Home Buying
Study The Data

Foreclosures: 'Worst three months of all time'

Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter - a sign the plague is still spreading.

By Les Christie, CNNMoney.com staff writer

Last Updated: October 15, 2009: 7:34 AM ET

The number of homes receiving foreclosure filings is skyrocketing across the country. Here's the rate in your state.

NEW YORK (CNNMoney.com)

Excerpts:

Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.

"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.

During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.

Full article Les Chrisie CNN Money

Home prices post 18.1 percent annual drop in April

YAHOO NEWS

Associated Press

Excerpts:

NEW YORK – There is a clear trend home prices declines are moderating — another sign the beleaguered housing market is stabilizing, according to data released Tuesday.

While the Standard & Poor's/Case-Shiller index of 20 major cities tumbled by 18.1 percent, it marked the third straight month the decline was not a record. And yearly losses in 13 metros improved compared to March.

"The stock market bottomed in March and measures of consumer confidence have turned upward. This report shows that these better spirits are also appearing in the housing market," said David M. Blitzer, chairman of the S&P index committee.

But rising foreclosures fueled by layoffs could derail a meaningful turnaround. The number of homeowners at least two months behind or in foreclosure jumped in the first quarter from the previous quarter, a Treasury Department report said Tuesday.

Full article Yahoo News

REAL ESTATE

KIPLINGER.COM

Great Homes at Deep Discounts

Rock-bottom prices and mortgage rates are luring buyers back into the market.

By Pat Mertz Esswein, Associate Editor

From Kiplinger's Personal Finance magazine, May 2009

Excerpts:

Home prices may not have hit bottom quite yet, but they are finally low enough to draw bargain hunters. The national median home price has fallen 26% since its peak in early 2006, according to Fiserv Lending Solutions, a home-price research firm. Sales are especially brisk where prices have dropped sharply and foreclosures are rampant-in California, Nevada, Arizona and Florida-partly because foreclosures put pressure on traditional sellers to cut their prices, too.

Nationwide, nearly half of all sales in the fourth quarter of 2008 were "distressed"-mainly foreclosures, but also sales by homeowners selling for less than they owe on their mortgage-according to the National Association of Realtors (NAR). Foreclosures will continue to rise with the jobless rate and the next wave of subprime-mortgage delinquencies, despite relief efforts by lenders and the Obama administration. And most experts don't expect home prices to start recovering until 2010; in fact, Fiserve forecasts that the median price will fall by another 14% in 2009. That, plus the dour economy, will keep many buyers at bay.

Still, it's a good time to snag a bargain if you're confident in your job prospects and you don't plan to sell for at least five years. The NAR says homes haven't been this affordable since the 1970s: Interest rates on 30-year fixed-rate mortgages are hovering near 5%, and with so many homes for sale, you can be as picky as you like. If you're a first-time buyer and you close on a home before the end of November, you'll be eligible for an $8,000 tax credit, too.

Full article Pat Mertz Esswein KIPLINGER.COM

WALL STREET JOURNAL

WASHINGTON -- New-home sales plunged in December, capping the worst year for sales since 1982.

JANUARY 29, 2009, 2:16 P.M. ET

New-Home Sales Tumbled in December

Continuing Jobless Claims Hit Record

Sales of single-family homes decreased by 14.7% to a seasonally adjusted annual rate of 331,000, the Commerce Department said Thursday. November new-home sales fell 4.4% to an annual rate to 388,000; originally, the government said November sales dropped 2.9% to 407,000.

Full article Wall Street Journal

Excerpts:

Bloomberg.COM

U.S. Existing Home Sales Rise on Record Price Slump

By Bob Willis

January 26, 2009

Full article Bloomberg.com

Excerpts:

Jan. 26 (Bloomberg) -- Sales of previously owned homes in the U.S. unexpectedly rose from a record low, propelled by the biggest slump in prices since the Great Depression as foreclosures surged.

Purchases rose 6.5 percent to an annual rate of 4.74 million from 4.45 million in November that was less than previously estimated, the National Association of Realtors said today in Washington. The median price dropped 15 percent from a year ago, the biggest decline since records began in 1968 and probably the biggest in seven decades, according to the group.

“You have to put it in the context of an even steeper decline for the previous month,” said David Sloan, a senior economist at 4Cast Inc. in New York, who had the highest projection in the Bloomberg News survey. “The net trend is still negative. It does seem that some cheap prices are attracting buyers. I don’t think it’s a clear sign of a revival in the housing market. The housing market is very weak.”

WASHINGTON (Reuters) – The pace of existing home sales plunged a record 8.6 percent in November and prices fell a record amount as layoffs and a stock market crash worsened an already grim housing market, a real estate trade group said Tuesday.

