Renting a home is the new American Dream

home rental

Unlike traditional apartment renters, this breed of American tenants are older and have kids.

The Jacobson family bought their “dream home” in 2005 in the Phoenix area.  They built flagstone steps to the front door. They tiled the kitchen and bathroom. They entertained often, enjoying their mountain views.  “We put our soul into that house,” says Steve Jacobson, 37.

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Sales of foreclosed homes account for 26% of all home sales in the U.S.

foreclosures

The average sales price of homes in foreclosure or bank owned was $161,214.

The leading online marketplace for foreclosure properties,  RealtyTrac® has released it Q1 2012 U.S. Foreclosure Sales Report™ which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 26 percent of all U.S. residential sales during the first quarter.  The sales are up from 22% of all sales in the fourth quarter and up from 25 percent of all sales in the first quarter of 2011.

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More Americans renting homes since financial crisis

foreclosure

There will be more repossessions next year and tougher criteria banks are now imposing on potential borrowers.

The development of multi-family units – a category made up of apartments and townhouses – jumped 25.3 percent last month to an annual rate of 238,000, the Commerce Department said on Tuesday. That helped drive overall construction on new homes up 9.3 percent to an annual pace of 685,000, the strongest since the spring of 2010.

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Banks demolish forclosed homes to ease housing market pressures

demolition

It has become cheaper for banks to demolish forclosed property than to continue to hold onto it.

The sight of excavators tearing down vacant buildings has become common in the foreclosure-ravaged city of Cleveland.  The housing crisis hit this area early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are taking notice.

 

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When foreclosure isn’t the end of the nightmare

Foreclosureeeeee

Foreclosure may not be enough any more.

An underwater homeowner decides to walk away from his house, which then goes into foreclosure. The bank takes the house and then sells it. End of story, right?

Maybe not. Some banks are suing “strategic defaulters” for the amount of money they lost!

Joseph Reilly lost his vacation home here last year when he was out of work and stopped paying his mortgage. The bank took the house and sold it. Mr. Reilly thought that was the end of it.

In June, he learned otherwise…

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Banks turn to bulldozing foreclosed homes

bulldozer_house

Banks are turning to demolition teams instead of realtors to rid them of their least valuable repossessed homes.

Bulldozers are a new remedy for banks in America’s ailing housing market.

There are nearly 1.7 million homes in the U.S. in some state of foreclosure. Banks already own some of these homes and will soon have repossessed many more. Many housing economists worry that near constant stream of home sales from banks could keep housing prices down for years to come. But what if some of those homes never hit the market.

 

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