Fannie Mae says that consumer confidence is still cause for concern regarding the housing market. Fannie Mae economists are projecting that 2012 home sales will be only slightly higher than this year. Construction was up in September, but it was primarily due to apartment construction. Home builders say that it is still very difficult to compete with all of the distressed properties on the market.
It was recently announced that the Federal Housing Administration (FHA) is getting low on reserves and may need to go to the Treasury for more money. Adding to the worry it was reported that more than 30% of all mortgage modifications made by FHA in 2010 defaulted again within a year. Foreclosures on FHA insured loans declined in September but this was attributed to the slowdown in foreclosure processing due to the robo-signing scandal.
Lender Processing Services (LPS) recently announced that mortgage delinquencies declined in October to 7.93% of outstanding loans, which is down 2% from September and 14.6% from a year ago. LPS information shows that approximately 6.3 million properties are in foreclosure or are 30 days delinquent. The states with the highest percentage of delinquent loans are Florida, Mississippi, Nevada, New Jersey and Illinois.
Fitch has data showing that home values have fallen 7% over the past year. They say that now brings the total decline in housing values nationwide to 38% since the peak. Fitch believes that home prices have not reached the bottom and they expect prices to fall another 13%. They blame the continuing weakness in home values on high unemployment, stricter lending standards, and the glut of distressed houses on the market.
The assessor's effective date of appraisal of January 1 is approaching quickly. Do you know where tax rates are headed in 2012? Do you know what's happened to values in your market area? Here at Fair Assessments, our job is to know the real estate market and know how to save you money. If you own residential real estate in Fulton County, DeKalb County or Gwinnett County, Georgia we can help you with your property tax appeal.
It was recently announced that the Federal Housing Administration (FHA) is getting low on reserves and may need to go to the Treasury for more money. Adding to the worry it was reported that more than 30% of all mortgage modifications made by FHA in 2010 defaulted again within a year. Foreclosures on FHA insured loans declined in September but this was attributed to the slowdown in foreclosure processing due to the robo-signing scandal.
Lender Processing Services (LPS) recently announced that mortgage delinquencies declined in October to 7.93% of outstanding loans, which is down 2% from September and 14.6% from a year ago. LPS information shows that approximately 6.3 million properties are in foreclosure or are 30 days delinquent. The states with the highest percentage of delinquent loans are Florida, Mississippi, Nevada, New Jersey and Illinois.
Fitch has data showing that home values have fallen 7% over the past year. They say that now brings the total decline in housing values nationwide to 38% since the peak. Fitch believes that home prices have not reached the bottom and they expect prices to fall another 13%. They blame the continuing weakness in home values on high unemployment, stricter lending standards, and the glut of distressed houses on the market.
The assessor's effective date of appraisal of January 1 is approaching quickly. Do you know where tax rates are headed in 2012? Do you know what's happened to values in your market area? Here at Fair Assessments, our job is to know the real estate market and know how to save you money. If you own residential real estate in Fulton County, DeKalb County or Gwinnett County, Georgia we can help you with your property tax appeal.
