End of US Housing Slump Likely to Be Long, Painful
March 29, 2009 by admin · Leave a Comment
Like spring flowers, the “For Sale” signs are sprouting in front yards all over the country. But anxious sellers are facing the most brutal environment in decades, with a slumping economy, falling home prices and rising mortgage foreclosures. And even the faint promise of better days ahead might not come true, given all the headwinds the housing industry is facing at the moment. “This is going to be another difficult spring,” said Mark Zandi, chief economist at Moody’s Economy.com. “I think we are at the beginning of the end of the housing downturn, but it is going to be a long and painful end.” The devastation is certainly a far cry from the boom years from 2001 to 2005 when sales of new and existing homes were setting records for five straight years. During that time, home prices were soaring, luring thousands of investors into the market, hoping to buy homes and flip them for quick profit. But since 2006, the country has been mired in a housing...
Home Prices Continue Sharp Descent
May 26, 2008 by admin · Leave a Comment
Yes thats right; housing prices continue to slump, but when will they begin climbing back up? Grab what you can while you can because prices like these will not last forever! Full Article Home Prices Continue Sharp Descent By Les Christie, CNNMoney.com staff writer Last Updated: May 14, 2008: 3:10 PM EDT NEW YORK (CNNMoney.com) — Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982. The median sales price fell to $196,300, down 4.8% compared with the last three months of 2007. Lawrence Yun, the chief economist of NAR, attributed much of the record decline to liquidity problems dragging down high-priced markets. “These are highly unusual results because there were very few jumbo loan originations in the latest quarter,” he said. “So sales are much slower in high-cost areas.” Jumbo mortgages skew results That sales slowdown changed the mix of...
Foreclosures Spike 112% – No End In Sight
April 30, 2008 by admin · Leave a Comment
The article below describes more in depth how severe and widespread the mortgage crisis has become. Each and every home will present an opportunity for an investor. “Detroit, which ranked sixth in the nation with 1 in every 68 households in default” Article Link More than 155,000 families have lost their homes to foreclosure this year; one out of every 194 U.S. households received a foreclosure filing. By Les Christie, CNNMoney.com staff writer Last Updated: April 29, 2008: 9:09 AM EDT NEW YORK (CNNMoney.com) — Foreclosure filings in the first three months of 2008 rose more than 112% over last year, according to a study released Tuesday. Real estate information firm RealtyTrac reported that nearly 650,000 foreclosure filings – which include notices of default, auction sales and bank repossessions – were issued in the first quarter. That represents 1 of every 194 households and marks a 23% increase from the last quarter of 2007. Housing bust: Tell us...
Bargain hunters boost home sales in some markets
April 18, 2008 by admin · Leave a Comment
Don’t miss out on the once in a lifetime opportunity to invest in this market correction. By Stephanie Armour, USA TODAY Home prices are sinking. Banks are seizing properties from owners who can’t pay their mortgages. Yet for Amber Gilmore, the miserable housing market has never looked better. After searching for a home for more than a year, Gilmore and her fiancé found one in foreclosure. Once the bank cut the asking price by more than $100,000, the first-time home buyers eagerly sealed the deal for $230,000. In about a month, the couple will move into the two-bedroom house in Chicago with a small fenced yard and garage. The previous owners invested in gleaming granite countertops and hardwood floors. Their loss, Gilmore says, is her gain. “This is the best time to buy — so many homes are in foreclosure,” says Gilmore, 25, a news coordinator for Telemundo, a Spanish-language media company. “The market right now is, to us, a benefit.” As home sales...
US mortgage crisis may cost $945 billion worldwide: IMF
More bad news for the global credit crisis and economic outlook below. Remember, someones loss is another’s gain and the time is now to capitalize on those losses. We have seen recent cash infusions for large banks like Countrywide, Washington Mutual, and Lehman Brothers alerting the global markets of faith in the financial system. Remember, this is a price adjustment and will not last long; get out there and make some deals! Full Article: http://news.yahoo.com/s/afp/20080408/bs_afp/imfeconomyfinanceproperty US mortgage crisis may cost $945 billion worldwide: IMF by Veronica Smith Tue Apr 8, 3:58 PM ET WASHINGTON (AFP) – The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars as the impact spreads in the global economy. The IMF, in a particularly stark report, said that falling US housing prices and rising delinquencies on the residential mortgage market could lead to losses of 565 billion...
