Continue reading Women Top the Home Foreclosure List: Here's What to Do

Women Top the Home Foreclosure List: Here's What to Do originally appeared on BloggingStocks on Mon, 07 Mar 2011 18:00:00 EST. Please see our terms for use of feeds.

The housing market got a bit of bad news Monday morning, with pending home sales falling faster than expected in January.

Consumer confidence has been on the rise over the past couple of months, but that boost in confidence did not carry over to pending home sales, which were down 2.8% during the month of January.

Continue reading Pending Home Sales Down in January

Pending Home Sales Down in January originally appeared on BloggingStocks on Mon, 28 Feb 2011 12:00:00 EST. Please see our terms for use of feeds.

Is the glass half full of half empty? This is a perennial debate.

Those who are bearish say the market has gone too far to the upside; investors are shrugging off the latest debt scare in Europe; we have rising global interest rates; there's a potential meltdown in the municipal bond market; earnings may disappoint; the VIX is too low; and on and on we go.

For the bulls, the S&P 500 has traded above its 50-day moving average for 94 consecutive sessions, according to Birinyi Associates. This is the first time this has happened in five years. Many analysts consider stock valuations to be at relatively low levels. The glass for them is still half full.

Continue reading Are You a Stock Market Bull or Bear?

Are You a Stock Market Bull or Bear? originally appeared on BloggingStocks on Tue, 18 Jan 2011 10:00:00 EST. Please see our terms for use of feeds.

This not good news. Market researcher Zillow, which tracks home prices, reported that prices dropped 5.1% in November 2010, the 53rd straight month of declines. Zillow does not include foreclosures in its data, according to CNNMoney.

Zillow forecasts that home prices will continue falling into the second half of this year. According to Zillow, "The bottom will be very long and rocky."

Another research company, CoreLogic, which also tracks the home market, reported that home prices declined in 44 states, up from 18 in June.

Continue reading November Home Prices Down 5%, More Downside Expected

November Home Prices Down 5%, More Downside Expected originally appeared on BloggingStocks on Thu, 13 Jan 2011 09:30:00 EST. Please see our terms for use of feeds.

With mortgage refinancing applications up recently and house prices on the rise in recent months, some might believe there is reason to be optimistic about the struggling housing sector. I don't subscribe to this belief. Instead, I look for delinquencies and foreclosures to spike in the slow economic growth, high unemployment quarters that probably lie ahead.

Already, real estate owned (REO) by lenders due to foreclosures -- perhaps the most hated term among bankers -- is climbing. Estimates are that a major share of the 7 million houses that have delinquent mortgages or are in some stage of foreclosure, as well as those yet to come, will be dumped on the market, adding to the already huge excessive inventory glut. Some 4.5 million loans are now in foreclosure or at least 90 days delinquent.

Continue reading Housing Woes Not Nearing an End

Housing Woes Not Nearing an End originally appeared on BloggingStocks on Sat, 13 Nov 2010 11:40:00 EST. Please see our terms for use of feeds.

Continue reading Mortgage Rates Hit All-Time Low

Mortgage Rates Hit All-Time Low originally appeared on BloggingStocks on Thu, 11 Nov 2010 17:30:00 EST. Please see our terms for use of feeds.

Will home prices keep falling? The answer is yes. But why this is happening? The reason lies in high unemployment and the increased number of foreclosures.

Here are some analysts' views on the market, as reported by CNNMoney:

• Fiserv, a market analytics company, had forecast price gains of 4% in February. Their latest prediction is for a 7.1% drop in prices.

Continue reading Will Home Prices Keep Falling?

Will Home Prices Keep Falling? originally appeared on BloggingStocks on Mon, 01 Nov 2010 13:00:00 EST. Please see our terms for use of feeds.

Imagine, if you would, that you lost your home to foreclosure, but you later learned that the entity that seized your property likely had no right to take it. It sounds unbelievable, right? Well, a recently initiated investigation involving GMAC indicates that may be exactly what has happened in tens of thousands of foreclosure cases across the country.

The investigation, undertaken by the Florida Attorney General, is examining three law firms for allegedly providing fraudulent affidavits that identify who holds the original mortgage note in foreclosure cases. According to a report from NPR, this action has caused GMAC to suspend pending eviction and foreclosure activities.

Continue reading GMAC Investigation Signals Possible Next Meltdown

GMAC Investigation Signals Possible Next Meltdown originally appeared on BloggingStocks on Tue, 21 Sep 2010 14:30:00 EST. Please see our terms for use of feeds.

It has been a long time since a state other than Michigan had the honor of claiming the highest unemployment rate in country. The May unemployment numbers show that it is Nevada, not Michigan, that now has the highest rate of unemployment.

Michigan has held the title for highest unemployment since April 2006, when the automotive industry took a nose dive. But Nevada jumped into the lead by posting a 14% unemployment rate in May. In comparison, Michigan's unemployment level is currently sitting at 13.6%.

Continue reading Michigan No Longer Boasts Highest Unemployment Rate

Michigan No Longer Boasts Highest Unemployment Rate originally appeared on BloggingStocks on Sat, 19 Jun 2010 11:40:00 EST. Please see our terms for use of feeds.

After a harsh winter, new home construction is on the rise. These numbers are particularly encouraging: New home construction rose 20% in March over a year ago. Permits were up 34% over a year ago.

The Commerce Department reported that housing starts rose to an annual rate of 626,000 last month, up from February's revised 616,000. There is a push on to complete some of these houses before the first-time home buyer credit expires in June.

Continue reading Strong Rebound for Housing Starts and Building Permits

Strong Rebound for Housing Starts and Building Permits originally appeared on BloggingStocks on Fri, 16 Apr 2010 12:30:00 EST. Please see our terms for use of feeds.

