Open House - Fannie Mae Mortgage Help Center, Atlanta
September 15, 2010
10:00 AM
950 East Paces Ferry Road NE
9th Floor
Atlanta, GA 30326
Ceasar Mitchell, Atlanta City Council President
Jeff Hayward, Senior Vice President, Fannie Mae
Carrie Harris, President and Founder, The D&E Group, A
Financial Education and Training Institute, Inc.
Fannie Mae will host a special open house event at its Atlanta Mortgage Help Center. The event will bring together counseling and mortgage industry partners to emphasize foreclosure prevention and highlight help that is available.
Fannie Mae's new facility provides greater metro homeowners, who have a Fannie Mae loan and may be at risk of foreclosure, the opportunity to meet directly with dedicated on-site staff and experienced housing advisors who speak English and Spanish to discuss their mortgage situation. These face-to-face meetings help borrowers better understand the entire range of foreclosure prevention options and provide an opportunity to work closely with servicers to achieve a prompt resolution.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
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Monday, September 13, 2010
Fannie Mae to Host Open House at New Atlanta Mortgage Help Center September 15
Wednesday, September 8, 2010
HUD Awards $4.9 million in Funding to Ease the Impact of Foreclosures in Atlanta
The State of Georgia received $50 million in HUD funding
Mayor Kasim Reed was joined today by HUD’s Southeast Regional Administrator Edward Jennings, Jr., Congressman Hank Johnson and other state and local leaders as U.S. Housing and Urban Development Secretary Shaun Donovan awarded an additional $50,421,988 in funding to Georgia communities struggling to reverse the effects of the foreclosure crisis. The grants announced today represent a third round of funding through HUD’s Neighborhood Stabilization Program (NSP) and will provide targeted emergency assistance to help local communities in Georgia acquire, redevelop or demolish foreclosed properties.
“The City of Atlanta is grateful for the support of the U.S. Department of Housing and Urban Development and the Georgia Department of Community Affairs,” said Mayor Kasim Reed. “The City of Atlanta is focused on continuing to do the work necessary to purchase, renovate and resale abandoned foreclosed homes and apartment complexes and make them livable once again. With additional NSP3 grant funds we will be able to reach deeper into our communities.”
“These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods,” said Donovan. “We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight. As a direct result of the leadership provided by Senator Chris Dodd and Congressman Barney Frank, who played key roles in winning approval for these funds, we will be able to make investments that will reduce blight, bolster neighboring home values, create jobs and produce affordable housing.”
“Targeting these funds to hard hit areas in the state will help local leaders and communities fight blight, abandonment and work towards improving home values and create jobs.” said, Edward Jennings, Jr., US Housing and Urban Development, Southeast Regional Administrator.
The funding announced today is provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act. To date, there have been two other rounds of NSP funding: the Housing and Economic Recovery Act of 2008 (HERA) provided $3.92 billion and the American Recovery and Reinvestment Act of 2009 (Recovery Act) appropriated an additional $2 billion. Like those earlier rounds of NSP grants, these targeted funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values. Today, 92 cents of every dollar from the first round of NSP funding is obligated – and is in use by communities, buying up and renovating homes, and creating jobs.
State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer down payment and closing cost assistance to low- to moderate-income homebuyers (household incomes not exceed 120 percent of area median income). In addition, these grantees can create “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property.
NSP 3 will take full advantage of the historic First Look partnership Secretary Donovan announced with the National Community Stabilization Trust last week. First Look gives NSP grantees an exclusive 12-14 day window to evaluate and bid on properties before others can do so. By giving every NSP grantee the first crack at buying foreclosed and abandoned properties in these targeted neighborhoods, First Look will maximize the impact of NSP dollars in the hardest-hit neighborhoods – making it more likely the properties communities want to buy are strategically chosen and cutting the traditional 75-to-85 day process it takes to re-sell foreclosed properties in half. NSP also seeks to prevent future foreclosures by requiring housing counseling for families receiving homebuyer assistance. HUD seeks to protect future homebuyers by requiring States and local grantees to ensure that new homebuyers under this program receive homeownership counseling and obtain a mortgage loan from a lender who agrees to comply with sound lending practices.
In determining the allocations announced today, HUD, as it did with NSP1, followed key indicators for the distribution formula outlined by Congress. HUD is using the latest data to implement the Congressional formula. The formula weighs several factors to match funding to need in the 20 percent most distressed neighborhoods as determined based on the number and percentage of home foreclosures, the number and percentage of homes financed by a subprime mortgage related loan, and the number and percentage of homes in delinquency. To estimate the level of need down exactly what to the neighborhood level, HUD uses a model that takes into account causes of foreclosures and delinquencies, which include housing price declines from peak levels, and increases in unemployment, and rate of high cost and highly leveraged loans. HUD also considers vacancy problems in neighborhoods with severe foreclosure related problems.
In addition to a third round of NSP funding, the Dodd-Frank Wall Street Reform and Consumer Protection Act creates a $1 billion Emergency Homeowners Loan Program to be administered by HUD. This loan program will provide up to 24 months in mortgage assistance to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition. HUD will announce additional details, including the targeted areas and other program specifics when the program is officially launched in the coming weeks.
About HUD
HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
Georgia | Atlanta | $4,906,758 |
Augusta-Richmond County | $1,161,297 | |
Carroll County/Villa Rica City | $1,190,390 | |
Clayton County | $3,796,167 | |
Cobb County | $2,415,784 | |
Columbus-Muscogee Co | $1,128,174 | |
Dekalb County | $5,233,105 | |
Douglas County | $1,628,471 | |
Fulton County | $3,094,885 | |
State Of Georgia | $18,679,977 | |
Gwinnett County | $2,065,581 | |
Henry County | $1,217,736 | |
Macon | $1,503,897 | |
Paulding County | $1,372,214 | |
Savannah | $1,027,553 | |
Georgia Total | $50,421,988 |
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Thursday, September 2, 2010
LPS' July Mortgage Monitor Report: Foreclosure Starts Increase; Late-Stage Delinquencies Lead Rise
/PRNewswire/ -- The July Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE:LPS) shows that foreclosure starts are on the rise, with seriously delinquent loans - those six or more months delinquent - dominating new foreclosure actions.
The increase in foreclosure starts is consistent with the Department of Treasury's latest report that approximately half of all Home Affordable Modification Program (HAMP) trial modifications resulted in cancellation, though 45.4 percent of those have resulted in alternative (non-HAMP) modifications.
Delinquent and foreclosure inventories continue to stabilize but have yet to show annual declines. Continuing the trend from June, agency prime loans have seen the greatest month-over-month increase in foreclosure inventory and the second highest percentage increase since January 2009. Only non-agency jumbo prime loans have experienced a greater increase during the same period, but the month-over-month results indicate that this inventory has begun to decline.