The median home price fell 13.2 percent on an annual basis, down for a fifth straight month to $181,300. It was the largest drop since the current data series began in 1968 and probably the largest since the Great Depression, Lawrence Yun, the chief economist for the National Association of Realtors, told reporters.

The pace of sales fell to a 4.49-million-unit annual rate.

November 24, 2008

October existing home sales fall by 3.1 percent

Sales of existing homes, nationwide, fell more than expected last month.

The National Association of Realtors said Monday that "sales of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million units in October."

The downwardly revised figure of 5.14 million in September

to a downward rate of 5.05 million.

The median sales price fell 11.3 percent from a year ago to $183,000. That was the largest year-over-year drop on records going back to 1968, and the lowest median sales price since March 2004.

Sales of new one family homes in September 2008 were at a seasonally adjusted annual rate of 464,000 according to estimates released by the Census Bureau and Department of Housing and Urban Development.

This is 2.7 % above the revised August rate of 452,000 but 33.1% below the 2007 September 2007 estimate of 694,000.

FOR IMMEDIATE RELEASE THURSDAY, SEPTEMBER 25, 2008 AT 10:00 A.M. Erica Filipek or Raemeka Mayo

Manufacturing and Construction Division(301) 763-5160

NEW RESIDENTIAL SALES IN AUGUST 2008

Sales of new one-family houses in August 2008 were at a seasonally adjusted annual rate of 460,000, according toestimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.This is 11.5 percent (±11.7%)* below the revised July rate of 520,000 and is 34.5 percent (±7.3%) below the August2007 estimate of 702,000.The median sales price of new houses sold in August 2008 was $221,900; the average sales price was $263,900. Theseasonally adjusted estimate of new houses for sale at the end of August was 408,000. This represents a supply of 10.9months at the current sales rate.

YAHOO!News

Price of existing homes sees record fall

September 24, 2008

Full article YAHOO!News

Excerpts:

WASHINGTON (Reuters) - Prices of existing homes in the United States suffered a record drop in August while the sales pace slowed and the overstock of homes shrank, the National Association of Realtors said on Wednesday.

The pace of existing home sales decreased 2.2 percent to a 4.91 million unit annual pace while the median national home price declined 9.5 percent to $203,100.

Economists polled by Reuters were expecting home resales to fall to a 4.93 million-unit pace from the July rate of 5.02 million units. The dollar extended losses against the euro after the data.

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YAHOO!News

Price of existing homes sees record fall

September 24, 2008

Full article YAHOO!News

Excerpts:

WASHINGTON (Reuters) - Prices of existing homes in the United States suffered a record drop in August while the sales pace slowed and the overstock of homes shrank, the National Association of Realtors said on Wednesday.ADVERTISEMENT

The pace of existing home sales decreased 2.2 percent to a 4.91 million unit annual pace while the median national home price declined 9.5 percent to $203,100.

Economists polled by Reuters were expecting home resales to fall to a 4.93 million-unit pace from the July rate of 5.02 million units. The dollar extended losses against the euro after the data.

The housing industry continued its worst slump in more than two decades.

The National Association of Realtors reported the following:

Sales dropped by 2.6 percent last month to a seasonally adjusted annual rate of 4.86 million units. That was a much more severe decline that had been expected. Sales were 15.5 percent below where they were a year ago.

The downward slide in sales also affectec prices. The median price for a home sold in June dropped to $215,100, down by 6.1 percent from a year ago. That was the fifth largest year-over-year price drop on record.

Inventories of unsold single-family homes and condominiums were up by 0.2 percent to 4.49 million units. That number of unsold homes left an 11.1 month supply. It was the second highest level in the past 24 years.

On Wall Street, stock prices fell Thursday due not only to the drop in home sales but by a big loss reported by Ford Motor Co. The Dow Jones industrial average was down 145 points in early afternoon trading.

Sales of existing homes dropped in all regions of the country in June except the West, which posted a 1 percent sales increase. Sales fell by 6.6 percent in the Northeast, 3.4 percent in the Midwest and 3.1 percent in the South.

It is believed by many, that until the inventory level is reduced to more normal levels, the slump in housing is likely to persist.

Commerce Department Report

New home sales in the United States rose 3.3 percent in April following five months of decline.

The rise brought the figure of new home sales up to a seasonally adjusted annual rate of 526,000 units. This was still the lowest level since October 1991 and 42 percent below the level a year ago.

The revised data reveals that new home sales in March fell by 11 percent, to an annual rate of 509,000-the weakest pace for sales-since April 1991.

Regionally-Northeast-new home sales jumped by 41.7 percent in the last month. In the South, sales dropped by 2.4 percent, while that in the West gained 8.3 percent. Sales in the Midwest were up 5.8 percent.

The median price of a new home, declined last month to 246,100 U.S. dollars, down 4.2 percent from the level a year ago.

