Mortgage fraud up
Reports of possible mortgage fraud grew in the second quarter,
with financial institutions filing 29,558 mortgage loan fraud
suspicious activity reports, the Financial Crimes Enforcement
Network said Wednesday. That is up from 15,727 in the same
quarter of 2010. In the first quarter of 2011, suspicious
mortgage activity reports grew to 25,485 complaints. The surge
in SARs are coming as mortgage lenders sift through the paperwork
in past mortgages. Mortgage servicers remain under heavy scrutiny
following robo-signing allegations and continue to sift through
documents in order to make sure all ducks are in a row. Many of
the reported instances come from defaults, including borrowers
who wrongly presented information about their finances. The
FinCEN network, which works in tandem with the Treasury, said the
surge in activity is also tied to increasing mortgage repurchase
demands and other special filings. SARs are especially surging on
transactions that involve several financial institutions. FinCen
found that 81% of the suspicious activity was related to
circumstances that occurred before 2008. Sixty-three% involved
activities that occurred four or more years ago. "We’re
continuing to see a large number of SARs filed on activity that
occurred more than two years ago, an indication that financial
institutions are uncovering fraud as they sift through defaulted
mortgages," said FinCEN Director James Freis, Jr. "But we also
continue to see indications of ongoing mortgage fraud
activities," he added. "FinCEN’s report released today raises
awareness of the common scams that homeowners and lenders may
encounter when arranging or modifying home financing."
Thursday, September 29, 2011
Wednesday, September 28, 2011
UnEmployment - Unless you Fix This! The Housing Crisis will Never End...
Unless you fix the unemployment The Housing Market will never get fixed. You can make the mortgages cheap as you want but unless you are working you cannot buy a house.
Unemployment across the nation
For decades, the nation’s economic landscape consisted of a
prospering Sun Belt and a struggling Rust Belt. Since the
recession hit, though, that is no longer the case.
Unemployment remains high across much of the country — the national rate is 9.1% — but the regions have recovered at different speeds. The once-booming South, which entered the recession with the lowest unemployment rate in the nation, is now struggling with some of the highest rates, recent data from the Bureau of Labor Statistics show.
Several Southern states — including South
Carolina, whose 11.1% unemployment rate is the fourth highest in the nation — have higher unemployment rates than they did a year ago. Let me see? South Carolina is where the NLRB is in court trying to prohibit Boeing from Opening a new plant?
Unemployment in the South is now higher than it is in the Northeast and the Midwest, which include Rust Belt states
that were struggling even before the recession. The West has the highest unemployment in the nation. The collapse of the housing bubble left Nevada with the highest jobless rate, 13.4%, followed by California with 12.1%. Michigan has the third-highest rate, 11.2%, as a result of the longstanding woes of the American auto industry. Now, though, of the states with the 10 highest unemployment rates, six are in the South. The region, which relied heavily on manufacturing and construction, was hit hard by
the downturn.
Economists offer a variety of explanations for the
South’s performance. “For a long time we tended to outpace
the national average with regard to economic performance, and a lot of that was driven by, for lack of a better word, development and in-migration,” said Michael Chriszt, an assistant vice president of the Federal Reserve Bank of Atlanta’s research department. “That came to an abrupt halt, and it has not picked up.”
The reordering of the nation’s economic fortunes can be seen in the Brookings analysis, which found that many auto-producing metropolitan areas in the Great Lakes states are seeing modest gains in manufacturing that are helping them recover from their deep slump, while Sun Belt and Western states with sharp drops in home values are still suffering. The areas that have been hurt the least since the recession, the study said, rely on government, education or energy production. Places that were less buoyed by the housing bubble were less harmed when it burst.
In Pennsylvania, the analysis found, the Pittsburgh area — which is heavily reliant on education and health care — is weathering the downturn better than the Philadelphia area. In New York, areas around long-struggling upstate cities like Buffalo and Rochester are recovering faster by some measures than the New York City metropolitan area. And the rate of recovery in Rust Belt areas around Youngstown and Akron, two Ohio cities that were hit hard, has outpaced that of former boomtowns like Colorado Springs and Tucson. In a sign of how severe the downturn has been, the Brookings analysis found that only 16 of the nation’s
100 largest metropolitan areas have regained more than half of the jobs they lost during the recession.
