Professional Documents
Culture Documents
Named the Nations Best Newsletter by the National Association of Real Estate Editors
OCTOBER 2014
volume 8 issue 10
CONTENTS
This is the first article in a two-part investigating series focusing on the devastating effects of
ballooning debt among U.S. mortgage borrowers. The Housing Landmine series will examine
how a tetrad of staggering mortgage debt in the form of HAMP redefault, HELOC resets,
underwater mortgages and non-performing loans, or NPLs are hindering the nascent
residential real estate market. Part one will explore two legs of the tetrad the federal
governments failed HAMP program and the potentially dangerous effects on housing that
billions of dollars of outstanding home equity lines of credit, or HELOCs, pose to the fragile U.S.
economy. Next month, we will investigate how underwater borrowers and non-performing loans
are putting a strain on new and existing home sales. And examine how these four boulders of
housing debt could come cascading down on the still fragile housing recovery.
By Octavio Nuiry, Managing Editor
Heres why.
Continued Next Page
My Take by
Brian Mushaney
News Briefs
10 Legal Briefs
11 Financial News
12 State Spotlight:
Central Florida
18 Book Review:
Other Peoples
Houses By
Jennifer Taub
OCTOBER 2014
HAMPered by Government Loans
Five years ago, when President Barack Obama traveled
to Meza, Ariz. on February 18, 2009, along with
Treasury Department secretary Timothy J. Geithner,
HUD chairman Shaun Donovan and FDIC chairman
Sheila Bair, to announce his signature housing recovery
program, one in five borrowers owed more on their
mortgage than their home was worth,
banks were repossessing over 300,000
homes every month and home prices
had tumbled 30 percent from their 2009
peak. The cornerstone of Obamas $75
billion flagship Making Homes Affordable
Program was a loan modification
plan named the Home Affordability
Modification Program, or HAMP, and a
refinance program, known as the Home
Affordable Refinance Program, or HARP,
which paid lenders an incentive fee for
each modified loan.
All of us will pay a steeper price if we
allow this crisis to continue to deepen a
crisis which is unraveling home ownership,
the middle class and the American Dream
itself, Obama told an audience gathered
at Dobson High School in Meza, Ariz.
And we will pursue the housing plan Im
outlining today. And through this plan, we
will help between 7 and 9 million families
restructure or refinance their mortgages.
Critics pounced on the presidents
ambitious plan, arguing HAMP was too
strict on its qualification requirements.
Some argued that HAMP was not
appealing to lenders. Others claimed the
voluntary program was destined to fail.
Sheila Bair
Former Chairman
Federal Deposit Insurnace
Corporation
I cringed as he threw
out what I considered
to be wildly inflated
numbers on the programs
impact. To require every
borrower to essentially
prove that he or she could
qualify for a new loan was
stupid ... HAMP was a
program designed to look
good in a press release,
not to fix the housing
market. I dont think
helping home owners was
ever a priority for them.
Sadly, Obamas housing fix faltered.
It didnt deliver on the vow to modify as
many as 9 million delinquent loans. In
the end, by July 2014, five years since it
debuted, only 1.4 million borrowers had
received a mortgage modification through
HAMP a far cry from the promised 9
million. And 350,000 borrowers defaulted
again on their mortgages and were evicted
from their homes.
Nobody should be surprised by
HAMPs failure, according to Neil M.
Barofsky, the former special inspector
general of Troubled Asset Relief Program
from 2010 to 2012. Barofsky said that in
2012 Treasury Secretary Timothy Geithner
had told him HAMP was not designed
to help distressed borrowers, but was
implemented to help the banks ride out
the foreclosure crisis.
We estimate that they can handle ten
million foreclosures, over time Geithner
told Barofsky, referring to the banks. This
program will help foam the runway for them.