The report also shows that approximately 895,000 loans that were current at the beginning of January are at least 60 days delinquent or in foreclosure as of the end of July - a month-over-month increase of 120,000 loans. Cure rates remain steady overall, but seriously delinquent cures have declined significantly, by approximately 25 percent, which is consistent with the decline in permanent modifications established during the month of July.
Other key results from LPS' latest Mortgage Monitor report include:
Total U.S. loan delinquency
rate: 9.33 percent
Total U.S. foreclosure
inventory rate: 3.75 percent
Total U.S. non-current* loan
rate: 13.08 percent
States with most non-current* Florida, Nevada, Mississippi,
loans: Georgia, Arizona
States with the fewest non- North Dakota, South Dakota,
current* loans: Alaska, Wyoming, Montana
*Non-current totals combine foreclosures and delinquencies as a
percent of active loans in that state.
Note: Totals based on LPS Applied Analytics' loan-level database of
mortgage assets.-----
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Number of Foreclosures in August, 2010 Still Falling
/PRNewswire/ -- Foreclosure Deals, an online leader in the foreclosed homes for sale listings and information industry, announced today that foreclosures increased by 4% nationwide during July and still have fall in the month of August. The month's total of 325,225 homes represents a 10% decrease from foreclosure totals in June 2009, and indicate that the trend of rising bank repossessions is continuing well into the summer.
Using statistics drawn from the Foreclosure Deals database of foreclosure properties, the company revealed that bank repossessions, also known as REO properties, totaled 94,500 during July with a drop of less than 1% in the month of August, nearly matching the single-month record. Bank repossessions represent the final stage of the foreclosure process, but are still sold for discounts as bank owned homes. Notices of default, which mark a new foreclosure, were up 1% in July, but down over 28% from July of 2009.
The trend of increasing bank repossessions and fewer Notice of Default has been the case for several months, but experts are careful to point out that it does not signal that the foreclosure market is flagging.
"Foreclosure totals are up over 300,000 for the month of August, and that's a huge number," remarked James Foxx, a business analyst with Foreclosure Deals. "A lot of bank repos are occurring because they're finally clearing out the huge log of properties that have been in foreclosure limbo due to moratoriums, loan negotiations and similar delays. Notices of default are down, but a lot of that has to do with foreclosure prevention programs. So we're cutting down on new foreclosures, but there are still plenty of bank-owned homes out there, keeping the foreclosure inventory high."
The top 5 states for foreclosure totals, California, Florida, Michigan, Illinois and Arizona, all saw foreclosures increase during August by at least 7%, except for California, which saw its totals decrease slightly by 3.1%. Illinois saw a staggering monthly increase of 33% mainly in Chicago.
The states with the highest rates of foreclosure however, Arizona, Florida and Nevada, all saw a dramatic decrease in foreclosures from August of 2009. Other states saw their foreclosure rate increase dramatically during the same time period, including Michigan, up 128%; Illinois, up 35%; Maryland, up 35%; and Georgia, up 13%.
"A lot of buyers are reporting great deals on bank repossessions," notes Foxx. "Banks are looking to get rid of that surplus inventory, and prices have been very competitive."
Foreclosure Deals is a leading source for detailed foreclosure listings, news and information for buyers and investors. For more information on foreclosures or to browse listings in your area, visit www.ForeclosureDeals.com.
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Monday, August 30, 2010
Couples Race to Atlanta Open Houses to Win Hidden $20,000 Down Payment Prize
/PRNewswire/ -- HomeFinder.com (http://www.homefinder.com/), a popular home search site, today announced the upcoming HomeFinder.com Race for the Home event inviting Atlanta home buyers and sellers to participate in a one day, challenge-filled, location-based game on Saturday, September 25. HomeFinder.com, together with Prudential Georgia Realty and Google Ventures backed gaming company, SCVNGR, will offer a grand prize of $20,000 during a real estate-inspired version of "The Amazing Race." The home buyers who score the most points by successfully completing challenges in Atlanta open houses will win the $20,000 grand prize. The HomeFinder.com Race for the Home will also help to raise funds for breast cancer awareness through the Susan G. Komen For the Cure Greater Atlanta Foundation.
Atlanta homebuyers and sellers are all welcome to sign up! Any couple or team of two can participate and all ages 18 or over are welcome. Participants can register today at www.raceforthehome.com and tell their story why they should be chosen to play for the chance to WIN the $20,000 cash grand prize sponsored by Prudential Georgia Realty, SunTrust Mortgage and Weissman, Norwack, Curry & Wilco P.C. The spots are limited and registration will end on Friday, September 24th.
The HomeFinder.com Race for the Home will involve special challenges at featured listings from top Atlanta real estate broker Prudential Georgia Realty. Players will be tasked with individual challenges around each listing to accumulate points throughout the game. The team with the most points will earn bragging rights as well as $20,000, which can be used for a down payment for their dream home.
"Real estate is one of the most customer-driven industries," said Tim Fagan, president and CEO of HomeFinder.com. "We're thrilled to host this unique opportunity to not only serve our home buying audience by helping them find their dream homes, but also to connect them with one of our top local Atlanta partners, Prudential Georgia Realty, in a dynamic new way. The current housing market poses its challenges, but finding and buying your home is still a fun, fulfilling experience, and we're excited to bring that spirit to this action-packed event."
"In the last three years, our company has made significant investments to build a powerful marketing and technology infrastructure. While others have cut costs to survive the real estate downturn, these innovations have served our agents and clients well. During this period, we have grown market share more than any large brokerage. Today, our company is #1 in units sales, #1 in buyers and #1 in listing inventory for the Metro Atlanta and North Georgia markets," said Prudential Georgia Realty President and CEO Dan Forsman. "We're excited to team up with HomeFinder.com and SCVNGR to bring the Race for the Home event to Atlanta. SCVNGR brings a cool and fun mobile technology solution. More importantly, it will showcase our open houses and produce more results for our clients. Our company has also made a strategic commitment to position our listings as Featured Properties on HomeFinder.com. This exposure on such a high profile national Web site is an important part of this event and will drive substantial traffic to our listings."
Thanks to SCVNGR's cutting-edge mobile social technology, playing is easy and free in this high tech house hunt. All of the challenges will be delivered via text message right to a player's cell phone. SCVNGR's mobile platform is compatible with any cell phone, model and carrier.
Mark your calendars. The HomeFinder.com Race for the Home in Atlanta kicks off September 25 at Piedmont Park (Oak Hill) at 9 a.m. with an after party immediately following at Max Lager's at 2 p.m. For more info and to register for your chance to play, visit www.raceforthehome.com.
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Friday, August 27, 2010
HUD Shares Plans for New Reverse Mortgage Option
/PRNewswire/ -- The Federal Housing Administration (FHA) announced today that it intends to make modifications to its Home Equity Conversion Mortgage (HECM) product, a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners seeking to tap their home equity to cover living expenses and health care costs, according to the National Reverse Mortgage Lenders Association.