So what happened in South Carolina? Richard Kaglic, a regional economist at the Federal Reserve Bank of Richmond, Va., said the state’s lingering troubles reflect what happened when its construction and manufacturing industries were hit hard by the recession. Mr. Kaglic, who is also a pilot, used an aviation metaphor to explain what he meant. “If your nose is high, if you’re climbing faster and your engine cuts out, you fall farther and it takes you a longer time to recover,” he said. “The conditions we experienced in late 2008, 2009, are as close as you come to an engine-out situation in the economy.” But Mr. Kaglic said that the recent return of manufacturing jobs was giving him hope, and that one reason for the high unemployment
rate was that more people were now seeking work. “I would look at it as our dreams are delayed,” he said, “rather than our dreams being denied.” But for How Long?
Until we get a President that is business friendly and tries to help business grow rather than punish success we will never turn the economy around.
Michael Mack
An American
Unemployment across the nation
For decades, the nation’s economic landscape consisted of a
prospering Sun Belt and a struggling Rust Belt. Since the
recession hit, though, that is no longer the case.
Unemployment remains high across much of the country — the national rate is 9.1% — but the regions have recovered at different speeds. The once-booming South, which entered the recession with the lowest unemployment rate in the nation, is now struggling with some of the highest rates, recent data from the Bureau of Labor Statistics show.
Several Southern states — including South
Carolina, whose 11.1% unemployment rate is the fourth highest in the nation — have higher unemployment rates than they did a year ago. Let me see? South Carolina is where the NLRB is in court trying to prohibit Boeing from Opening a new plant?
Unemployment in the South is now higher than it is in the Northeast and the Midwest, which include Rust Belt states
that were struggling even before the recession. The West has the highest unemployment in the nation. The collapse of the housing bubble left Nevada with the highest jobless rate, 13.4%, followed by California with 12.1%. Michigan has the third-highest rate, 11.2%, as a result of the longstanding woes of the American auto industry. Now, though, of the states with the 10 highest unemployment rates, six are in the South. The region, which relied heavily on manufacturing and construction, was hit hard by
the downturn.
Economists offer a variety of explanations for the
South’s performance. “For a long time we tended to outpace
the national average with regard to economic performance, and a lot of that was driven by, for lack of a better word, development and in-migration,” said Michael Chriszt, an assistant vice president of the Federal Reserve Bank of Atlanta’s research department. “That came to an abrupt halt, and it has not picked up.”
The reordering of the nation’s economic fortunes can be seen in the Brookings analysis, which found that many auto-producing metropolitan areas in the Great Lakes states are seeing modest gains in manufacturing that are helping them recover from their deep slump, while Sun Belt and Western states with sharp drops in home values are still suffering. The areas that have been hurt the least since the recession, the study said, rely on government, education or energy production. Places that were less buoyed by the housing bubble were less harmed when it burst.
In Pennsylvania, the analysis found, the Pittsburgh area — which is heavily reliant on education and health care — is weathering the downturn better than the Philadelphia area. In New York, areas around long-struggling upstate cities like Buffalo and Rochester are recovering faster by some measures than the New York City metropolitan area. And the rate of recovery in Rust Belt areas around Youngstown and Akron, two Ohio cities that were hit hard, has outpaced that of former boomtowns like Colorado Springs and Tucson. In a sign of how severe the downturn has been, the Brookings analysis found that only 16 of the nation’s
100 largest metropolitan areas have regained more than half of the jobs they lost during the recession.
So what happened in South Carolina? Richard Kaglic, a regional economist at the Federal Reserve Bank of Richmond, Va., said the state’s lingering troubles reflect what happened when its construction and manufacturing industries were hit hard by the recession. Mr. Kaglic, who is also a pilot, used an aviation metaphor to explain what he meant. “If your nose is high, if you’re climbing faster and your engine cuts out, you fall farther and it takes you a longer time to recover,” he said. “The conditions we experienced in late 2008, 2009, are as close as you come to an engine-out situation in the economy.” But Mr. Kaglic said that the recent return of manufacturing jobs was giving him hope, and that one reason for the high unemployment
rate was that more people were now seeking work. “I would look at it as our dreams are delayed,” he said, “rather than our dreams being denied.” But for How Long?
