Wells economist: Foreclosure supply points to ‘long, arduous’ recovery

Wells economist: Foreclosure supply points to ‘long, arduous’ recovery

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The United States subprime mortgage crisis was a nationwide financial crisis, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 – June 2009. It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities.

“I don’t think we’re at a bottom yet in home prices,” said Scott Anderson, a senior economist at Wells Fargo & Co. in Minneapolis. “There’s also a pretty big shadow supply. to support a.

Overall, the report points to more evidence of a housing recovery that has become sustainable. New-home construction has risen 28.6 percent since May of 2012. "Starts have clearly been trending up,".

California Bay Area home sales hit 5-year high The median sale price for all homes in the nine-county Bay Area hit a new record high last month at $686,000, according to a new report by CoreLogic, the Irvine-based real estate information services firm. That price surpassed the previous record high of $665,000 reached in June and July of 2007.

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But economists and real estate agents point to what they call a key first step for any housing recovery: a decline in the glut of homes for sale in markets hit hardest by foreclosures.

And the supply of new homes has shrunk to near record lows. That’s pushing developers to build more. "We’ve been hoping for this for a long time," said Celia Chen, a housing economist at Moody’s.

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Two of the drivers of the index, the interest rate spread and the money supply, were boosted by government intervention, Quinlan said. The Federal Reserve is currently engaged in a quantitative easing program, in which it buys up to $600 billion in government debt in an effort to lower interest rates and augment the flow of money through the economy.

Meanwhile, total home foreclosures in Bakersfield. As generators of long-term employment, though, they are merely doing OK. This point surfaced at the annual Kern County Energy Summit in November,

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