Mortgage delinquencies have skyrocketed for three years straight, but we can expect to see that trend reverse in 2010, according to credit management company TransUnion. The firm said in a report issued Tuesday that the number of homeowners 60 or more days behind on their mortgage payments will drop nearly 3 percent by the end of next year. The projected decrease in mortgage delinquencies would end a trend that has included unprecedented year-over-year increases between 43 and 54 percent since 2007.
Renewed purchasing activity from the homebuyer tax credit hasn't been enough to push home prices into positive territory, according to Integrated Asset Services, LLC (IAS). The company said Tuesday that home prices nationally fell 0.5 percent in October, compared to the previous month. IAS' housing benchmark is down more than 25 percent from its peak in July of 2006, and is roughly back to its January 2004 level. The company warns, though, that there is significant potential for another wave of inventory next year, accompanied by renewed home price declines.
A New York judge has given a homeowner a clean slate, completely eradicating $525,000 in mortgage payments in a foreclosure settlement proceeding. His reasoning - because the mortgage holder, OneWest Bank which was formed from what was left of the failed IndyMac, displayed "unconscionable" lack of good will in refusing to help the homeowner avoid foreclosure. OneWest says if the ruling is allowed to stand, it could have dangerous implications for the entire mortgage lending industry.
In November, fewer sellers in 27 major markets across the nation reduced home prices, and those who did, reduced prices by less in November than in October, according to a recent report by ZipRealty, a national real estate brokerage in Emeryville, California. But as price reductions slowed, the overall average list price in these markets also declined.
| | |
DSNews.com
Comments
Post a Comment