Archive for the 'mortgages' Category

The arrival of housing purgatory – Why is housing experiencing one of its worst sales years even with the 30 year fixed rate mortgage breaking into the 3 percent range? A case as to why housing will remain a poor investment deep into 2015.


The California problem of making too many renters into home owners – Home ownership rate back to levels last seen in 1993. From 2000 to 2010 population increased by 10 percent but owner-occupied housing jumped by 25 percent. Prime Encino zip code with 6 MLS foreclosures but 96 properties in the shadow inventory.


Lies, Damned Lies, and Shadow Inventory. Shadow inventory may be improving on a nationwide scale but not for California – Notice of defaults rise approximately 70 percent in latest month of data. Beverly Hills shadow inventory nine times the size of MLS public foreclosures.


The surge of distressed properties in Burbank California – 435 shadow inventory properties when only 39 make it to the MLS. Foreclosure filings surge in California as Bank of America starts up the shadow inventory clearing machine.


California shacking – three trends crushing the California housing market. Young workers moving back home, household incomes back to 1990s levels, and lack of an entry level market.


The foreign buyer argument –Cerritos California has 82 percent of households listed as homeowners. Median income of $82,000 does not support city median price of $540,000. If it did, you would not see homes falling by $231,000 in a few short years.


Shadow inventory Armageddon – Foreclosure timeline up to an average of 599 days with 798,000 mortgages having no payment made in over 1 year and no foreclosure process initiated. Shadow inventory grows to over 6,540,000 properties.


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