Headlines – Week of October 2, 2011

October 15, 2011

Number of Bank Failures Fall from Year Ago

According to an article on the CoStar Group web site, banking regulators recently closed the 26th bank in the third quarter of this year.  The 26 banks closed represent a nearly 56% decrease in bank failures compared to the same quarter a year ago.
Commercial real estate lending continues to make up the largest percentage of the failed banks’ activities. Two-thirds of the lending activity at the 26 failed banks was for CRE-related loans.
The banks had total distressed commercial real estate assets of $2.1 billion, which represented 21% of their total assets of $9.6 billion.
Of the distressed CRE totals, delinquent loans accounted for $1.15 billion of the assets, with nearly 87% of that seriously delinquent.
The banks had restructured $476 million of the commercial real estate loans on their books. Of that amount, nearly half were delinquent again.
Foreclosed property holdings accounted for $426 million of the total distressed assets.
Through the first two quarters of the years, the 26 banks had lost a collective $248 million.

Ten States with Soaring Home Prices

Several states are posting year-over-year gains in home values, according to a newly released index for August by CoreLogic, which tracks price changes in repeat sales of homes.  The report by CoreLogic tracks price changes in repeat sales of homes.
Home prices increased in 12 states and Washington, D.C., on a year-over-year basis in August.
West Virginia led all states with an 8.6 percent rise in home prices, followed by Wyoming at 3.6 percent, and North Dakota at 3.5 percent.
Nationally, single-family home prices were down 4.4 percent year-over-year in August, according to the index. Nevada posted the largest drop, falling 12.4 percent year-over-year.
CoreLogic August Home Price Index (year-over-year change)
Full Article

23 Housing Markets Show Big Improvement

According to the National Association of Home Builders/First American Improving Markets Index, which debuted last month, the number of housing markets that moved into the “improving” category this month doubled compared to last month.
Twenty-three housing markets qualified as “improving” compared to 12 last month. Metro areas are considered “improving” if they show an improvement in housing permits, employment, and housing prices for at least six months. Texas cities appear the most frequently on the list.
The following are the 23 markets labeled “improving” in October, according to NAHB’s index:
Full Article
Posted by Scott R. Lodde

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