So HAMP was designed to foam the runway for Wall
Street banks by stretching out the foreclosures, giving
the banks more time to absorb losses while the other
parts of the bailouts juiced bank profits that could then
Continued Next Page
OCTOBER 2014
fill the capital holes created by housing losses, writes
Barofsky.
At the start, TARP earmarked only $75 billion for
HAMP remods out of a $700 billion bank bailout approved
by Congress in 2008 to help homeowners. By 2010, the
HAMP program was cut to $30 billion.
As of July 2014, a mere $4 billion total
has been spent for loan modifications,
according to the latest Office of the
Comptroller of the Currency report.
After almost five years, HAMP
continues to face considerable challenges,
including getting new homeowners into
permanent
mortgage
modifications
and keeping homeowners in those
modifications
from
re-defaulting,
according to the latest SIGTARP report
released July 30, 2014. Through June
30, 2014, only 1.4 million homeowners
have received a permanent HAMP
modification, while servicers rejected
more than 5.5 million homeowners from
HAMP. Overall, only 1 in 6 homeowners
that applied for HAMP received a
permanent modification. Additionally,
the number of homeowners entering
HAMP has steadily declined from 512,712
in 2010 to just 141,920 in 2013.
But things could get worse, the report
said.
Neil Barofsky
Former Special
Inspector General
Troubled Asset Relief
Program (TARP)
So HAMP would
foam the runway
by stretching out the
foreclosures, giving the
banks more time to
absorb losses while the
other parts of the bailouts
juiced bank profits
that could then fill the
capital holes created by
housing losses.
OCTOBER 2014
during the financial crisis to avoid foreclosures will begin
to see monthly payments rise starting this year, fueling
fears that borrowers will re-default on their mortgages at
an alarming rate, a federal watchdog report said.
The first higher payments will hit an estimated 30,000
HAMP homeowners this year, and the interest rate will
go up one percentage point per year
until it adjusts to the rate agreed upon at
modification. The reset rates will range
from 4 percent to 5.4 percent, according
to a TARP Inspector General report. Half
of all HAMP loan mods reside in just four
states: California, Florida, Illinois and New
York.
OCTOBER 2014
More American mortgage borrowers have home
equity loans and lines of credit that are facing resets
and higher payments just as foreclosures are starting
to recede. During the housing boom from 2000 to 2007,
HELOCs were aggressively marketed to consumers by
lenders and many consumers tapped their home equity
to remodel their homes, buy new cars, boats, RVs, travel
and finance their childrens college education.
After more than a year of rising home prices, the
housing market is starting to show signs of a slowdown.
Existing home sales are floundering, new home sales are
flat, and home prices are leveling off even declining in
some markets.
The financial shock associated with a HELOC
payment increasing to cover both principal and interest
can cause liquidity issues for some borrowers; this
dynamic is driving significant concern in the lending
marketplace, said Steve Chaouki, head of financial
services at TransUnion. Up to $79 billion of those HELOC
balances could be at elevated risk of default in the next
few years.
OCTOBER 2014
OCTOBER 2014
A real estate market that should be flying high is instead a
real estate market thats faltering. This isnt the way the script
should read. If things are seemingly so good then how come
were not seeing more home sales?
The explanation is complex but the short version is this:
Incomes are down in many markets. Prices and mortgage
rates which should be hugely attractive to large numbers of
buyers are simply off limits because paychecks are smaller.
Worse, were not selling a lot of homes to first-time buyers and
that could mean housing woes for years to come.
We usually think of the income-versus-cost problem in
terms of absolute affordability think the 30 percent that a
depression-era grandparent might advise as the maximum
percentage to be spent on housing but thats not quite the
right measure. If you look at affordability through this absolute
lens you often get the wrong result because markets vary
enormously.
The better approach is using a relative affordability
measure that compares a market or micro-market to itself
rather than other markets. For instance, the percentage
income sufficient to buy a home in Omaha is unlikely to work
in San Francisco. This is not a problem if you live in Omaha
but its a very big issue if you move to California and attempt
to spend the same amount on housing as in Omaha even
given that median household incomes in San Francisco are 45
percent higher than in Omaha.