Until we get a President that is business friendly and tries to help business grow rather than punish success we will never turn the economy around.
Michael Mack
An American
Thursday, September 15, 2011
How Your Credit Score May Be Stealing Your Money
Burglars and purse snatchers have nothing on your credit score! A low score can be stealing money right out of your pocket every month. This can add up over time to hundreds of thousands of dollars.
Here's how:
Mortgage loans: Let's say you have a 650 credit score and bought a $200,000 house with a 30 year fixed rate loan. You are going to have to finance it at a rate 1-2% higher than the person rocking a 750 credit score. Over the course of 30 years (360 payments) this difference can add up to around $49,000!
Auto Loans: the average American trades cars every 5 years. Based on this estimate, a person buying a $25,000 car with a 650 credit score will pay approximately $5400 more for EACH CAR than the person with a 750 score.
Credit cards: a person with a 650 score has probably had some late payments and may have maxed out their credit cards. They will not get the great terms and plentiful options that a person with a higher score will enjoy. The average household carries $7300 in credit card debt (Yikes!). If we assume this amount, a person with the 650 credit score will pay $552 more in interest per year than a person with the 750 credit score.
Gulp.
So, if you have a 650 credit score, here's how much your credit score will steal from you over a 40 year period:
Mortgage: $49,000
Auto: $43,000
Credit Cards: $22,000
Total amount the 650 credit score has stolen:
$114,000
The figure would be much larger if this money had been invested in a mutual fund. At a 6% rate, this amount of money would have grown to about
half a million dollars.
Remember: protect yourself! Lock your doors, lock your windows, don't talk to strangers, and keep that credit score high!
From Data Facts
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you. Commercial Property Too!
We can help you sale your home through your Owner Financing and help you find a buyer!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
Here's how:
Mortgage loans: Let's say you have a 650 credit score and bought a $200,000 house with a 30 year fixed rate loan. You are going to have to finance it at a rate 1-2% higher than the person rocking a 750 credit score. Over the course of 30 years (360 payments) this difference can add up to around $49,000!
Auto Loans: the average American trades cars every 5 years. Based on this estimate, a person buying a $25,000 car with a 650 credit score will pay approximately $5400 more for EACH CAR than the person with a 750 score.
Credit cards: a person with a 650 score has probably had some late payments and may have maxed out their credit cards. They will not get the great terms and plentiful options that a person with a higher score will enjoy. The average household carries $7300 in credit card debt (Yikes!). If we assume this amount, a person with the 650 credit score will pay $552 more in interest per year than a person with the 750 credit score.
Gulp.
So, if you have a 650 credit score, here's how much your credit score will steal from you over a 40 year period:
Mortgage: $49,000
Auto: $43,000
Credit Cards: $22,000
Total amount the 650 credit score has stolen:
$114,000
The figure would be much larger if this money had been invested in a mutual fund. At a 6% rate, this amount of money would have grown to about
half a million dollars.
Remember: protect yourself! Lock your doors, lock your windows, don't talk to strangers, and keep that credit score high!
From Data Facts
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you. Commercial Property Too!
We can help you sale your home through your Owner Financing and help you find a buyer!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
Monday, September 5, 2011
US to sue Banks
The Federal Housing Finance Agency, which oversees the mortgage
giants Fannie Mae and Freddie Mac, is set to file suits against
more than a dozen big banks, accusing them of misrepresenting
the quality of mortgage securities they assembled and sold at
the height of the housing bubble, and seeking billions of
dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to
be filed in the coming days in federal court, are aimed at Bank
of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank,
among others. The suits will argue the banks, which assembled
the mortgages and marketed them as securities to investors,
failed to perform the due diligence required under securities
law and missed evidence that borrowers’ incomes were inflated or
falsified. When many borrowers were unable to pay their
mortgages, the securities backed by the mortgages quickly lost
value. Fannie and Freddie lost more than $30 billion, in part as
a result of the deals, losses that were borne mostly by
taxpayers. In July, the agency filed suit against UBS, another
major mortgage securitizer, seeking to recover at least $900
million, and the individuals with knowledge of the case said the
new litigation would be similar in scope.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you. Commercial Property Too!
