Declining US Home Values Forecasted to Slow in 2012, Says Zillow
In the fourth quarter, the rate of homes foreclosed edged upward from eight out of every 10000 homes in November to 8.2 out of every 10000 in December. However, the rate was lower than at the end of the third quarter, when 8.6 out of every 10000 homes …

It is thought the new foreclosure deals can help the current marketplace.

Mortgage deal could bring billions in relief
The settlement settles potential state charges about allegations of improper foreclosures based on “robosigning,” seizures made without proper paperwork. Most of the relief will go to those who owe far more than their homes are worth, known as being …
www.click2houston.com

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Image by Getty Images via @daylife

The mortgage delinquency rate across the United States (measured by the # borrowers 60 or more days past due) decreased for the 6th consecutive quarter.

The delinquency rate dropped at 5.82 percent at the end quarter 2 and the 2nd quarter also shows mortgage delinquency rates improved quarter over last quarter at 5.98 percent. This marks the best improvement since the recession officially ended two years ago.

While relatively low home prices and high unemployment continue to exert upward pressure on delinquency rates, they are more than offset by the impact of more conservative lending policies reflecting consumers with higher credit scores,” says Tim Martin, group vice president of the U.S. Housing Market in TransUnion’s financial services business unit. “Not only are these consumers less likely to default if house prices continue to edge downward throughout the year, but their willingness to repay their debt obligations in the face of high unemployment rates is greater. It is because of these dynamics that lenders today take a much closer look at the borrower’s income history and overall debt situation than before the recession began in 2007.

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“Unfortunately,” BofA said in a statement, “many homeowners faced with unemployment, underemployment and other economic hardships have transitioned to alternative housing situations, and in many cases, have walked away from their homes, leaving behind vacant and deteriorating properties that can cause neighborhood blight.”

I considered if I should post this in Positive Real Estate News but I guess it is positive if you are getting the homes.  http://www.bankrate.com/financing/mortgages/bofa-to-give-away-houses/#ixzz1QrpGSkKE

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Additionally, theFederal Housing Finance Agency (FHFA) says that prices rose 0.8 percent in April over March for the first time in almost a year.

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Image by Getty Images via @daylife

This is the biggest drop ever in history!

Meanwhile New home sales is driving much of the current home sales and helping to end the housing slump.

“Existing home sales produce some economic activity but it pales in comparison with new home sales,” said David Crowe, the chief economist for the national Association of Home Builders. “We calculate that for every 100,000 homes built, it creates 150,000 construction jobs but another 150,000 manufacturing jobs building refrigerators, furniture and other products.”

http://money.cnn.com/2011/03/10/real_estate/february_foreclosure_realtytrac/index.htm

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A 50-state attorney general task force that is investigating lender foreclosure practices has begun meeting with banks and loans servicers, but working around the state-specific laws makes a global settlement difficult.

A member of the task force’s executive committee, Washington Attorney General Rob McKenna, said,

“Loan modifications may be a significant part of the solution. If you keep homes out of foreclosure, they don’t depress real estate values.”

Bloomberg, Margaret Cronin Fisk (10/28/2010)

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Home builder Lennar has acquired $740 million of distressed real estate from three large financial institutions
in an effort to expand investment opportunities as banks and the FDIC continue working through their struggling assets.

The properties, which include mostly non-performing residential and commercial, have an appraised value of $211 million, paid for at a discount and financed using a combination of cash and unsecured debt provided by one of the sellers.

The assets, which consist primarily of development and construction loans and REO relating to land, lots and single- and multi-family residential communities at varying stages of competition, include a total unpaid principal of $529 million. vhttp://www.foxbusiness.com/markets/2010/10/01/lennar-acquire-m-distressed-real-estate/

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As an example foreclosure filings in Virginia fell 16 percent from a year ago, RealtyTrac Inc. said today. Also, the filings were down 4.7 percent from September. Those declines could indicate that the problem in the state may be easing.

In Virginia, 5,484 households, or one in every 597 homes, were in some stage of foreclosure activity in October, according to RealtyTrac.

The state was ranked with 19th-highest foreclosure rate in the country. We are seeing lower foreclosure rates nationwide.

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The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are disbursed in the form of a second mortgage lien with no interest and no monthly payments. The lien is released over a period of five years and six months. Funds may be used for required repairs and/or down payment assistance.

This program begins April 1, 2009 and all funds must be disbursed by June 30, 2010.

Thanks to ASG Realty Atlanta Realtors for the heads up.

Get Georgia Foreclosures here.

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A study conducted recently found that the percentage of households that could afford to buy an entry level home in California stood at 53 percent in the third quarter of 2008.  That’s more than double for the same period from a year ago when only 24 percent of households could qualify.

The First-Time Buyer Housing Affordability Index study conducted by the California Association of Realtors found that the minimum household income needed to purchase an entry-level home at $287,760 in California in the third quarter of 2008 was $56,100, based on an adjustable interest rate of 5.91 percent and assuming a 10 percent down payment.  At $56,100, the minimum qualifying income was 44 percent lower than a year earlier when households needed $100,500 to qualify for a loan on an entry-level home.

In Los Angeles County the index stood at 42 percent, up from 20 percent a year ago. The L.A. entry-level price of $332,680 requires a minimum-qualifying income of only $64,800 and comes with a monthly loan payment of $2,160. A condo can start near $100,000 and will require less income.

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