A RealtyTrac analysis of relative affordability from January
2000 to May 2014 in more than 1,000 counties nationwide
found that in Douglas County, Neb. (Omaha), the historical
norm for percent of median household income needed to buy
OCTOBER 2014
But home price appreciation is slow. RealtyTrac found
that home price appreciation slowed compared to a year ago
in 65 percent of the metro areas we tracked in our July sales
report (119 out of 183 total metro areas).
Yes, home values have risen during the past year in most
markets but the more important point is that real estate
values have yet to reach the previous peaks in most areas.
The Federal Housing Finance Agency (FHFA) says home prices
rose 0.4 in May but remained 6.5 percent below the high-water
mark seen just before the brunt of the mortgage meltdown
hit.
The affordability result: Home values remain depressed
when compared with past highs.
Mortgage Rates
Lender vaults are stuffed with cash. According to one estimate
banks are now sitting on $2 trillion in excess funds and the
predictable result is that mortgage rates have stalled. Freddie
Mac says that at the end of July the typical 30-year fixed-rate
mortgage was priced at 4.12 percent. Back in April 2007
mortgage rates for the same loan stood at 6.18 percent.
The rate differential is huge. Borrow $200,000 at 4.12 and
the monthly cost for principal and interest is $958.72. At 6.18
percent the monthly expense is $1,222.34.
The affordability result: In todays world people worry
about rates in the 4 percent range because theyre higher
than the record-low rates seen in 2012 when interest levels
reached a 65-year low. However, the more important point
is this: According to Standard & Poors the average mortgage
rate during the past 40 years has been 8.6 percent. Todays
rates reflect a discount of better than 50 percent.
Income
It follows that if home prices are down from 2007 and mortgage
rates are half off then affordability should be soaring but that
isnt the case. The problem is that in a market filled with great
real estate deals and cheap financing incomes are down.
If you had a household income of $51,017 in 2012 the
national average you earned 9 percent less than the typical
household in 1999. In terms of buying power, it takes $1,430
today to purchase goods and services worth $1,000 in 1999.
A RealtyTrac analysis of median household income data
at the county level shows that median household incomes
decreased between 2008 and 2012 in real terms in 43 percent
of the nations more than 3,100 counties. Among all counties,
even those with increasing income, the average change in
income between 2008 and 2012 was just 2 percent.
Meanwhile the costs of goods and services as measured
by the Consumer Price Index increased 9 percent during that
time period, even as median home prices dropped 22 percent,
according to RealtyTrac data. But since 2012 home prices have
bounced back and risen 22 percent as of July 2012 while the
CPI has risen 3 percent during the same time period. Median
income data is only available at this time through 2012, but
its unlikely that incomes have jumped 10 percent over the
past two years after rising just 2 percent in the four years
between 2008 and 2012 enough to catch up with the overall
12 percent rise in the CPI between 2008 and July 2014.
The bottom line: consumers now need to spend more of
their income on other goods and services and have less left
over for housing than they did prior to the Great Recession.
The affordability result: The place where you most clearly
see the impact of reduced affordability is with first-time home
buyers. NAR says that first-time buyers in June represented
just 28 percent of all existing home purchasers. Thats down
from past levels of 40 percent or so.
The core barrier to greater real estate sales has nothing
to do with either home prices or mortgage rates. Theyre
demonstrably affordable. Instead, the problem has to do
with jobs and income. Simply put, we dont have enough jobs,
the jobs we do have dont pay enough and the result is that
homeownership levels are at their lowest point in 19 years,
according to the U.S. Census Bureau.
OCTOBER 2014
NEWS BRIEFS
News Corp Acquires Move Inc. for $950
Million
News Corp, the massive media empire owned by Australian
billionaire Rupert Murdock, announced Sept. 30 that it would
acquire real estate listing company Move Inc., the third-most
trafficked real estate website in the U.S., for $950 million in
an all cash offer.
