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Tag Archives: Home Prices

October Home Prices Maintain Trend of Slow but Steady Gains

Home prices are keeping with their trend of slow, but steady, month-to-month improvements. CoreLogic's October Home Price Index (HPI) reveals a 0.2 percent month-month rise in the national home price but a 12.5 percent year-year increase. October marked the 20th straight month of annual price gains, according to CoreLogic, which conceded in its latest report that appreciation was beginning to fall more in line with normal seasonal patterns.

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Higher Price Gains Align with Higher Levels of Distressed Sales

While analysts across the industry are reporting waning price gains as we head toward winter, Clear Capital also points out another interesting and perhaps counterintuitive trend occurring in the housing market. Prior to the recovery, high saturations of distressed sales correlated with falling prices, but today's market reveals a switch, with high levels of distressed sales taking place alongside higher price gains.

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Eminent Domain Takes Root in Areas with High Unemployment, Poverty

To address widespread negative equity, at least 15 cities and counties are considering using eminent domain to seize underwater homes and lower borrowers' mortgage principal balances, according to the Urban Institute. The institute conducted a study to see what commonalities these communities share and found that all 15 suffer from high levels of poverty and unemployment, stagnant incomes, and low housing prices.

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Are Cash Sales Creating a Dangerous Mirage?

Home prices and home sales have been rising over the past few years, pointing to a recovery in the housing market, but some warn that what we are seeing may not be a true recovery but instead a mirage created by investors--a dangerous mirage that could lead to trouble in the years to come. According to multiple industry studies, cash purchases made up about half of all home sales across the nation in September.

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Rate of Appreciation Slows but Unseasonal Gains Remain Elevated

Home price gains decelerated on a monthly basis in September in 19 of the 20 cities tracked by the S&P/Case-Shiller Indices, with Las Vegas and Tampa experiencing the greatest slowdowns. All 20 cities reported annual growth, and 13 fared better than they did in August. Cleveland posted the strongest yearly gain, though it remains the second-worst performing city, beating only New York.

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Negative Equity: A New Way of Life in the Recovery

Fast-paced price increases helped bring 1.4 million homeowners to the surface in the third quarter as their home values finally clipped their equity, according to the latest Negative Equity Report from Zillow. The third-quarter drop in negative equity was the largest on record for Zillow, dating back to early 2011. The negative equity rate now stands at 21 percent, down about one-third from a peak of 31.4 percent.

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Fannie Mae Foresees Market Volatility in Coming Months

In the aftermath of the federal government shutdown and contentious debt ceiling negotiations, Fannie Mae predicts continued market volatility for at least the next few months. Consumer sentiment toward the economy and the housing market wavered last month, and the expects that to continue into the new year despite low mortgage rates and robust annual home price gains.

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Sales of Existing Homes Slip for Second Straight Month

Existing-home sales translate to an annual rate of 5.12 million at the October sales pace, according to the National Association of Realtors (NAR). October's sales volume was down 3.2 percent from September and marked the second consecutive month of declining transactions. NAR blames low inventory, diminished buying power from rising prices and interest rates, and a restrictive credit environment for the drop in sales.

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Private-Public Collaboration Results in 8M Foreclosure Preventions

Collaboration between the private and public sectors has resulted in 8 million non-foreclosure solutions completed for at-risk families since 2007, according to HOPE NOW, a voluntary alliance of mortgage servicers, investors, mortgage insurers, and nonprofit housing counselors. Over the last six years, the mortgage industry has completed more than 6.71 million total permanent loan modifications, while short sales total approximately 1.39 million since December 2009.

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High-Distress Markets Continue to Lead Recovery

Rising home sales and declining foreclosures drove Q3 home prices to the highest three-month increase since the national housing recovery began, FNC Inc. reports. The company says national home prices have risen 11 percent since the beginning of the recovery, a timestamp that FNC considers to be the start of 2012. Continuing to lead the way are the markets that saw the highest levels of distress in 2008 and 2009.

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