Fact one: Home prices are up nationwide. By how much depends on which index you like to use.
Fact two: The number of available existing homes listed is down. Not down a little bit, but down about 17% in 146 metro areas (I think that qualifies as “nationwide”) and down over 25% in a couple dozen places.
Looks like the law of supply and demand is still in play. Keep this in mind if you think this is a great time to buy.
In Closing: Harvard points out the obvious; about a quarter of Americans have more credit card debt than money in the bank — not total debt, just credit card debt; the truth about low capital gains taxes; signs of autism can be found at birth (that’s long before anybody can get vaccinated, for those keeping score); strategy; and surely I am not the only person who thinks the timing here is odd. Do you really believe that the Pope mulled his decision to resign for health reasons for quite a while before suddenly making an announcement, then realizing too late that it’s the middle of Lent and somebody has to do his job?
How many houses are the banks sitting on that aren’t on the market?
Lots.
I think you would be surprised. The only places banks are sitting on them is places they are legally required to. It’s called “right of redemption,” and it means that if the poor sucker who lost his home can come up with all the money he owes the bank, he can have it back! In practice, this is a sick practical joke on the foreclosure victim.
Thanks to the foreclosure fraud settlement, banks are much more interested in short sales and refis than foreclosures.