Move Inc. owns several online companies, including
Move.com, Realtor.com, and other online listing websites.
Move Inc. has an agreement with the National Association of
Realtors, which provides the company with real estate data
from more than 800 multiple listing services, generating real
estate listing information as soon as a home comes on the
market.
The news comes on the heels of the merger of Zillow and
Trulia in July.
News Corps entrance into the U.S. real estate market
may finally give Move the marketing muscle to aggressively
compete with Zillow and Trulia. News Corp owner of the
newspapers in Australia, England and the U.S., including The
Wall Street Journal and the New York Post sees synergies
with its core businesses as dwindling print advertising
revenues have migrated to the Web.
Move will become an operating business of News Corp
and remain headquartered in San Jose, California. The
company, started in 1993, has 913 employees.
SOURCES: Wall Street Journal, News Corp
LEGAL BRIEFS
Supreme Court Takes Up Housing
Discrimination Case
The U.S. Supreme Court will hear a case involving whether
people suing for housing discrimination must prove they
were victims of intentional bias, in a case that may give longsought protection to the lending industry.
The high court will consider whether Texas
housing officials violated the U.S. Fair Housing Act by
disproportionately awarding low income housing tax credits
to developers who own properties in poor, low-income
neighborhoods.
The legal theory is known as disparate impact. It allows
the government or private plaintiffs to use statistics to show
that seemingly race neutral polices disproportionately harm
racial minorities. The disparate impact theory is opposed by
business interests because it allows for a broad range of
business decisions related to housing to be subject to civil
rights litigation.
OCTOBER 2014
Every Virginian was harmed by the financial crisis, said
Herring in a written statement. Homes were lost, retirement
accounts were devastated, small businesses saw their credit
dry up almost overnight, and state and federal budget cuts
hurt vulnerable Virginians. It will take many more years to
recover the economic strength and stability we lost, but I
will not allow Virginians to be left holding the bag for the
reckless, fraudulent business practices of a few big banks
who thought they were above the law. These banks lied to
Virginia, and taxpayers and state employees lost hundreds
of millions of dollars as a result.
Herring said the banks including Barclays Capital,
Citigroup, Credit Suisse, Goldman Sachs and JPMorgan
Chase knowingly packaged faulty home mortgages into
securities and sold them to pension funds like the Virginia
Retirement System. The pension fund, which has 600,000
members, purchased 220 residential mortgage backed
securities in 2004.
SOURCE: Virginia Attorney Generals Office
The nine justices will weigh a lawsuit filed against Texas
by Inclusive Communities Project Inc., which works to place
low-income tenants in wealthy, majority white suburbs of
Dallas. Inclusive Communities says Texas broke the law
through its process for allocating the credits made available
under the federal Low Income Housing Tax Credit Program,
which gives credits to developers providing housing for lowincome people.
SOURCE: Bloomberg
In its ruling on SFR Investments Pool 1, LLC v. U.S. Bank, the
court ruled that an HOA super priority lien is a true superpriority lien, and that a properly conducted foreclosure on
the HOA lien extinguishes a first deed of trust.
10
FINANCIAL BRIEFS
Mortgages: FHA Loans Plunge 19
Percent
Tension between lenders and regulators are heating up in
the slow housing recovery as Washington regulators and
major banks haggle over who pays when risker mortgages
go bad. Federal Housing Administration loans, given to
borrowers with weaker credit scores and requiring small
down payments, plunged 19 percent in the nine month
ending June 30, compared with a year earlier, according
to Bloomberg. The largest U.S. home lenders are refusing
to underwrite FHA mortgages because of concerns that
they will be penalized when loans default. FHA insured
420,709 purchase loans in the nine month through June
30, compared with 516,588 mortgages during the same
period in 2013, according to HUD data.
