{"id":13281,"date":"2010-09-20T10:24:50","date_gmt":"2010-09-20T17:24:50","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=13281"},"modified":"2010-09-20T10:24:57","modified_gmt":"2010-09-20T17:24:57","slug":"the-good-news-in-the-housing-market-we-may-be-witnessing-the-beginning-of-the-end-of-the-bad-news-in-the-housing-market","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13281\/the-good-news-in-the-housing-market-we-may-be-witnessing-the-beginning-of-the-end-of-the-bad-news-in-the-housing-market\/","title":{"rendered":"The good news in the housing market? We may be witnessing the beginning of the end of the bad news in the housing market."},"content":{"rendered":"

From The New York Post:<\/em><\/a><\/p>\n

The latest numbers suggest we’re finally at the beginning of the end of the housing correction — no thanks to Washington.<\/p>\n

Last Thursday’s numbers from Realtytrac seemed<\/em> like bad news. In August, foreclosure auctions hit their second-highest monthly total in the report’s history: 147,003, up 9 percent over the month before and up 2 percent over August last year. That’s 7 percent below the peak month, March of this year.<\/p>\n

And the immediate precursor to foreclosure sales — bank repossessions — hit their all-time high in August: 95,364, up just 3 percent over July but 25 percent over August 2009. That makes the ninth straight month repos have increased on a year-over-year basis. But foreclosure is a pipeline — and those numbers are the outflow end of it.<\/p>\n

On the inflow<\/em> end, things are slower. August saw 96,469 default or foreclosure notices go out, a 1 percent drop from July and a 30 percent fall from August 2009. And that<\/em> marks the seventh straight month new foreclosures have fallen on a year-over-year basis. This trend — increased “outflow” and slightly reduced “inflow” foreclosure activity — means that lenders and loan servicers are 1) giving up on modifying mortgages when the borrower can’t pay, and instead repossessing homes and auctioning them off, but also 2) trying to manage the foreclosure pipeline to minimize the downward pressure on home prices.<\/p>\n

Why isn’t this bad news? For starters, a multiyear tidal wave of foreclosure sales has been inevitable ever since the housing bubble burst: Too many people had mortgages they couldn’t afford to pay, mortgages with a face value higher than the home’s new market price. There’s never been any way for prices to start heading back up until they first find their bottom — which won’t happen until those bad mortgages are cleared away.<\/p>\n

President Obama’s $75 billion mortgage-modification program was always going to be a huge failure — you just can’t keep people in homes they can’t afford — but now the markets are admitting it.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

From The New York Post: The latest numbers suggest we’re finally at the beginning of the end of the housing correction — no thanks to Washington. Last Thursday’s numbers from Realtytrac seemed like bad news. In August, foreclosure auctions hit their second-highest monthly total in the report’s history: 147,003, up 9 percent over the month […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[212,29,6,5],"tags":[],"class_list":{"0":"post-13281","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-flourishing","7":"category-group-therapy","8":"category-marketing","9":"category-real-estate","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":339,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/339\/foreclosures-up-27-in-arizona-lies-damn-lies-and-newspapers\/","url_meta":{"origin":13281,"position":0},"title":"Foreclosures up 27% in Arizona? Lies, damn lies — and newspapers . . .","author":"Greg Swann","date":"September 15, 2006","format":false,"excerpt":"Here is a good example of why short-term real estate numbers are so useless.In Arizona, the foreclosure rate leapt nearly 27 percent in August compared to July.Wow! Twenty-seven percent! That's huge... right? Wrong.Foreclosures in August were down nearly 12 percent from the same month last year[.]Last August, there were almost\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4418,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4418\/fannie-and-freddie-fall-to-foreclosure-but-still-lenders-lend\/","url_meta":{"origin":13281,"position":1},"title":"Fannie and Freddie fall to foreclosure, but, still, lenders lend","author":"Greg Swann","date":"September 14, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Fannie and Freddie fall to foreclosure, but, still, lenders lend I write this column at the beginning of the week, and it appears at the end of the week. My topics are usually timeless, but, if I\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11277,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11277\/we-are-all-on-welfare-now-the-governments-assistance-in-the-housing-market-now-is-less-about-giving-us-a-soft-landing-than-it-is-about-having-us-furiously-flap-our-arms-to-stay-aloft\/","url_meta":{"origin":13281,"position":2},"title":"We are all on welfare now: “The government’s assistance in the housing market now is less about giving us a soft landing than it is about having us furiously flap our arms to stay aloft.”","author":"Greg Swann","date":"February 11, 2010","format":false,"excerpt":"The Washington Examiner:The unspoken, bottom line: The federal government has already nationalized the housing industry. We're not just talking about Uncle Sam providing a few subsidies, or even taking over a few of the big players, as they have in the auto industry. This is a complete takeover. Every new\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5485,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5485\/how-the-new-president-is-going-to-prolong-the-housing-bust\/","url_meta":{"origin":13281,"position":3},"title":"How the new president is going to prolong the housing bust","author":"Greg Swann","date":"November 10, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0How the new president is going to prolong the housing bust I'm writing this before the election, so I don't know who will have won by the time you read this. But here's something I do know:\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13405,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13405\/what-to-do-with-the-home-you-obtained-by-expropriation-what-we-want-to-do-is-to-take-the-foreclosure-off-the-credit-report-and-dissolve-it-completely-so-we-can-refinance-the-home-and-start-over\/","url_meta":{"origin":13281,"position":4},"title":"What to do with the home you obtained by expropriation? “What we want to do is to take the foreclosure off the credit report and dissolve it completely, so we can refinance the home and start over.”","author":"Greg Swann","date":"October 21, 2010","format":false,"excerpt":"Now that's cheek. May god have no mercy on the lender who underwrites the refi. From the Wall Street Journal: Niche Lawyers Spawned Housing Fracas.","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1786,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1786\/how-big-is-the-sub-prime-mortgage-market-not-very-big-at-all\/","url_meta":{"origin":13281,"position":5},"title":"How Big Is the Sub-Prime Mortgage Market? Not very big at all","author":"Greg Swann","date":"August 10, 2007","format":false,"excerpt":"Cited by BusinessWeek Online, a very eye-opening analysis of the sub-prime mess from National Review Online:I\u2019ve thought a lot about Rain Man over the past few months as I\u2019ve been following the press coverage of the sub-prime mortgage crisis. The story\u2019s been on the front page of the Wall Street\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=13281"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13281\/revisions"}],"predecessor-version":[{"id":13282,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13281\/revisions\/13282"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=13281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=13281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=13281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}