More than a fifth of U.S. homeowners owed more than their properties were worth in the fourth quarter as the number of houses and condominiums lost to foreclosure climbed to a record, according to Zillow.com.
Bank sales of foreclosed properties accounted for a fifth of all U.S. home sales in December, Zillow said. Such transactions made up 68 percent of sales in Merced, California; 64 percent in the Las Vegas area; and 62 percent in Modesto, California, the company said.
More than 20% U.S. homeowners owe more than their properties are worth.
20% of all U.S. home sales in December were bank sales of foreclosed properties.
Combine this with what lumber futures are telling us.
How much of the Fed's stimulus reduction plan talk? Household balance sheets dictate the infinite QE will not end in a controlled, policy directed manner.
Source: bloomberg.com
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