Data shows nearly one-third of Americans who sold their home in the past year lost money, and that trend is likely to persist, according to Zillow. According to the third quarter Zillow Real Estate Market Reports, which evaluates 163 metropolitan areas, some of the country's largest metropolitan areas are seeing a decline of 9.7% year-over-year in home values with the Zillow Home Value Index currently standing at $202,966. Combined with the overall economic crisis, depreciation in home values is causing additional distress to homeowners who need to sell their property at a loss due to foreclosure or other reasons. Foreclosures made up almost one in five, or 18.6%, of all transactions in the past 12 months. 30.2% of homes sold were sold for a loss, up from 23.7% at the end of the second quarter. In 17 markets - 14 of which are in California - more than half of homes sold in the past year were sold for a loss.
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Some members of the Senate, where the GOP majority is thinner, also are asking the Federal Housing Finance Agency to reveal more about planned mortgage reforms.
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The housing regulator has been mum on details about its reshuffling, but Secretary Scott Turner has emphasized mission-critical functions would persist.
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Regulators should approve the deal because post-merger, the servicing market remains fragmented and the mortgage origination business is even more dispersed.
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Publicly traded lenders, including UWM, Rocket Mortgage and Guild Mortgage, saw personnel expenses increase significantly throughout last year.
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A three-judge panel will hear an appeal by the Trump administration of a preliminary injunction that has blocked the government from dissolving the Consumer Financial Protection Bureau.
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The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.
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