A HECM is a reverse mortgage that is insured by the FHA. It is designed to enable elderly homeowners (62 years or older) to borrow against the equity in their home without having to make monthly payments as is required with a traditional "forward" mortgage or home equity loan. Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells or passes away. If the balance due upon settlement of the loan exceeds the value of the home, the FHA insurance covers the difference. HECM borrowers may draw down funds as a lump sum at loan origination, establish a line of credit or request fixed monthly payments for as long as they continue to live in the home. The FHA insurance guarantees HECM borrowers that the funds they expect to access from a reverse mortgage will be available to them, no matter what might happen to the lender from which they've obtained the loan.
HECMs are now primarily used by seniors to cover a monthly gap between income and living expenses, to pay for health care, cover home repair and maintenance costs, or to avoid foreclosures. Despite the obvious value of this financial product to America's senior population, the most frequently heard complaint among people who did not take a reverse mortgage has been that the upfront costs were high. So HUD has responded by creating a variant on the standard HECM product that substantially lowers those costs.
In a telephone briefing to prepare industry participants for upcoming changes to the HECM program, HUD Deputy Assistant Secretary Vicky Bott shared the Department's plans to implement a new variant of the product, referred to as the "HECM Saver," that will provide seniors with a reverse mortgage option that significantly lowers upfront costs by virtually eliminating the upfront Mortgage Insurance Premium that is required under the standard HECM option. Bott also reported accompanying changes intended for the existing HECM product, now referred to as a "HECM Standard." The introduction of the HECM Saver and changes to the HECM Standard are expected to be effective shortly after the new federal fiscal year begins this October.
The primary difference between the two HECM options will be in the cost of the upfront Mortgage Insurance Premium (MIP) and the amount of the funds, or "principal limit," available to borrowers. The upfront Mortgage Insurance Premium is charged by the Federal Housing Administration to support its insurance fund. Under the HECM Standard option, the upfront MIP will remain at 2% of the value of the property (or 2% of the maximum FHA loan limit of $625,500, if the property has a value greater than that.) HECM Saver will have an upfront MIP of only .01% of the property's value, significantly reducing upfront costs.
This cost saving in upfront fees is able to be achieved because the amount of money available to a borrower, an amount known as the "principal limit," under a HECM Saver will be reduced, substantially lowering the risk to the FHA insurance fund. Borrowers will receive approximately 10% to 18% less under the HECM saver option, than they would under the HECM Standard option.
These changes, Bott explained, are "enhancements to make the program sustainable."
"We applaud HUD for undertaking the analysis required and re-engineering the HECM program to create options that will make it a viable solution for more older homeowners," said Peter Bell, President of the National Reverse Mortgage Lenders Association. "The upfront mortgage insurance premium has been a deterrent to some prospective borrowers, particularly those needing less than the full amount available under the traditional HECM Standard program. This new variation, the HECM Saver, presents a sensitive response to their needs."
This new change comes about as HUD is also in the process of implementing a new, updated Counseling Protocol for prospective reverse mortgage borrowers, which takes effect on September 11, 2010. All prospective HECM borrowers are required to attend an individualized counseling session with an exam-qualified reverse mortgage counselor employed by a HUD-approved independent counseling agency prior to formally applying for a HECM reverse mortgage. Under the new Counseling Protocol, which governs what is to take place during a counseling session, the client and counselor will utilize a new Financial Interview Tool to assess whether or not the homeowner should be able to sustain themselves in their home and meet their financial obligation after obtaining the HECM. Additionally, an online tool, BenefitsCheckup.org, will be utilized to identify other sources of assistance that might help homeowners meet their needs.
"The revised counseling protocols, new HECM options and other enhanced consumer protections that are being implemented by HUD, housing counselors and reverse mortgage lenders who are members of NRMLA, should help homeowners understand that they can borrow with confidence, if they are considering a reverse mortgage," according to Bell.
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Saturday, August 21, 2010
HUD Southeast Warns of Fraudulent Housing Voucher Sales
The U.S. Department of Housing and Urban Development Southeast Regional Administrator Edward Jennings, Jr. warns that fraudulent efforts to sell housing vouchers in Atlanta are being reported. Housing vouchers are not for sale but rather are issued locally by public housing agencies (PHA). The PHAs receive federal funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program.
“Individuals, families and veterans need to be on the alert to this scam and ensure that they do not pay for these fraudulent housing vouchers,” said, Jennings. “Housing vouchers are issued by public housing authorities and if someone should attempt to sell you a voucher please contact US HUD Office of the Inspector General immediately at 1-800-347-3735.
The housing choice voucher program is the federal government's major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments. The participant is free to choose any housing that meets the requirements of the program and is not limited to units located in subsidized housing projects.
Housing choice vouchers are administered locally by public housing agencies (PHAs). The PHAs receive federal funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program. A family that is issued a housing voucher is responsible for finding a suitable housing unit of the family's choice where the owner agrees to rent under the program. This unit may include the family's present residence. Rental units must meet minimum standards of health and safety, as determined by the PHA.
VA Reaches Out to Homeowners Affected by Gulf Oil Crisis
(BUSINESS WIRE)--Veterans in the Gulf States impacted by the recent oil spill may qualify for delayed mortgage payments if their mortgages are already guaranteed by the Department of Veterans Affairs (VA).
“We must assist these Veterans in this difficult time, just as they have supported us in their sacrifice to the Nation.”
“We are strongly urging mortgage companies to extend every possible forbearance to Veterans whose livelihoods have been affected by the oil spill crisis,” said Secretary of Veterans Affairs Eric K. Shinseki.
Shinseki noted that several mortgage companies have already announced plans to waive late payment charges and suspend negative reporting to credit bureaus on affected borrowers. VA is asking all mortgage companies to follow this example.
“Through no fault of their own, many of our Veterans are out of work and are struggling to earn an income,” the Secretary added. “We must assist these Veterans in this difficult time, just as they have supported us in their sacrifice to the Nation.”
VA has information on its website, www.homeloans.va.gov, that provides basic guidance for Veterans affected by a major disaster. Veterans in need of mortgage counseling may also contact their nearest VA regional loan center at 1-877-827-3702 for help and information, regardless of whether or not they have a VA home loan.
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Thursday, August 19, 2010
U.S. Census Bureau Releases Detailed Information on Nation's Housing; Monthly Housing Costs Reach $1,000 for Homeowners
/PRNewswire/ -- The nation's homeowners paid a median of $1,000 in monthly housing costs in 2009, compared with $808 for renters, according to data released today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. However, renters usually paid a higher percentage of their household income on these costs than did owners (31 percent compared with 20 percent).
