Not surprising since dopey hedge funds flooded the market with homes they overpaid for and putout for rent instead of re-selling.The median rent for single family homes in LA fell 4.1 %last quarter from last year at the same time.
Foreclosure activity accelerated in July rising off of the 78 month low it reached in June, RealtyTrac said today. There were 130,888 foreclosure filings – including default notices, scheduled auctions, and bank repossessions – in June, the Irvine, California company reported, a 2 percent increase from the previous month but a level 32 percent below that in July 2012. One in every 1.
The 9th District court of Appeals of San Francisco says that the banks were never interested in granting loan mods. under the HAMP (affordable modification program) so they are allowing the lawsuit against Wells Fargo to continue.
This is interesting stuff. Certain cities in Texas, and Co hit highs in their home price index. They are almost back up to the highs hit in 2007. Of course, we in Southern California are still way off the peak.
Hard to believe we went down so much. I remember having a conversation with Bruce Norris in 2005 and we talked about the possibility of the real estate market dropping by 50 %. Gulp!!!
Read This Article. It contains state by state stats.
Mortgage delinquencies in May posted thelargest year-to-date drop seen since 2002, Lender Processing Services (LPS) said today. Delinquencies were down 15 percent from the end of December 2012 to a May rate of 6.08 percent. This was a drop of 2.11 percent from April. LPS Applied Analytics Senior Vice President Herb Blecher said that much of this improvement is supported by the fact that new problem loan rates are approaching the pre-crisis average.
Blecher said, “Though they are still approximately 1.4 times what they were, on average, during the 1995 to 2005 period, delinquencies have come down significantly from their January 2010 peak. Fewer problem loans are coming into the system, the existing ones are working their way through the pipeline. New problem loan rates are now extremely close to average.