Although some factors in the country’s economic recovery are suggesting “economic stabilization and growth,” the housing market’s shadow inventory and massive volume of REO properties are slowing things down, according to an Equifax report released last week. These high numbers are contributing to the “continued rise of severe mortgage delinquencies and write-offs,” which, according to Equifax, have not yet peaked. Read full article »
Tag archives for Shadow Market
REOs, Shadow Inventory Impede Economic Recovery
CoreLogic Announces Drop in Shadow Inventory
According to CoreLogic’s most recent report, the current residential shadow inventory nationwide has dropped 0.2 million units, representing a five-month supply of houses yet to hit the market. A year ago the shadow inventory was estimated at 1.9 million housing units, which was also considered to be a five-month supply. The data firm attributed the decline to “fewer new delinquencies Read full article »
Bank-Owned Backlog Still Building
At present, banks and lenders own more than 872,000 homes in the United States today. And that number, twice the number of REOs in 2007 and set to grow by around 1 million in the years ahead as current foreclosures move forward, is starting to make a lot of real estate professionals pretty nervous. Although home sales volumes are up, Read full article »
Foreclosure Backlog Stands at Thirty Times Monthly Foreclosure Sales Volume
The shadow market is coming out of the shadows, and the numbers are staggering. According to a report released yesterday by LPS (Lender Processing Services), “foreclosure inventory levels at 30 times monthly foreclosure sales volume.” As a result of this massive backlog, real estate analysts expect more downward pressure on U.S. home values as most of these homes are Read full article »
CoreLogic Estimates Shadow Market Volume at 2.1 Million
If you have been waiting for the “foreclosure tsunami” to hit the real estate market, you might not have to wait much longer. According to real estate analytics firm CoreLogic, another wave of distressed residential properties is due to “flood an already saturated residential real estate market in the coming months”. Based on a recent report, the firm believes that Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
