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Tag Archives: Prognostication

Free and clear homes point the way to increased housing demand

We are all too familiar with the constant media reports that state that approximately one third of home owners are “upside down” or “underwater” on their mortgage.  This is when they owe more on their mortgage than what their home is worth.  As home prices have been steadily increasing, these people are less “underwater” than a year ago but they are still essentially stuck in their current property.

But a new report by Zillow shows that one third of all homes are owned “Free and Clear” with no mortgage at all.

Demographics, home prices and geographical location all seem to play into “free-and-clear” home ownership, according to Zillow’s survey.  Obviously, the longer someone owns a home, the more likely they are to have paid off a mortgage.  When looking at free-and-clear ownership rates as a percentage of homeowners in various age groups, however, Zillow found 34.5 percent of 20- to 24-year-old homeowners are free of mortgages.

This represents an upwardly mobile block of homeowners that can sell their homes and purchase a new one.

 

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Serious Deliquency at Fannie Rises above 4%

Broker Expert: Just 15,000 Firms Left by Year-end Wholesale Access chief David Olson, who has made his living studying the loan brokerage sector, believes there will be just 15,000 firms left by yearend, a stunning 72% decline from the sector’s peak back in 2005. Fannie’s ‘Serious’ Delinquency Rate Breaks 4% The serious delinquency rate on… Continue Reading

Greenspan’s "flaw in the model … that defines how the world works."

•  Still chuckling over Allen Greenspan’s “shocked disbelief”… •  PNC Financial Services is expecting big losses from National City purchase. •  Surprise: Existing Single-Family Home Sales Rise 6.2% in September to highest level in more than a year. •  Rising delinquencies in the second home market? •  FDIC controlled Indy Mac mails 15,000 loan modification… Continue Reading

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