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Help for Underwater Homes
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Short sales in the U.S. housing market in 2012-2013 are helping the recovery in housing prices and reducing foreclosures. Banks are reducing the time required to process short sales and both banks and homeowners are benefitting as foreclosures lead to much higher losses for all. In Oct 2012 foreclosures were 11.5% of total home sales, declining from 17.3% in Oct 2011, and dropping sharply from the 30% level in 2008-2009, according to CoreLogic. For the same period Oct 2011 to Oct 2012 short sales increased from 8.1% to 10.2%. Banks, real estate agents and homeowners see short sales as a better more efficient approach than letting homes go into disrepair, reducing prices in the neighborhood and creating larger losses for banks and homeowners. CoreLogic figures show short sales in Dec. 2012 cost 24% less than comparable houses not in financial distress. For foreclosures the discount was about 64%, showing the huge difference and how the wave of foreclosures in 2008-2011 must have hurt society and the economy.
Short sales helping the U.S. housing market recovery in 2012-2013 with fewer foreclosures
06/23/2010
A shift to short sales by banks and homeowners under water is helping the housing market and prices recover and reducing foreclosures. Banks and homeowners under water realize the cost of foreclosures to property prices can be avoided by short sales with much lower losses.
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The prospects of recovery in the housing market, regional differences, and the uncertainty arising from changes that are occurring in the American economy. The changes range from consumer frugality, lower levels of consumer spending, aging of the population, and uncertainty about economic growth.
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Wall Street Journal 05/02/2013
The economic performance of cities: Following the sun
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Home Prices Rise, Producing a Buying Mood
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Housing Recovery Increasingly Prices Out First-Time Buyers
Wall Street Journal 07/22/2013
Economic Casualties: 'Missing Households'
Wall Street Journal 07/22/2013
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U.S. Banks and falling housing prices - 2011-2012
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New York Times 05/28/2013
In struggling housing market, buyers and sellers are out of sync
Washington Post 09/05/2010
Home Prices Hit, Don't Hammer, Banks
Wall Street Journal 04/27/2011
BusinessWeek 06/02/2011
The Sickness Beneath the Slump - Economic View
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Foreclosures and the U.S. housing market in 2012-2013
01/20/2010
Grouped Articles
Wall Street Journal 05/02/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Outlook for Home Prices Grows Darker
Wall Street Journal 06/23/2010
Wall Street Journal 12/31/2013
Mortgage Troubles Near Prerecession Levels
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U.S. housing prices: 2010-2013
09/05/2010
Grouped Articles
Wall Street Journal 05/02/2013
Housing Rebound Grows as Prices Climb Sharply
Wall Street Journal 05/09/2013
The economic performance of cities: Following the sun
Economist 05/16/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
Home Prices Jump, but Headwinds Build
Wall Street Journal 07/31/2013
In struggling housing market, buyers and sellers are out of sync
Washington Post 09/05/2010
The U.S. housing market in 2010-2013
05/27/2010
According to Karl Case its basically flat in 2010 and quite fragile, with a lot of inventory out there. By 2012 the situation had not changed much, except for Washington D.C. with growth in employment, and a small spurt in 2011 in Phoenix from out of state and Canadian buyers. Prices in Las Vegas and other cities continued to decline and there were fears of more homes being released by banks from foreclosed properties in judicial states such as Florida.
Grouped Articles
Housing Rebound Grows as Prices Climb Sharply
Wall Street Journal 05/09/2013
The economic performance of cities: Following the sun
Economist 05/16/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
Housing Recovery Increasingly Prices Out First-Time Buyers
Wall Street Journal 07/22/2013
Economic Casualties: 'Missing Households'
Wall Street Journal 07/22/2013
Home Prices Jump, but Headwinds Build
Wall Street Journal 07/31/2013
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