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The monster lurking in the shadow inventory — 12 million Americans underwater with Netco financial analysis 6 million delinquent or in foreclosure with their mortgages. The hidden benefit of not paying your mortgage. Shadow inventory coming online in is going to have the biggest impact on the housing market.
With a weak jobs report that shows a labor force that declined byyou realize that demographic trends are now in full play here. With banks now moving on delinquent properties the supply will be moving higher while traditional inventory remains low. We noted that in Southern California, over 50 percent of all MLS inventory is now composed of short sales showing that banks are now willing to sell homes for less than the original mortgage balance.
One of the more interesting trends is the aggressive pricing we are seeing on some of these listings. Of those in actual foreclosures, nearly half have made no mortgage payment in two years.
Now that banks are moving on these properties that hidden stimulus will be pulled away. Think about not paying rent or a mortgage for two full years. Let us take a look at the current state of the shadow inventory. You need to remember that the first two columns rarely show up on the MLS.
These homes have yet to even hit the foreclosure process so do not show up as inventory.
Cure rates have been pathetic so most of these will end up as foreclosures. Then you move to the loans in foreclosure category and many are not on the MLS as well.
You have the three stages of foreclosure: In total over 5, properties are delinquent or in some stage of foreclosure.
When the existing inventory is looked at only a small part of the picture is shown: Existing inventory has trended lower since and many analysts simply look at this as if this was the only measure of housing inventory.
This only reflects roughly 2 million properties while another 7 million properties are either: That is, the existing category has room to grow simply because the other pipelines are so enormous and one option is to get out ahead of the curve by allowing short sales.
With home prices making post bubble lows and household incomes stagnant for well over a decade, there is little reason to see pressure for higher prices. As we noted with a shrinking labor force because of lower paying jobs or people dropping out of the labor force where will pressure for higher prices come from?
Mortgage rates are artificially low thanks to the Federal Reserve and with low down payment loans like FHA insured loan products the leverage capacity is at a maximum for buyers to stretch into a property. Rates are unlikely to go lower and we know FHA loans will get more expensive in the upcoming months because default rates are soaring.
What a shocker that allowing people with almost no down payment to buy expensive homes is causing further issues. A mini stimulus will also be lost as more of those living in their homes payment free will lose that advantage: So first of all, can you give us a sense of how prevalent this is?
What are the numbers of people who are squatting in their own homes? As more short sales pop up on MLS searches every day it looks like this trend will be coming to an end. Underwater nation Take a look at how many Americans are underwater on their mortgages: So as more properties enter the pipeline there is little reason to believe the demand curve will shift up.
For the short-term, we will likely see a move for the supply side: This is exactly what is happening and why home prices continue to fall. For example, the mid-tier market in Southern California has seen home prices fall by 8 percent in the last 24 months.
This is partly due to more short sales hitting the market and a large demand for lower priced properties based on stagnant household incomes.
So as more of these homes leak into the inventory why should we expect some sort of reversal of the trend?Purposes of Financial Analysis Judging The Earning Capacity On the basis of the financial analysis, the earning capacity of the business concern may be computed.
In addition to this, the future earning capacity of the concern may also be forecasted. Determine whether Netco grew or shrank during the last recession.
This is useful in estimating the financial strength and credit risk of the company. Compare how recession-proof Netco is relative to .
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