Foreclosures steal the spotlight in November Trulia Trends report
Consumer search behavior on Trulia continues to reflect national trends in the real estate market. In this month’s report (PDF), foreclosures take a front seat as cities with an increasing number of foreclosures are also posting an increasing number of consumer searches. For the month of October, all five cities in our “Movers and Shakers” list of biggest search gainers were among the nation’s largest metro areas with the highest foreclosure rate, according to a Q3 study by RealtyTrac. Buffalo, New York and Kansas City, Missouri were among the cities with the biggest decline in search queries in October. Those cities are feeling the pain of an increasing number of foreclosures, however, the overall pace of those markets may also be slowing.
The housing market has suffered a one-two punch from the subprime mortgage meltdown and subsequent credit crunch, and the dizzying effects of the market’s downward fall are widespread. Recently, the ripple effect has been felt all the way down Wall Street - from new home builders who are saddled with inventory, to home-improvement retailers who face big earnings losses, to mortgage lending companies forced to cut jobs or close.
Meanwhile, many of the hundreds of thousands of families who bought homes using loans with so-called “teaser” interest rates and minimal down payments are defaulting on their loans and facing foreclosure. Foreclosed homes are often listed below market price and the additional inventory of available homes, along with foreclosed homes’ reduced sales prices, can further depress a struggling market.
Here are some highlights from our analysis of median list prices and Real Estate Owned (REO) prices in the cities with the highest foreclosure rates:
Download the full report here (PDF)
Want to stay on top of current market trends? Sign up for the monthly Trulia Trends report.
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Trulia says - Two Foreclosures in Charlottesville? | Real Central VA said,
November 23, 2007 @ 9:57 am
[…] If you’re new here, you may want to subscribe to my RSS feed or sign up for Email Alerts. This blog tracks the real estate market in the Charlottesville, Virginia region, local politics, technology and other matters impacting the local real estate market. Thanks for visiting!That’s what Trulia would have you believe (and it’s really not their fault). This post started as a breathless analysis of how great Trulia’s new foreclosure search is, how I would use it every day, tell my clients to use it,(everybody wants to learn about foreclosures) how Charlottesville does not have an effective or efficient method to search foreclosures, and how I and my buyer-clients would be able to use Trulia’s new partnership to our advantage. […]
TimeshareBlogger said,
December 3, 2007 @ 9:54 am
Despite the “subprime meltdown”, huge quantities of cash are being spent on luxury items such as second homes, fractionals and timeshare resorts. Those ready to buy a timeshare now could be looking at a fairly good buyers’ market. Certainly, buying resale will beat a retail price anytime. But, with so many people going into foreclosure on residential homes, some of those owners will be willing to part with their “second home” for a loss. If you spend wisely, you could save 25 to 50% off retail.
Minnesota & Wisconsin Lake Property said,
January 17, 2008 @ 8:05 pm
these reports are worth reading to get more insight of real estate industry. I specially recommend it to newbies
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