By Mike Colpitts Buffeted by high unemployment and weak consumer sentiment, housing markets are encountering sluggish home sales in the midst of what is typically the busiest home buying season of the year. Home sales should see an improvement towards the end of summer, but the average US home is projected to decline 7.1% in… Continue reading Huge Downgrade in US Housing Market
Category: Michigan
Michigan housing market
Negative Home Equity Strengthens
By Mike Colpitts Homes in negative equity or with mortgages that are higher than the property’s current market value declined in the first quarter of 2011, according to a leading real estate research firm. Residential properties were down slightly from 11.1 million homes or more than 23% of properties in the prior quarter. The drop… Continue reading Negative Home Equity Strengthens
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
2011 Michigan Housing Market
Foreclosures and bank assisted short sales have battered the Michigan housing market, as many residents flee the state. But as more investors come out to take advantage of lower home prices and interest rates at near record lows, markets are making inroads to recovery. Home prices rose in Detroit with the federal tax credit for… Continue reading 2011 Michigan Housing Market
Many of 18.8 Million Vacant Homes May be Bulldozed
There were 18.8 million vacant U.S. homes at the end of the third quarter, according to the U.S. Census Bureau. But the only way to slash their ranks effectively may be to bulldoze millions of homes that make up blighted neighborhoods. Entire districts of homes, including more than 10,000 in one neighborhood in Detroit, Michigan… Continue reading Many of 18.8 Million Vacant Homes May be Bulldozed
Crash in Housing Relief Program
The Michigan housing relief program is battling technological failures to help homeowners. The first day unemployed homeowners could apply for relief to pay their home mortgages, the telephone lines and computer systems were so over-loaded they crashed. Housing Finance Agencies in five states are getting $1.5-billion in relief from the Hardest Hit Fund program started… Continue reading Crash in Housing Relief Program
White House Considers Free Money
By Mike Colpitts Weighing its political options, the Obama administration is carefully considering recommendations of Housing Finance Agencies in four states to reduce mortgage principal of homeowners at risk of foreclosure. The proposals made to the White House could act as a magic bullet to aid in the recovery of the nation’s housing markets, giving… Continue reading White House Considers Free Money
2010 Michigan Housing Market
Driven by the lowest home prices in decades, the Michigan housing market has little chance of ever catching up with home prices that residences were once selling for but markets have made compelling improvements over their disastrous fall-outs. The “Big 3” auto companies re-hiring of thousands of workers should eventually help the state recover. As… Continue reading 2010 Michigan Housing Market
Housing Shows Stabilization
By Mike Colpitts More than four years after beginning its downturn, many housing markets are stabilizing. Stabilization is key and the first step in the recovery process as markets settle from the worst housing crash since the Great Depression. The long-running housing depression is far from over, but there are more indications that stabilization is… Continue reading Housing Shows Stabilization
Sun Belt Leads in Foreclosures
Four of the most populated sun belt states account for the highest foreclosure rates in the nation, according to the RealtyTrac mid-year foreclosure market report. California, Florida, Nevada and Arizona urban areas produced 35 of the 50 highest foreclosure rates among metro areas. The report was tabulated from metro areas with populations of at least… Continue reading Sun Belt Leads in Foreclosures