11
OCTOBER 2014
terms, judge Esther Salas ordered the couple to forfeit
$414,588. Additionally, the judge fined Joe $10,000 and
Teresa $8,000. The jail terms will be staggered to make
sure the Giudices four daughters will be taken care of.
OCTOBER 2014
STATE SPOTLIGHT
Foreclosure activity increased 42 percent from a year
ago in September in the Orlando metropolitan statistical
area, which includes Lake, Orange, Osceola and Seminole
counties in central Florida. September marked the fifth
month in the last six months where foreclosure activity
increased from a year ago in Orlando, and the metro
areas foreclosure rate in the third quarter ranked highest
among all metro areas with a population of 200,000 or
more. One in every 117 Orlando-area housing units had
a foreclosure filing in the third quarter, more than three
times the national average.
12
OCTOBER 2014
Real Estate Tug-of-War
Payne, a 29-year veteran of Florida real estate, said the tug
of war between a real estate recovery and lingering distress
from the last housing bust continues to be very much a
reality in Central Florida, with many neighborhoods still
weighed down with foreclosures that have been sitting
vacant for years growing mold from the heat and humidity
that are hallmarks of the region.
Then you have a home next door that is deserving of that
$120 a square foot, thats very challenging,
she said, explaining the $120 per square
foot is for properties that have been kept
in good condition by homeowners not in
foreclosure.
13
OCTOBER 2014
Alan Salerno
Florida Home
Team Realty
Altamonte Springs, Fla.
Short sales accounted for 9.7 percent of all
residential property sales in August in the Palm
Bay-Melbourne-Titusville metro area comprised
of Brevard County, according to RealtyTrac. That
was the ninth highest share of short sales among
metro areas nationwide with a population of
500,000 or more despite being down from 14.9
percent of all sales in August 2013. (See chart:
Central Florida Short Sales Subsiding)
The share of short sales in the Orlando metro area was
second highest in the nation in August 2014 at 13.6 percent,
but that was also down from 18.4 percent of all residential
sales in August 2013.
Foreclosure Auctions Skyrocketing
Meanwhile sales to third party investors at the foreclosure
auction in Central Florida are skyrocketing compared to
a year ago. In the Palm Bay-Melbourne-Titusville metro
those sales represented 3.8 percent of all residential sales
in August 2014, up from 0.8 percent a year ago, while in
the Orlando metro area those foreclosure auction sales
represented 4.9 percent of all residential sales, up from
14
OCTOBER 2014
2.3 percent a year ago.
RealtyTrac data also shows more of those foreclosure
auctions to come in the region, with a 36 percent yearto-date increase in scheduled foreclosure auctions in the
Orlando metro area compared to the same time period
in 2013 and a 131 percent year-to-date increase in the
Palm Bay-Melbourne-Titusville metro area.
and they cant, she said, adding that she sometimes has
to have tough conversations with homeowners who fully
leveraged their home equity near the top of the market.
In the northern part of the Orlando metro area, Crystal
McCall, broker associate at Keller Williams Cornerstone
Realty in Ocala, also noted the slowdown in short sales, a
trend she welcomes.
Orlando-area homes sold in August 2014 for a median
price of $150,000, a rebound of 66 percent from the
bottom of the market, in March 2011, when the median
sales price was $90,150, but still 40 below the peak of
$249,000 in January 2007, according to RealtyTrac data.
15
OCTOBER 2014
to trade up into a new, energy efficient home, according
to McCall, who said she has successfully marketed this
option recently to homeowners in the area.
Maybe they are not going to make any money out
of the old home, but they can buy this
new energy efficient home, she said
that energy efficiency can save the
homeowners quite a bit of money in the
long term. You have to take peoples
mind off making a large profit, which you
cant do in this market, and on to what
can we do on the other side of the fence.