These new figures come from the 2009 American Housing Survey, the definitive source of information on the quality of housing in the United States. Statistics are provided for apartments, single-family homes, manufactured housing, new construction and vacant housing units.
Issued jointly every two years by the U.S. Census Bureau and the Department of Housing and Urban Development, this survey provides detailed information on the characteristics of the nation's housing stock.
A wide range of specific topics is covered, such as the presence of air conditioning, crowding, housing costs, special living services offered to older residents, safety equipment present, type of heating fuel used, satisfaction with the neighborhood, cost of utilities and size of the home. The survey also covers the demographic characteristics of the housing units' occupants.
"So many of these measures are really unique to this survey," notes Tamara Cole, chief of the Census Bureau's American Housing Survey Branch. "Together they provide a comprehensive view of the quality of the nation's housing stock. This survey is also a longitudinal one, meaning it follows the same unit over time. For example, you can track the remodeling done to a specific unit from one survey to the next."
The 2009 survey indicates that respondents are generally quite content with where they live: about 70 percent rate their homes an 8, 9, or 10 on a scale of 1 to 10 with 28 percent giving them the "best" rating of 10. Residents of new construction tend to rate their homes even more highly: 84 percent gave them between an 8 and 10, and 45 percent gave a perfect 10 rating. Likewise, more than two-thirds of residents (68 percent) rated their neighborhood highly with 25 percent giving it a "best" rating. People living in newly built homes rate their neighborhoods especially highly: 75 percent (rated highly) and 35 percent (rated best), respectively. (See Graphs 1 and 2.)
Other highlights for the nearly 112 million occupied housing units:
-- The median year housing units were built was in 1974, with
owner-occupied units being slightly newer (median of 1975 compared
with 1971 for renter-occupied units).
-- The median purchase price of homes was $107,500; for a newly
constructed home, it was $240,000.
-- Thirty-two percent of owner-occupied units were owned free and clear,
66 percent had a regular and/or home equity mortgage and 2 percent had
only a line-of-credit.
-- The most important consideration for recent movers in choosing their
homes was financial (28 percent), followed by room layout/design (15
percent) and size of home (10 percent). Furthermore, the most common
reasons recent movers had for choosing their neighborhoods were
convenience to job (20 percent), convenience to friends or relatives
(14 percent), look/design of neighborhood (10 percent) and the house
itself (10 percent).
-- About two-thirds (64 percent) of the units used a warm-air furnace for
heating; 12 percent used an electric heat pump; and 11 percent used a
steam or hot water system. The latter is increasingly falling out of
use as only 2 percent of new units use this system.
-- About half of homes (48 percent) had a separate dining room and three
in 10 (30 percent) reported two or more living rooms or recreation
rooms. About one-third (35 percent) had a usable fireplace.
-- About two-thirds of housing units (65 percent) had central air
conditioning and another 21 percent had window units; for new units,
the percentage with central air conditioning was even higher (89
percent).
-- About nine in 10 units (93 percent) reported the presence of a smoke
detector. Additionally, 36 percent reported having a working carbon
monoxide detector, 45 percent purchased or recharged a fire
extinguisher in the last two years and 5 percent had a sprinkler
system.
-- Most homes had three or more bedrooms (64 percent), with the
percentage even higher in new homes (80 percent). Additionally, about
half of homes (51 percent) had two or more bathrooms, with the
percentage even higher (89 percent) in new homes.
-- Ten percent of communities had secured entrances, with the likelihood
somewhat higher (15 percent) in new communities.
Data from this survey are available at the national and regional level, and for inside and outside metropolitan statistical areas, and urban and rural areas.
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Homeowner Confidence in Real Estate Market Dips; 1 in 3 Think Worst Is Yet to Come, While 38% Think Local Home Values Have Reached Bottom
/PRNewswire/ -- Homeowners(i) are more pessimistic about the short-term future of home values in their local market than they have been in the past three quarters, according to the Zillow second quarter Homeowner Confidence Survey(ii). One-third (33 percent) believe home values in their local housing market have not yet reached a bottom, while 38 percent believe they have already reached a bottom.
More than one-quarter (28 percent) of U.S. homeowners said home values in their local real estate market will decrease in the next six months, up from 20 percent in the first quarter. Additionally, less than one-third (30 percent) believe home values in their local market will increase, down from 42 percent in the first quarter.
Despite the increasing pessimism, a large number of homeowners anxiously await the opportunity to sell. Five percent of U.S. homeowners say they are very likely to put their home on the market in the next six months if they see signs of a real estate market turnaround. This translates into 3.8 million homes with the potential to come into the market(iii). By comparison, 5.2 million existing homes were sold in all of 2009(iv).
Looking backward, homeowners also became slightly more pessimistic about the performance of their own homes' values in the past year. Less than a quarter (24 percent) of homeowners said their home had increased in value in the past year, compared to 27 percent in the first quarter. In reality, 34 percent of homes increased in value in the second quarter, according to the Zillow Q2 Real Estate Market Reports.
"As homeowners have been so inundated recently with news of declining home sales post-tax credit, it's no surprise that they would become more pessimistic about the future of home values," said Dr. Stan Humphries, chief economist at Zillow.com®. "Homeowners have become much more responsive to current market conditions than they were just two years ago, when a more typical reaction was denial.
"Given this sentiment, we're surprised so many homeowners believe their market has already bottomed. Although our Q2 reports indicated signs of stabilization in 30 percent of markets we cover, we're concerned that this was at least partly due to the homebuyer tax credits. We're already seeing payback for the credits in the form of declining home sales, and this trend will push up inventory levels and exert downward pressure on home values. Add in the inventory from the millions of sidelined sellers and we'll take more steps back. Our forecast remains largely unchanged: We're in for an L-shaped recovery that will likely keep annualized home value appreciation very low for the next three to five years."
