearly 50 Years

The U.S. housing market “has entered a sustainable period of improving conditions,” Pro Teck Valuations CEO Tom O’Grady says in the company’s most recent Home Value Forecast. Pointing to “very low mortgage rates, stable to rising home prices, declining unemployment, declining housing inventories and a strong rental market,” O’Grady says housing is in a good position to continue growth. Those positive trends should lead to growth in the overall economy, he adds. “As real estate has historically been one of … [Read more...]