By AnnaMaria Andriotis
The housing bust isn’t over yet. Home prices hit their lowest levels since 2006, and experts say more losses could be on the way — in particular for the nation’s priciest properties.
- Getty Images
New figures from the S&P/Case-Shiller Home Price Indices released today show prices fell for the fourth straight month in December. Of the 20 metropolitan areas tracked, prices in all but one city fell over the past year. And in several cities a new trend appears to be unfolding: home prices stopped falling among lower-priced homes while price declines are picking up among the more expensive ones.
“Price declines are now getting into the higher-priced homes,” says Jack McCabe, an independent housing analyst in Deerfield Beach, Fla.
In Minneapolis and Boston, for instance, prices among the cheapest homes increased by 8% and 3%, respectively, from June through December, while the most expensive homes fell 3% and 2%, according to the latest seasonally-adjusted data. And in Chicago, prices for the most affordable homes rose 2% while the priciest homes dropped 2%.
To be sure, the declines are still small compared to how much the lowest-priced homes fell since the start of the downturn. That was largely due to the higher foreclosure rate among less-expensive houses. And in some cities, like Denver and Phoenix, prices among the most expensive homes were fairly flat during the last six months of 2011. But S&P/Case-Shiller data shows that fewer of the higher-tiered homes have been able to maintain their prices.
To date, homeowners in expensive neighborhoods have been better equipped to handle the housing downturn than those with the lowest priced real estate within the same city, says McCabe. Well-off homeowners who lost their jobs were more likely to have savings or retirement accounts they could dip into to pay their mortgage, says Brad Hunter, chief economist at Metrostudy, a housing market research and consulting company. Many of them also had valuable assets to sell, such as jewelry or cars, to stay afloat. But with the job market still weak, those still trying to find work could be running low on ways to pay their mortgage, says Hunter. A growing alternative could be to go into foreclosure, experts say, which would in turn lower prices of nearby homes.
Separately, new refinancing challenges could exacerbate the troubles for the more expensive housing market. Last year, Fannie Mae and Freddie Mac lowered caps on jumbo mortgages – larger loans that exceed $417,000 in most markets – to $625,500, down from $729,500. With these agencies giving out smaller loans, homebuyers who need bigger mortgages could have to turn to private lenders who typically charge higher interest rates, says Keith Gumbinger, vice president at HSH Associates, a mortgage-data firm. Because of the higher costs of financing, those buyers could make lower offers or choose not to buy for now, he says.
Meanwhile, homeowners with jumbo loans looking to refinance before rates rise could be out of luck for at least the next few months. The settlement the federal government reached with several banks this month may lead to more refinancing opportunities for these borrowers, but those details are still months away, he says.
It also remains to be seen whether banks will speed up the foreclosure process for high-end homeowner who’ve stopped paying their mortgages. These owners have remained in their homes for longer than those with smaller mortgages, according to a Wall Street Journal article published today. Borrowers with loans of at least $1 million were in default for an average 792 days last year before banks repossessed their homes, while those with loans under $250,000 were in default for an average 611 days, the Journal reports. Should banks take back those pricey homes, neighboring home values could fall further.
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June 9th, 2002 08:36 AM
#1
shelljor
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This is a old saga to do with Telstra BIGPOND (cable software).
Ever since I installed BIGPOND (CABLE INTERNET PROVIDER), the respective icon never worked properly. When I double click on it to open a window with the buttons to connect etc, splits the window (the frame separates from the colour), and the buttons aren’t visible, although if I click on the area where the connect button is suposed to be, it still works. Once it established connection the window rebuilds itself, leaving some bits of colour scatered around the desktop, sometimes it splits all the other icons. Usually refreshing the desktop will rebuild them back to normal.
I could never get rid of this problem, even by reinstalling windows and installing the Bigpond software in a different directory, (This time I installed it in C:/ drive but not in the program files). It doesn’t seem to affect the machine’s performance, but it’s certainely annoying.
Does anyone have an idea of how to fix this? It realy guives me the %$$@*)^$%$%$.
Thanks Guys
Jorge
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June 9th, 2002 10:30 AM
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shelljor
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I mean do a "Smart restore", which clears all the software and files, and reinstalls the software that came inicially with it, leaving the machine as if it came from the factory, SO THEY SAY…..
JORGE
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June 9th, 2002 11:07 AM
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shelljor
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I did once but they wheren’t much help over the phone.
Besides, I’ve had Bigpond Cable for over a year now, they will probally tell me I should’ve complained much earlier, but I’m going to try them next tuesday, and in between, I’ll try to update the driver.
But, when I reinstalled windows today, and the software, it was working fine for about two hours. I cannot bet sure, but I think that it started when I updated Explorer to 5.1.
Thanks again
Jorge
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June 9th, 2002 11:47 AM
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shelljor
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Yep…..I’ll try that.
Where do I find the drivers in the machine, to try updating them?
My computer < Properties < Device Manager ???????
Jorge Martins
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June 9th, 2002 11:53 AM
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DVOM
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Have you tried launching it from "start>programs>bigpond"? I’ve seen programs install a corrupt icon on the desktop while launching it from C:\programs worked OK.
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June 9th, 2002 12:00 PM
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shelljor
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I’ve tried it and also tried to change the screen resolution.
Jorge Martins
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June 9th, 2002 12:30 PM
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shelljor
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Well I’ll have to do it tomorrow, it’s bed time for this soldier.
Thanks again
Jorge
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October 6th, 2002 07:39 AM
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shelljor
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Problem finaly solved
Thanks a bunch guys.
I downloaded another driver from the Packard-Bell Site (3Qfx Voodoo 3-2000), and the problem was finaly fixed.
Good Work….
Jorge Martins
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Right now you will probably need to have a miinmum of a 680 mid score with a 20% down payment to get the best rate on an owner occ mortgage. There has been quite a increase in foreclosures and a large decline of lenders in the subprime market. recently. All lenders have tightened up their requirements for % of LTV, credit score, debit to income, everything. The wave has not stopped yet. You may see more tightening of terms and these are changing almost daily. One real positive thing is that interest rates are still at all time lows. Conventional and FHA loans are still excellent fixed rates for buyers. Make sure you deal with a reputable loan officer and get all information in writing. -2Was this answer helpful?
jake,i tend to ignore peolpe’s CYA hedges and look at what they actually say. the fact that you bothered with this entire post suggests you think there’s something to the idea of looking at job growth as a function of what a president does during four to eight years. we’re in a 100 year flood, caused by a buildup of credit over 20-30 years, and you’re worrying about the executive branch of a distributed government over the past eight? why not blame congress for the lack of jobs? they actually appropriate money.finger pointing is completely counterproductive and just plain misguided. everybody wants to find a scapegoat, but there is enough blame to cover millions of peolpe over a long, long period of time.
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