Flipping hit its peak in the first quarter of 2006, when 8.0 percent of all single family home sales were flips. That share is down to 4.5 percent.
The U.S. foreclosure rate has dropped to its lowest level since 2007, mostly because of the continuing decline in loans made before 2009 during the height of the subprime bubble.
The time period of 2004-2014 represents the strongest 10-year streak of rental growth since the late 1980s.
The high court Monday ruled that struggling homeowners can’t erase the debt from a second mortgage in bankruptcy, even if the home’s value is less than the amount owed on the first mortgage.
“Housing inventory declined from last year and supply in many markets is very tight, which in turn is leading to bidding wars.”
The advocacy groups allege that Fannie Mae maintains and markets its foreclosed properties in white neighborhoods “consistently better” than in middle- and working-class African American and Latino neighborhoods.
“We expect the foreclosure inventory to drop below 1.3 percent by midyear, a level not seen since the end of 2007.”
He encouraged eligible borrowers to take advantage of HARP now while mortgage rates remain historically low (the 30-year fixed averaged 3.80 percent this week).
Some homeowners who were wrongly denied mortgage modifications or other assistance from Wells Fargo should get relief soon after a federal judge ruled this week that the bank was in breach of a 2010 settlement.
There were 39,000 completed foreclosures across the nation in February, down from 46,000 in February 2014, marking 40 months of consecutive year-over-year declines.