Investor with $10 Million to Spend
The sharp correction in home prices in
Central Florida that has left nearly onethird of homeowners still underwater is
also attracting bargain-hunting investors
to the region, which still has relatively
low-priced housing despite the strong
rebound over the last three years.
We have a lot of investors here who
can buy a house for 70 grand and turn
around and rent it for $700 to $900 a
month, said McCall, who noted there
is strong rental demand from former
homeowners in the region who lost their
homes to foreclosure over the past seven
years. The people who lost their homes
have to live somewhere so they have to
rent.
Crystal McCall
Broker Associate
Keller Williams
Cornerstone Realty
Ocala, Fla.
McCall said most of the investors she
has encountered in and around Ocala
are individual investors buying a handful of properties at
most, as opposed to the mammoth institutional investors
buying up large portfolios of properties.
I sell bank properties, and those are the first ones
(investors) get on, and I have not seen the big portfolio
investors come in, she said. Mostly its just Joe investor
who has $800,000 in his retirement account and is going
to come here and buy houses and use 1031 exchanges.
Prices Stagnating
The rise in inventory means longer times on market and
slowing home price appreciation, according to Salerno,
who said prices over the last six months have been
basically flat in his market.
16
OCTOBER 2014
sales prices in Orlando increased 11 percent from a year
ago in August, but that 11 percent increase is down from
a 20 percent year-over-year increase in August 2013.
Meanwhile, home price appreciation is still accelerating
in the Ocala metro area, with median sales prices up 13
percent from a year ago in August 2014 compared to a
7 percent annual increase in August 2013. (See chart:
Orlando Metro Median Home Sales Prices)
In Lake County specifically where median sales
prices were up 4 percent in August compared to a year
ago, down from a 14 percent annual increase a year
earlier Payne also expects price appreciation to
continue to slow.
If I had to rub my crystal ball, I would say home
prices are not going to be trending too much higher than
they are now, she said, noting that was not her outlook
a year ago when she advised some homeowners wanting
to sell that they should hold out for more appreciation. I
have homeowners last year who I told, you know lets just
wait until the end of 2014, and now Im calling them back
because weve seen a 20 percent increase in prices.
I could sell it for $80 a square foot in 2013, but now
in 2014 I can get them $95 a square foot or $100 a square
foot, she added.
17
OCTOBER 2014
BOOK REVIEW
18
OCTOBER 2014
fraud. In 1981, Toler formed a partnership with Faulkner to buy
65 acres on Faulkner Point on the shores of Lake Ray Hubbard.