Continue reading New Foreclosure Hurdles

New Foreclosure Hurdles originally appeared on BloggingStocks on Tue, 23 Feb 2010 14:20:00 EST. Please see our terms for use of feeds.

Over the past couple of years, one of the most troubling aspects of the economy has been the ailing housing market, and in particular the large volumes of homes that have fallen victim to the foreclosure crisis. Finally we get some evidence that things may be moving in the right direction again.

While no one will argue that we are out of the woods just yet, it does appear as things are at least starting to recovery slightly.

Continue reading End in Sight for the Foreclosure Crisis?

End in Sight for the Foreclosure Crisis? originally appeared on BloggingStocks on Sat, 20 Feb 2010 12:10:00 EST. Please see our terms for use of feeds.

U.S. foreclosure filings rose 15% in January to over 300,000. This is the eleventh straight month that foreclosures have passed 300,000.

Here is the situation:

• 315,716 properties received a notice of default, one in every 409 households.
• Bank seizures may rise to 3 million this year, according to Realty Trac.

Continue reading Monthly Foreclosures Top 300,000, Again

Monthly Foreclosures Top 300,000, Again originally appeared on BloggingStocks on Fri, 12 Feb 2010 10:00:00 EST. Please see our terms for use of feeds.

Has the housing market hit bottom? According to Zillow Real Estate Market Reports, the answer is no. Zillow does predict the bottom will come in the second half of 2010.

There are a host of complex factors weighing on the market. Among them are:

• More than one-fifth (21.4%) of American single family home mortgages are "under water." That means that the homeowner owes more on the mortgage than the house is worth.

Continue reading One in Five U.S. Mortgages Are 'Under Water'

One in Five U.S. Mortgages Are 'Under Water' originally appeared on BloggingStocks on Wed, 10 Feb 2010 12:20:00 EST. Please see our terms for use of feeds.

Continue reading Foreclosures Rise 14% in December

Foreclosures Rise 14% in December originally appeared on BloggingStocks on Thu, 14 Jan 2010 09:00:00 EST. Please see our terms for use of feeds.

Rising office vacancies and plant use rates are close to a record low. Under these conditions it is easy to see why there is little new construction. Maxwell Clarke of IDEAglobal Inc, said: "Construction isn't going to be adding a lot of growth, at least through the next quarter or so. November's construction numbers are down 13% from a year earlier."

Add to this the fact that the commercial default rate on mortgages held by US banks doubled to 3.4% in the third quarter. Defaults in the first nine months of 2009 are the highest since 1993.

Continue reading Construction Spending Down .6% in November

Construction Spending Down .6% in November originally appeared on BloggingStocks on Mon, 04 Jan 2010 16:15:00 EST. Please see our terms for use of feeds.

A decline in revenues is forcing hotels into foreclosure. The aggressive deals being used to lure guests onto a property is helping to bring in some revenue, but it may not be enough. Occupancy is down 10%, which has sent hotel mortgages into delinquency faster than the rest of the commercial real estate industry.

And it could get worse next year. An oversupply of guestrooms could keep room rates low, making 2010 a high-risk year for hotel foreclosures. Demand should gain 1.6%, according to hotel research firm STR Global, but average room rates are likely to fall 3.4%. The result would be the greatest spread between demand and rates in the 20 years STR Global has been collecting data.

Continue reading Hotel mortgage delinquencies up five times

Hotel mortgage delinquencies up five times originally appeared on BloggingStocks on Mon, 30 Nov 2009 09:00:00 EST. Please see our terms for use of feeds.

The loans that got us into this mess were generally the first to fall. Variable rate mortgages written without documentation for people with sketchy credit histories shocked nobody as their slide became an avalanche. But, the good stuff is starting to follow. An increasing amount of fixed rate mortgages offered to borrowers with solid credit histories are feeling their ways to foreclosure. Blame unemployment for this one. When people can't work, it gets pretty hard to pay the mortgage.

Fixed rate, high quality mortgages had a foreclosure a year ago. Last quarter, it jumped to 33%, according to a Mortgage Bankers Association report. As this happened, the amount of homeowners behind on their payments or in foreclosure just set another record high ... for the ninth month in a row. Subprime mortgages are headed in the other direction. Low quality adjustable rate mortgages are now 16% of new foreclosures -- compared to 35% last year. And, more than 18% of Federal Housing Administration loans are anywhere from one payment behind to in foreclosure, with California, Nevada, Arizona and Florida worst off: together, they accounted for 44% of new foreclosures.

Continue reading Even the good die young? High-quality mortgages approaching foreclosure

Even the good die young? High-quality mortgages approaching foreclosure originally appeared on BloggingStocks on Fri, 20 Nov 2009 14:30:00 EST. Please see our terms for use of feeds.

Continue reading Foreclosures fall, but are still higher than a year ago

Foreclosures fall, but are still higher than a year ago originally appeared on BloggingStocks on Thu, 12 Nov 2009 09:30:00 EST. Please see our terms for use of feeds.

If you've become comfortable with the current state of the housing market ... don't. Economists at Goldman Sachs (NYSE: GS) and Bank of America's Merrill Lynch (NYSE: BAC) say there's still plenty of risk in the housing market.

Alec Phillips, the head of Goldman's Washington office, said, "The risk of renewed home price declines remains significant." His "working assumption" is a drop of between 5% and 10% by the middle of next year.

Continue reading Housing market to dip again next year; Goldman says by 10%

Housing market to dip again next year; Goldman says by 10% originally appeared on BloggingStocks on Tue, 27 Oct 2009 10:20:00 EST. Please see our terms for use of feeds.