Housing News
Foreclosure rate for homeowners over 50 up fivefold
In studying several years of foreclosure data, the AARP has concluded that borrowers over 50 are at an increased risk of foreclosure.
Baby Boomers at risk of foreclosure
In a new report1 from the AARP Public Policy Institute (PPI), American homeowners over 50 that are in foreclosure has risen in recent years. Analyzing data from CoreLogic, the PPI measured the progression of the mortgage crisis and its effect on homeowners over 50 by looking at national loan-level data from 2007 through 2011.
The organization’s analysis found that over 1.5 million Americans over 50 have lost their homes since 2007, also uncovering that the percentage of seriously delinquent loans rose from 1.1 percent in 2007 to 6.0 percent in December 2011.
“The collapse of the housing market has been especially painful for older homeowners,” said Debra Whitman, AARP Executive Vice President for Policy.
AARP says millions more at risk
AARP reports that millions of Americans over 50 remain at risk of foreclosure, noting that as of December 2011, fully 600,000 loans were in foreclosure, while 625,000 were over 90 days delinquent. Additionally, 3.5 million homeowners over 50 are underwater as of December 2011.
“Older homeowners often rely on their home equity to finance their needs in retirement – things like health care, home maintenance and other unexpected needs. The fact that so many older Americans have no equity at all is troubling,” Whitman said in a statement.
More older Americans carrying mortgage debt than in the past
The PPI said that “While the serious delinquency rates are lower for those aged 50 and older than for those under age 50, serious delinquencies went up faster for the older population over the past five years. The study also finds that people age 75 and older have a higher foreclosure rate (3.2 percent) than those age 50 to 64 (3.0 percent) or age 65 to 74 (2.6 percent).”
“More older Americans are carrying mortgage debt than in the past, and the amount of that debt is also increasing,” Whitman continued. “Because before-tax income has decreased on average for people age 75 plus, while spending for mortgage interest, property taxes, utilities, and health care have increased, their economic situation is worsening.”
Subprime loans performed more poorly
The report cites that foreclosure rates of Hispanic and African American borrowers over 50 were 3.9 percent and 3.5 percent, nearly double that of Caucasian borrowers at 1.9 percent.
Foreclosure rates on subprime loans taken out by Hispanic homeowners over 50 had the highest foreclosure rate at 14.1 percent, followed by Asians at 13.9 percent, Caucasians at 12.8 percent, and African Americans at 11.5 percent.
“Looking ahead, the study shows that this crisis is far from over. Many loans remain in danger of falling into foreclosure, even as large numbers of loans are already in foreclosure.” Whitman concluded.
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Housing News
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
Click here to continue reading this story…
Housing News
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.
…Click here to continue reading this story…
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Apartments in Chennai
August 15, 2012 at 2:18 pm
Baby Boomers at risk of foreclosure ?? really a bad time on this loan repay in here..
JimAllForeclosure
August 18, 2012 at 2:18 pm
“More older Americans carrying mortgage debt than in the past”
That’s the underlying issue. The common lifestyle in the past was to live and work in one place, pay your mortgage down and retire with a free and clear home. That’s changed, and I don’t think the change was for the better.
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