Homeowner Perception by Region ------------------------------ Homeowner Perception of Home Value US Q2 Change in Past Year by Region 2010 Northeast Midwest ---------------------------------- ------ --------- ------- My Home's Value Has Decreased 49% 40% 50% ---------------------------------- --- --- --- My Home's Value Has Stayed the Same 27% 37% 30% ----------------------------------- --- --- --- My Home's Value Has Increased 24% 23% 20% ----------------------------- --- --- --- Market Reality: Homes Reporting Year- over-Year Value Changes in Q2, according to Zillow ------------------------------------- Actual Percent of Homes that Decreased 61% 53% 70% -------------------------------------- --- --- --- Actual Percent of Homes that Stayed the Same (+/-1%) 7% 9% 7% --------------------------------------- --- --- --- Actual Percent of Homes that Increased 32% 38% 23% -------------------------------------- --- --- --- Q2 2010 Home Value Misperception Index(v) -2 -5 4 -------------------------------- --- --- --- Q1 2010 Home Value Misperception Index 5 -2 4 -------------------------------------- --- --- --- Q2 2009 Home Value Misperception Index 13 10 10 -------------------------------------- --- --- --- Homeowner Perception of Local Market Value in Next Six Months ------------------------------------ Home Values In Local Market Will Decrease 28% 24% 32% -------------------------------- --- --- --- Home Values In Local Market Will Stay the Same 42% 45% 46% ------------------------------------- --- --- --- Home Values In Local Market Will Increase 30% 31% 22% -------------------------------- --- --- --- Homeowner Appreciation Expectations over the Next 12 Months ----------------------------------- How Much Own Home's Value will Increase 6% 10% 10% (Median number based on homeowners who expect their home to increase in value in next 12 months) --- --- --- --------------------------------------- How Much Own Home's Value will Decrease 10% 10% 20% (Median number based on homeowners who expect their home to decrease in value in next 12 months) --- --- --- --------------------------------------- Homeowner Perception of the Timing of the Real Estate Market Bottom ------------------------------------- The Housing Market Has Already Hit Bottom 38% 39% 36% ---------------------------------- --- --- --- The Housing Market Has Not Yet Reached Bottom 33% 35% 32% -------------------------------------- --- --- --- I Don't Know When the Housing Market Will Reach Bottom 29% 26% 32% ------------------------------------ --- --- --- Homeowner Perception of Home Value Change in Past Year by Region South West -------------------------------------------- ----- ---- My Home's Value Has Decreased 47% 65% ----------------------------- --- --- My Home's Value Has Stayed the Same 25% 15% ----------------------------------- --- --- My Home's Value Has Increased 28% 20% ----------------------------- --- --- Market Reality: Homes Reporting Year-over- Year Value Changes in Q2, according to Zillow ------------------------------------------ Actual Percent of Homes that Decreased 65% 58% -------------------------------------- --- --- Actual Percent of Homes that Stayed the Same (+/-1%) 7% 7% -------------------------------------------- --- --- Actual Percent of Homes that Increased 28% 35% -------------------------------------- --- --- Q2 2010 Home Value Misperception Index(v) 8 -15 ----------------------------------------- --- --- Q1 2010 Home Value Misperception Index 14 -12 -------------------------------------- --- --- Q2 2009 Home Value Misperception Index 18 7 -------------------------------------- --- --- Homeowner Perception of Local Market Value in Next Six Months --------------------------------------------- Home Values In Local Market Will Decrease 28% 26% ----------------------------------------- --- --- Home Values In Local Market Will Stay the Same 41% 36% ----------------------------------------- --- --- Home Values In Local Market Will Increase 31% 38% ----------------------------------------- --- --- Homeowner Appreciation Expectations over the Next 12 Months -------------------------------------------- How Much Own Home's Value will Increase 5% 10% (Median number based on homeowners who expect their home to increase in value in next 12 months) --- --- --------------------------------------------- How Much Own Home's Value will Decrease 10% 10% (Median number based on homeowners who expect their home to decrease in value in next 12 months) --- --- --------------------------------------------- Homeowner Perception of the Timing of the Real Estate Market Bottom ----------------------------------------- The Housing Market Has Already Hit Bottom 37% 40% ----------------------------------------- --- --- The Housing Market Has Not Yet Reached Bottom 33% 32% --------------------------------------------- --- --- I Don't Know When the Housing Market Will Reach Bottom 30% 29% ----------------------------------------- --- --- (NOTE: Column percentages may not total 100 percent due to rounding)Long-term home value expectations vary by region
Looking further into the future, the majority of homeowners believe their own homes' values will either increase (27 percent) or stay the same (35 percent) in the next 12 months, while 12 percent expect a decrease and 26 percent don't know.
Of those who expect their home's value to increase, the median expectation is a rise of 6 percent, although that varies by geography. Northeastern and Western homeowners who expect an increase anticipate a median rise of 10 percent, while Southern and Midwestern homeowners expect a median increase of 5 percent. Those who expect their home's value to decrease in the next year anticipate a median decrease of 10 percent.
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Wednesday, August 18, 2010
LendingTree.com Weekly Mortgage Rate Pulse Reports Rates Fall to New Lows
LendingTree lowest rates for Georgia - 3.88% (4.01% APR)
/PRNewswire/ -- Mortgage rates fell to new lows this week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.
On August 17, lenders on the LendingTree network offered mortgage rates as low as 4.00 percent (4.13% APR) for a 30-year fixed mortgage, 3.5 percent (3.85% APR) for a 15-year fixed mortgage and 2.875 percent (3.41% APR) for a 5/1 adjustable rate mortgage (ARM). Rates fell one eighth of a point week-over-week for all product types.
Average home loan rates offered by lenders on the LendingTree network were 4.52 percent (4.70% APR) for 30-year fixed mortgages, 4.14 percent (4.43% APR) for 15-year fixed mortgages and 3.48 percent (3.72% APR) for 5/1 ARMs.
"The current rate spread has widened to 108 basis points or 1.08%, approaching the high of 111 basis points we reached at the end of July," said Cameron Findlay, Chief Economist of LendingTree.com. "For perspective, the median spread this year has been 74 basis points. So consumers in the market for a home loan should really be doing their homework to ensure they're getting the best possible deal before locking in a rate. Spreads this wide provide an opportunity for borrowers to take control by using sites like LendingTree.com to negotiate with multiple lenders."
Below is a state-by-state comparison of mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders on the LendingTree network, average loan-to-value ratio and percentage of consumers with negative equity.
Additional refinance mortgage rates are available at http://www.lendingtree.com/mortgage-loans/rates/.
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Friday, August 13, 2010
Fannie Mae Clarifies Undisclosed Liabilities Policy
/PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today issued Selling Guide Announcement SEL-2010-11, which clarifies that lenders are not required to obtain a second credit report just before loan closing. Rather, Fannie Mae is reminding lenders to have processes in place to facilitate borrower disclosure of changes in financial circumstances throughout the origination process.
"This is an important update, because every mortgage loan delivered to Fannie Mae has to be underwritten to establish that the borrower is able to repay the debt," said Deborah Slade-Horsey, Vice President for Single-Family Risk Policy. "Our primary objectives are to support borrowers' ability to sustain homeownership and to strike a reasonable balance between requirements that may reduce loan repurchases and requirements that might over-burden lenders' origination processes."
The updated policy reminds lenders that Fannie Mae expects them to have processes in place to facilitate borrower disclosure of changes in financial circumstances throughout the origination process. It also provides an expanded debt-to-income (DTI) ratio tolerance that will lead to fewer loans having to be re-underwritten.
Lenders will only be required to re-underwrite a loan after the initial underwriting decision has been made if the borrower discloses or the lender discovers changes that cause the debt-to-income (DTI) ratio to exceed 45% or to increase by 3 percentage points or more.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
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Thursday, August 12, 2010
Bankrate: Mortgage Rates Hit 4th Record in a Row!
