Mortgage default rates fell below one percent for the first time in years, providing further evidence that the foreclosure era is all but over. Data through June 2014, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed decline in default rates. After … Read More »

A new report from two Federal Reserve economists says lenders have been applying strict underwriting conditions to keep borrowers who can’t afford a large down payment out of the Federally guaranteed program that is designed to make it possible first time and mid to lower income applicants become homeowners. The report sets down in black and white what has been … Read More »

  Existing and new home sales have recovered somewhat since 2010, but as of April 30, existing home sales were about 10% below their 1999 level, and new home purchases were just half of what they were that year. In fact, single-family housing starts remain below those of any year before 2009 and are at about half the 1959 total. … Read More »

  Price increases compared to three years ago, before the recovery officially began, and one year ago have been declining steadily since the end of May, according to the latest national DataQuick data. Median sales prices have increased 25 percent since 2011 as of July 7, but on May 29 they were 28 percent above the level of three years … Read More »

Now that the spring buying season is ending, price increases will chill for the balance of the year.  Yet they will continue to rise next year, but at a slower rate, about  6 percent year over year rather than the 8.1 percent increase reached in May. That’s what CoreLogic’s forecast looks like.  The CoreLogic HPI Forecast indicates that home prices, … Read More »

  Price growth will plummet to an annual rate of only 0.9 percent for the balance of the year after the tumble began with a stumble when price increases fell to just a 0.9 percent quarter over quarter growth rate at the end of second quarter in June. That’s the latest prognosis from Dr. Alex Villacorta, Clear Capital’s  vice president … Read More »

Sea changes are in store for residential real estate ten years from now.  Millions of new households will lift rental and starter home markets, half of the new families will be minorities and their ability to access mortgage finance will determine whether they own or rent. Those are some of the headlines from the Harvard’s Joint Center for Housing Studies’ … Read More »

  Most housing markets remain weak despite declining mortgage delinquencies, improving local employment, house price gains and attractive mortgage rates due to weak home purchase mortgage applications. The latest data from Freddie Mac’s Multi-Indicator Market Index(SM) (MiMi(SM)) showing mixed signals for the U.S. housing market: The national MiMi value stands at -3.01 points indicating a weak housing market overall with … Read More »

Rising prices, shortages of entry level homes and a lackluster economy are combining forces to change the face of homeownership.  The result is a sea change in the median prices of home purchases and a growing gap in the financial profiles of those who can afford to own a home and those who will live their lives as renters.  These … Read More »

Existing-home sales rose strongly in May as did new home sales, which rose in May by greatest monthly increase in 22 years.  Yet sales still trailed the torrid sales pace of a year ago. Total existing-home sales rose 4.9 percent to a seasonally adjusted annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April, but remain … Read More »