MLS Real Estate & Listings Blog

High-value homes tend to decline in value at a steeper rate than lesser-value homes in a declining market, according to an analysis by real estate valuation and marketing company Zillow.

The analysis is based on a review of the company’s estimates of home values over time — the company refers to these estimates as Zestimates. The company broke homes into five categories of home values, each representing 20 percent of the market, to analyze differences in the performance of each market segment.  more…

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U.S. home prices dropped 3 percent in January compared to the same month last year, and fell 1.1 percent compared to December 2007, according to an index released today by the U.S. Office of Federal Housing Enterprise Oversight.  more…

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Loans entered the foreclosure process at a record rate during the fourth quarter, and things are likely to get worse before they get better, the chief economist for the Mortgage Bankers Association said today.

Although reductions in short-term interest rates have lessened the shock of interest-rate resets for many borrowers with adjustable-rate mortgage (ARM) loans, falling home prices are leaving more homeowners with little or no equity in their homes — and less incentive to keep up on their mortgage payments, said MBA Chief Economist Doug Duncan.  more…

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Falling interest rates help push mortgage application volume up 3 percent last week, the Mortgage Bankers Association reported today.

According to MBA, the index that tracks refinancings led the increase with a 4.5 percent gain (seasonally adjusted) from the week before, followed by a 1.4 percent rise in the purchase-loan index.

As a result, the refinance share of applications grew to 52.4 percent last week from 52 percent the week before. The adjustable-rate mortgage (ARM) share of activity rose from 15 percent to 17.3 percent.  more…

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Federal regulators have not adequately explained their decision to reverse a policy allowing seller-funded down-payment assistance on FHA-backed loans — or provided sufficient responses to suggestions on ways to mend, rather than end, the practice — a federal judge has ruled.  more…

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