Daily Archives: March 31, 2015

Detroit-area homeowners apply to avoid foreclosure | Mt Kisco Real Estate

More than 13,000 Detroit-area property owners have entered into payment plans hoping to avoid losing their homes to tax foreclosure, but another 16,000 living in their homes have yet to take advantage of the offer ahead of Tuesday’s deadline.

Hundreds of applicants sat in a hotel ballroom waiting for the chance to plead their cases before Wayne County Treasury workers. Many had lined up before 7 a.m. to be heard before the 4:30 p.m. deadline.

“I’m downhill and I can’t get out,” said Kevin Franklyn, who was waiting his turn to see if the more than $15,000 he owes on his home and a dozen or so rental properties can be turned into something more manageable.

“I’m going to try to pay what I can,” said Franklyn, 46, who blamed his tenants’ nonpayment of rent for his struggles.

More than 60,000 of the county’s 76,000 foreclosed properties are in Detroit, threatening neighborhoods hard hit by the national mortgage crisis. About $326 million in taxes, interest and fees are owed on the foreclosed homes, lots and other buildings in Detroit.

City officials fear that more foreclosures will only add to the glut of vacant houses in Detroit and blight that keeps potential homebuyers away.

Taxes have been paid in full for about 20,700 of the foreclosed properties, partly through the payment plan, according to Chief Deputy Treasurer David Szymanski.

Of the 38,100 properties still facing foreclosure, only 15,900 are occupied.

“Those are the ones we want to get to,” Szymanski said. The county has to collect property taxes by law.

City and county officials urged state lawmakers to pass foreclosure prevention bills and Gov. Rick Snyder signed the legislation in January to provide homeowners facing financial hardship with the option to sign up for a payment plan to avoid foreclosure. The bills also cut interest rates, reduced down payments and capped past due taxes.

Szymanski said more than 13,000 homeowners have entered into payment assistance plans already.

Bryan Ely, 28, of Detroit, said he owes about $20,000 in back taxes on his home on Detroit’s northwest side.

 

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http://finance.yahoo.com/news/1000s-detroit-area-homeowners-apply-151653604.html

Strong First Quarter for Consumer Confidence | Waccabuc Real Estate

The University of Michigan Index of Consumer Sentiment reached a ten-year peak of 95.5 in the first quarter of 2015. Although the Index of Consumer Sentiment Index decreased to 93.0 in March from 95.4 in February, it was up from 80.0 from March 2014. The harsh winter dampened the giddiness of falling gasoline prices from the start of the year. Lower income households reported a loss in confidence because they are more sensitive to higher utility costs and disrupted work hours.

The Conference Board Confidence Index increased in March to 101.3 from 98.8 in February. The March increase was driven by the improved short-term prospects for employment and income. However, consumer assessment of current conditions declined for a second consecutive month, suggesting a softening in first quarter growth. The share of consumers expecting more jobs increased in March, and the share anticipating higher incomes increased from 16.4% to 18.4% in March.

Rising consumer confidence and improved job creation numbers are positive indicators for both improved GDP growth and housing demand once the economy clears the first quarter.

UM & CB three month moving average 3 31 2015

 

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http://eyeonhousing.org/2015/03/strong-first-quarter-for-consumer-confidence/

U.S. home prices steady in January, Case-Shiller data show | South Salem Real Estate

U.S. house prices were steady in January, according to the S&P/Case-Shiller 20-city composite released Tuesday, with Charlotte, Miami and San Diego all seeing gains of 0.7% while San Francisco prices fell 0.9%. On a seasonally adjusted basis, prices grew 0.9%. Compared to Jan. 2014, prices were up 4.6%. “The combination of low interest rates and strong consumer confidence based on solid job growth, cheap oil and low inflation continue to support further increases in home prices,” said David M. Blitzer, chairman of the index committee for S&P Dow Jones Indicies, in a statement.

 

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http://www.marketwatch.com/story/us-home-prices-steady-in-january-case-shiller-data-show-2015-03-31