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REALTY CHECK

 

Foreclosures – while still historically low – are rising in nearly half of U.S. housing markets. Is it the latest sign of a broader real estate slowdown?

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What To Know:

“The increase in foreclosure starts is not just a one-month anomaly in many local markets given that July represented the third consecutive month with a year-over-year increase in 33 metro areas, including Los Angeles, Miami, Houston, Detroit, San Diego and Austin.”

Daren Blomquist, ATTOM Data Solutions SVP, a property data firm
Money

Why it Matters

The Great Recession was triggered largely by the U.S. housing bubble bursting in 2007 after years of lenders giving out risky mortgages.

Our current lending environment has changed, but one property data company says “some loosening” of lending standards has put risk back into the market.

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Cause For Concern?

  • High Home Prices: Median cost of U.S. homes was up 6.2% in June vs. last year – a lower gain from the previous month.
  • Rising Mortgage Rates: 30-year fixed 4.5% vs. 4% at start of 2018.
  • Homebuilding Slows: hit a 9-month low in July and has yet to significantly rebound.
  • Fewer Foreign Buyers: Overseas purchases down a record 21%.
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Housing faces an uncertain future. A new study finds a record low percentage of millennials think buying a home is a good investment.

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