Flattening home price appreciation, slowing home sales and rising interest rates could lead home prices in the Western U.S. to slip, causing a rise in foreclosure activity, according to ForeclosureS.com.The distressed property investment advisory firm and publisher of foreclosure information said that home prices in Phoenix, Ariz., have declined 6.7% over the last six months after several years of rapid increases. The company also said prices have dropped for two consecutive months in the Las Vegas market. California markets, including the San Francisco Bay and San Diego areas, are seeing price appreciation cool down as well, according to Alexis McGee, president of ForeclosureS.com. She noted that in San Diego, 50% of mortgage loans issued between 2003 and 2005 were either interest only or pay-option adjustable-rate loans, which pose a major risk of increasing default rates.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18