/PRNewswire/ -- Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate hitting another record low of 4.57 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.48 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages.
The average 15-year fixed mortgage retreated to 4.06 percent, and the larger jumbo 30-year fixed rate dropped to 5.27 percent, both record lows. Adjustable rate mortgages were mixed, with the average 3-year ARM nosing higher to 4.18 percent and the average 5-year ARM dipping to 3.92 percent.
The latest decline in mortgage rates followed a poor jobs report for July and the Federal Reserve's announcement about reinvesting bond proceeds in order to juice the economy. By reinvesting in more government bonds, the Fed aims to keep rates near these ultra-low levels. But low rates alone won't revive the housing market as would-be borrowers remain worried about job loss, don't have equity in their homes, or lack sufficient money for a downpayment.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.57 percent, the monthly payment for the same size loan would be $1,021.71, a savings of $220 per month for a homeowner refinancing now.
SURVEY RESULTS
30-year fixed: 4.57% -- down from 4.66% last week (avg. points: 0.48)
15-year fixed: 4.06% -- down from 4.11% last week (avg. points: 0.42)
5/1 ARM: 3.92% -- down from 3.95% last week (avg. points: 0.28)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/.
The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Nearly half of the panelists, 47 percent, say mortgage rates aren't headed anywhere and will remain more or less unchanged. But 40 percent forecast still lower mortgage rates and just 13 percent predict mortgage rates will rise in the next week.
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Tuesday, August 10, 2010
Fannie Mae Mortgage Help Center Opens in Atlanta
/PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced the opening of a new mortgage help center in Atlanta to provide counseling and other services for struggling homeowners in the greater metro area with loans owned by Fannie Mae. The Atlanta Mortgage Help Center is the third facility and fourth announced partnership in a series of planned nationwide mortgage help centers. Fannie Mae is partnering on this initiative with Forest Park-based The D&;E Group, A Financial Education and Training Institute, Inc., major mortgage servicers, and civic and community leaders from across the region.
At the center, borrowers will meet directly with dedicated on-site English- and Spanish-speaking staff and experienced housing counselors to discuss their mortgage situation. These face-to-face meetings will help borrowers better understand the range of foreclosure prevention options available to them and help them to better manage their relationship with their servicer.
"A common misconception is that foreclosure is the only option, and in reality foreclosure doesn't have to be an option," said Jeff Hayward, Fannie Mae's Senior Vice President, National Servicing Organization. "We are opening the Fannie Mae Mortgage Help Center in Atlanta to provide distressed homeowners in the area the resources necessary to stay in their homes including free access to high quality counseling and in-person resolution of their particular mortgage circumstances. For those who do not qualify for a modification or other solution, our counselors will work with the servicer and homeowner to arrange a graceful exit from the property, which may include assistance with relocation costs. Homeowners who are struggling to make mortgage payments or who anticipate financial hardship should know that our doors are open for them."
Counselors will provide a full range of services, which include reviewing a borrower's loan, discussing foreclosure alternatives, collecting the required documents for the federal Making Home Affordable Program and providing help to finalize any pending loan workout efforts. Fannie Mae and The D&E Group will provide information and clarify expectations for the foreclosure prevention process. Efforts will be made to counteract local scams and groups that charge fees for modifications and foreclosure prevention services.
"The Fannie Mae Mortgage Help Center offers counseling, information and tools necessary to help homeowners avoid foreclosure," said Carrie Harris, President and Founder, The D&E Group. "Struggling homeowners should seek counseling through the center or a HUD-approved counseling agency and guard against scams by avoiding any individual or business who promises a modification for a fee."
The center is only for borrowers who have a mortgage held by Fannie Mae. Homeowners can determine if Fannie Mae owns their loan by visiting www.fanniemae.com/loanlookup or by contacting Fannie Mae at 1-800-7FANNIE. Homeowners who do not have loans owned by Fannie Mae can contact the Homeowner's HOPE(TM) Hotline at 888-995-HOPE.
The center is available by appointment only and borrowers wishing to schedule a visit should call (866) 442-8573 or E-mail atlanta_mhc@fanniemae.com.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
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Monday, August 9, 2010
Negative Equity Falls in Second Quarter, But National Home Values Continue to Decline
/PRNewswire/ -- Home values in the United States continued to decline in the second quarter of 2010, with the Zillow Home Value Index(1) falling 3.2 percent year-over-year and 0.6 percent from the first quarter to $182,500. The national rate of decline decelerated from the first quarter, marking the second consecutive quarter of slowing declines, and negative equity(2) fell to 21.5 percent, according to the second quarter Zillow Real Estate Market Reports(3).
Negative equity, which refers to the percentage of single-family homeowners with mortgages who are underwater, fell from 23.3 percent in the first quarter, and from 23 percent one year ago.
Conditions varied among individual markets across the country. In California, where both federal and state tax credits are available to some homebuyers, more than a quarter (27.8 percent) of markets tracked by Zillow saw increases in home values in the past year. Home values in five California markets have increased for the past five quarters, and four of those have increased by more than 5 percent since the second quarter of 2009. The Zillow Home Value Index was up 7.3 percent year-over-year in the San Diego metropolitan statistical area (MSA); up 5.9 percent in the San Francisco MSA; up 5.6 percent in the San Jose MSA; and up 5.5 percent in the Los Angeles MSA.
Meanwhile, home values in Florida and Arizona continued to show dramatic declines, with home values in the Miami-Fort Lauderdale MSA falling 15.2 percent year-over-year and home values in the Phoenix MSA falling 11.8 percent.
"As the national housing market limps toward stabilization, individual markets are a mixed bag," said Zillow Chief Economist Dr. Stan Humphries. "The double tax credits for some California homebuyers have certainly stimulated housing demand there and are partly responsible for the rapid - and likely unsustainable - rates of appreciation in many markets across the state. While there is some uncertainty about how home values will respond in those markets once all incentives are removed, it's certain they can't continue at their current rates of appreciation, but is unlikely they will re-test the low points reached in 2009.
"Markets in other parts of the country, like Miami and Phoenix, are not yet showing signs of reaching a bottom in home values. High supply continues to be a challenge in states like Florida and Arizona.
"Nationally, home values are moving in the right direction as rates of decline continue to slow. There is a large unknown on the horizon, however, as these second quarter numbers are still heavily influenced by the federal homebuyer tax credits, which were available for homes under contract by the end of April. Home sales are declining significantly in the post-tax credits environment, but the impact of falling home sales on already-declining home values is yet to be seen. Recent trends in home values suggest the nation could reach a bottom in the latter half of 2010, but we continue to be cautious about the impact of declining home sales."
Foreclosures(4) again reached a new peak in June, with more than one out of every 1,000 (0.11 percent) U.S. homes being foreclosed upon during the month.
