Page 2 - Shadow Inventory News Today

♪ hello, there. its not quite 2012 yet. we still have some news to get to before the new year. im hala garani in washington. kyra phillips has the day off and we begin with the latest out of the united states in terms of politics this morning. lets get you straight to iowa and expecting any minute now, by the way, the new jersey governor chris christie will join mitt romney in iowa. christie is a rising star and many republicans wanted in this presidential race. he endorsed romney ...

support him. hes followed by ron paul at 22%. rick santorum is now third with 16%. newt gingrich is at 14%. michele bachmann is on the campaign trail in des moines right now, a day after one of her high profile advisers defected. bachmann is likely to face questions about the decision by state senator ken sorenson to jump ship and throw his support behind ron paul. were keying an eye on bachmanns media event and well take you there live for some of the q and a session. he may be th...

Tricks. so no one really wants to take on big banks in washington, and that means nobodys really serious about tackling the problem. thats why this plan deals with refinancing rather than negative equity, people being underwater. >> right. it makes total sense. and you agree with that assessment, i presume? >> yes. we extorted the financial accounting standard board to change the rules so that the banks wouldnt have to recognize the losses, unless and until they actually sold the place. so theyr...

Lows where people are looking for a sign before they jump in the water. >> part is psychology and part to be honest is you still have this shadow inventory of all these homes that are still on the market. we went on this building binge over the course of a decade. as a consequence you have a bunch of homes, particularly in states like nevada and florida and california, arizona. the supply greatly exceeds demand. what we are seeing, i think, is that the housing market is beginning to bottom out. ...

ill be back at the top of the hour with more live news. now i need to hand it over to your bottom line. the housing market has changed. so have you. what you need to know if you own a home, want to buy one or rent. plus is it ever okay to walk away from that mortgage even if you can afford to pay? lets start with the american dream of owning a home. youre a buyer its a dream market but only if you can get the loan. with the end of the nations largest mortgage lenders denying 27% of...

Four things were going to do straight from the white house. number one, no more foreclosures in the united states of america unless theres mandatory mediation, meaningful mediation between the borrower and the lender. a lot of these could be worked out. number two, people want to stay in their house. number two, eliminate the due on sale clause. that is a federal mandate that was passed under st. jermaine in 1982, it could be wiped out a stroke of a pen. number three, i want to eliminate tax on ...

Government. a mortgage today would be at a 9% interest rate. i want to get the government out of home. they are too big. it has to be done ten years. do it overnight and youville a disaster on your hands. >> are you reading the same statistics i am? i find out all the home builder stocks are coming back because inventories are running down. >> because people can get mortgages because -- >> 6.6 million homes right now in shadow inventory. that has to come on. >> who has got and home loan in the l...

Of many homes to foreclosure, and when that happens. the effects could be felt nationwide. our jenna lee report prg the fox business network. this is disturbing. jenna: it is, harris, especially since we talk about home construction, we talk about sales, for example, and we have seen some improvement over the last several months in those areas we normally look at, but a term we should all be familiar with is shadow inventory. its the homes that are still on the market, theyre still, i should say...

But the effects of the shadow inventory on the entire market are going to be felt even if youre outside of those states because what were hearing, the early estimates of the shadow inventory is it could be five million homes, it could be eight million homes, and standard and poors says really that could take three years, and thats a conservative estimate to actually work those homes off the market. now, one consulting firm, john burns real estate, says theres two different scenarios here. if be ...

Latest updates on this topic.