As the real estate market retreats further from the period of peak distress in home prices, declines are beginning to narrow, according to data released Thursday by First American CoreLogic. On a year-over-year basis, national home prices declined 3.7 percent in December--a notable improvement over November's 5.3 percent drop. According to First American's forecast, home price declines are expected to continue into the spring months, but close out the year with a modest gain.
With hundreds of thousands of California homeowners in foreclosure, a stalemate continues as only a small percentage reach the end of the process and the time to foreclose stretches. New data from locally-based ForecloureRadar shows that the time from notice of default to trustee sale in California has increased from 146 days in August 2008, to 229 days in January 2010, because lenders are increasingly delaying foreclosures to work through loan modifications and other foreclosure alternatives.
American homeowners have historically been particularly sanguine about real estate values, making their perceptions far from the reality of late. But the severity of the housing downturn appears to be finally setting in for homeowners nationwide, according to a new report from real estate data provider Zillow. Just one in five believe their property value increased during 2009, but Zillow says in fact, 28 percent of homes appreciated during the year.
Amid stabilization within the housing market, Freddie Mac reported Thursday that mortgage rates continued to inch down this week, hovering near record lows, with 30-year rates falling to 4.93 percent. "Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery," said Frank Nothaft, Freddie Mac VP and chief economist.
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