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Latest Housing and Foreclosure News

Tuesday, November 10, 2009 posted by Tommi Crow

The latest news about home sales through October 31st, was nearly more scary than Halloween.  Here are the high or low lights, depending on your market position.

  1. Existing home sales were up 11 percent, due mostly to the $8000 tax incentives.
  2. Sales prices were down 11 percent.  Average US home price is now $177,900.
  3. One third of all homes sales were short sales or foreclosures.
  4. Foreclosures are up nearly 90 percent.  And, the banks reported that one-third of all their foreclosures are being held off the market.  Their strategy is to trickle more homes on the market, in hopes of keeping inventory lower, and therefore, prices higher.  Bottom Line.  There will be a huge second wave of Foreclosures hitting the market in 2010.
  5. The loan crisis isn’t over, it’s just starting in new places with new people.  Most defaulting subprime borrowers are already on the street.  When picturing the new homeless, visualize the bigger, Prime borrowers.  Expect foreclosures to rise dramatically in Salt Lake, Provo and Boise.  Also, expect a new surge of foreclosures in upscale, step-up homes and communities. 

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