[mEDITate-OR:
not see the collapse of the RE market that, not just, OCCURRED this month.
What these articles tell U.S. is that with the end of the Tax Credit program MANY sellers cut their sales prices drastically in order to sell their property.
Did they need to do that? We do not know, but probably.
We will see that next month, or in July.
The Second and Third article are in conflict.
One might be correct, or neither.
But, what we DO know is that this is at a minimum a three year problem.
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there are currently 2.4m loans in 90-plus day delinquency and another 2.1m in foreclosure, totaling 4.5m in the shadow inventory.
The shadow inventory should reach its height in the summer in 2010 before falling gradually as the market absorbs 130,000 distressed properties per month, according to the report. Over the next three years, analysts forecast 4.7m distressed sales with 1.6m in 2010, another 1.6m in 2011 and 1.5m in 2012.
Barclays reported more than 478,000 loans in REO status. At the current rate the banks are trickling loans from foreclosure into REO, that number could grow to 536,000 by late 2011. If that rate increases, Barclays analysts said that number could reach 640,000 by the summer of 2012.
Barclays reported more than 478,000 loans in REO status. At the current rate the banks are trickling loans from foreclosure into REO, that number could grow to 536,000 by late 2011. If that rate increases, Barclays analysts said that number could reach 640,000 by the summer of 2012.
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S&P estimates the inventory to equal a 33-month supply of homes
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Twelve of the top 50 cities across the U.S. saw price reduction levels at 30 percent or more, compared to just five cities in the previous month.
Minneapolis led the way in May 2010 with 40 percent of its home listings experiencing at least one price cut. The last time Minneapolis reached the 40 percent mark was in December 2009.
No other major U.S. city has managed to reach 40 percent since Trulia first started tracking home price reductions in April 2009.
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The number of properties on the market as of May 1st
that saw at least one price cut rose 10 percent.
This data does not include foreclosure properties.
Rank | City | State | % of Listings with Price Reductions | Average Reduction (%) |
1 | Minneapolis | MN | 40% | 8% |
2 | Milwaukee | WI | 37% | 9% |
3 | Baltimore | MD | 35% | 11% |
4 | Phoenix | AZ | 33% | 13% |
5 | Dallas | TX | 32% | 9% |
6 | Jacksonville | FL | 31% | 11% |
7 | Mesa | AZ | 31% | 12% |
8 | Kansas City | MO | 31% | 8% |
9 | Boston | MA | 31% | 6% |
10 | Columbus | OH | 30% | 8% |
11 | Cleveland | OH | 30% | 12% |
12 | Nashville | TN | 30% | 8% |
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Wednesday, May 12, 2010
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Shadow Inventory To Peak in Summer of 2010: Barclays
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there are currently 2.4m loans in 90-plus day delinquency and another 2.1m in foreclosure, totaling 4.5m in the shadow inventory.
The shadow inventory should reach its height in the summer in 2010 before falling gradually as the market absorbs 130,000 distressed properties per month, according to the report. Over the next three years, analysts forecast 4.7m distressed sales with 1.6m in 2010, another 1.6m in 2011 and 1.5m in 2012.
Barclays reported more than 478,000 loans in REO status. At the current rate the banks are trickling loans from foreclosure into REO, that number could grow to 536,000 by late 2011. If that rate increases, Barclays analysts said that number could reach 640,000 by the summer of 2012.
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Shadow Inventory of Homes to Take Nearly 3 Years to Clear: S&P
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Home Buyer Tax Credit Takes its Toll
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More US Home Sellers Cut Prices as Tax Credit Ends
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HOME PRICE REDUCTIONS INCREASE BY 10 PERCENT NATIONALLY AS FEDERAL TAX CREDIT EXPIRES ACCORDING TO TRULIA’S MAY 2010 PRICE REDUCTION REPORT
Price Levels for Luxury Homes in U.S. Unaffected by Tax Credit
Metros See Major Increase in Reductions
Cities in the Great Plains experienced some of the largest surges in price reductions compared to the previous month with Omaha increasing by 62 percent and Tulsa by 27 percent. Southern California wasn’t spared either from large spikes in price reductions: San Diego increased by 39 percent and Long Beach by 22 percent.
The following U.S. cities experienced the biggest increases in price reductions from April 1, 2010 to May 1, 2010:
City | State | May 2010 | April 2010 | % Increase |
Omaha | NE | 25% | 15% | 62% |
San Diego | CA | 17% | 12% | 39% |
Tulsa | OK | 26% | 20% | 27% |
Minneapolis | MN | 40% | 32% | 26% |
Long Beach | CA | 28% | 23% | 22% |
Raleigh | NC | 28% | 24% | 20% |
Nashville | TN | 30% | 25% | 19% |
Boston | MA | 31% | 26% | 19% |
Baltimore | MD | 35% | 29% | 19% |
Kansas City | MO | 31% | 26% | 19% |
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