Two interesting things flew by me today.
One was an article in Zillow about the perceptions of homeowners relative to the value of their home, given marketplace conditions. Homeowners have, even with the downturn of the market, been traditionally unwilling to believe that their homes lose value in the marketplace. This past quarter, however, homeowners’ perceptions tended to be more realistic, and possibly even pessimistic, about their homes’ comparable value.
This bears out, to an extent, with what I am seeing in practice and in what I am hearing from my nationwide network of Realtors®. What I see comes from people who want to sell their homes; the Zillow report is based on ALL homeowners that they surveyed across the nation.
The other item I came across was from Inman News, titled “Light at the End of the Foreclosure Tunnel?” In a nutshell, Inman poses that while long term mortgage delinquencies including those heading to foreclosure are still at record highs, short term delinquencies have fallen in the last quarter:
However, the percentage of mortgages 30 days past due eased from the third quarter to the fourth, a concrete sign of a “beginning of the end” of an unprecedented wave of mortgage delinquencies that began in early 2007, MBA Chief Economist Jay Brinkmann said.
Well, many distressed properties need to be absorbed before there is a true beginning of the end, but maybe this is the beginning of the beginning of the end.
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