Economist says: “Expect two more waves of foreclosures…”
Mortgagenewsdaily.com
“While the U.S is currently in the midst of the largest bout of home foreclosures in at least 30 years, at least one economist says two more ‘waves’are likely on the way.
Patrick Newport, a housing economist at Global Insight, said the next round of foreclosures could come over the next several months as a result of continued job losses in the U.S.
In addition to the nearly 660,000 U.S. jobs lost since December, Global Insight is currently forecasting another 600,000 jobs lost over the rest of 2008 and into the first quarter of 2009.”
“Shadow Inventory” is often overlooked in housing data numbers…
From Signonsandiego.com Aug 19,2008
“Sood, in a recent report, lays out a case for why the surge in foreclosures isn’t being fully reflected in the resale inventory levels, as measured by the real-estate databases known as multiple listing services, or MLS. In nine of the 33 markets Sood examined, distressed inventory is significantly higher than what is found in the MLS listings.
This is most pronounced in what have been deemed “bubble” real estate markets, which saw the biggest gains during the home buying boom and are experiencing the largest declines since the pullback began more than two years ago. For instance, in Sacramento, the foreclosed inventory was 31,219 units, or more than twice the 14,913 units on the MLS listings. San Francisco had foreclosures running at 190 percent of MLS listings, while foreclosures in Phoenix ran at 130 percent of the MLS listings.
Sood attributes that gap largely to bank-owned foreclosed homes that aren’t always captured in the MLS listings. He calls that the “shadow inventory,” and says the behind-the-scenes glut of properties wreaks havoc on housing-related statistics. “
-
Archives
- May 2011 (1)
- April 2011 (1)
- December 2010 (3)
- November 2010 (10)
- October 2010 (8)
- July 2010 (10)
- May 2010 (4)
- April 2010 (15)
- December 2009 (8)
- November 2009 (5)
- September 2009 (13)
- July 2009 (17)
-
Categories
-
RSS
Entries RSS
Comments RSS
