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New homebuilding is on the upswing in some markets, but the Sun Belt and the Midwest’s Rust Belt continue to struggle with distressed inventories delaying home starts, real estate analysts said. New home activity has “been ticking up steadily since spring of last year,” said David Crowe, chief economist for the National Association of Homebuilders. But he noted there are places where an overhang of distressed housing continues to weigh down demand for newly constructed single-family homes. “The inventory of new homes on a national basis is at a historic […]

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The nation’s shadow inventory remained flat in January compared to October figures but shrunk about 10% from levels seen a year earlier, according to new data from CoreLogic. Shadow inventory totaled 1.6 million units in January, a six-month supply, down from January 2011 when it stood at 1.8 million units, a supply of eight months. The flow of distressed sales (short sales and real estate owned) offset the roughly equal flow of new seriously delinquent (90 days or more) loans into the shadow inventory. “Almost half of the shadow inventory […]

Mortgage applications declined 7.4% for the week ended March 16, as refinancing hit its lowest share of loan activity since July 2011. The Mortgage Bankers Association seasonally adjusted index fell for the sixth straight week, with the refinance measure down 9.3% in a report Wednesday. Refinancings made up 73.4% of all mortgage apps, down from 75.1% a week earlier. The purchase-mortgage index dropped 1% from the week prior. The trade group’s four-week moving average fell 2.79% overall, with purchase apps up 3.25% and refinancings down 4.31%. The drop in refinancing […]

Residential remodeling rose 11% in January from a year earlier in a seasonally adjusted measure, according to BuildFax. Projects grew to roughly 3 million on an annual basis, up 13% from 2.65 million in December. January’s measure is the highest since June 2006, according to Joe Emison, who oversees the project for BuildFax. All regions showed growth over January 2011, with only the Northeast on the decline from December. The South had largest number of projects at 1.12 million, making up more than one-third of U.S. remodeling. “From a macro […]

After falling 19 percent in January, foreclosures continued to fall in February with filings dropping 8 percent last month, according to RealtyTrac’s latest report. The big drops in foreclosures have served as a hopeful sign in the housing market that the foreclosure crisis was finally fading. But housing experts caution that banks haven’t unclogged the pipeline of foreclosures yet, and a new wave of foreclosures is on its way. A $25 billion mortgage settlement among the nation’s five largest banks and state attorneys general is expected to prompt lenders to speed […]

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A look at stories across HousingWire’s weekend desk, with more coverage to come on bigger issues: A swath of monthly housing data hits the economic scene this week, as mortgage industry players look for more signals of the direction of the market. It starts Monday with the National Association of Home Builders housing market index, which reached a four-year high in February at a reading of 29. Analysts polled by Econoday expect the index to tick up to 30 for March, while MarketWatch writes economists said it will remain at […]

About 22 percent of home owners nationwide are considered “underwater,” owing more on their mortgage than their home is currently worth, according to recent CoreLogic data. Some states are seeing a higher number of underwater mortgages than others too. Many of the states with the highest number of underwater mortgages also had some of the biggest housing booms a few years ago, before prices plunged. 24/7 Wall St., in analyzing CoreLogic’s fourth quarter 2011 data, recently profiled the states with the highest number of underwater home owners. 1. Nevada Percentage […]