By Mike Colpitts Home prices dropped for six straight months in the U.S., declining by 5.7% on average in January compared to a year earlier, despite the federal governments home buyer tax credit, according to Core Logic. The real estate research firm gathers mortgage data for the lending industry. The drop represented a 1% higher… Continue reading Home Price Index Shows Six Month Drop
Category: Arizona
arizona housing market
U.S. Flooded in Underwater Homes
By Mike Colpitts More than one out of four homes in the U.S. with a mortgage is in or near negative equity as the nation is flooded in underwater homes, according to a major real estate research firm. The data indicates a declining number of homeowners with mortgages that are upside down on their homes… Continue reading U.S. Flooded in Underwater Homes
Paying Homeowners Money to Stay Works
By Mike Colpitts A former Wall Street banker, who started a company to save homeowners with mortgages from foreclosure has enrolled just short of 10,000 borrowers in its RH Reward program that is paying cash rewards to hurting homeowners. The plan works with banks and other financial institutions, including hedge funds to work with upside… Continue reading Paying Homeowners Money to Stay Works
Underwater Homeowners Numbers Surge
By Mike Colpitts The number of homeowners underwater on mortgages reached 11.1 million during the final quarter of 2011, representing 22.8% of U.S. residential properties, according to real estate data firm CoreLogic. The increase marks a surge of 400,000 mortgage holders who are upside down on mortgages from the previous quarter. Declining home values in… Continue reading Underwater Homeowners Numbers Surge
Cash Buyers are King
By Mike Colpitts Pent up buyer demand and much lower housing prices are driving a frenzy of sorts in some home markets as cash buyers turn out in droves to buy up properties on the cheap. Cash is once again king in the real estate market. When markets take a downturn cash buyers snap up… Continue reading Cash Buyers are King
Foreclosures Decline with Robo-Signing Troubles
By Mike Colpitts Foreclosures rose by only a slim margin in January, but declined 17% over year ago figures as banks and mortgage servicing companies temporarily halted foreclosures in 26 states in the robo-signing scandal, according to RealtyTrac. Foreclosure filings were posted against 261,333 residential properties during the month, a slim 1% increase over December.… Continue reading Foreclosures Decline with Robo-Signing Troubles
Home Prices Decline Less in Hardest Hit Markets
By Mike Colpitts Where home prices are still declining they are deflating at a slower rate for the second year in a row, a new Housing Predictor survey has found. The hardest hit markets in the nation, including places in California, Nevada, Arizona, Rhode Island and Florida are experiencing less deflation than in early 2010.… Continue reading Home Prices Decline Less in Hardest Hit Markets
2011 Arizona Housing Market
Driven by a job market that has been plagued by workers being cut from large companies, and lower home prices Arizona may be in the beginning stages of its long awaited housing recovery as more employees go back to work. The suffering economy has seen unemployment improve even in the face of the worst real… Continue reading 2011 Arizona Housing Market
Settlement Likely in Robo-Signing Foreclosure Probe
By Kevin Chiu Iowa Attorney General Tom Miller, who is spearheading the 50 state probe into the robo-signing foreclosure scandal is seeking a settlement agreement with the major banks involved in the mess. Statements made by bank employees admitting to signing foreclosure documents in sworn affidavits without checking their accuracy led to the foreclosure scandal… Continue reading Settlement Likely in Robo-Signing Foreclosure Probe
Four States Cities Lead Foreclosure Crisis in 2010
By Mike Colpitts Four states cities accounted for 19 of the top 20 metropolitan U.S. foreclosure centers in 2010 as the foreclosure crisis gained momentum in the majority of the nation, despite moratoriums put in place by five major national lenders, according to RealtyTrac. California, Florida, Nevada and Arizona cities accounted for the most foreclosures.… Continue reading Four States Cities Lead Foreclosure Crisis in 2010