Faulkner Point became one of the infamous condominium
projects in the I-30 corridor, which experienced a boom that
later was found to be fueled by hundreds of millions of dollars
in questionable real estate loans. In 1991, Toler and Faulkner
were convicted in the longest S&L fraud trial in Texas history.
19
August 2014
TOP 20
Rank
Foreclosure rates in
the Nations 20 largest
metros in August 2014
Rank
Metro
Housing
Units Per
Foreclosure
Filing (Rate)
Macon, GA
154
Atlantic City, NJ
292
Orlando, FL
4
5
Default
Auction
REO
Total
1/every X HU
(rate)
U.S. Total
39,378
51,192
26,343
116,913
1,126
6.83
-9.06
Alabama
936
113
1,049
2,071
-0.76
-19.18
22
Alaska
45
113
37
195
1,566
-24.71
77.27
17
Arizona
1,639
501
2,140
1,328
2.34
-28.02
30
% from
July 14
% from
Aug 13
46
Arkansas
54
115
169
7,792
-49.25
-73.51
13
California
6,211
4,940
2,152
13,303
1,027
0.47
-12.11
20
Colorado
1,273
205
1,478
1,496
23.17
56.90
12
Connecticut
815
176
518
1,509
984
5.97
-22.14
Delaware
365
110
69
544
746
27.10
-13.92
District of Columbia
11
15
19,778
-60.53
66.67
Florida
6,468
10,723
5,277
22,468
400
17.23
-3.87
Georgia
2,811
4,204
7,015
582
79.87
51.41
40
Hawaii
53
33
34
120
4,332
-6.98
-38.14
23
Idaho
98
253
73
424
1,572
28.48
50.89
Illinois
1,984
2,688
1,612
6,284
842
-11.34
-13.79
-25.85
Indiana
1,430
1,165
537
3,132
893
2.05
16
Iowa
338
402
303
1,043
1,282
109.86
9.44
294
39
Kansas
81
69
163
313
3,940
-38.26
-32.69
Jacksonville, FL
300
34
Kentucky
63
422
372
857
2,250
1.06
-26.31
27
Louisiana
223
483
350
1,056
1,860
-31.74
-26.00
Miami, FL
359
26
Maine
246
73
99
418
1,725
-13.28
-28.79
Maryland
2,565
1,698
207
4,470
532
3.98
14.85
37
Massachusetts
552
336
139
1,027
2,730
10.31
-14.20
24
Michigan
2,057
762
2,819
1,608
-17.26
-28.03
32
Minnesota
713
356
1,069
2,196
-5.40
-36.75
44
Mississippi
181
39
220
5,792
-20.00
40.13
38
Missouri
532
261
793
3,418
7.74
-44.12
Palm Bay, FL
368
Tampa, FL
407
Pensacola, FL
426
Cape Coral, FL
430
10
State
Lakeland, FL
441
43
Montana
73
13
86
5,598
352.63
82.98
41
Nebraska
123
25
154
5,177
26.23
-27.70
Nevada
1,415
628
194
2,237
524
22.11
-30.87
New Hampshire
159
82
241
2,548
-15.14
-37.08
11
Ocala, FL
448
35
4
New Jersey
4,470
1,522
442
6,434
553
114.61
84.67
12
Las Vegas, NV
451
28
New Mexico
229
74
176
479
1,880
12.71
-35.70
31
New York
2,812
618
277
3,707
2,186
-17.53
-12.51
13
Trenton, NJ
467
11
North Carolina
2,458
1,433
571
4,462
969
35.42
88.99
50
North Dakota
-100.00
-100.00
-36.03
14
Columbus, GA
483
15
Rockford, IL
508
16
510
Ohio
2,132
2,566
1,406
6,104
840
-0.08
18
Oklahoma
444
514
257
1,215
1,370
19.00
53.99
19
Oregon
223
702
266
1,191
1,405
7.78
-15.35
21
Pennsylvania
1,106
1,582
1,012
3,700
1,504
-12.07
-12.51
29
Rhode Island
131
95
226
2,047
-11.02
-31.52
10
South Carolina
1,134
681
433
2,248
949
-5.94
-13.70
17
Baltimore, MD
514
18
Bakersfield, CA
523
45
South Dakota
33
16
49
7,424
44.12
-37.18
47
Tennessee
173
183
