U.S. foreclosures hit record levels
Despite a previous moratorium in bank repossessions, the nation’s March and first quarter foreclosure activity reached record levels, Realty Trac reports. March 2009 saw a 46 percent increase over the previous March, pushing the first quarter figures 24 percent higher than the same period a year earlier. Nationally over the three-month period, 803,489 mortgagors -- one in every 159 -- received default notices, an auction sale notice, or lost their home to the lender. James Saccacio, chief executive officer of RealtyTrac, predicted that foreclosure totals would continue to climb due to higher unemployment rates and the end of the foreclosure moratorium. First-time homebuyers and investors are buying bank-owned homes, taking advantage of tax credits and low interest rates. However, Saccacio said, it was unlikely that the increased demand would offset the glut of foreclosures in the pipeline.
Michigan’s unemployment rate hits 12.6 percent
Michigan’s jobless rate hit 12.6 percent in March, compared with a national rate of 8.5 percent, state and U.S. governments report. The Michigan Department of Energy, Labor and Economic Growth reports that March’s rate is the highest in the last 13 months, a 6.6 percent rise over the same period last year. Over the first quarter, the state’s jobless rate for January was 11.6 percent, and February’s rate was 12.0 percent. Nationally in March, the number of jobless workers rose by 694,000 to 13.2 million, the U.S. Department of Labor reports.
New homes sales down 31 percent
New home sales in March were down nearly 31 percent compared with March 2008, the U.S. Commerce Department said April 24. Still, the figures were better than expected. New home sales fell 0.6 percent in March to a seasonally adjusted annual rate of 356,000 compared with a revised February rate of 358,000, 6 percent higher than originally reported, the department said. Economists had expected a March sales pace of 340,000 units. Optimists guessed that sales of new houses have finally hit bottom. The median sales price for a new home fell to $201,400 from $208,700 in February. The average price, however, rose slightly to $258,000 from $255,100. Prices, however, are likely to remain weak for months as builders sell off their inventory, experts said.
Compiled by BankOwnedBids.com staff from wire reports. |
