Talking about another positive report on home prices, foreclosures & mortgage delinquencies and much more…
Really? The Fed Should Help Housing?
I am not sure why something so obvious has to even be said. Considering the impact that real estate has on the American economy, you would think the Federal Reserve would work to help housing. And that is exactly what a Bank of England official is saying
Yet Another Report that Real Estate Market is Improving
DataQuick is saying that Home Sales are up 9.7% and the Median Home Price is up 6.1% compared to one year ago. Buyers, if you are not motivated to start making offers, I would question just how serious you are about buying a home. Sellers, we may be seeing the light at the end of the tunnel.
Strangely Silent or Looking at the Big Picture
Hey I am not a fan of Mittens but I would disagree that Romney was quiet on housing in his acceptance speech. Instead of shoveling more of our tax money into ineffective government programs like Obama, I think he is looking at one of the big problems stopping real estate from healing:
What America needs is jobs…
I have said many many times that getting unemployment down would help housing by lowering the number of foreclosures. But this does NOT mean I like Mittens. And do not think that because I dislike Romney it means I like Obama. Both of them are typical politicians…
Will Fewer Mortgage Delinquencies Mean Fewer Foreclosures
LPS just released their First Look report for July 2012 and it has some good news. The number of delinquent mortgages decreased from June 2012 to July 2012. Also the July 2012 level is much lower than the July 2011.
Also, both Fannie and Freddie are reporting a drop in the Serious Delinquency rate. Fannie & Freddie define Serious Delinquent as “three monthly payments or more past due or in foreclosure”.
Fannie said that the Single Family Serious Delinquency rate fell from 3.53% in June 2012 to 3.5% in July 2012. This is down from 4.08% in July last year, and this is the lowest level since April 2009. Freddie said that the Single Family serious delinquency rate fell from 3.45% in June 2012 to 3.42% in July 2012.
We need to be glad that 3 different sources are reporting fewer mortgage delinquencies. Sadly, the percentage of delinquent mortgages is still too high. But fewer mortgage delinquencies should mean fewer foreclosures in the near future.
Did Somebody Say Fewer Foreclosures?
Yes, somebody did say fewer foreclosures. Earlier this week CoreLogic released their National Foreclosure Report for July 2012 and it shows fewer completed foreclosures in July 2012 than in July 2012 and fewer than July 2011. Anand Nallathambi, president and CEO of CoreLogic said:
The decline in completed foreclosures is yet another positive signal that the housing market is continuing on a progressive path of stabilization and recovery.
All this positive news about real estate is starting to make it look like recovery is here. However, as I mentioned above we need to see real improvement in the jobs situation also. But it really is starting to look like recovery is finally here.