356
7,898
-41.64
-78.58
19
Sarasota, FL
552
36
Texas
17
2,937
765
3,719
2,683
-32.01
-12.16
14
Utah
343
410
134
887
1,105
-8.56
-36.19
48
Vermont
15
15
30
10,741
-6.25
-28.57
33
Virginia
988
522
1,510
2,229
10.70
-4.07
25
Washington
55
1,308
351
1,714
1,683
-14.64
-31.39
49
West Virginia
18
41
59
14,953
-13.24
-42.72
15
Wisconsin
878
696
552
2,126
1,233
16.17
-22.72
42
Wyoming
34
15
49
5,335
-36.36
-33.78
20
Deltona Beach, FL
572
4,508,559
Distressed
Discount%
-0.47%
-16.16%
$195,000
3%
15%
37%
Alabama
45,678
0.06%
0.53%
$129,000
3%
0%
43%
Alaska*
9,715
-1.96%
-11.14%
$249,979
0%
4%
Arizona
150,728
-0.74%
-16.62%
$175,000
1%
5%
22%
Arkansas
28,071
1.22%
-16.51%
$135,000
3%
5%
46%
California
437,504
-1.46%
-22.53%
$377,000
1%
8%
30%
Colorado
115,409
-0.25%
-13.02%
$248,500
1%
6%
32%
Connecticut
19,342
$219,900
-4%
2%
Delaware
14,790
-1.88%
-12.82%
$190,000
0%
-3%
48%
District of Columbia
8,428
-1.37%
-16.38%
$509,500
0%
7%
45%
Florida
506,579
0.94%
-13.99%
$147,501
1%
13%
29%
Georgia
179,365
-0.28%
-17.09%
$149,000
1%
11%
44%
Hawaii
19,293
-2.19%
-18.89%
$450,000
2%
5%
Idaho*
18,347
$179,900
-3%
0%
Illinois
177,153
-0.83%
-10.19%
$185,000
3%
12%
Indiana*
67,344
-3.30%
-24.33%
$130,000
-4%
4%
Iowa
32,264
-3.44%
-17.31%
$137,000
1%
3%
Kansas*
15,695
-4.35%
4.14%
$143,900
-2%
4%
$120,000
0%
-10%
-1.29%
-21.53%
$149,900
-6%
0%
$195,000
-2%
6%
1.47%
-14.68%
$250,000
2%
2%
$325,000
-1%
7%
Kentucky
25,249
Louisiana*
37,792
Maine*
17,781
Maryland
79,147
Massachusetts
37,823
47%
47%
52%
42%
Michigan
138,536
-1.22%
-20.98%
$127,000
6%
24%
61%
Minnesota
67,732
0.11%
-23.59%
$202,500
3%
14%
35%
Mississippi*
7,059
-4.48%
-3.54%
$147,500
-4%
6%
-0.79%
-14.32%
$139,900
-3%
4%
$255,000
0%
2%
Missouri*
78,711
Montana*
9,273
Nebraska
26,288
-2.20%
-10.66%
$143,000
1%
6%
36%
Nevada
69,874
-0.17%
-14.58%
$175,000
3%
10%
22%
New Hampshire
11,428
-8.70%
-6.47%
$229,900
-2%
2%
New Jersey
114,216
0.00%
-12.81%
$285,000
5%
0%
New Mexico*
29,890
1.12%
-14.72%
$198,000
-1%
2%
New York
148,615
0.62%
-9.60%
$310,000
1%
5%
25%
North Carolina
169,185
1.04%
-9.53%
$158,000
-1%
7%
43%
North Dakota
5,864
$178,500
-3%
-8%
Ohio
170,937
0.72%
-12.72%
$130,000
4%
24%
55%
Oklahoma
53,307
-2.11%
-19.55%
$132,000
2%
7%
54%
Oregon
64,609
-0.32%
-9.97%
$245,000
2%
7%
25%
Pennsylvania
150,734
0.20%
-13.72%
$151,000
2%
0%
55%
Rhode Island
6,235
$239,000
-2%
4%
South Carolina
94,078
$150,000
3%
13%
$169,900
1%
7%
0.14%
-12.76%
South Dakota
21
43%
Tennessee
112,785
-1.07%
-10.45%
$135,000
1%
11%
Texas*
461,421
0.66%
-16.11%
$185,000
-2%
0%
-3.11%
-25.05%
$242,000
0%
3%
$211,000
8%
42%
49%
Utah*
56,055
Vermont
12,207
7%
64%
Virginia
87,993
-0.40%
-25.48%
$326,000
0%
19%
39%
Washington
113,438
-0.61%
-8.21%
$257,100
3%
9%
31%
West Virginia
6,116
0.78%
-21.54%
$127,900
-1%
6%
66%
Wisconsin
63,843
-1.25%
-22.56%
$163,500
2%
8%
56%
Wyoming*
5,032
-4.97%
-19.94%
$237,000
-3%
1%