Daily Real Estate News | October 12, 2009 | Share
Foreclosures Hitting Pricier Markets Harder
Foreclosures have worked their way through modest neighborhoods and are now hitting higher-priced markets.
Data from Zillow.com suggests that foreclosure rates are rising for homes in the top-third of housing values, while the bottom-third of housing now accounts for 35 percent of foreclosures, down from 55 percent in 2006.
The rising number of foreclosures among more expensive homes mirrors the increase in foreclosures among prime borrowers. More than 58 percent of foreclosure starts in the second quarter were prime loans, up from 44 percent in 2008, according to the Mortgage Bankers Association. Subprime mortgages accounted for one-third of foreclosures, down from half the previous year.
Foreclosures are unlikely to level out until late in 2010, says Stan Humphries, chief economist for Zillow.
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Go Down In History As A Winner!
A Historic Time to Buy
Young people just starting to invest and buying their first homes are potentially the winners in this recession.
First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®
"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future."
A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent.
"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."
Source: The Associated Press, Chip Cutter (10/05/2009)
Young people just starting to invest and buying their first homes are potentially the winners in this recession.
First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®
"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future."
A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent.
"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."
Source: The Associated Press, Chip Cutter (10/05/2009)
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