Foreclosure re-sales(5) fell in June, making up 16.9 percent of all U.S. home sales during the month, down from a 2010 high of 19.8 percent in February. Foreclosure re-sales continued to be high in most markets hit hardest by value declines. For example, they made up 55.8 percent of June sales in the El Centro, Calif. MSA, 54.6 percent in the Madera, Calif. MSA and 53.6 percent in the Merced, Calif. MSA. Additionally, more than one-fourth (26 percent) of home sales nationwide sold for less than what the seller originally paid.
Metropolitan
Statistical Zillow Home Value Index
Areas
-----
June QoQ YoY Change Negative
2010 Change Change from Equity*
------ Peak ----
----
United States $182,460 -0.6% -3.2% -23.9% 21.5%
Akron, OH $117,213 0.4% -2.7% -14.1% 26.1%
Albany, NY $188,323 1.5% -1.1% -5.8% 10.7%
Allentown, PA $191,234 -0.3% -1.7% -16.0% 16.8%
Anderson, SC $99,300 1.5% 2.4% -9.6% n/a
Ann Arbor, MI $157,432 -1.2% -10.6% -32.2% 33.0%
Atlanta, GA $142,461 -1.9% -6.0% -22.2% 31.5%
Atlantic City, NJ $200,906 -0.3% -5.0% -27.2% 20.2%
Augusta, GA $107,414 1.1% -6.4% -8.3% 14.5%
Bakersfield, CA $136,554 1.9% -1.4% -50.5% 44.6%
Baltimore, MD $238,527 -1.1% -5.1% -19.2% 19.0%
Bellingham, WA $255,500 0.6% -1.3% -10.1% n/a
Bend, OR $167,531 -2.7% -21.8% -52.6% 40.3%
Boston, MA $331,568 3.2% 3.4% -16.8% 8.3%
Boulder, CO $312,583 2.1% -0.4% -1.9% 9.9%
Bremerton, WA $249,020 -1.0% -4.3% -19.0% 18.6%
Canton, OH $102,763 -0.2% -1.7% -13.6% 23.6%
Cape Cod, MA $318,026 0.4% -2.8% -22.7% 6.9%
Champaign-Urbana, IL $131,512 0.7% -2.2% -3.9% 11.1%
Charleston, SC $170,039 0.0% -5.1% -15.7% 22.0%
Charlotte, NC $148,985 0.1% -4.0% -10.4% 27.3%
Chattanooga, TN $126,967 -2.6% -2.1% -4.7% n/a
Chicago, IL $196,987 1.6% -4.4% -27.2% 28.9%
Chico, CA $203,749 2.9% -0.4% -32.1% 24.7%
Cleveland, OH $119,716 1.5% -1.3% -16.4% 28.8%
Cleveland, TN $123,000 2.8% 0.5% -6.0% n/a
Colorado Springs, CO $189,793 -0.0% -2.0% -7.4% 28.4%
Columbia, SC $122,065 0.0% -2.1% -5.7% 17.3%
Columbus, OH $137,578 -0.3% -2.8% -8.4% 26.4%
Corvallis, OR $244,300 0.8% -4.4% -9.6% n/a
Cumberland, MD $83,500 3.57% 2.10% 0.0% n/a
Dayton, OH $102,713 -0.2% -3.1% -12.9% 22.6%
Daytona Beach, FL $108,300 -1.7% -12.8% -51.4% n/a
Denver, CO $215,969 1.0% 2.5% -7.4% 29.1%
Des Moines, IA $144,550 2.3% -0.1% -2.8% 18.6%
Destin, FL $159,290 0.3% -3.8% -37.3% 37.8%
Detroit, MI $87,147 -1.6% -14.3% -46.0% 31.4%
Durham, NC $180,886 2.3% 3.6% 0.0% 8.4%
El Centro, CA $112,086 -2.2% -11.3% -56.3% 57.5%
Eugene, OR $193,793 -1.8% -6.3% -16.8% 12.8%
Fayetteville, NC $114,036 -0.7% -7.0% -7.0% 11.5%
Flagstaff, AZ $254,385 -3.4% -9.8% -29.5% 19.9%
Fort Collins, CO $219,522 1.2% 1.2% -3.1% 13.0%
Fort Myers, FL $120,479 -0.1% -6.5% -60.2% 51.9%
Fresno, CA $153,117 -0.4% -4.7% -47.8% 38.5%
Gainesville, FL $146,253 1.8% -7.8% -23.2% 22.6%
Grand Junction, CO $177,344 -4.2% -12.6% -20.8% 31.2%
Grand Rapids, MI $116,111 -0.6% -0.4% -18.3% 33.0%
Green Bay, WI $142,896 0.2% -0.7% -5.2% 15.7%
Greensboro, NC $125,125 -0.4% -5.3% -12.1% 11.7%
Greenville, SC $132,853 2.3% -0.4% -1.8% 11.6%
Hanford, CA $118,400 1.1% -14.7% -45.4% n/a
Hartford, CT $224,393 2.2% 1.4% -9.9% 8.3%
Jackson, TN $95,800 2.1% 0.7% -3.4% n/a
Jacksonville, FL $136,265 -3.2% -10.7% -34.6% 49.8%
Jacksonville, NC $140,700 -0.4% 0.5% -0.5% n/a
Johnson City, TN $110,100 2.6% -3.6% -14.3% n/a
Knoxville, TN $134,741 1.7% -4.4% -6.3% 9.4%
Lakeland, FL $99,695 -5.3% -13.9% -47.1% 55.7%
Lancaster, PA $178,064 1.1% -3.2% -7.2% 8.0%
Las Vegas, NV $128,183 -0.4% -12.4% -58.1% 73.9%
Lincoln, NE $134,914 -0.4% -0.1% -5.5% 12.7%
Little Rock, AR $128,012 4.0% 4.4% 0.0% 9.6%
Los Angeles, CA $425,425 2.2% 5.5% -29.7% 16.9%
Madera, CA $151,759 7.8% -0.5% -51.6% 38.4%
Madison, WI $203,332 -0.7% -3.6% -14.8% 12.2%
Medford, OR $179,433 -0.5% -7.7% -37.9% 37.4%
Melbourne, FL $112,654 -4.5% -9.6% -51.6% 43.0%
Memphis, TN $105,058 -0.7% -4.2% -14.3% 33.7%
Merced, CA $110,719 1.2% 1.4% -67.9% 40.0%
Miami-Fort
Lauderdale, FL $146,458 -6.6% -15.2% -52.4% 44.0%
Milwaukee, WI $178,517 1.9% -6.0% -13.0% 22.0%
Minneapolis-St Paul,
MN $185,783 -0.2% -3.1% -24.3% 36.6%
Mobile, AL $105,480 -4.1% -11.7% -20.2% 13.3%
Modesto, CA $146,391 2.2% 0.4% -60.0% 57.5%
Morristown, TN $98,700 0.8% -6.6% -20.7% n/a
Mount Vernon, WA $211,100 -2.7% -13.4% -23.4% n/a
Napa, CA $360,562 0.9% -5.1% -41.1% 37.2%
Naples, FL $216,628 0.5% -3.7% -52.0% 38.5%