We can help you sale your home through your Owner Financing and help you find a buyer!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
giants Fannie Mae and Freddie Mac, is set to file suits against
more than a dozen big banks, accusing them of misrepresenting
the quality of mortgage securities they assembled and sold at
the height of the housing bubble, and seeking billions of
dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to
be filed in the coming days in federal court, are aimed at Bank
of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank,
among others. The suits will argue the banks, which assembled
the mortgages and marketed them as securities to investors,
failed to perform the due diligence required under securities
law and missed evidence that borrowers’ incomes were inflated or
falsified. When many borrowers were unable to pay their
mortgages, the securities backed by the mortgages quickly lost
value. Fannie and Freddie lost more than $30 billion, in part as
a result of the deals, losses that were borne mostly by
taxpayers. In July, the agency filed suit against UBS, another
major mortgage securitizer, seeking to recover at least $900
million, and the individuals with knowledge of the case said the
new litigation would be similar in scope.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you. Commercial Property Too!
We can help you sale your home through your Owner Financing and help you find a buyer!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
Wednesday, July 20, 2011
2011 Market is Getting Tougher
*Short Sale flips are tougher to do than ever.
There simply aren’t enough people who can get
bank loans to "cash you out" once you get your s
hort sale approval from the bank. Plus title
companies are very strict on disclosing back to
back flips to both the "A" and "C" lenders.
Anyone who’s an active short sale flipper
knows this is getting tougher to do.
*Rehab flips are tougher to do than ever. Title
problems and "robo-signing" scandals have tainted
the title to many properties and caused uncertainty
about the quality of title when buying an REO. Plus
end buyers for rehabs need bank loans and 28% of
them are being declined for loans.
*Buyers must have a 700+ credit score on average to
qualify for a FHA loan plus a down payment. This
means there are less buyer’s to "cash you out"
using FHA loans.
*Most leads that you will generate into your real
estate business will be houses with little or no
equity. So if you are an "equity" wholesaler you
will have trouble getting "equity" leads in 2011.
My prediction is that this is just 5% of the deals
I'll do in 2011.
*80 -100 million people – roughly 30% of our entire
population cannot qualify for a traditional bank loan.
Cool thing is there's a "golden opportunity" that's
been created because of tighter bank lending standards.
*Credit is tightening in the 2nd half of 2011, not
loosening, according to Inside Mortgage Finance magazine.
*11 million home owners have no equity according to CoreLogic.
*Another 16 million have very little equity.
They are 90% - 100% leveraged.
*52% of all HAMP loan modifications "fall out" within
6 months. Just ask Obama. He knows.
So where are the investment opportunities in 2nd half
of 2011? What can you do about this and still be a
successful investor in 2011?
Do you want to sell your home successfully in 2011?
The answer: Think out of the Box and go where the money is and diversify into
strategies that do not require banks at all. That is is if want to be successful at buying or selling!
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you. Commercial Property Too!
We can help you sale your home through your Owner Financing and help you find a buyer!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
There simply aren’t enough people who can get
bank loans to "cash you out" once you get your s
hort sale approval from the bank. Plus title
companies are very strict on disclosing back to
back flips to both the "A" and "C" lenders.
Anyone who’s an active short sale flipper
knows this is getting tougher to do.
*Rehab flips are tougher to do than ever. Title
problems and "robo-signing" scandals have tainted
the title to many properties and caused uncertainty
about the quality of title when buying an REO. Plus
end buyers for rehabs need bank loans and 28% of
them are being declined for loans.
*Buyers must have a 700+ credit score on average to
qualify for a FHA loan plus a down payment. This
means there are less buyer’s to "cash you out"
using FHA loans.
*Most leads that you will generate into your real
estate business will be houses with little or no
equity. So if you are an "equity" wholesaler you
will have trouble getting "equity" leads in 2011.
My prediction is that this is just 5% of the deals
I'll do in 2011.
*80 -100 million people – roughly 30% of our entire
population cannot qualify for a traditional bank loan.
Cool thing is there's a "golden opportunity" that's
been created because of tighter bank lending standards.
*Credit is tightening in the 2nd half of 2011, not
loosening, according to Inside Mortgage Finance magazine.
