MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

London Markets Open in:

need to know
Activision, United rally on S&P 500 inclusion
Dow industrials now up 1.2% for week
Amgen gets FDA OK for cholesterol treatment
Icahn discloses stake in Freeport McMoRan
Autodesk beats earnings expectations
GameStop tops expectations; shares rise
Bank of New York Mellon tech woes hit prices
Wall Street’s missing a closed-end bargain

The happiest — and most miserable — countries on earth
This is the happiest country on earth


What should China do to fix its economy?
What should China do to fix its economy?
Analysts dismiss fears of a China hard landing
‘Loch Ness monster’ and a mysterious rally
China fears trigger emerging market outflows

Apple closes in on Fitbit as world's biggest wearables company
Apple closes in on Fitbit in wearables

Apple to host Sept. 9 product event

How momentum investing could go out of style
Momentum investing could be going out of style

These are the best jobs for millennials
These are the best jobs for millennials


Wal-Mart explains decision to stop selling some guns

One billion people logged onto Facebook Monday in new company milestone
1 billion people used Facebook in one day


Poll shows Biden running stronger than Clinton
Republican wants more than the sequester

Donald Trump says he’s OK with raising taxes on himself
Trump: I’m OK with raising taxes on myself

Bezos is clear about what Amazon’s culture is

10 fall beers with absolutely no pumpkin in them
10 fall beers with absolutely no pumpkin in them

Sorry, Uber, but this is the end of the IPO party

Star-studded content up Netflix’s sleeve
'Mr. Robot' season finale postponed

Jim Rogers: Don’t rule out a commodity bull run
Commodities are ripe for a rebound

How the media just can’t spot economic crisis

6 ‘services’ that help hackers get rich

4 things you didn’t know could be hacked
How vulnerable are U.S. markets to hackers?


How to throw a  birthday party for under $100
Only half of Americans with kids have wills

Millennials are clueless about cellphone etiquette
Millennials realize growing up is hard to do

/conga/frontpage.html 353515

Markets »

171.98MDow Volume:
Avg Vol: 111.57M
Unchanged
150
Decliners
1105
Advancers
5358
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,655 +369 2.27%
Nasdaq
/quotes/zigman/12633936/realtime 4,813 +115 2.45%
S&P 500
/quotes/zigman/3870025/realtime 1,988 +47 2.43%
GlobalDow
/quotes/zigman/629063/realtime 2,374 +14 0.57%
Gold
/quotes/zigman/662444/delayed 1,129 +7 0.60%
Oil
/quotes/zigman/2331095/delayed 43.09 +0.53 1.25%
FTSE 100
/quotes/zigman/3173262/delayed 6,192 +213 3.56%
DAX
/quotes/zigman/2380246/delayed 10,316 +318 3.18%
CAC 40
/quotes/zigman/3173214/delayed 4,658 +157 3.49%
FTSE MIB
/quotes/zigman/1482176/delayed 22,201 +727 3.39%
IBEX 35
/quotes/zigman/2759620/delayed 10,290 +306 3.06%
Stoxx 600
/quotes/zigman/2380150/delayed 362 +12 3.46%
Asia Dow
/quotes/zigman/6959860/realtime 2,812 +60 2.17%
Nikkei 225
/quotes/zigman/5986735/delayed 19,136 +562 3.03%
Hang Seng
/quotes/zigman/2622475/delayed 21,943 +105 0.48%
Shanghai
/quotes/zigman/1859015/delayed 3,194 +110 3.57%
Sensex
/quotes/zigman/1652085/delayed 26,615 +384 1.46%
Singapore
/quotes/zigman/1709939/delayed 2,986 +40 1.37%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 +0.00 0.12%
Yen
/quotes/zigman/16008150/realtime/sampled 121.12 +0.09 0.08%
Pound
/quotes/zigman/16008140/realtime/sampled 1.54 +0.00 0.14%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.72 0.00 0.04%
DXY Index
/quotes/zigman/1652083/delayed 95.71 -0.06 0.06%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.22 -0.05 0.06%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.18 -0.01 0.40%
German 10y
/quotes/zigman/15866409/realtime 0.73 -0.01 1.37%
Italy 10yr
/quotes/zigman/15866497/realtime 1.92 0.00 0.17%
Spain 10yr
/quotes/zigman/15866444/realtime 2.06 -0.03 1.54%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.87 +0.02 1.11%
Japan 10yr
/quotes/zigman/15866525/realtime 0.39 0.00 0.51%
Crude Oil
/quotes/zigman/2331095/delayed 43 +1 1.25%
Gold
/quotes/zigman/662444/delayed 1,129 +7 0.60%
Corn
/quotes/zigman/7599553/delayed 377 +2 0.40%
DJIA F
/quotes/zigman/38649152/delayed 16,606 -44 0.26%
S&P F
/quotes/zigman/30356461/delayed 1,982 -7 0.35%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.44%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.73 2.54 2.91%
AAPL /quotes/zigman/68270/composite 112.92 3.23 2.94%
GOOG /quotes/zigman/30194416/composite 637.61 8.99 1.43%
BAC /quotes/zigman/190927/composite 16.44 0.38 2.37%
C /quotes/zigman/5065548/composite 53.44 1.16 2.22%
F /quotes/zigman/264304/composite 13.56 0.35 2.65%
T /quotes/zigman/398198/composite 33.44 0.75 2.29%
BP /quotes/zigman/247026/composite 33.03 1.93 6.21%
GE /quotes/zigman/227468/composite 25.01 1.00 4.16%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/233369/composite MCD+2.29%
  • /quotes/zigman/8669138/composite DWTI-28.79%
  • /quotes/zigman/247026/composite BP+6.21%
  • /quotes/zigman/30394102/composite ZOES+3.99%
  • /quotes/zigman/617037/composite UAL-1.09%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

