2.5 million homes in foreclosure, shadow inventory rising: John Burns

and more than 1 million through the government’s Home Affordable Modification Program (HAMP). Another foreclosure alternative-short sales-have been declining over the past few months. In February, 26,388 short sales were completed, down from 29,648 in January. HOPE NOW also observed a 21 percent decrease in foreclosure sales in February.

Notes: The foreclosure gap is the difference between the vacancy rates of homes that have been foreclosed and homes that have not. Poverty level refers to the census tract. Sources: Author’s calculations using all home sales recorded in Cuyahoga County from 2006 to 2010 and vacancy data from the U.S. Postal Service.

Republicans in Washington can barely contain their glee at the turn of President Obama’s political fortunes in the first nine months of the year but a new Washington post/abc news poll suggests the.

Once again, no one wants the Real Housewives of New Jersey stars’ home ginnie mae setting historic Pace in August Fed’s jackson hole retreat not always restful – When the fed chairman stepped to the podium that August, he joked that the year-ago selection of housing, housing finance and monetary policy as the conference theme had been right on target. Although.

If you look at the numbers alone, the tax cut deal looks to have robbed Republicans blind. The GOP got around $95 billion in tax cuts for wealthy Americans and $30 billion in estate tax cuts..

"The housing market is improving because there are more buyers chasing fewer homes. Skeptics of a housing bottom, however, often point to a scary set of numbers: the “shadow inventory” of potential foreclosures-the millions of mortgages that are either in foreclosure or in default.

Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in.

 · Slowing the recovery down are the many foreclosures clogging the market. A recent article in Money Magazine notes that Freddie Mac predicts that in 2012, 4.8 million homes will be sold in total, while there are more than 5 million homes for sale. The market considers six months of housing inventory to be healthy – more than a year’s worth.

Existing home sales surprised the markets by rising 7.4% to an annual rate of 6.54 million units in November. Of course it looks like the housing market has recovered! The question is what happens.

There are currently 562,000 bank-owned homes and 2.5 million mortgages more than 90 days delinquent in the market. 2.5 million homes in foreclosure, shadow inventory rising: John Burns Sign In

John Burns shared his 2013 new home sales forecast with me, and it was around 450 thousand (he was close for 2012).. Hanson argued there is a substantial "shadow inventory" that will come on.

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