I think most of us are disgusted after the debt ceiling fiasco.  The recent real estate news is mostly negative, which may equate to opportunity for home buyers. 



Homeownership Rate Drops to 13-Year Low     The nation’s homeownership rate dropped to 65.9 percent in the second quarter. That’s a full percentage point lower than the second quarter of 2010 and a half a percentage point below the rate recorded in the first quarter of 2011.

Paul Dales, senior U.S. economist with the research firm Capital Economics says the increase in the homeownership rate seen during the housing boom has been more than completely wiped out by the bust.

And the decline is not even over yet, according to Dales. He says the poor economic climate, the double dip in house prices, the high number of foreclosures, and tight credit conditions are all reasons why the homeownership rate will continue to fall.  Read the remainder here


1 Million Foreclosures Delayed Until 2012    An estimated 1 million foreclosure-related notices for defaults, auctions, and home repossessions that should be filed by lenders this year will be pushed back until next year, according to the latest report by RealtyTrac.

While the delays could give home owners more time to catch up on their payments and try to avoid foreclosure, housing experts warn this means the looming shadow inventory of distressed properties likely will continue to plague the real estate market even longer.

"The best-case scenario is we don't get back to normal levels of foreclosure activity until 2015, which means the housing market recovery gets delayed by at least a year," says Rick Sharga, a senior vice president at RealtyTrac. Read the remainder here 

Harbs Real Estate Newsletter  

Lack of financing may derail growing housing investments    Looking forward, researchers who compiled the report expect home prices to dip further in 2011 due to limited financing options for investors and a growing gap between the supply of distressed properties and sagging demand from first-time buyers. One market source interviewed by the firm expects price declines of at least another 10%.

"The fact that the recent rebound in existing home sales has been predominantly driven by cash buyers and investors places a question mark over the sustainability of that rebound," said Paul Dales, U.S. housing analyst for Capital Economics, back in March. "The concern is that there may be a limited pool of such buyers and that first-time buyers will not be able to fill any void."  Read the remainder here  


Four Ways Go Green When Renovating Your Bathroom 

More home buyers are walking away from signed contracts 

Harbs Homeowner's Real Estate Newsletter 

Lords of the shadow inventory – over 3 million homes locked away in shadow inventory near peak levels. Prices must fall to prevent massive drawn out drag to economy. California sold 38,000 homes in June but added 43,000 foreclosure filings.  Read the remainder here

Related Posts: The Mortgage Lending Conspiracy
Ten steps to prepare for homeownership
Homebuyers patience is a virtue