Thursday, March 03, 2011
UPDATES ON THE HOME FRONT - PRICES DOWN, SALES UP
Realtytrac reports that 26% of all home sales are foreclosures, nationally and Bank repossessions level off, down slightly from 2009 but up from 2008.
Case-Schiller reports that during the 6 months ending December 31, home prices fell nearly 6%.
National Association of Realtors reports that sales of existing homes rose for the third straight month.
In 2010, Nevada, Arizona, California and Florida had the highest percentage of foreclosures, in that order.
Cash buyers are offering very low bids, especially for distressed homes being sold at deep discounts, pulling the median price down.
According to Zillow, nearly 30% of mortgage borrowers are underwater on loans and very vulnerable to foreclosure.