The solar industry faces its first shortfall in eight years, and smaller installations could be put on hold as a result.
A study from the Federal Reserve Bank of Philadelphia shows that 20 percent of homeowners that go into foreclosure on their first mortgage continue to make payments on a second-lien mortgage. The story was reported by The Wall Street Journal.
For the seventh straight quarter, housing affordability hovered around its highest level in decades, HousingPredictor.com reported. In the third quarter, 71.1 percent of all homes sold were affordable for families earning the median income of $64,400. The record high was set in the first quarter of 2009, when it hit 72.5 percent.
August is one for the books, as mortgage lenders repossessed more homes in August than in any month since the start of the housing crisis. According to foreclosure listing firm RealtyTrac Inc., the rise occurred as the number of properties entering the foreclosure process slowed for the seventh consecutive month. Banks repossessed 95,364 properties in August, up 3 percent from July and an increase of 25 percent from August 2009.
Almost three quarters of Americans give home buying the thumbs up, from 64 percent in a Fannie Mae survey conducted in January.
Manhattan, Las Vegas and Providence, R.I., are among 25 markets that are forecasted to experience steep deflation in housing prices in 2010, according to a new report from the Housing Predictor that forecasts 250 local housing markets in all 50 states. Characteristics studied include income levels, employment trends and changes, school enrollment, business trends, regional political influences, real estate sales history and current housing market velocity.
History credits the famous architect Le Corbusier with the phrase "God is in the details." He was offering a more positive affirmation of the old proverb, "The devil is in the details." While I generally have a positive attitude, I believe custom builders are going to find this year that the devil really is in the details.
Predicting the Future is tricky business. Last year, housing experts uniformly predicted that home building would come off its hot streak, but record results proved them wrong. Now they agree that decline will come this year. According to the NAHB, 2005 will show a modest decline in total housing starts from 1.