Modified Subprime Mortgages Redefault

Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime mortgages will still fall behind by 60 days or more within one year of the loan change. Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that…read the full subprime mortgage redefault article.

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Real Estate Market Trends in Nashville

Real Estate Market Trends in Nashville

According to the latest Zillow real estate market reports, home values in Nashville decreased 5.6 percent in the first quarter of 2009, compared to the first quarter of 2008. Nationally, home values decreased 14.2 percent during this same period and have fallen 21.8 percent since the market peak in 2006. Additionally, one-fifth (21.9%) of all homeowners in the United States is in negative equity, and one in five homes sold in the past 12 months was a foreclosure…read the entire Nashville real estate market trends story.

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Nashville Tax Assessment Reappraisal Deadline

This article entitled “Reappraisal review deadline nears” appeared in the Tennessean on May the 10th, 2009. The author is Jenny Upchurch:

“Property owners in Davidson County can get an informal review of their new appraisal values through Friday. But the assessor’s office urges folks to make requests as soon as possible so the office can have time to fully weigh the information.

Values are adjusted every four years, and reassessment notices were mailed out last month. If an owner disagrees with the valuation, there are appeals. See the entire Nashville tax assessment deadline story.

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Nashville Mortgage Rates Hit Record Low

mortgage rates chart

With the Federal Reserve planning to purchase another $750 billion in mortgage-backed securities and up to $300 million in Treasuries, Freddie Mac reports a drop in long-term mortgage rates. The average interest on a 30-year loan fell to a 38-year low of 4.85 percent during the week ended March 26 from 4.98 percent the prior week…see the rest of the Nashville mortgage rates hit another new record low article.

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Nashville Real Estate Market Report | February 2009

There were 1,267 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 33 percent from the 1,892 closings reported for the same period last year.

There were 1,452 sales pending at the end of the month, compared with 2,183 pending sales at this time last year. The average number of…see the full February 2009 Nashville real estate market report.

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Historic US Home Values Chart

historic US home values chart

Don’t let this graph scare you, but let it sink in for just a moment. It is clear that we experienced an unprecedented real estate boom over the past 8 years, but don’t expect an unprecedented depression as a result. We do expect values to drop, but only to the 160-170 basis level.

Why won’t the index drop lower than 160 basis points? Interest rates are incredibly low, so low in fact, that they really cannot drop much lower at all. Also, relative inventory levels are dropping quite quickly across the country…let’s not forget about a possible home builder bail out in the future.

We expect a new plateau to be established followed by a period of slow, steady incline.

– Chart provided by Bill Marsh with the New York Times

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