Private Sector Jobs Growth Is Up But Housing Is Worse Than Ever - Let Me Count The Ways

Private Sector Jobs Growth Is Up But Housing Is Worse Than Ever - Let Me Count The Ways

April 2012 marked 26 straight months of U.S. private-sector job growth. Obama (see above photo) was orgiasmic. And according to the NBER (National Bureau of Economic Research), an independent group of economists,the Great Recession started in December of 2007 and ended in June of 2009, the longesr (18 months) and deepest downturn in the US econmoy of the post WW II era.

But the Great Recession didn't end for a large number of Americans who continue to suffer economic hardship. Thirteen plus million Americans are still out of work. Millions of Americans are underwater on their mortgages. And when it comes to housing, the recession is not over by a long shot. How do we count the ways in which housing still is in the toilet? Below is a partial list of indicators:

1. Over 1 in 10 homes in America are standing vacant.

2. Housing prices have declined by the largest amount in more than 25 years.

3. There were a record 2.87 Million foreclosure filings in 2010.
     -> There are 4 Million properties delinquent on their mortgages and on the road to foreclosure.
          ->> 8 Million Americans have not paid their mortgage in 1 month or more.
          ->> 5 Million Americans have not paid their mortgage in 2 months or more.
          ->> 1.2 Million properties are in a stage of foreclosure.
          ->> 9.5 Million houses are currently at risk of being declared in default on their mortgages.
          ->> 364,000 of Miami, FL Homeowners are in foreclosure (since 2008).
     -> The 2011 robo-signing scandal put foreclosures on hold until February 2012.
          ->> It takes on average 674 days to process a foreclosure (three times longer than in 2007)
          ->> Foreclosure starts were up 28% in January 2012.
     -> Characteristics of the Average Foreclosure Victim
      ->> Middle Class, Suburban or Rural
          ->> Carrying a 30 year Fixed Rate Mortgage at a standard interest rate.
          ->> Unemployed
          ->> Insufficient income to carry the mortgage
    
4. 23% of US homeowners are:                   UNDERWATER on their mortgages.
     -> 47%  of Miami, FL homeowners are: UNDERWATER on their mortgages.
     -> Sacramento, California, the state capital, is one of 10 cities with the highest number of foreclosures.

5. Home prices in America fell by 33% fall in 2011 (larger fall than the 31% during the Gread Depression).
     -> Home prices were down 54% in Detroit, Michigan.
         ->> This was the worst price decline in the nation in last 3 years.
     -> Home prices were down 50% in West Palm Beach, Florida since 2006.

7. The number of home sales declined by 80% (between 2005 and 2011).

8. 775 abandoned homes were razed to the ground in Flint, Michigan (btween 2010 and 2011).

9. Banks own more than 900,000 residential properties in the US.
     -> But only 240,000 of the 900,000 owned by the banks have been listed for sale.
          ->> This means that there is a hidden backlog of over 600,000 unsold homes currently unreported as
                 being part of the unsold housing inventory
          ->> This means that the housing inventory is actually larger by over 600,000 than has been reported.

10. What does the near term housing future look like?
     -> Housing prices are predicted to hit rock-bottom in 2013.
     -> Housing prices are bredicted to stay at the bottom 2013 through 2016.