Check out this news from today's washingtonpost.com: "The number of U.S. homes entering foreclosure doubled in the first quarter from a year earlier as property prices stagnated and owners struggled to refinance mortgages. Owners of 168,829 homes in 2007's first three months were notified that lenders had filed for foreclosure because of failure to pay loans or liens, up from 83,154 homes in 2006's first quarter, Foreclosures.com said. The firm's announcement came as the National Association of Home Builders/Wells Fargo index of homebuilders' confidence fell to the lowest level of the year." http://www.washingtonpost.com/wp-dyn/content/article/2007/04/16/AR2007041601636.html
Meanwhile, in California: "The number of mortgage default notices sent to California homeowners last quarter rose to its highest in nearly 10 years as home prices stagnated and rates on adjustable loans pushed higher, a report released on Monday said." http://news.monstersandcritics.com/usa/news/article_1292298.php/Mortgage_defaults_in_California_near_decade_high
And on the other coast: "In Massachusetts, foreclosure filings by banks and finance companies have nearly doubled in the past year, with an 87 percent increase in Bristol County, alone." http://www.thesunchronicle.com/articles/2007/04/15/news/news2.txt
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Jason, I appreciate your insight relating to these matters. I have a personal interest in what is going on with our housing, lending and mortgage fields being a Realtor and your Blog help summarize the over load of information that is scattered around our nation.
What I do think is interesting is that our market here in Boise, ID and other parts of our nation is seeing a slight increase in our housing market. My client in San Francisco reports homes sales are on the rise in the $800,000.00 to 1.3 million dollar price range and new development is towering over resale.
Builders in California are offering discounts up to $60,000.00 and allowing buyers to upgrade their property for little to nothing. This says some builders are acting smart and taking advantage of this recovering market. What dropped prices are doing to the neighborhoods, now that is a comment for another day?
Thank you again for the updates.
MarQuis Rhodes Realtor®
Boise, ID (208) 559-0757
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