Bankruptcy

Housing Slump Showing No Signs of Letting Up

By J. Michael McBride

According to the S&P index, “the home price of 20 cities fell by 12.7 percent in February versus last year, the largest decline since its inception in 2001.” David Blitzer, chairman of the index committee at S&P said, “There is no sign of a bottom in the number” “noting that all 20 metro areas have declined for six straight months.”

The hardest hit states were Nevada, Florida and California facing foreclosure according to the 1Q results from RealtyTrac. “What would normally alleviate the foreclosure situation in a normal market is people starting to buy properties again," said Rick Sharga, RealtyTrac's vice president of marketing.”

“However, the unavailability of loans for people without perfect credit and a significant down payment is slowing the process, he said.

It's a cycle that's going to be difficult to break, and we're certainly not at the breaking point just yet," Sharga added.

The surge in foreclosure filings also suggests that much-touted campaigns by lawmakers and the mortgage lending industry aimed at helping at-risk homeowners aren't paying off.”

You can read the full articles regarding home prices and the growing foreclosures at:
http://biz.yahoo.com/ap/080429/home_prices.html?.v=4
http://biz.yahoo.com/ap/080429/foreclosure_rates.html?printer=1

Michelle

Full post as published by Texas Lawyer Blog on April 29, 2008 (boomark / email).