Meanwhile, an analysis released by Global Insight Inc., Waltham, Mass., found that single-family home prices fell at "a precipitous 5.1% annualized rate" in the fourth quarter. The quarterly housing valuation analysis, House Prices in America, looked at the top 330 U.S. real estate markets and found that the number of metropolitan areas deemed overvalued had fallen to 21 from the peak of 58 in 2006. The company said the most highly concentrated declines came in California, Florida, and Michigan, and the most "stubbornly overvalued" areas included Bend and Portland, Ore.; Miami; Honolulu; and Riverside-San Bernardino, Calif. "Overvaluation is being dissipated quickly across U.S. metropolitan areas, though tight credit market conditions will continue to hamper real estate markets throughout 2008," said James Diffley, group managing director of Global Insight's Regional Services Group. The analysis is a joint effort of Global Insight and National City Corp., Cleveland. More information can be found online at http://www.globalinsight.com/housingvaluation and http://www.nationalcity.com/housevaluation.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
3h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
3h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
3h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
6h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25