*11 million home owners have no equity according to CoreLogic.
*Another 16 million have very little equity.
They are 90% - 100% leveraged.
*52% of all HAMP loan modifications "fall out" within
6 months. Just ask Obama. He knows.
So where are the investment opportunities in 2nd half
of 2011? What can you do about this and still be a
successful investor in 2011?
Do you want to sell your home successfully in 2011?
The answer: Think out of the Box and go where the money is and diversify into
strategies that do not require banks at all. That is is if want to be successful at buying or selling!
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you. Commercial Property Too!
We can help you sale your home through your Owner Financing and help you find a buyer!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
Friday, June 3, 2011
More Rental Homes are in Need
500 Cities show need for more Rental Homes
In the aftermath of the nation's housing-market collapse and
recession, more than 500 midsize and large cities have seen a
rise in the share of homes that are rented rather than owned,
according to a USA TODAY analysis of Census data. Almost 4
million homes have been lost to foreclosures in the past five
years, turning many former owner-occupied homes into rentals. The
shift to rental housing is potentially long-lasting and portends
changes for neighborhood stability and how people build wealth,
economists say. "The changes are big but glacial," says Mark
Zandi, economist at Moody's Analytics.
The swing from owner- to tenant-occupied homes in the past decade
has been dramatic in some places:
- Of the 100 largest cities, some of those with the largest
shifts were Irvine, Calif., which went from about 40% of occupied
homes rented in 2000 to 49.8% in 2010; Philadelphia, from 40.7%
to 45.9%; and Birmingham, Ala., 46.3% to 50.7%.
- Twenty-five cities — including Baltimore, Minneapolis, Salt
Lake City and Sacramento — swung from having more than half
homeowners in 2000 to majorities of renters in 2010. In one —
Reading, Pa. — 57.6% of occupied homes were rentals in 2010, up
from 49% in 2000.
- Florida, California and Arizona had the most cities where the
share of renter-occupied housing grew by at least 5 percentage
points. All three states have been hit hard by foreclosures.
Nationwide, 34.9% of occupied homes — including houses, condos,
and apartments — were rented in 2010, up from 33.8% in 2000.
The Census data that USA TODAY analyzed for cities covered only
housing within the cities' boundaries, not their much larger
metropolitan areas. Vacant properties, excluding seasonal or
vacation homes, accounted for 7.9% of U.S. housing units in 2010.
It's not clear how many of those have since become rentals or
owner-occupied homes. The renter household market remained
fairly stable from 1990 to 2006, says Daniel McCue, senior
research analyst at Harvard University's Joint Center for Housing
Studies. Since 2006, when housing prices peaked, the number of
renter households in the U.S. has grown an average of 692,000 a
year, while owner households have fallen an average of 201,000 a
year, Census surveys show.
Several factors will boost rental growth for years to come, Zandi
says, including continued foreclosures, continued drops in home
prices that frighten buyers and potential cuts to government
subsidies supporting homeownership. On the other hand, 74% of
renters think owning is superior to renting, said a recent survey
by mortgage giant Fannie Mae. "There's still a pull toward
homeownership, although it's been diminished," McCue says.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you. Commercial Property Too!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
In the aftermath of the nation's housing-market collapse and
recession, more than 500 midsize and large cities have seen a
rise in the share of homes that are rented rather than owned,
according to a USA TODAY analysis of Census data. Almost 4
million homes have been lost to foreclosures in the past five
years, turning many former owner-occupied homes into rentals. The
shift to rental housing is potentially long-lasting and portends
changes for neighborhood stability and how people build wealth,
economists say. "The changes are big but glacial," says Mark
Zandi, economist at Moody's Analytics.
The swing from owner- to tenant-occupied homes in the past decade
has been dramatic in some places:
- Of the 100 largest cities, some of those with the largest
shifts were Irvine, Calif., which went from about 40% of occupied
homes rented in 2000 to 49.8% in 2010; Philadelphia, from 40.7%
to 45.9%; and Birmingham, Ala., 46.3% to 50.7%.
- Twenty-five cities — including Baltimore, Minneapolis, Salt
Lake City and Sacramento — swung from having more than half
homeowners in 2000 to majorities of renters in 2010. In one —
Reading, Pa. — 57.6% of occupied homes were rentals in 2010, up
from 49% in 2000.
