Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
see FairfaxCounty.gov/economic indicatorsSome good info and stats for FX RE, including price trends, delinquencies and reo's. Compares sub-prime to prime.Saw this on CL (posted by Goodbar).
Thanks for the link, Contrar. Heading out to vote as soon as the lunch-time crowd clears out.4.6 months of inventory in FX Cty. Only 5.5% of loans in Fairfax are "sub-prime".
Delinqencies increased but reo's (shadow inventory?) fell. What does this mean? Banks have cleared alot of inventory? Increased supply coming or did we have a build-up of supply that banks are getting ahead of?
contrarianshould the sheep vote for the wolves?
cherylThe way I interpret it is the Foreclosure moratorium is jamming the pipeline.They've stopped foreclosing, Ergo,Delinquencies are increasing as people go NOD, 90+ days without a NOT.Foreclosures have stopped so the REO's the banks have continue to sell and REO inventory declines.I think you are right the shadow inventory is declining in some sense but it's increasing in others as the pipeline continues filling up.
pat,What percentage of foreclosures are halted? And in what states?Is this info available anywhere?
VA Investor -I suggest you try Realtytrac, though you may need to subscribe to drill down to the information you want. Trending data is published for September, but the halt was not declared until October and should show up when that month's data is released.
c,Alas, I'm am not a member and can't get zip code info.I know that BOA has halted foreclosures in all 50 states; but for how long? Others are only concerned about "judicial" states. PNC indicated a 30 day suspension pending review of some docs.Zandi states that, ironically, this could help housing by delaying a release of inventory until the economy is in better shape.
VA_None of the banks have said how long they will halt foreclosures, but I would be surprised if it is more than a few months. I wouldn't expect delaying foreclosures by a few months to have a noticeable impact on house prices. For now I believe you are correct that BofA is the only bank to halt all foreclosures, but I wouldn't be surprised if Wells Fargo and JP Morgan join them.
Didn't BoA already resume foreclosures?
Zandi was talking about a mere 6 month delay. I guess he thinks things are turning around.btw, there are still plenty of reo's on the market. I think that I read that a major factor was whether the property is vacant.In any event, the zip code info would be informative. Perhaps I should bite the bullet and sign up for the site. I don't know if care enough to do that.
Newbi,Good catch. I had thought so, but it's hard to keep up.
newbie & VA-I remember the announcement that they were going to start again, although I thought they said it would take a few weeks. Either way if they haven't started yet they will start soon.If they think the economy will be a lot better in six months, they are a lot more optimistic than I am. GDP has continued to grow at less than 3%/year. We need GDP to grow at over 3% to start decreasing unemployment and we really need 5+% GDP for 3-4 years to get unemployment back to more normal levels.
hb,Zandi, who is often quoted here, stated the economy would be stronger, but did not quantify it.
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