Email address

Password

Forgot password?

SmartMoney Blogs

Real-Time Advice
Our real-time advice on how market shifts and news impact you and your money

Foreclosure Sales Flood Market

Foreclosures and other distressed properties account for more than a third of all home sales, and data released today suggests that figure may soon grow even bigger.

Lenders in January took back nearly 91,100 distressed properties, which includes foreclosures and short sales, up 29% from the previous month, according to data released this morning by LPS Applied Analytics, which tracks mortgage performance.  In the next few months, experts say those homes will make their way back to the market to join the already high percentage of distressed homes being snatched up by buyers.

That addition of distressed properties will likely lead to further drops in home prices, says Tom Popik, research director at Campbell Surveys, a real estate research firm. Foreclosures and short sales accounted for roughly 35% of total existing home sales in January — up 16% from June, according to the National Association of Realtors. Over that period, the median home price fell 8.5% to $154,700. “Prices are going to continue to go down for a long time,” says Popik

To be sure, distressed properties tend to make up a greater share of overall sales in the winter when investors are the predominant buyers, says Walter Molony, a spokesman for the National Association of Realtors. Families typically purchase a home in the spring and summer before the new school year begins. And because families tend to avoid buying foreclosures, distressed properties make up a smaller market share of home sales during that time, he says.

Still, as banks reclaim more foreclosed properties and put them back on the market, experts say homeowners are likely to feel the impact of a nearby foreclosure on their own property’s value. On average, home property values drop about 1% when they’re within one-eighth of a mile from a residence that’s received a foreclosure filing, according to the Woodstock Institute, which researches foreclosures, and the Georgia Institute of Technology. When the home is sold – whether in an auction or taken back by the lender – homes within a quarter mile lose up to around 4% of their value, which they’ll need between two and five years to recoup, according to a separate study in the Journal of Real Estate Finance and Economics.

For homeowners, more foreclosure sales in their neighborhood can lead to losing home equity at a time when millions already owe more on their home than it’s worth. Less equity will make it harder to borrow against homes for renovations, repairs, or other purposes, says Spencer Cowan, vice president at the Woodstock Institute.

Real estate pros say those who want to sell will likely end up getting less for their property than they expected. That’s because they’ll be competing with foreclosed homes that sell at a roughly 29% discount on average, according to RealtyTrac.com. Of course, these homes may stand out to buyers who prefer to buy a move-in ready home or at least one that doesn’t require extensive repairs like most foreclosures do.

What’s bad news for sellers, of course, is good news for buyers. In particular, experts say the spike in foreclosures means buyers have more leverage to negotiate a price on a non-distressed sale if it’s in a market where a significant number of homes are in foreclosure. They may also be able to purchase a foreclosed home at a relatively low price (though they’ll likely have to pump money into it for repairs).

During the last quarter of 2011, foreclosure sales in Las Vegas accounted for 59% of all home sales – among the highest in the country — according to RealtyTrac.com. Those homes sold for an average discount of 19%. In Sacramento, foreclosures made up 50% of all sales and sold at a 25% discount. But while they may get a deal, buyers shouldn’t count on turning a profit quickly especially if foreclosures continue to rise in the area dragging property prices further down.

