Here are 16 tidbits of information
that are impacting the housing market:
1. According to Zillow, 28.4 percent of all single-family homes with a mortgage in the United States are now underwater
2. According to Zillow the average price of a home in the U.S. is about 8 percent lower than it was a year ago and that it continues to fall about 1 percent a month
3. U.S. home prices have now fallen a whopping 33% from where they were at during the peak of the housing bubble
4. During the first quarter of 2011, home values declined at the fastest rate since late 2008
5. U.S. home values have fallen an astounding 6.3 trillion dollars since the housing crisis first began
6. In February, U.S. housing starts experienced their largest decline in 27 years
7. New home sales in the United States are now down 80% from the peak in July 2005
8. Historically, the percentage of residential mortgages in foreclosure in the United States has tended to hover between 1 and 1.5 percent. Today, it is up around 4.5 percent
9. According to RealtyTrac, foreclosure filings in the United States are projected to increase by another 20 percent in 2011
10. Two years ago, the average U.S. homeowner that was being foreclosed upon had not made a mortgage payment in 11 months. Today, the average U.S. homeowner that is being foreclosed upon has not made a mortgage payment in 17 months
11. Sales of foreclosed homes now represent an all-time record 23.7% of the market
12. 4.5 million home loans are now either in some stage of foreclosure or are at least 90 days delinquent
13. According to the Mortgage Bankers Association, at least 8 million Americans are currently at least one month behind on their mortgage payments
14. According to a recent census report, 13% of all homes in the United States are currently sitting empty
15. In 1996, 89 percent of Americans believed that it was better to own a home than to rent one. Today that number has fallen to 63 percent
16. According to Zillow, the United States has been in a "housing recession" for 57 straight months without an end in sight
Thousands upon thousands...well actually millions of homeowners are not able to pay their mortgage because of their employment situation, medical bills or because they bought a home they couldn't afford. Those homeowners fall behind on their mortgages, end up in default...many reach out for help from their bank/lender, and some are given the relief they desperately need to keep their home.
But....what about the homeowners who pay ontime, who fulfill their obligation of the contract they signed....especially those who are "underwater"?
What type of help do they receive?
NOT MUCH!!!
The lack of support from their bank/lender has added to the frustration among "On-Time Underwater" Homeowners.
Why do the banks/lenders and Government Programs basically ignore those who are doing the right thing?.... They believe this group of homeowners will continue to pay ontime because of the moral obligation.
Homeowners are now considering a "Strategic Default" in part due to their anger at how their bank/lender has treated them.
Fannie Mae recently published their latest "National Housing Survey" where they exposed the building resentment among homeowners. Maybe most alarming is that 46% of homeowners are "stressed out" about their underwater mortgage.
It is estimated that about 25% of all homes with a mortgage are underwater...that equals just over 11 million homeowners.
46% of them wake up every morning wondering why they continue to pay.
What happens if "they" decide not to continue to pay?....you think our economy has issues now...just wait.
It's time to reward responsible homeowners.
How do "Distressed Properties" impact the neighborhood?
We have recently heard some encouraging news with regards to the housing recovery...home sales are picking up & foreclosures are down.
There are mixed opinions on the reason...
Who Knows the Exact Answer?......Nobody!!!
What we do know is that Distressed Properties have a Negative Impact on Home Values 
According to some of the experts, Distressed Properties are going to increase....
From a report from Fannie Mae: “Our foreclosure rates remain high. However, foreclosure levels were lower than what they otherwise would have been in the first quarter of 2011 due to the delays caused by servicer foreclosure process deficiencies and the resulting foreclosure pause.”
From a report from Freddie Mac: “We expect the pace of our REO acquisitions to increase in the remainder of 2011, in part due to the resumption of foreclosure activity by servicers, as well as the transition of many seriously delinquent loans to REO.”
Bottom Line: It seems obvious that more foreclosures will be coming and they will have a negative impact on home values in many neighborhoods.
Oil & Housing Don't Mix...well at least not in a positve way.
With gas prices hitting the $4 a gallon level and many estimates expect $5 & homeownership at incredibly low levels, where's the economic recovery?
Homeownership has dropped to the lowest level since 1998.
In the 1st Quarter of 2011, homeownership fell to 66.4%.
Many people are unable to purchase a home for a variety of reasons and lack of confidence in the economy doesn't help. As gas prices continue to increase...economic confidence from a large share of the population decreases.
It's time to take care of the "employed class"...those that are figuring out a way to pay their bills on time, especially their mortgage. We need to STOP forcing the middle class to bear the burden of our "lack of a consistent economic recovery"
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