FRIDAY FACTS
December 10, 2010
Inman News noted Corelogic’s reporting that the “shadow” inventory of homes likely to be repossessed or already in REO inventory but not yet on the market reached 2.1 million units in August, up from 1.9 million units a year ago. Because home sales have also slowed, that represents 8 months supply, up from 5 months one year ago. Adding the 2.1 million shadow inventory to the 4.2 million homes on the market, causes the total supply to reach 23 months of inventory, almost double NAR’s estimate in September.
Also in Inman News, as of January 31, 2011, the FTC is banning collection of fees in advance by for profit companies providing foreclosure rescue and loan modification services.
Fannie Mae is piloting a six month program, Home Path Online Offers, on its REO properties in Orlando, San Diego, and Detroit. It requires that offers be submitted online by agents representing buyers in an effort to increase efficiency, transparency and provide buyer’s agents with receipt of offer confirmation and tracking.
HudUser.org/portal/regional.html is a new HUD site with US Census Bureau, Labor Department and HUD data along with info from state and local governments and housing industry sources providing the latest available data on individual markets.
An NAR survey shows the impact of low appraisals. In October, 10% of Realtors had a contacts cancelled, 13% had a contract delayed and 16% had a contract re-negotiated to a lower sales price.
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