Nashville, TN $150,378 -1.6% -6.2% -9.6% 18.1%
New Haven, CT $231,106 2.1% 0.5% -15.9% 10.5%
New London, CT $225,420 2.2% 1.8% -13.1% 10.6%
New York, NY $363,239 -0.5% -2.1% -20.9% 13.5%
Ocala, FL $101,072 -4.1% -15.2% -42.8% 37.7%
Oklahoma City, OK $119,257 4.6% 5.0% 0.0% 6.1%
Olympia, WA $232,744 0.2% -4.2% -10.8% 20.8%
Omaha, NE $139,666 -4.8% -7.0% -8.2% 13.6%
Orlando, FL $124,483 -1.3% -13.8% -51.7% 64.6%
Panama City, FL $150,500 -0.3% -4.9% -42.5% 31.1%
Pensacola, FL $123,252 -2.2% -3.7% -24.5% 32.1%
Philadelphia, PA $208,639 -0.3% 0.0% -11.0% 10.6%
Phoenix, AZ $137,113 -3.6% -11.8% -51.1% 66.8%
Pittsburgh, PA $107,164 1.1% -2.8% -5.1% 5.6%
Pittsfield, MA $194,900 2.5% 1.7% -11.2% n/a
Port St. Lucie, FL $111,812 -4.9% -9.7% -55.9% 55.0%
Portland, OR $230,165 -0.9% -7.1% -22.3% 22.6%
Poughkeepsie, NY $232,640 -2.2% -8.6% -26.1% 12.5%
Prescott, AZ $189,774 -1.7% -6.7% -38.6% 28.2%
Providence, RI $219,102 -1.2% -4.3% -28.0% n/a
Pueblo, CO $108,010 -1.1% -1.7% -13.0% 29.3%
Punta Gorda, FL $121,989 -1.4% 1.4% -48.2% 38.3%
Raleigh, NC $182,578 0.0% -6.8% -11.8% 20.1%
Reading, PA $163,441 0.9% 0.7% -9.0% 9.4%
Reno, NV $181,576 -1.1% -9.0% -49.4% 61.9%
Richmond, VA $200,111 1.6% -2.5% -11.4% 17.4%
Riverside, CA $194,562 1.5% -0.8% -51.7% 49.0%
Rochester, NY $123,158 2.1% 2.8% 0.0% 9.3%
Rockford, IL $109,214 1.2% -2.1% -11.6% 16.3%
Sacramento, CA $234,655 1.0% -2.0% -43.2% 38.1%
Salem, OR $178,122 0.8% -4.5% -16.2% 20.4%
Salinas, CA $303,697 -0.1% 0.6% -56.0% 33.6%
Salisbury, MD $143,900 -3.2% -9.8% -21.1% n/a
San Diego, CA $378,798 2.9% 7.3% -29.7% 20.4%
San Francisco, CA $528,861 2.0% 5.9% -25.1% 19.6%
San Jose, CA $590,686 3.2% 5.6% -20.7% 13.8%
San Luis Obispo, CA $400,845 -0.8% -4.0% -33.3% 17.7%
Santa Barbara, CA $449,368 1.0% 4.2% -33.1% 22.9%
Santa Cruz, CA $507,115 -0.3% -4.1% -30.6% 16.9%
Santa Rosa, CA $374,313 3.6% 1.9% -36.8% 15.8%
Sarasota, FL $150,175 -0.6% -4.4% -51.2% 45.4%
Seattle, WA $288,942 -1.3% -5.9% -24.3% 25.0%
Spartanburg, SC $105,521 0.6% -2.7% -2.9% 12.7%
Spokane, WA $158,933 1.4% -2.6% -15.5% 20.0%
Springfield, OH $91,800 -1.59% -3.52% -10.6% n/a
Springfield, MA $190,256 0.7% -2.3% -12.0% 7.2%
St. Louis, MO $141,073 1.6% -3.3% -10.5% 18.3%
Stamford, CT $393,151 1.6% -0.2% -21.1% 9.6%
Stockton, CA $163,039 2.6% -0.3% -60.3% 53.5%
Sumter, SC $100,500 1.9% -1.7% -14.2% n/a
Tallahassee, FL $149,118 -3.4% -7.2% -18.3% 32.9%
Tampa, FL $118,670 -0.1% -8.2% -45.1% 45.3%
Toledo, OH $93,489 -0.3% -4.7% -23.2% 26.5%
Tucson, AZ $160,341 -0.5% -6.4% -31.7% 41.4%
Tulsa, OK $117,135 0.9% 2.6% 0.0% 6.1%
Utica, NY $99,710 2.8% 1.7% -5.0% 8.4%
Vallejo, CA $217,225 3.9% -2.6% -54.1% 49.7%
Ventura, CA $418,875 1.2% 3.7% -33.3% 18.9%
Vero Beach, FL $121,439 -1.1% -8.5% -48.6% 42.5%
Visalia, CA $136,442 -1.7% -6.7% -44.1% 37.5%
Washington, DC $330,573 1.0% 1.8% -24.2% 25.0%
Winston-Salem, NC $134,546 2.4% 1.6% -2.9% 10.1%
Worcester, MA $214,437 1.2% -0.8% -24.6% 20.2%
Yakima, WA $137,586 -0.3% -2.3% -3.7% 7.2%
York, PA $154,688 -0.3% -2.6% -13.5% 15.1%
Yuba City, CA $153,200 1.4% -5.2% -51.3% n/a
Yuma, AZ $124,500 -1.0% -10.3% -33.2% n/a
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*Negative equity refers to the percent of single-family
homeowners with mortgages
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(1) The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. The Home Value Index at the national level is calculated using a weighted average of the median home value for each county and includes data from 440 metropolitan statistical areas. It is expressed in dollars and is for a particular geographic region.
(2) Negative equity is calculated of all single-family homes with mortgages. Zillow began calculating negative equity with this methodology in the first quarter of 2009.
(3) The data in Zillow's Real Estate Market Reports is aggregated from public sources by a number of data providers for 124 Metropolitan Statistical Areas dating back to 1996. Mortgage and home loan data is typically recorded in each county and publicly available through a county recorder's office.
(4) Foreclosures are defined as a Trustee's Deed Upon Sale or equivalent transaction.
(5) Foreclosure re-sales capture mostly sales of bank-owned (REO) homes. It measures sales of homes that were foreclosed on in the previous 12 months.
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