Also See:

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 59)

View all Comments »
    • By WebOsPublisher

      #!/usr/bin/env python
      # Copyright (c) 2008 Patryk Zawadzki
      # Based on an idea and Ruby script by Jakub Steiner
      #
      # Licensed under LGPL v3+ (gnu.org/copyleft/lesser.html)
      from xml.dom.minidom import parse
      import os
      import sys
      INKSCAPE = ‘inkscape’
      SRC = ‘./svg’
      def renderIt(template):
      print ‘Rendering %s…’ % template
      doc = parse(template)
      groups = doc.getElementsByTagName(‘g’)
      layers = [g for g in groups if g.parentNode.tagName == 'svg']
      for l in layers:
      plate = None
      for s in l.getElementsByTagName(‘g’):
      if ‘plate’ in s.getAttribute(‘inkscape:label’):
      plate = s
      break
      if plate:
      # if no plate is found, it could be a drawing aid, skip it
      context = ‘unknown’
      icon_name = ‘unknown’
      for t in plate.getElementsByTagName(‘text’):
      if t.getAttribute(‘inkscape:label’) == ‘context’:
      context = t.childNodes[0].childNodes[0].data.strip()
      elif t.getAttribute(‘inkscape:label’) == ‘icon-name’:
      icon_name = t.childNodes[0].childNodes[0].data.strip()
      sizes = plate.getElementsByTagName(‘rect’)
      for s in sizes:
      rectid = s.getAttribute(‘id’)
      width = s.getAttribute(‘width’)
      height = s.getAttribute(‘height’)
      dirname = u’%sx%s/%s’ % (width, height, context)
      if not os.path.exists(dirname):
      os.makedirs(dirname)
      fname = u’%sx%s/%s/%s.png’ % (width, height, context, icon_name)
      cmd = u’%s -i “%s” -e “%s” “%s”‘ % (INKSCAPE, rectid, fname, template)
      os.system(cmd)
      if __name__ == ‘__main__’:
      args = sys.argv[1:]
      if args:
      for a in args:
      renderIt(a)
      else:
      for root, dirs, files in os.walk(SRC):
      for f in files:
      if os.path.splitext(f)[1] == ‘.svg’:
      renderIt(os.path.join(root, f))

    • Greetings from Ohio! I’m bored at work so I decided to check out your wtseibe on my iphone during lunch break. I love the info you provide here and can’t wait to take a look when I get home. I’m surprised at how quick your blog loaded on my cell phone .. I’m not even using WIFI, just 3G .. Anyhow, excellent site!

    • Very good post, I was really searching for this topic as I wanted this topic to understand completely and it is also very rare in internet that is why it was very difficult to understand.
      Private Equity UK

    • For those people that have excellent credit and a secure job now is the perfect time to buy especially since mortgage rates are at historical lows and home prices have corrected 35 to 40 % over the past 5 years.

    • The sooner the forclosure market clears the better. But that is still several years. Home-ownership rates will not recover anytime soon either. And post-election (when interest rates start to creep back up) foreclosures will still be taking market share from “market based” sales. It’s a marathon, not a sprint.

      http://multifamilyinsight.com

About Real-Time Advice

  • How breaking news — in the markets, Washington, and around the world — affects you and your money. Have a question about how current events may change your financial future? Email us at ask@smartmoney.com.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

London Markets Open in:

need to know
Activision, United rally on S&P 500 inclusion
Dow industrials now up 1.2% for week
Amgen gets FDA OK for cholesterol treatment
Icahn discloses stake in Freeport McMoRan
Autodesk beats earnings expectations
GameStop tops expectations; shares rise
Bank of New York Mellon tech woes hit prices
Wall Street’s missing a closed-end bargain

The happiest — and most miserable — countries on earth
This is the happiest country on earth


What should China do to fix its economy?
What should China do to fix its economy?
Analysts dismiss fears of a China hard landing
‘Loch Ness monster’ and a mysterious rally
China fears trigger emerging market outflows

Apple closes in on Fitbit as world's biggest wearables company
Apple closes in on Fitbit in wearables

Apple to host Sept. 9 product event

How momentum investing could go out of style
Momentum investing could be going out of style

These are the best jobs for millennials
These are the best jobs for millennials


Wal-Mart explains decision to stop selling some guns

One billion people logged onto Facebook Monday in new company milestone
1 billion people used Facebook in one day


Poll shows Biden running stronger than Clinton
Republican wants more than the sequester

Donald Trump says he’s OK with raising taxes on himself
Trump: I’m OK with raising taxes on myself

Bezos is clear about what Amazon’s culture is

10 fall beers with absolutely no pumpkin in them
10 fall beers with absolutely no pumpkin in them

Sorry, Uber, but this is the end of the IPO party

Star-studded content up Netflix’s sleeve
'Mr. Robot' season finale postponed

Jim Rogers: Don’t rule out a commodity bull run
Commodities are ripe for a rebound

How the media just can’t spot economic crisis

6 ‘services’ that help hackers get rich

4 things you didn’t know could be hacked
How vulnerable are U.S. markets to hackers?


