Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Market
Mortgage Delinquencies Drop, Home Prices Up
WASHINGTON (8/9/13)--Seriously delinquent U.S. mortgages fell to a five-year low in the second quarter, while U.S. home prices rose in most metropolitan areas during the quarter.
 
The percentage of home loans more than 90 days delinquent or in foreclosure dropped to 5.88% in the second quarter--the lowest level since third quarter 2008, when it was 5.17%. It was 7.31% a year earlier, the Mortgage Bankers Association reported Thursday (Bloomberg.com and Moody's Economy.com Aug. 8).
 
The recovery in the housing market has provided delinquent borrowers an opportunity to seek loan modifications or become current on payments, while home prices rise at the quickest pace since 2006, Bloomberg said.
 
With home values surging in severely impacted real estate markets, the percentage of  homeowners who owe more than their properties are worth dropped to less than 20% in the first quarter, said CoreLogic Inc., a provider of consumer, financial and property information, analytics and services to business and government.
 
Meanwhile, median home prices continued to rise in most metropolitan areas during second quarter, with the national year-over-year price showing the strongest gain in seven-and-a-half years, according to the latest quarterly report by the National Association of Realtors (NAR). 
 
The median existing single-family home price increased in 87% of measured markets, with 142 out of 163 metropolitan statistical areas showing gains based on closings in the second quarter, compared with the second quarter of 2012. Fifty areas, or 31%, had double-digit gains; one was unchanged and 20 had price declines, NAR said.

The national median existing single-family home price was $203,500 in the second quarter, up 12.2% from $181,300 in the second quarter of 2012, which is the strongest year-over-year increase since the fourth quarter of 2005 when it jumped 13.6%. In the first quarter, the median price rose 11.3% from a year earlier.
RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 day ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 day ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 day ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
1 day ago