As long as the Seattle economy continues to outperform the nation, the region will continue to remain high on the list of bullish markets. Among metropolitan statistical areas with a population of at least , and sufficient home price data, 89 percent posted a year-over-year increase in home prices in , and 27 metro areas 13 percent posted double-digit year-over-year percentage gains, including Tampa-St. Petersburg, Florida up Buyers are moving and relocating, causing a great deal of competition for quality inventory, and causing homes to sell quickly, and at a higher price than in recent years.
Because appraisers look to the past, and do not predict the future, there are still some appraisal issues where appraisals are not meeting sales price. This can only be rectified through strong sales, so this issue will likely resolve itself. Meanwhile, of the metro areas analyzed in the report 53 percent have reached new all-time home price peaks since , after the end of the Great Recession.
Ninety-five of the metro areas analyzed for the report 47 percent , were still below their pre-recession or earlier peaks in median home prices in , including the greater New York-Newark-Jersey City Nationwide home sales to institutional investors entities purchasing at least 10 single family homes or condos in a calendar year represented 2.
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Among metropolitan statistical areas with at least , people and sufficient data, those with the highest share of institutional investor purchases in were Columbus, Georgia-Alabama Nationwide home sales to all-cash buyers represented Among metropolitan statistical areas with at least , people and sufficient data, those with the highest share of all-cash sales were Binghamton, New York Nationwide home sales to buyers using FHA loans typically first time home buyers or others with a low down payment represented Among metropolitan statistical areas with at least , people and sufficient data, those with the highest share of FHA-buyer purchases were McAllen, Texas Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, a state and metropolitan statistical area.
Data is also available at the county and zip code level upon request. You want me to take back a destroyed house and pay the fees to get your name taken off?
You signed you would pay me and you still owe me whether you keep the house or not. If you want your name taken off the title you go pay the fees to have that done. Cool you change your mind or make bad choices and I get screwed? Am I missing anything? Money never sleeps and is never moral.
Stop trying to inject morality into a financial transaction.
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As long as existing laws are obeyed, there is no foul. But yet, i bet you take advantage of all the Tax Return laws to maximize your check from the government every year. I lost 7 properties and paid until my money was all gone, renters stopped paying rent, vandalism and criminals who trashed properties also decimated me financially….
I say be careful, be very careful. The banks are not acting honestly or with respect to us and now they stole my last house.
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I lost the equity I built and am soon to be in the street at age 60….. Impossible to rebuild and very sick. I agreed always we should pay debts but the system is broken and the banks are crooked today. The bible also warns to not be in debt in the last days. We are here folks. Almost funny reading some of the comments here. Many Bible quotes and morality inferences. Really, People? Its a mortgage using real property as the collateral! No more, no less. I can assure everyone that in the USA mortgage lenders do not utilize the Bible, the Koran or any other religious tome in their construction of financial instruments.
Real Estate mortgages are offered and granted or not as a result of utilizing experience combined with hard nosed financial due diligence, and the contracts are overwhelmingly advantageous to the Lenders, not the Purchasers. And the Lender will care not one iota about where the person or family will live after they snatch the property. The Lender receives the documented property if the Purchaser defaults.
There are no after life penalties. The sky does not fall. Your first born will not be taken. The Four Horses of the Apocalypse do not come thundering after the Purchasers in default. Why they are so overly sympathetic to the banks is beyond me. Really, I lost more than the bank did. It would never recover fully and I do not have the years left to have to pay down the difference if I had to sell.
If anything, I think the banks should have seen a bubble coming and modified their lending and appraisals. If I had been warned I may have chosen to rent instead of buy at the market peak in They were playing the game of musical chairs with homeowners and I lost. After the bubble burst I did what I thought was best for me which was to walk away. Little did I know how very much the cards are stacked in favor of the bank. I lost my credit.
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The bank does not have to take back the house. The bank does not have to settle or negotiate with you. The bank can just wait and wait. The law does not require any speed on their part. The bank can cash in on the private mortgage insurance. The bank can get a foreclosure judgment and then just sit on it waiting for the property values to rise leaving you in limbo. And that is all legal.
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Oh yes, AND they got a government bail out. Please STOP feeling sorry for the banks!!!! How about a little kindness and understanding for people who bought at the wrong time at the height of the bubble, especially in the most overheated markets. We lost everything. Walk away or not, the die was cast when the bubble burst. I forgot to mention that the bank also gets the profit from selling it. Debt welchers are very admired. But I feel bad still making other people pay for my choices. So much wrong with that article I hardly know where to start.
I AM that person who always does the right thing.
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I never missed a payment on anything before or after. Bad things happen to good people. Obviously he felt he could weather the storm. I am close to retirement and that would nearly wipe me out. Having a home that would cost me my life savings if I ever had to move was a huge stressor. I tried to do right by them by asking to work with me.
Better for them to get something rather than nothing. They knew they held all the cards. After all, they approved the value of the house too. Most people do not buy homes intending to live in them until they die. Most people expect to be able to sell. My home devaluation was extreme.
There should have been acknowledgement that something went very wrong and a willingness to negotiate down the principle. As for the bible thumpers and I love the Lord they should read and meditate on Deuteronomy Please understand that I agonized over my decision. It was one of the worst times of my life. What I see is that some people are resentful and judgmental even hateful. I think the people you should be resentful to are the bankers who have so much and who should be more understanding and giving to people who by no fault of their own find themselves in difficult situations.
The housing bubble was in so many ways worse than even the market bubbles because it put people out on the street. If you can afford to absorb the losses to your equity, then you can decide to stay in your underwater home and keep paying. But if you can not feel compassion for others who are in worse situations that you, then, at least please let it go and stop harboring ill will toward people who felt they could never recover from the huge losses and decided to walk away and pay the consequences, which also are severe.
So true, Wiley, so true. One other FACT that will astonish and confound the many decent folks who feel they are being dishonest if they stiff the mortgage holder.