How to throw a  birthday party for under $100
Only half of Americans with kids have wills

Millennials are clueless about cellphone etiquette
Millennials realize growing up is hard to do

/conga/frontpage.html 353515

Markets »

171.98MDow Volume:
Avg Vol: 111.57M
Unchanged
150
Decliners
1105
Advancers
5358
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,655 +369 2.27%
Nasdaq
/quotes/zigman/12633936/realtime 4,813 +115 2.45%
S&P 500
/quotes/zigman/3870025/realtime 1,988 +47 2.43%
GlobalDow
/quotes/zigman/629063/realtime 2,374 +13 0.57%
Gold
/quotes/zigman/662444/delayed 1,129 +7 0.60%
Oil
/quotes/zigman/2331095/delayed 43.09 +0.53 1.25%
FTSE 100
/quotes/zigman/3173262/delayed 6,192 +213 3.56%
DAX
/quotes/zigman/2380246/delayed 10,316 +318 3.18%
CAC 40
/quotes/zigman/3173214/delayed 4,658 +157 3.49%
FTSE MIB
/quotes/zigman/1482176/delayed 22,201 +727 3.39%
IBEX 35
/quotes/zigman/2759620/delayed 10,290 +306 3.06%
Stoxx 600
/quotes/zigman/2380150/delayed 362 +12 3.46%
Asia Dow
/quotes/zigman/6959860/realtime 2,812 +60 2.18%
Nikkei 225
/quotes/zigman/5986735/delayed 19,136 +562 3.03%
Hang Seng
/quotes/zigman/2622475/delayed 21,941 +103 0.47%
Shanghai
/quotes/zigman/1859015/delayed 3,195 +111 3.61%
Sensex
/quotes/zigman/1652085/delayed 26,611 +379 1.45%
Singapore
/quotes/zigman/1709939/delayed 2,986 +41 1.38%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 +0.00 0.12%
Yen
/quotes/zigman/16008150/realtime/sampled 121.12 +0.09 0.08%
Pound
/quotes/zigman/16008140/realtime/sampled 1.54 +0.00 0.14%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.72 0.00 0.04%
DXY Index
/quotes/zigman/1652083/delayed 95.70 -0.07 0.07%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.22 -0.05 0.06%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.18 -0.01 0.36%
German 10y
/quotes/zigman/15866409/realtime 0.73 -0.01 1.48%
Italy 10yr
/quotes/zigman/15866497/realtime 1.92 0.00 0.25%
Spain 10yr
/quotes/zigman/15866444/realtime 2.06 -0.03 1.54%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.87 +0.02 1.11%
Japan 10yr
/quotes/zigman/15866525/realtime 0.39 0.00 0.51%
Crude Oil
/quotes/zigman/2331095/delayed 43 +1 1.25%
Gold
/quotes/zigman/662444/delayed 1,129 +7 0.60%
Corn
/quotes/zigman/7599553/delayed 377 +2 0.40%
DJIA F
/quotes/zigman/38649152/delayed 16,606 -44 0.26%
S&P F
/quotes/zigman/30356461/delayed 1,982 -7 0.37%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.47%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.73 2.54 2.91%
AAPL /quotes/zigman/68270/composite 112.92 3.23 2.94%
GOOG /quotes/zigman/30194416/composite 637.61 8.99 1.43%
BAC /quotes/zigman/190927/composite 16.44 0.38 2.37%
C /quotes/zigman/5065548/composite 53.44 1.16 2.22%
F /quotes/zigman/264304/composite 13.56 0.35 2.65%
T /quotes/zigman/398198/composite 33.44 0.75 2.29%
BP /quotes/zigman/247026/composite 33.03 1.93 6.21%
GE /quotes/zigman/227468/composite 25.01 1.00 4.16%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/233369/composite MCD+2.29%
  • /quotes/zigman/8669138/composite DWTI-28.79%
  • /quotes/zigman/247026/composite BP+6.21%
  • /quotes/zigman/30394102/composite ZOES+3.99%
  • /quotes/zigman/617037/composite UAL-1.09%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

Email address

Password

Forgot password?