- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (5)
- sunnyview
- Contributions:25139
Leveling off? Where and according to who? Lawrence Yun economist for the NAR here seems to say otherwise. Take a look at his latest presentation mainly slides 26 and 27 that show a clear spike in 90 days late loans/foreclosures and no significant drops on the massive pile of distressed loans.
Banks still have a shadow inventory to pile through and they have chosen to wait to foreclose on some homeowners due to their own backlog. As much as I want the market to be better, that does not mean that the foreclosure train has stopped moving.
Banks still have a shadow inventory to pile through and they have chosen to wait to foreclose on some homeowners due to their own backlog. As much as I want the market to be better, that does not mean that the foreclosure train has stopped moving.
- RichardReid
- Contributions:197
The key to the statement is "as banks hold back". The market is essentially level because banks are not foreclosing at the rate of their delinquent experience.
There are a number of home owners who are holding off as well. Inventories are substantially off their high, but not because there are really fewer homes that owners want to sell. Sellers who are able have simply pulled their homes off the market, or refused to put them on at the lower price points that have resulted in sales through the current market.
This is somewhat good news. The fact that the release of inventory is being controlled is helpful to the market, and to market prices. It means there is likely to be a much slower rate of appreciation until both of these inventories are consumed.
There are a number of home owners who are holding off as well. Inventories are substantially off their high, but not because there are really fewer homes that owners want to sell. Sellers who are able have simply pulled their homes off the market, or refused to put them on at the lower price points that have resulted in sales through the current market.
This is somewhat good news. The fact that the release of inventory is being controlled is helpful to the market, and to market prices. It means there is likely to be a much slower rate of appreciation until both of these inventories are consumed.
appreciation? are you high? with the credit gone new home buyer loan apps have dropped by 40%. Today's still very high levels of defaults, guarantees prices will begin dropping again in the immediate future. Look for obvious trends across nearly all markets by September.
- Pasadenan
- Contributions:21466
I think he meant to type depreciation....
But even that is not really the right word as that implies deterioration (or tax write offs); I think the word he wanted was "devaluation", or "downward price adjustment".
Which may or may not be bad news. Spreading out the adjustment over time only prolongs the inflated market and delays the market from operating in a normal market fashion.
The Realtors state they want the market restored to normal, and then argue what they want is an inflated market.
You can't have it both ways; until the inflated market bubble is fully deflated, it can't go back to normal.
But even that is not really the right word as that implies deterioration (or tax write offs); I think the word he wanted was "devaluation", or "downward price adjustment".
Which may or may not be bad news. Spreading out the adjustment over time only prolongs the inflated market and delays the market from operating in a normal market fashion.
The Realtors state they want the market restored to normal, and then argue what they want is an inflated market.
You can't have it both ways; until the inflated market bubble is fully deflated, it can't go back to normal.
- Carlos Bernal, "ONECCO"
- Contributions:1
<script type="text/javascript"><!--
google_ad_client = "pub-9645239879759239";
/* 728x90, created 6/17/10 */
google_ad_slot = "9631975936";
google_ad_width = 728;
google_ad_height = 90;
//-->
</script>
<script type="text/javascript"
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
</script>
May foreclosures steady as banks hold back
-
- 5.0/5.0
- (11 reviews)
Contributions:189Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.