RE and economic charts: Housing: REO and Mortgage Delinquencies = Lawler on FHA: Slow Pace of Conveyances, Solid Sales Pushes SF Inventory to Lowest Level since mid-2008

Thursday, December 15, 2011

Housing: REO and Mortgage Delinquencies = Lawler on FHA: Slow Pace of Conveyances, Solid Sales Pushes SF Inventory to Lowest Level since mid-2008

[mEDITate-OR:
find the FHA "corrections" very puzzling...., to be sure...
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What we are now being told is that the FHA numbers were "strange"
and that even after the new "corrections" they still are strange.
However, what Bill@CR and Lawler have done for U.S.
is to up date the almost total REO numbers.
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In the 1st chart we see that the PLS - Wall Street Banksters "securitized" RE loan packages...
have declined sharply.
How may of them still exist in the sand states of Cal, Nev, Fla & AZ is not clear.
We think they are almost gone in AZ,
down substantially in Cal and Nev
and still piled up behind the robo-signing mess in Fla
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In the 2nd chart we see that the Agency - FMae+FMac+FHA - REOs are down
but they still are huge in numbers, and many might still be in the sand states
we simply do not know.
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In the 3rd chart we can see that what is IN the REO listings is way down
but, what is in the 90+ day bucket is still more than enough to RE-FILL the REO listings.
And, the 30+ day lates are increasing - a lot !!!
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In the 4th chart we see proof that the REO listing are being fed...
the new acquisitions are about equal to the current dispositions.
Bluntly, they add them when they sell'm.
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In AZ the listing prices appear to be taking a US$ 20K haircut, for "all cash buyers".
In a related story BkofA was just told that they either firmed up their balance sheet - with cash - or risked being taken over by the FDIC
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