Home foreclosures move up-market as discounting pushes prices down
Oct 12, 2009 Object
Filed under: Economy, Investing
A greater number of foreclosures are hitting the high-end real estate markets in 2009 as price discounting continues to throw more and more properties underwater. It’s like a self-fulfilling prophecy: As some homeowners see their homes’ values drop below the balances due on their mortgages, they give up trying to save their homes.
Zillow’s chief economist, Stan Humphries, found that while high-end markets accounted for only 16 percent of foreclosures in 2006, by July 2009, 30 percent of foreclosures hit the top third of homes. “That means that top-tier homes make up almost twice the proportion of foreclosures as they did just three years ago,” Humphries wrote on his blog.
Continue reading Home foreclosures move up-market as discounting pushes prices down
Home foreclosures move up-market as discounting pushes prices down originally appeared on DailyFinance on Mon, 12 Oct 2009 10:30:00 EST. Please see our terms for use of feeds.
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Home foreclosures move up-market as discounting pushes prices down
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Rising joblessness pushes home foreclosure rate higher
Filed under: Economy
Though the U.S. economy appears on the mend, the nation’s increasing jobless rate is pushing mortgage delinquency rates ever higher, leading to a greater number of bankruptcies and foreclosures, newly compiled credit bureau data showed Monday.
As of last month, 7.58 percent of U.S. homeowners were at least 30 days late on their mortgages, up from 7.32 percent in July, according to data supplied to the Reuters news agency by Equifax (EFX). August marked the fourth straight month of rising delinquencies, which are gaining at an increasing pace, the data showed.
Continue reading Rising joblessness pushes home foreclosure rate higher
Rising joblessness pushes home foreclosure rate higher originally appeared on DailyFinance on Mon, 21 Sep 2009 17:15:00 EST. Please see our terms for use of feeds.
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Rising joblessness pushes home foreclosure rate higher
Tags: appears-on-the, capital markets overhaul, greater-number, homeowners-were, housing market, housing-sector, housingmarket, housingsector, jobless recovery, joblessrate, latisse, mortgagedefaults, news, rate-higher
