Posts Tagged ‘2007…’
Top 20 Real Estate Foreclosure Markets, Mid-Year 2007
Stockton, California reported the highest foreclosure rate among the nation’s 100 largest metro areas from Jan to Jun 2007, according to RealtyTrac, an online marketplace for foreclosure sales. Detroit and Las Vegas documented the next highest foreclosure rates. RealtyTrac’s 2007 Midyear Metropolitan Foreclosure Market Report showed the foreclosure activity in the top 100 metro areas for the first half of 2007. As foreclosure rates continue to rise, 82 out of 100 metro areas recorded year-over-year increases in foreclosures.
Stockton reported one foreclosure filing for every 27 households with a total of 8,169 foreclosure fillings on 4,239 properties. The rate of foreclosure has increased exponentially to three times more than the number reported last year, for the same period.
Detroit, with one in 29 households going for foreclosure, recorded the second highest foreclosure rate. A total of 28,705 foreclosure filings were made on 20,231 properties, which is almost double the number reported from Jan-June 2006.
Las Vegas documented one foreclosure filing for every 31 households, making it the third highest in foreclosure activity among the 100 metro areas. It reported 22,928 foreclosure filings on 13,028 properties, double the number reported during the first half of 2006.
Six of the top 20 metro areas with the highest foreclosure rates were in California and four in Ohio.
The following are the top 20 U.S. housing foreclosure markets from Jan to Jun 2007, the total number of foreclosure filings and households per foreclosure filing.
1. Stockton, California: 8,169 foreclosure filings; one foreclosure filing for every 27 households.
2. Detroit/Livonia/Dearborn, Michigan: 28,705 foreclosure filings; one filing per 29 households.
3. Las Vegas/Paradise, Nevada: 22,928 foreclosure filings; one filing per 31 households.
4. Riverside/San Bernardino, California: 41,351 foreclosure filings; one filing per 33 households.
5. Sacramento, California: 20,516 foreclosure filings; one filing per 36 households.
6. Denver/Aurora, Colorado: 23,842 foreclosure filings; one filing per 42 households.
7. Miami, Florida: 20,275 foreclosure filings; one filing per 46 households.
8. Bakersfield, California: 5,365 foreclosure filings; one filing per 47 households.
9. Memphis, Tennessee: 10,800 foreclosure filings; one filing per 49 households.
10. Cleveland/Lorain/Elyria/Mentor, Ohio: 8,844 foreclosure filings; one filing per 50 households.
11. Fort Lauderdale, Florida: 15,720 foreclosure filings; one filing per 50 households.
12. Atlanta/Sandy Springs/Marietta, Georgia: 36,502 foreclosure filings; one filing per 54 households.
13. Fort Worth/Arlington, Texas: 13,221 foreclosure filings; one filing per 57 households.
14. Fresno, California: 4,867 foreclosure filings; one filing per 60 households.
15. Indianapolis, Indiana: 11,677 foreclosure filings; one filing per 62 households.
16. Dayton, Ohio: 5,966 foreclosure filings; one filing per 63 households.
17. Dallas, Texas: 23,284 foreclosure filings; one filing per 65 households.
18. Akron, Ohio: 4,378 foreclosure filings; one filing per 70 households.
19. Oakland, California: 13,482 foreclosure filings; one filing per 70 households.
20. Columbus, Ohio: 10,706 foreclosure filings; one filing per 70 households.
Experts Forecast 2007 U.S. Real Estate Market Trends
Modest median price gains in new and existing homes, a stable interest rate on the 30-year fixed mortgage, decreased housing starts and a stable unemployment rate are some of the features of the 2007 housing forecast provided by major trade group economists as reported by The Inman News.
NAR chief economist David Lereah expects new-home sales to fall from 1.07 million units sold in 2006 to 975,000 units in 2007, which is an 8.7% decline. He cites decreased new home construction as a large contributing factor to this change. The median new home price of $238,400 in 2006 is expected to increase by 1.3 percent to $241,400 in 2007.
NAR also predicts that existing home sales figures for 2006 to end around 6.47 million units, which is an 8.6% decline from 2005. The 2007 forecast for existing home sales is 6.43 million units. The median price of existing homes in 2006 was $223,700 and is expected to increase 1.7% to $227,500 in 2007.
Doug Duncan, chief economist for the Mortgage Bankers Association predicts the interest rates on 30-year fixed mortgages to stay around 6.5 percent, but mortgage originations to fall 14% to $2.1 trillion.
While Lereah predicts that the unemployment rate to stay at 4.7 percent, Duncan takes it higher and believes it may reach 5.2 percent by midyear 2007. However, he concurs with Lereah in predicting modest home price gains in new and existing homes for the coming year.
The housing forecast of The National Association of Home Builders (NAHB) is in line with NAR and the Mortgage Bankers Association. According to David Seiders, Chief Economist at NAHB, the year 2007 will see the housing market re-adjust itself once the housing demand stabilizes, leading to a healthy balance between supply and demand.
Looking at the state level, the California Association of Realtors (CAR) projects that the median price of California homes will end 2006 around $560,700, and will decline in 2007 to $550,000 — a 1.7% drop. The number of units sold in California will end 2006 around 481,200, and is projected to decrease 447,500 in 2007. CAR predicts that the unemployment rate will stay around 5.1 percent, although interest rates on the 30-year fixed mortgage may hover around 6.7 percent in 2007.
The overall housing forecast for 2007 made by these four major real estate trade groups is not at all bad. Home buyers and investors planning to go ahead with their real estate activities can fare better with the help of a good real estate agent.
Real Estate Predictions 2007
http://www.longislandbubble…
This video is about predictions made Dec 31, 2006 by the bullshitters and bears of real estate as to what will happen to housing in 2007. I have added the aftermath s…
Be A Real Estate Millionaire By Dean Graziosi (2007,…
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