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Federal Reserve Shares Insight On Restoring A Healthy Housing Market

By Jacque Johnson Bernanke recently sent Congress a letter and white paper discussing his insight into how the current housing market problems are impeding economic recovery. Acknowledging that the housing market is only one piece to the puzzle, he writes that “Restoring the health of the housing market [is] a necessary part of a broader strategy for economic recovery” and that “progress will come only through persistent and careful efforts to address a range of difficult and interdependent issues”. The key issues he identified as needing to be addressed included: The excess supply of vacant homes due to foreclosures A downshift in the supply of mortgage credit The costs imposed on homeowners, lenders, and communities due to inefficient foreclosure process He argues that relying on foreclosures to deal with homeowners that can’t meet their mortgage obligations is “costly and inefficient” and suggests that servicers “aggressively” pursue alternatives, such as: Converting foreclosed properties to rental units… Read more

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Real Estate Trend: More Buyers Pay In Cash

Posted By susanne On January 24, 2012 @ 4:38 pm In Business Outlook, Consumer News and Advice, Finance and Economy, Home Owner News,Real Estate Trends,Today’s Marketplace. In another sign that investors are more important to residential real estate markets than ever, nearly one out of three home sales in December went to buyers who paid all cash. In fact, so many investors are winning sales with cash and shorter closing timelines that they can offer lower bids, which may be may be depressing prices, especially on distressed sales, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. In December the overall proportion of cash buyers in the housing market surged to a record 33.2 percent, up from 29.6 percent a year earlier. Some 74 percent of investors used all cash to buy homes last month.  Investors accounted for 22.8 percent of home purchases in December 2011, up from 22.2… Read more

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