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
Category: News
No Bottom in Housing Market in 2010
The bottom of the housing market will not develop in 2010 in the majority of U.S. markets as a result of high unemployment, the record plague of foreclosures and tight mortgage lending standards, prolonging the downturn as the economy struggles to recover. The new assessment by Housing Predictor analysts was determined after a lengthy review… Continue reading No Bottom in Housing Market in 2010
No Hurry for Those at Risk of Foreclosure
Senator Jack Reed D-Rhode Island Senator Dick Durbin D-Illinois Senator Sheldon Whitehouse D-Rhode Island No Hurry for Those at Risk of Foreclosure By Mike Colpitts Two months after the proposal to force bankers to work with homeowners at risk of foreclosure was introduced in Congress the bill is bogged down in committee. A House Financial… Continue reading No Hurry for Those at Risk of Foreclosure
Housing Recovery on the Way
Powered by the highest number of home sales in more than two years, the housing market appears to be on the road to recovery at least to some consumers. First time buyers pushed to close purchases before the looming government deadline expired for an $8,000 tax credit. Rock bottom priced triggered a flood of… Continue reading Housing Recovery on the Way
Forty-Eight States in Taxing Turmoil
Forty-eight of all 50 U.S. states are in economic turmoil as a result of the housing bust and the financial crisis. States have laid-off employees, slashed budgets and cut back on services, including schools and emergency services such as police and fire department personnel. “Forty-eight states are in budget crisis,” according to New York Governor… Continue reading Forty-Eight States in Taxing Turmoil
Market Bottom: They Just Don’t Get It!
By John Hines Economist The bottom of the real estate market is a fleeting place that has seen the initial stages of recovery tease markets in the worst hit areas of the country, including California, Florida and Nevada. As home sales rise, bankers hold off on making foreclosures and keep lending standards so high that… Continue reading Market Bottom: They Just Don’t Get It!
Foreclosures Dip Slightly
Recorded foreclosure notices saw a 3% dip in the last month nationally, but are still up nearly a fifth from year ago levels, according to the latest RealtyTrac monthly report. There were 332,292 notices of default, foreclosure auctions and bank repossessions filed during October. The figure represents a three month consecutive decline in foreclosure notice… Continue reading Foreclosures Dip Slightly
Private Bankers Gaining Ground
By Kevin Chiu Blamed for selling mortgages to anyone who could sign their name during the real estate boom, the majority of mortgage brokers have been forced out of business and now only originate a small percentage of home loans. However, private mortgage bankers are filling the opening in the marketplace. Leery of increasing bad… Continue reading Private Bankers Gaining Ground