Real Estate Crash News
links to articles and reports pertaining to the real estate crash with some additional comments from time to time.The point of this section is for you to be informed about what is really going on in the housing market. Always, always, always get the facts about the housing market in your area:
Homes currently on the market Average length of time on the market Number of homes to go off the market Number of homes to come back on the market Number or percentage of Bank Owned/REO's available for sale in your market: For every foreclosure listed for sale, expect 2-5 times more not currently listed. Number of homes in default and pending foreclosure Average price of comparable homes that were resales Average price of comparable homes that were Bank Owned/REO's Also good to get the average price of next level up homes that were Bank Owned/REO. You very well could find that they are going for the same price as smaller homes.----------------------------------------------------------------------------------------
Date: March 15th, 2010
Shadow Housing Inventory Still Looming
Future Foreclosures Could Hamper Housing
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Date: February 5th, 2010
Here are the trending headlines when it comes to real estate:
- Negative Equity
- Walking Away
- Vacant Homes
Well that depends on whether you currently own, are in the buying process or are renting/living at home.
If you currently own a home, depending on where you live, the likelihood is your property values will continue to decline. If
you are in the buying process, you better be buying for 25% less than
current market value...otherwise STOP the buying process.I do believe that there are some justifiable reasons/needs for buying right now. Here are a few:
- You want to start homesteading or farming. Doing so will allow you to provide food for your family and produce food to sell, thereby helping you create wealth.
- You have a unique family situation (elderly parent living with you, special needs child, many children, etc.) and you need a home that will suit your family needs and there's nothing at all to rent or will allow you to modify a home to suit your needs.
- You have your own business that requires more space than a typical home office and instead of leasing or buying commercial rental space, you want to buy a home or property that will allow you operate your business from home.
Double standard in mortgage walkaway
No Help in Sight, More Homeowners Walk Away
How to Think About: Underwater Mortgages
More than 5 Million Homes Will be Worth Less than 75% of Their Mortgage
"Without a solution, and there are almost certainly no solutions forthcoming, home values will continue to drop this year and probably into next."
Rosenberg: Forget The "Flat" Pending Home Sales Number, Here's The Real Disaster
"The amount of vacant homes in America has hit an all time high again and will contribute to pressure on those who rent their homes."
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Date: February 2nd, 2010Question: What do you do with 750,000 excess vacant homes?
Answer: Keep counting because there's more coming.
Q4: Homeownership Rate Declines to Early 2000 Level
When Owning Your Home Doesn't Pay
The Next Move: Strategic Defaults
More Than Nine Percent of FHA Loans Seriously Delinquent
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Date: January 27th, 2010
Bottom In Home Prices, a Decade Away
Housing Market: Even More Pain in Store?
"Like a carnival free-fall ride that stops suddenly, teasing riders into a false sense of safety before plummeting the rest of the way to the ground, some economists say the housing market could once again be headed for a plunge after slowly clawing back some of its 2008 losses.
A trio of gathering government storm clouds will be responsible for the drop that some predict could mean another 10% to 15% slump in prices, they say."
Walking Away From Mortgages
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Date: January 26th, 2010
This issue has articles about "Walking Away" and the dramatic decline in home sales in December.
What Will It Take for an Underwater Homeowner to Walk Away?
No Worries About "Morality" in Biggest Real-Estate Default in History
Existing-Home Sales Drop More Than Forecast
"Home sales plunged more than expected in December, raising fresh questions about whether the housing market can function without ample government assistance."
Home Sales See Biggest Monthly Drop In 40 Years
- December is typically the slowest month of the year for housing sales
- The stimulus got extended giving buyers more time to think about it
Date: January 23rd, 2010
Why Housing Prices Will Resume Collapse in 2010
This
article mentions 7 reasons why prices will decline. I've mentioned some
of them before. Please heed these warnings and advice.
Housing Prices Over the Long Term: Generally Flat
For more Real Estate Crash News go here.
For more articles on Real Estate go here.
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Date: January 21st, 2010
Record Year For Foreclosures As Unemployment Rises
"A record 2.8 million households were threatened with foreclosure last year, and that number is expected to rise this year as more unemployed and cash-strapped homeowners fall behind on their mortgages."
UPDATE 4-One in 7 U.S. mortgages foreclosing or delinquent
"A record one in seven U.S. mortgages were in foreclosure or at least one payment past due in the third quarter, according to fresh data signaling the recovery in the housing market will be tepid at best."
Homebuilders: Not So Confident
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Date: January 19th, 2010
Foreclosure picture bleak, Unemployment wreaking havoc
"A record 3 million U.S. homes will be repossessed by lenders this year as high unemployment and depressed home values leave borrowers unable to make their house payment or sell, according to a RealtyTrac Inc. forecast."
"Defaults among prime borrowers are likely to accelerate, adding to a “huge” inventory of properties that banks possess and haven’t yet put on the market, according to Robert Shiller and Karl Case, who created the S&P/Case-Shiller Home Price Index. In September, Goodman estimated that 7 million homes were already in foreclosure or likely to be seized.
The housing market is weighed down by a “a massive supply of delinquent loans” that will end up in foreclosure this year, James Saccacio, RealtyTrac’s chief executive officer, said in a statement Friday."
Housing: Recovery Is Hard to Spot
"According to data released by the Treasury Department Friday, more than 900,000 borrowers have begun trial modifications under the program, but just 7% of them have received permanent changes so far.""Rising delinquencies, strategic defaults, POAs hitting the fan; that’s a lot of headwind to sail against. It’s fair to say that the word recovery shouldn’t be bandied about when talking about the housing sector of the economy."
Don't Bet on the Housing 'Rebound' Continuing
"Laurie Goodman of Amherst Securities who collected all the current mortgage delinquency data and determined that a total of 7 million homes are likely to default over the next year or so.""The probability of a borrower recovering after missing one payment (25 percent) or two payments (5 percent) is shockingly low, at least when you look back a few years."
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Date: January 15th, 2010
Record Number of Foreclosures in 2009
“A massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog,” says RealtyTrac CEO James Saccacio.
More Homeowners Struggling As Option ARMs Reset Higher
3 reasons home prices are heading lower
2009 foreclosures hit record high: No relief in sight as delinquent loans continue to pile up