Thursday, March 11th, 2010
Real estate data tracking firm, RealtyTrac, reported foreclosures fell for a second straight month in February.
The numbers
February foreclosure filings of 308,524 reflect a decrease of 2 percent from January. However, this is still a 6 percent year-over-year increase.
“The 6 percent year-over-year increase we saw in February was the smallest annual increase we’ve seen since January 2006, when we began calculating year-over-year increases, but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity,” said James J. Saccacio, CEO of RealtyTrac.
Some fear the recent decrease in foreclosures is a false-positive. With the Treasury’s HAMP coming under fire for its low success rate in modifying mortgages for at-risk homeowners, many fear foreclosures will eventually find their second wind.
DHW asks: Do you think foreclosures will continue to decline?
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Tags: down, february, foreclosures, HAMP, Housing
Posted in HAMP, foreclosure, foreclosures | No Comments »
Tuesday, November 10th, 2009
Critics of the Housing Tax Credit were quieted, if only briefly, when the National Association of Realtors (NAR) released data for third quarter home sales. According to the trade group, home sales increased by nearly 6% over this same time last year. Despite the spike in sales, prices have fallen more than 11% during the same period. The U.S. median existing single-family price for the third quarter was $177,900.
Opponents of the housing tax credit feared an inflationary reaction in home prices. Although housing inventories are down, existing units still outweigh the demand.
NAR chief economist, Lawrence Yun, predicts home prices will stabalize next spring. His prediction may be overly optimistic. Foreclosures and short sales made up 30% of thrid quarter sales. There is no real evidence to suggest foreclosures will take a breather in 2010.
DHW asks: Do you see a bottom to the housing market?
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Posted in Housing Article, home sales, housing tax credit, realtors | 1 Comment »