Baby boomers looking to downsize from suburban homes are finding condos near more urban areas to be way too pricey. So they are staying put.» Read More
CNBC's Diana Olick has the detailson Fannie Mae offering new incentives to unload its inventory of over 150,000 REO properties and the foreclosure process taking longer in California.
The housing market in many US cities is performing better than recently released national data would suggest, leading some analysts and real estate brokers to express cautious optimism about the prospects for a recovery, reported the FT.
Keeping your fingers crossed for the housing market is just the tip of the iceberg. Prices have now fallen, on the S&P/Case Shiller Index, more than they did during the Great Depression.
Earlier this week, when we got the report of a bump up in sales of newly constructed homes, I cautioned that the home builders are still facing huge competition from distressed properties. Today we have some new numbers showing just how big and how widespread that competition is.
The best number out of today's report on sales of newly built homes is not the 7.3 percent bump up in signed contracts, it's the drop in inventories to a 6.5 month supply.
Home owners could be in for a nasty surprise as borrowing costs return to normal over the medium term, according to Capital Economics.
These companies could actually benefit from home foreclosures, Cramer said.
CNBC's Diana Olick reports on big banks battling principal writedowns; uptick in CMBS securities deals, and Florida's infamous, "rocket docket", an expedited foreclosure system, is running out of money.
The nation’s biggest banks and mortgage lenders have steadily amassed real estate empires, acquiring a glut of foreclosed homes that threatens to deepen the housing slump and create a further drag on the economic recovery, the New York Times reports.
Not to sound like a broken record, but only when we work through the vast inventory and shadow inventory of foreclosed properties, can home prices bottom and housing overall recovery. Obviously certain states/markets are more burdened by the distress than others, but it's a universal truth.
Existing home sales were basically flat in April, down close to one percent month to month and down nearly 13 percent year over year, but you have to remember last year we were heavily under the influence of the home buyer tax credit. Now we are heavily under the influence of the mortgage market, or lack thereof.
Foreclosure activity decreased in April for the seventh straight month, bringing total foreclosure activity to a 40-month low, according to a new report from RealtyTrac. This is not to say that default notices, scheduled auctions and bank repossessions aren't running well above the norms, with one in every 593 U.S. households receiving a foreclosure filing in April. The numbers are actually quite deceptive.
The percentage of underwater mortgages has hit a new high. Will that accelerate foreclosures? CNBC's Diana Olick has the details.
CNBC's Diana Olick has the details on the drop of home value and insight on whether banks are standing in the way, with Matt McCormick, Bahl & Gaynor Investment Counsel and Susan Wachter, Wharton Business School.
The buyers’ market for vacation homes is likely to continue for years, with activity largely limited to buyers with enough cash to circumvent a tighter, post-recession lending environment.
Home prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital.
For the first time in years, the man who quantifies the foreclosure crisis got to report some good news. This month he got to report a drop in mortgage delinquencies, down more than 11 percent month-over month, to the lowest level since 2008.
If there’s one takeaway from the banks’ first-quarter earnings this week, it’s got to be this: Mortgages are still a real problem.
As federal regulators clamp down on foreclosure procedures at the big banks, and the government sets new lender requirements for risk retention in residential mortgages, the cry from the industry is that this will only hamper the housing recovery and price more borrowers out of home ownership.
As foreclosures continue to mount, BofA's CEO is expressing skepticism about loan modifications, with Kathleen Day, Center for Responsible Lending, and Mark Calabria, Cato Institute.