157 banks were closed/taken over by the FDIC in 2010 (as of early December).
- 30-year fixed mortgage rates hit a 50+ year low of 4.17 percent
- Robo-signing scandal hit the big box banks in the Fall. The “fall-out” from these investigations is still developing.
- Average day until final foreclosure teeters near 500 days (it was half that in January 2008).
- The real estate market remained fragile throughout the year.
- An estimated 1 in 4 homes in America is under water in value.
- Americans are actually making strides in reducing their debt as well as increase their savings.
- It is estimated that as many as 1 in 4 property sales in 2010 were distressed properties.
- HAMP program and other permanent loan modifications provided by mortgage servicers will total nearly 1.5 million for 2010.
- Short sales were up 128% for Fannie Mae loans and 115% for Freddie Mac-backed notes. (through first nine months of 2010, which is the latest data released to date).
- REO property totals—at the end of the third quarter 2010 Fannie Mae and Freddie Mac’s number of combined REOs totaled nearly 300,000. The big box banks are far more tight-lipped about their REO totals but, with the number of foreclosures they have been performing in the last two years, it would be easy to see where each of the top six biggies like Bank of America, Wells Fargo and Chase each have at least that number on the books. That would make REO holdings into the millions.
- Shadow inventory is estimated to be at least 2.1 million properties (based on data released by CoreLogic in November, citing August 2010 totals).
- Fannie Mae and Freddie Mac stocks end the year valued at under $1 each and are delisted by the New York Stock Exchange.
- National unemployment rate teeters in the 9.5 to 10 percent range throughout the year.
- The Realtor herd continues to thin, with NAR reporting 2010 membership totals (as of Nov. 30, 2010) of 1,079,687 million—down nearly 300,000 from NAR’s peak membership year of 2006.
Source: Short Sale Daily News
In today’s challenging Los Angeles real estate market, selecting the right real estate agent is crucial. It can make all the difference in the world. Whether you’re planning on buying, selling, or you just have a question, feel free to call Toni Patillo. We service the Greater Los Angeles, the Westside, Beverly Hills, and more.
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