Inventories of unsold new homes at the end of the month of April, totaled 456,000 units.

Tax Tips-See also From IRS-Scams Feb. 3, Rebates Feb. 21, New biz tips, Feb. 26,

President Bush Meets with the Secretary of the TreasuryOval Office

Home Buying

THE PRESIDENT: Secretary Paulson, thanks for coming. And I just got back from the Middle East, and the Secretary came over to talk about the economy and how he sees it. And we're working through tough times, and I appreciate the leadership you're providing.

He did assure me that the refund checks are heading out, people getting that money. And that's good. It should help our economy, and more importantly, help people pay their bills. And we hope people use that money and take care of their families and shop.

President George W. Bush is joined by U.S. Treasury Secretary Henry Paulson Monday morning, May 19, 2008, in the Oval Office, where President Bush told reporters he looks forward to working with Congress to get a good piece of legislation to help creditworthy people to stay in their homes.

White House photo by Eric Draper I also asked him how he was doing in helping people stay in their homes. We spent time talking about the housing industry. And one of the really impressive programs has been the HOPE NOW program.

Since the program started, 1.4 million people got mortgage relief so they can stay in their home. And in the first quarter of this year, 500,000 households, 500,000 families were helped.

And I appreciate your leadership on that, Hank. It's been -- our policy in this administration is we -- laws shouldn't bail out lenders, laws shouldn't help speculators, the government ought to be helping creditworthy people stay in their homes. And one way we can do that -- and Congress is making progress on this -- is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.

The Secretary is briefing me on the progress being made on the Hill on this very important subject. Our fellow citizens have got to know that these major players in the mortgage markets, if reformed properly by Congress, will really help stabilize the markets and make it easier for people to stay in their homes.

And we look forward to working with Congress to get a good piece of legislation to my desk that helps our fellow citizens, and helps us get through this housing issue.

So, Mr. Secretary, thank you for your briefing. I appreciate very much your leadership on the issue.

Home Buying

Existing Home Sales Fall to Lowest Level in Nearly a Decade

Sales of existing homes fell to the lowest level in nearly a decade in January.

The median price for a home dropped for the fifth consecutive month.

According to The National Association of Realtors:

"Sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units, the slowest sales pace on records going back to 1999.

Home Buying

The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago.

The drop in sales and the fifth consecutive decline in prices underscored the continued pressure facing housing, which is struggling to emerge from its worst slump in a quarter-century.

Sales were weak in all parts of the country except the Midwest, where sales posted an increase of 3.4 percent. Sales dropped by 3.6 percent in the Northeast, 2.1 percent in the West and 0.5 percent in the South."

Home prices in 10 major metropolitan areas fell a record 8.4 percent through November 2008.

The decline is greater than the 6.7 percent annual drop for October and was deeper than predicted by economists. at The consensus was for a 7.1 percent.

Home prices in big cities have now declined for 11 consecutive months The decline rose to 2.2 percent in November over October, from 1.4 percent in the previous month.

Home Buying

Falling U.S. home prices in the past year have contributed to rising delinquencies and foreclosures. Homeowners in many cases are unable to get out of costly loans.

A cut in the Federal Reserve's target interest rate last week and another probable one on Wednesday offers some hope going forward. The Fed, last week cut its federal funds rate by 0.75 percentage point.

New Homes

WASHINGTON (AP) - New home sales plunged in 2007 by the largest amount on record while home prices tumbled sharply in December. Analysts forecast more trouble in 2008 as housing tries to emerge from its worst slump in more than two decades.

The Commerce Department reported Monday that sales of new homes dropped by 26.4 percent last year to 774,000. That marked the biggest decline on record, surpassing the old mark of a 23.1 percent plunge in 1980.

The government reported that the median price of a new home barely budged last year, edging up a slight 0.2 percent to $246,900, the poorest showing since prices fell by 2.4 percent during the 1991 housing downturn.

Previously Owned Homes

In 2007, the median price of an American single-family home fell.This was the first drop in at least forty years.

The median price declined 1.8 percent to $217,800, the first annual decline since reliable records began in 1968. Because of the uncertainty of records kept, before that, it may be the first drop going back to the Great Depression.

Over all, sales of previously owned single-family homes fell 13 percent in 2007, the biggest drop in about 25 years. Last month home sales dropped 2.2 percent from November, to a 4.89 million annual rate.

WASHINGTON -- Existing home sales fell 1.2 percent in October to a record low 4.97 million-units.

Prices of homes fell at a record pace as the inventory of homes for sales increased.

The median existing home price fell 5.1 percent from a year ago to $207,800.

The housing inventory rose 1.9 percent in October to 4.45 million existing homes for sale.

This represents a 10.8 month supply if the current pace continues.

The sales pace was the lowest since 1999.