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  • ppedroli@att.net ppedroli Jul 1, 2010 4:37 PM Flag

    Banks are SO SCREWED: Housing Market Wobbling without Tax Credit Crutch

     

    "Foreclosures are expected to climb to 4.5 million this year from 2.8 million in 2009, according to RealtyTrac."


    Housing Market Wobbling without Tax Credit Crutch

    By Don Miller

    http://moneymorning.com/2010/06/30/housing-market-10/

    The housing market has struggled to rebuild since its 2007 collapse, and its recovery is on even shakier ground now that a tax credit for first-time homebuyers has expired.

    Nearly one-third of all U.S. home sales in the first quarter involved properties that were in some stage of mortgage distress, according to RealtyTrac Inc.. And homes on the market that were in the process of foreclosure sold at an average discount of 27% in the first quarter, which does not bode well for new inventory coming onto the market.

    "We're clearly creating more properties that will be sold at distressed prices than the market is absorbing," Rick Sharga, RealtyTrac's senior vice president for marketing, told Bloomberg News in an interview. "The discount will probably stay between 25% and 30% as lenders carefully manage the number of new foreclosure actions in order to avoid flooding the market."

    cont.........

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