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S&P Case-Shiller Home Price Indices
S&P Case Shiller 1/31/2012
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Supply & Demand
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Financial Times 2/17/2012
Months Supply of Shadow Inventory
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Explaining Shadow Inventory
ShadowInventory
S
ALES
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NationalMortgageSettlement.com
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RealtyTrac 2/16/2012
Impact of Settlement
The settlement sets forth clear guidelines forlenders and servicers to follow when foreclosing,
which should allow them to push through some of
the delayed foreclosures from last year.
Brandon Moore, Chief Executive of RealtyTrac
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The settlement helps the housing market in thelong run because it allows banks to proceed with
millions of foreclosures that have been stalled.
Many lenders have refrained from foreclosing on
homes as they awaited the settlement.Mark Vitner, a senior economist at Wells Fargo Securities
Impact of Settlement
Washington Post 2/08/2012
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Moodys Analytics 2/17/2012
The latest settlement will hastenthe pace of filings and push up the
distress sale share of total sales
over the next several quarters,
driving national
house prices down
another 3%.Celia Chen, Moodys Analytics
Price Depreciation
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Shadow Inventory
1. Houses 90 Days Delinquent on
the mortgage
2. Houses owned by banks but notyet ready for sale
3. Houses in the foreclosureprocess
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S&P Case Shiller Pricing Index 10 City
125
135
145
155
165
175
185
195
2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011
2006 - 2011
Case Shiller
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S&P Case Shiller Pricing Index 10 City
0
20
40
60
80
100
120
140
160
180
200
1987 2011
Case Shiller
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40%
37%
31%30%
29%31%
30%28%
29%
32%
35%
0%
10%
20%
30%
40%
50%
Percentage of Distressed Property Sales
NAR
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Calculated Risk 2/15/2012
Short Sales Surging
103
274
354
397
0
50
100
150
200
250
300
350
400
450
2008 2009 2010 2011
Short Sales in Thousands
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We continued to see a shift toward pre-foreclosuresales, or short sales, and away from REOs
That trend will likely show up in more local
markets in 2012 as lenders recognizeshort sales as a better option for manyof their non-performing loans.
Short Sales Surging
RealtyTrac 2/28/2012
RealtyTrac
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Type of Sale % of Value
Non-Distressed Sale 100%
Short Sale 79%
Foreclosure Sale 71%
Value by Sale Category
RealtyTrac 02/2012
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DS News 2/15/2012
Mortgage Forgiveness Debt Relief Act
Obamas 2013 budget proposalincludes an extension of theMortgage Forgiveness Debt ReliefAct of 2007.
Without the Mortgage ForgivenessDebt Relief Act, debt reducedthrough mortgage modifications orshort sales qualifies as income tothe borrower and is taxable. Theadministrations extension would
apply to any amounts forgivenbefore January 1, 2015.
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Resources
KEEPINGCURRENTMATTERS.COM
Slide Slide Title Link
2,3,4Existing Home Sales, Pending Home
Sales, Monthly Inventory of Homes for
Sales
http://www.realtor.org
5 Return on Investment www.msnmoney.com
6 Projections for 2012 http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304
7 Projections for 2012 http://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-tap
8 Projections for 2012 http://freddiemac.mediaroom.com/index.php?s=12329&item=122345
9 Projections for 2012 http://www.economy.com
10 Warren Buffet Speaks Out http://www.cnbc.com/id/46541258
11 Warren Buffet Speaks Out http://www.cnbc.com/id/46541258
12 Mortgage Rates http://www.freddiemac.com/pmms
16 House Rents Will Keep Risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-
keep-rising-and-rising
17, 18Housing Cost Over Next 30 Years,
Retirement Fund Created from
Homeowner Equity After 30 Years
http://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-
prices-fall-further
19 S&P Case-Shiller Home Price Indices http://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdf
http://www.realtor.org/http://www.msnmoney.com/http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://freddiemac.mediaroom.com/index.php?s=12329&item=122345http://www.economy.com/http://www.cnbc.com/id/46541258http://www.cnbc.com/id/46541258http://www.freddiemac.com/pmmshttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdfhttp://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdfhttp://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdfhttp://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdfhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://www.freddiemac.com/pmmshttp://www.cnbc.com/id/46541258http://www.cnbc.com/id/46541258http://www.economy.com/http://freddiemac.mediaroom.com/index.php?s=12329&item=122345http://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.msnmoney.com/http://www.realtor.org/8/2/2019 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Resources
KEEPINGCURRENTMATTERS.COM
Slide Slide Title Link
21 Months Supply of Shadow Inventory http://ftalphaville.ft.com/blog/2012/02/17/881581/the-decline-of-us-housing-inventory
22 Months Supply of Shadow Inventoryhttp://www.realtor.org/wps/wcm/connect/0556a600491cbf9b813bcd2e39654e23/Shadow_Inventory_Annual_2011_for_website.pdf?MOD=AJPERES&CACHEID=0556a600491cbf9b813bcd
2e39654e23
21 S&P Case-Shiller Home Price Indices www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdf
25 Impact of Settlementhttp://www.realtytrac.com/content/foreclosure-market-report/january-2012-us-foreclosure-
market-report-7022
26 Impact of Settlementhttp://www.washingtonpost.com/business/source-holdout-states-to-sign-mortgage-
settlement-with-banks-over-foreclosure-abuses/2012/02/08/gIQA7uIvzQ_story.html
27 Impact of Settlementhttp://www.businessweek.com/news/2012-02-14/foreclosure-deal-to-spur-u-s-home-seizures-
help-heal-market.html
28 Price Depreciation http://www.economy.com/dismal
30 Foreclosures in Process by State http://www.corelogic.com/about-us/researchtrends/asset_upload_file693_14120.pdf
33 Percentage of Distressed Property Sales http://www.realtor.org
34 Short Sale Surging http://www.calculatedriskblog.com/2012/02/lawler-short-sales-increased.html
35 Short Sale Surginghttp://www.realtytrac.com/content/foreclosure-market-report/q4-and-year-end-2011-us-
foreclosure-sales-report-7060
37 Mortgage Forgiveness Debt Relief Acthttp://www.dsnews.com/articles/obama-proposes-extending-tax-waiver-on-mortgage-debt-
forgiveness-2012-02-15
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