While the latest report from RealtyTrac shows that foreclosure filings nationwide were up 7% in May from the previous month and increased 48% year-over-year, Maryland--which had the sixth worst foreclosure rate in April--fell back to the No. 22 spot. BuisnessWeek's Hot Property suggests that a new state law, which requires that lenders wait a minimum of 90 days following default before initiating foreclosure proceedings as well as provide homeowners with 45 days advance notice that foreclosure actions will be initiated, may be responsible for the improvement. For that story and more, check out Big Builder's bi-weekly roundup of the latest in opinion and commentary across the Web.
Florida may rank No. 2 on RealtyTrac's list of states with the highest number of foreclosure filings, but it remains nowhere near the phase of the cycle that California--with the lion's share of the nation's foreclosure activity--has entered, housing economist Tom Lawler tells The Wall Street Journal. Prognosis: Additional pricing adjustments can be expected in the Sunshine State.
Dr. Housing Bubble reminds us that the recent subprime mortgage crisis was only one part of a global debt boom that has yet to completely go bust.
While American lumber consumption may be expected to see a decrease of 21 billion board feet this year compared to 2006--and amount equivalent to the 2007 total combined output of the 20 top domestic lumber producers--Seeking Alpha points to China for evidence that lumber remains the best low-risk, high-return asset out there, with an average annual return of 6.5% over the last century.
Inman News reports on a 29-minute DVD that claims to contain a step-by-step program to stop the foreclosure process and return to good standing on a mortgage without filing for bankruptcy or obtaining a new loan--for a supposedly fully refundable $199.
The inventory of residential properties being marketed by real estate agents in Florida's Volusia and Flagler counties has started to decline since hitting a record of 9,541 listings in November, yet sales by agents are down to 237 per month--below 2007's monthly rate of 280, according to The Housing Bubble.
Reggie Middleton's Boom Bust provides a draft overview of General Electric, whose share price has declined by 22% over the last six months.