Equifax’s June edition of its National Consumer Credit Trends Report shows a sharp decline in the number of delinquent mortgage balances.
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In a new report released by data research firm Core Logic, the foreclosure rate in Phoenix has continued to fall. Homes are getting bigger. Does that mean the housing market is getting stronger? Newly released data from the U.S. Census Bureau shows homes are growing in size. In fact we may see a high water mark in 2012. According to this article, homes are typically built smaller in times of economic downturn and larger during times [...] The latest data from the Bureau of Labor Statistics shows Arizona enjoyed the 3rd highest spike in construction job growth in May, trailing only Texas and California. A recent report by the U.S. Department of Commerce states a decline in housing starts due to the slowdown in the apartment and multi-family sector. However there was an increase in permits, which is an indicator of future starts, and also single family housing starts currently underway. A recent report from a Phoenix area title company shows the Phoenix housing market continues to pick up steam. The report released by Grand Canyon Title Agency, Inc. also shows a sharp decline in the number of foreclosures. Between March 2011 and March 2012, U.S. homes sold to foreign buyers rose 24 percent, with 51 percent of the purchases by foreigners occurring in Arizona, California, Florida and Texas. Read more… Zillow says the housing market has hit bottom in more than half the metro areas on its tracking list, but believes there’s still a way to go for areas that continue to decline. According to the Standard & Poor’s/Case-Shiller home-price index, U.S. home values have declined for six consecutive months, but cities like Phoenix, San Diego and Miami are seeing prices rise. According to Arizona based consultant Ben Jones, countries like China and Canada could be in for a housing market correction that could shake the globe. Today’s Middle Class is feeling squeezed from multiple directions: underwater with their homes and mortgage loans, feeling the impact of a faltering economy, and overwhelmed by debt. Student loan debt is a non-yielding threat to the majority of struggling middle-class professionals and, surging above $1 trillion, U.S. student loan debt has surpassed credit card and auto-loan [...] Home prices are falling faster in the nation’s largest cities, according to the latest report, and a record number of foreclosures are expected to push prices down further through next year. [...] Many middle of the road cities are doing better in the down economy. The fact is, they never really boomed so they haven’t really gone bust. Mr Simmonds said in the short term, investors could make money on US stocks, but he warned it wasn’t necessarily a manifestation of something “strong and good”. “It’s a refection of something already chronically unstable becoming more unstable because of the dominant policy preference of the US.” [...] |
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