1. Foreclosures Rise in Higher Price Ranges
New data from Zillow.com shows that about 30 percent of foreclosures in June involved residences in the top 33 percent of local housing values,a gain from 16 percent at the start of the foreclosure crisis in 2006. Meanwhile,the bottom one-third of housing markets,by home value,has dipped from 55 percent of foreclosures three years ago to 35 percent. Analysts fret that rising foreclosures among pricier properties could create additional pressure in a housing market that has shown signs of stabilizing of late,thanks to a rebound in lower-priced home sales.
The Mortgage Bankers Association adds that prime loans accounted for 58 percent of foreclosure starts in the second quarter versus 44 percent a year earlier,while subprime mortgages accounted for roughly 33 percent of foreclosure starts compared to 50 percent year over year.
[SOURCES:Wall Street Journal;Information,Inc.]
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-- Mack Meeks CENTURY 21 Mid-State Realty L.L.C. 1810 Sharp Springs Road,Winchester,TN 37398 Office:931-967-4321 Fax:931-967-9378 Cell:931-808-8661 www.mackmeeks.com mackmeeks@century 21.com
