Housing remains stuck in the doldrums even with extremely low mortgage rates and despite some improvement in private payroll employment. Part of the reason for this disconnect is the slew of foreclosures and bank-owned properties which are still flooding the housing market.
Defaults are expected to reach new record-highs this year which have buyers holding out for better deals and traditional home-sellers battling low-ball offers from banks. The aggressive pricing on distressed properties is undercutting individual home sellers and new home builders alike, and wreaking havoc on local housing markets.
According to data from Housing IntelligencePro, both new home activity and regular resale activity made up a smaller portion of total closing activity compared to the first three months of last year (and every quarter since). more...
Source: Hanley Wood Market Intelligence
Posted by Brian Davis on May 31, 2011 in Market Statistics
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