OfflineFrom MSNBC.com, Home Prices Still Falling
These are year over year price declines:
Mobile, AL -17.7%
Phoenix, AZ -17.6%
Allentown, PA -17.5%
Salt Lake City, UT -15.3%
Gulfport, MS -12.7%
Miami, FL -12.7%
Rockford, IL -12.5%
Virginia Beach, VA -12.5%
Tucson, AZ -11.5%
Akron, OH -11.4%
In the third quarter, according to the National Assn. of Realtors, prices fell in 111 of 150 metro markets tracked.
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Las Vegas May Be Ready for a Comeback
There are few markets that have even come close to the suffering in the Las Vegas, NV housing market since 2007. The city led the nation in mortgage defaults for 22 straight months through August. However, investors are seeing positive signs of possible recovery. Home sales have picked up significantly, with nearly 36,000 sold so far this year through September 30. This is an 11% increase over the same period a year ago.
As a result of these sales, inventories of both new and existing homes have shrunk a lot over the last year. Currently there are only about 10,000 single family homes on the market.
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Fannie Mae Wants More Money
Losses continue to grow at Fannie Mae, and the mortgage giant has requested another $7.8 billion from the Treasury Department. The previous quarterly loss is reported as $5.1 billion, a significant increase over the second quarter loss of $2.9 billion. These losses are driven primarily by continued foreclosures of homes with mortgages backed or owned by Fannie Mae.
Last week, Freddie Mac also asked for more government money. After reporting a $4.4 billion loss in the third quarter, Freddie Mac asked for another $6 billion from the Treasury.
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Foreclosures On The Rise Again
The number of foreclosures climbed in October as lenders continued to get back on track after delays caused by the robo-signing scandal. In October, 230,678 foreclosure filings were reported, a 7% increase over September, as reported by RealtyTrac.
I've been working on my first deal in and around Allentown, prices have dropped significantly. Right now is a great time to buy if anyone is interested in investing in the area, PM and I'll send you some deals I'm working on.
Josh
"The best is yet to come."
"Never let someones opinion become your reality"
The banks caused this mess and now they are crying poor... TO BAD FANNIE!
Do you know that After 1.5 million trial loan mod applications being submitted by homeowners wanting to save their home only 152,289 have been permanently modified by the banks. That is only 1% of loan mods being made permanent! Many are not the result of the homeowner but rather the owner of the note NOT participating in the HAMP program and refusing to modify the loan.
So in reality the homeowners are not being given the chance to save their home through a modification resulting in more foreclosures hitting the market lowering the market prices. They are not being denied because they do not qualify, they are being denied because the owner of their note does not want to modify them. Do you know why? Read this article to find out... http://iamfacingforeclosure.com/blog/2009/12/01/anatomy-of-a-government-...
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
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To your success,
Carol Stinson
It's sad to see these banks and Politicians in each others pockets. Hope they all fall flat on their faces someday and have to bail themselves out for a change. I have a feeling it's coming sooner rather than later.
Sheila
"If God is for us, who can ever be against us?" Romans 8:31 NLT
It's easy sometimes to get caught up in conspiracy theories especially when there's an opportunityto politicize and make it look like the other political party is up to no good. The article you are suggesting we read is based on the theory that OneWest Bank is making a killing off of the FDIC for paying off losses to OneWest based upon some loss agreement put in place at the time OneWest took over IndyMac. There's only one problem with that premise. The truth. The FDIC has yet to make even a single payment to OneWest for a loss under that agreement.
Here's the link to the FDIC that sets that record straight: http://www.fdic.gov/news/news/press/2010/onewest_lossshareb.html
This is not to say there isn't a great deal of corruption going on out there in all of this. But let's be fair and diligent to do some fact checking and not let those with agendas (the guy who wrote the article) hijack our brains and spin the truth to fit their purposes.
This post is not to be construed in any way as an attack upon you Carol. I have a great deal of respect and admiration for you, and I know you were just sharing more tidbits of wisdom with us as you so often do. I appreciate all you do. This is just advice to all of us to always search for truth in everything we read and believe. The spinners are behind a great deal of our country's problems.
I know many people who tried to get a loan modification, but the banks would not approve after their supposedly 3 month trial, some because they reported 'too much income', some because they reported 'too little income; oh, and if they're self-employed, they can forget about it; it's a no win for the homeowners...
I even know of some Loan Modification advisors who closed their advising business because the banks were not cooperating with them.
learning and progressing every day,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Valerie, I totally agree with you and Carol that banks are doing a horrendous job when it comes to loan modifications. But if you'll check your facts in this one instance, you'll clearly find that this particular bank has not cashed in from the FDIC as the article claimed. Just didn't go down as reported.
Randy
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We may never be able to change the whole world, but we can always change our own world!