Oct, the current price at any end is 30% below the peak at 2005. The price of low end home now is about 50-60% below peak in certain areas of CA. The reason there is a shadow inventory is because the banks don’t want to put them out there to push the price lower. Banks don’t have to write them down either.
Feds should do more to help underwater borrowers: Moody’s ISELIN, New Jersey (Reuters) – Three top federal reserve officials aggressively pushed on Friday for more stimulus for the U.S. housing market, saying the government should be looking at ways to help.
from its peak of around 69% to the mid60% area, which is close to levels last seen in – 1996 (figure 3). The numbers are even lower once we strip out seriously delinquent and foreclosed mortgages (shadow inventory). At that point, the real homeownership rate falls to the low 60% range, which we believe is more sustainable.
The stubborn resistance of shadow inventory – six states make up over half of all shadow inventory. 3,000,000 distressed properties sold since January of 2009. There is an interesting trend that continues to be a hallmark of the shadow inventory .
California Foreclosure Filings Drop 19%: ForeclosureRadar The number of foreclosures — default notices, scheduled foreclosure auctions and bank repossessions — was down 3% in October from September, though that number is still 19% higher than in October 2008. One out of every 385 housing units in the U.S. received a foreclosure filing in October, according to the report.U.S. Bancorp resolves repurchase obligations with Freddie Mac Bank of America Settles with FHFA for $9.3B – The settlement resolves. five Freddie Mac Structured Pass-Through Certificates (“T-Deals”). In exchange for a payment of $134 million, the enterprise has agreed to release the bank from existing.
The Washington area has a "shadow inventory" of about 67,000 properties that could go into foreclosure this year, an 11-month supply at the current sales rates, according to research by John Burns.
Shadow Inventory To Peak in Summer of 2010: Barclays; How did pnc financial turn a profit with its mortgage business dropping? Guaranteed Rate ordered to pay $25M to mount olympus mortgage for data theft
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Barclays defines the shadow inventory of foreclosures as loans in 90-plus day delinquency or already in the foreclosure process.. 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.
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The amount of REO inventory held by lenders is expected to peak in August 2011 at 545,000 properties, according to analysts at Barclays Capital.
The peak sales volume last seen in 2004, inflated by speculator acquisitions and excessive mortgage money, is unlikely to return for decades, when interest rates cyclically peak. Relocating Baby Boomers going into retirement later this decade will be the primary propelling force in both selling homes and buying replacements beginning around 2019.