Mortgage Help

Existing home sales fell 8% in September, according to the latest survey by the National Association of Realtors.  This was bigger than the 4.5% decline that was expected and the slowest pace on record.
Prices also fell.  The median price fell 4.2% from last year to $211,700.  Sales prices have decreased in 13 of the last 14 […]

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Alan Greenspan, former Chairman of the Board of Governors of the Federal Reserve, said this week that he expects “as a minimum, large single digit” percentage declines in US home prices and would not be surprised if the fall was “in double digits.”
 Financial Times interview

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There were 243,947 foreclosures in August according to the latest RealtyTrac survey, up 36% from July and 115% from last year.  This is the highest number of foreclosures in a single month since RealtyTrac began the survey.
Nevada, California, and Florida had the top foreclosure rates.  Nevada had 1 foreclosure for every 165 households, California had […]

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The rate of homes entering foreclosure was nearly triple last year, at an all time high in the latest Mortgage Bankers Association survey.
The rise in foreclosures is mainly due to an increase in the foreclosure rates in Florida, California, Arizona, and Nevada.  Ohio’s foreclosures are twice the national average, and neighboring states are also experiencing […]

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The Pending Home Sales Index fell over 12% from the July reading.  The National Association of Realtors attributes this to continued tightening by mortgage lenders.
Read the details here.

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Housing inventory rose 5.1% in June and now stands at 9.6 months — meaning that at the current sales pace, it would take 9.6 months to sell the supply of homes currently on the market.  This is up from 9.1 months in June, showing that weakness in the housing market continues.
 National Association of Realtors Survey

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She wasn’t an investor. She didn’t have a subprime mortgage. But when Jordan Fogal’s house became uninhabitable, the 62-year-old grandmother says foreclosure became her best alternative.
Fogal’s troubles began when she and her 72-year-old husband, Bob, moved to a new housing development near Houston in 2002. That first night in the new house, the dining room […]

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Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with Nevada, Georgia and Michigan accounting for the highest foreclosure rates nationwide, a research firm said Tuesday.
The filings include default notices, auction sale notices and bank repossessions. The figures are the latest measure of the ailing […]

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The median sale price fell to $223,800 from $227,100 a year ago, a 1.5% decrease in the latest survey conducted by the National Association of Realtors.
The number of total home sales fell nearly 11% from a year ago, from a 6.63 million home pace to only 5.91 million this quarter.

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