Lenders Slow Foreclosures By 5% in 2010, Boosting Shadow Inventory – HousingWire
James Saccacio, CEO of RealtyTrac, said at the current pace, more than 3m properties will receive a foreclosure filing by the end of the year, and lenders will repossess more than 1m of them. According to a report from the Toronto-based Capital Economics, the weight of the shadow inventory may contribute to a double dip in the housing market. The report found that for every home currently on the market, two homes are waiting to be sold.
Fed fears weak housing without tax break – Lansner
Although readings from the housing sector had been strong through mid-spring, participants noted that the strength likely reflected the effects of the temporary tax credits for homebuyers. Indeed, data for the most recent month suggested that, with the expiration of those provisions, home sales and starts had stepped down noticeably and could remain weak in the near term; with lower demand and a continuing supply of foreclosed houses coming to market, participants judged that house prices were likely to remain flat or decline somewhat further in the near term.
California Files Suit Against Fannie, Freddie Over Energy Loan Program – WSJ
Nearly two dozen states have passed laws that allow municipalities to set up the programs, and several cities, including San Francisco and San Diego, had planned to start offering PACE loans this summer. Advocates say the regulatory directives have made it impossible for the municipalities to claim millions in federal stimulus money to set up the programs.
NYC foreclosure activity drops 24 percent – The Real Deal
“Even though the foreclosure numbers are low, there are a couple of mitigating factors in New York that make it harder to get a read,” Blomquist cautioned. “New York has the longest foreclosure process of any state, so there’s less immediacy in the numbers. It can take over a year, whereas in [some] other states it is as short as a month.”
In South Florida, pace of repossession jumps 83 percent - Miami Herald
In Miami-Dade County, there was an average of more than 1,800 repossessions per month, an increase of 125 percent compared to the first six months of 2009. In Broward and Palm Beach counties, the increase was 42 percent and 112 percent, respectively, the report found.
Home Price Reductions Soar 9%, Giving Buyers Negotiation Power – DS News
According to a report released Wednesday by Trulia, 24 percent of listings on the market as of July 1, 2010 experienced at least one price reduction, a 9 percent increase from the previous month. The total dollar amount slashed came in at $27.3 billion, and the average discount for price-reduced homes continued to hold steady at 10 percent off of the original listing price.
Need to Sell Your House? Cut the Price – WSJ
Fed cuts its 2010 growth forecast – FT
The next few months will be crucial: if the data continue to weaken, suggesting this is not just a soft patch in the recovery, then the Fed debate about further easing will become intense.
Is it time to storm the Bastille again? – The Automatic Earth
And your own government is still trying to encourage homeownership? Now why would they want to do that in the face of numbers such as these? How much thought have you given that question? Over the past 4 years, the “right to own a home” has become synonymous with the “right” to lose some $25,000 a year. Why does Washington, through Fannie and Freddie, Ginnie Mae and the FHLB, continue to guarantee guaranteed losses for American citizens?
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