- Florida, California and Arizona had the most cities where the
share of renter-occupied housing grew by at least 5 percentage
points. All three states have been hit hard by foreclosures.
Nationwide, 34.9% of occupied homes — including houses, condos,
and apartments — were rented in 2010, up from 33.8% in 2000.
The Census data that USA TODAY analyzed for cities covered only
housing within the cities' boundaries, not their much larger
metropolitan areas. Vacant properties, excluding seasonal or
vacation homes, accounted for 7.9% of U.S. housing units in 2010.
It's not clear how many of those have since become rentals or
owner-occupied homes. The renter household market remained
fairly stable from 1990 to 2006, says Daniel McCue, senior
research analyst at Harvard University's Joint Center for Housing
Studies. Since 2006, when housing prices peaked, the number of
renter households in the U.S. has grown an average of 692,000 a
year, while owner households have fallen an average of 201,000 a
year, Census surveys show.
Several factors will boost rental growth for years to come, Zandi
says, including continued foreclosures, continued drops in home
prices that frighten buyers and potential cuts to government
subsidies supporting homeownership. On the other hand, 74% of
renters think owning is superior to renting, said a recent survey
by mortgage giant Fannie Mae. "There's still a pull toward
homeownership, although it's been diminished," McCue says.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you. Commercial Property Too!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
Tuesday, May 31, 2011
Home Prices Fall Below 2009 Bottom
Home prices fell below the 2009 housing bust bottom in the first
quarter, dropping 4.2% from the prior three months, according to
the S&P Case-Shiller national home price index. The 20-city
composite index was at 138.16, falling below the 2009 low of
139.26. It was the third straight quarterly drop for the index,
which was down 5.1% from a year earlier. National prices are now
down 32.7% from their peak set five years ago. The
S&P/Case-Shiller national home price index covers 80% of the
housing market. "This month's report is marked by the
confirmation of a double-dip in home prices across much of the
nation," said David Blitzer, spokesman for Standard and Poor's.
The housing market went through a brief recovery period starting
in mid-2009.
Home prices recovered nearly 5% of their earlier losses. After
homebuyer tax credits, which were in effect during the rebound,
expired last April, the slump resumed. "The rebound in prices
seen in 2009 and 2010 was largely due to the first-time home
buyers tax credit," said Blitzer. "Excluding the results of that
policy, there has been no recovery or even stabilization in home
prices during or after the recent recession." A separate
S&P/Case-Shiller index covering 20 major cities also dropped
during March, its eighth straight monthly decline. This is the
second month of the post-recession double dip for the 20-city
index. Prices peaked in July 2006 and then fell steadily through
April 2009. They then went on a winning streak that ran through
last June and prices, adjusted for seasonal differences, have
plunged every month since.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you. Commercial Property Too!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
quarter, dropping 4.2% from the prior three months, according to
the S&P Case-Shiller national home price index. The 20-city
composite index was at 138.16, falling below the 2009 low of
139.26. It was the third straight quarterly drop for the index,
which was down 5.1% from a year earlier. National prices are now
down 32.7% from their peak set five years ago. The
S&P/Case-Shiller national home price index covers 80% of the
housing market. "This month's report is marked by the
confirmation of a double-dip in home prices across much of the
nation," said David Blitzer, spokesman for Standard and Poor's.
The housing market went through a brief recovery period starting
in mid-2009.
Home prices recovered nearly 5% of their earlier losses. After
homebuyer tax credits, which were in effect during the rebound,
expired last April, the slump resumed. "The rebound in prices
seen in 2009 and 2010 was largely due to the first-time home
buyers tax credit," said Blitzer. "Excluding the results of that
policy, there has been no recovery or even stabilization in home
prices during or after the recent recession." A separate
S&P/Case-Shiller index covering 20 major cities also dropped
during March, its eighth straight monthly decline. This is the
second month of the post-recession double dip for the 20-city
index. Prices peaked in July 2006 and then fell steadily through
April 2009. They then went on a winning streak that ran through
last June and prices, adjusted for seasonal differences, have
plunged every month since.
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www.american-eagle-realty.com
502-969-1801
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