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Sales and prices of vacation homes in 2010 plunged to almost half the record number of sales in 2005 and 2006. The National Association of Realtors recently reported that sales plummeted from a high of 5.02 million in 2005 to a mere 3.81 million in 2010. Vacation homes accounted for only 10% of all sales … Continue reading Vacation Home Sales Lower in 2010 The housing market may be impacted by the possibility of a government shutdown. The Wall Street Journal reported on April 7 that Housing and Urban Development Secretary Shaun Donovan told Senate lawmakers that he is “very concerned” that if the government shuts down as a result of lawmakers failing to reach an agreement on a … Continue reading Affordable Financial Services’ Weekly Finance Review CNNMoney recently reported that the number of foreclosures in February fell 14%, compared to January and 27% compared to February 2010. According to RealtyTrac, that is the largest year-to-year drop the company has ever recorded. While some see this as a sign of recovery in the housing market, the company says part of the decline … Continue reading Affordable Financial Services Weekly Finance Review The number of mortgage applications fell 6.5% last week, according to the Mortgage Bankers Association. The MBA also reported that refinancing activity also fell by 6.5% to 64.9% of total applications last week, down from 65.7% the week before. The four-week moving average for all mortgage applications was down 2.5%. Adjustable-rate mortgages made up 5.5% … Continue reading Affordable Financial Services Finance Review Daily Real Estate News recently reported that housing starts are expected to increase in 2011. But by how much? It depends on who you ask. During an economic update at the International Builders’ Show in Orlando on January 12, David Crowe, The National Association of Home Builders’ chief economist, said that projected single-family home starts are … Continue reading How Much Will Housing Starts Increase in 2011? CNNMoney.com reported today that an additional 2.1 million houses have been added to the supply at the end of August — up from 1.9 million units in August 2009. These are homes that are either repossessed by lenders or are very seriously delinquent. This “shadow inventory” has increased by 10% during the past year to an … Continue reading 2.1 Million More Homes Added to Already Glutted Inventory Economic experts are predicting another drop in home sales that will continue throughout the middle of next year, CNNMoney.com reported today. However, the housing market could bounce back by the middle of 2011, citing economic factors. Fiserv, a market analytics company, initially predicted in February a 4% increase in home prices through the end of 2011. … Continue reading Home Prices May Keep Falling Throughout 2011 Bloomberg reported today that states that have been hardest hit by the real estate crash are seeing sales of foreclosed homes slowing down as the result of the foreclosure freeze as banks review their practices. Attorneys general in all 50 states began probing foreclosure practices after court documents revealed that employees signed off on these papers … Continue reading Moratorium Starting to Affect Foreclosure Sales The National Association of REALTORS announced today that existing home sales rose for the second month in a row during the month of September. Despite the good news, the figure is off from September 2009’s numbers. According to the NAR, existing home sales — which are completed transaction that include single-family homes, condominiums and co-ops — … Continue reading Existing Home Sales Rise in September Today’s Wall Street Journal reported that it will cost taxpayers another $154 billion to keep Fannie Mae and Freddie Mac afloat under the most likely scenario for home prices. But if the economy slides back into a recession and the housing market worsens, then the price tag to the taxpayers can be higher than that. The … Continue reading Fannie, Freddie May Need $154 Billion to Survive — Maybe More |
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