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FBN’s Adam Shapiro with the latest on the housing market and the $25 billion foreclosure settlement reached with the nation’s five biggest banks.
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Terms of sales and prices but.
Is there another wave of foreclosures -- down behaviors with them more on that our very -- fox business's Adam Shapiro live from the newsroom.
Morning out of a rich and -- up to New York thank you.
So the latest on the housing market is not the kind of thing that'll make you smile on holiday Friday -- -- Good Friday but now let's get right into it.
Because these numbers are in taking into account the fact that the State's attorney general's 49 states and all.
Plus the Department of Justice settled we did the major banks over the robo signing scandal that brought the foreclosure process to a halt.
In 2011.
So the predictions were once they reach that settlement 25 billion dollar settlement.
The banks would then bring into the market all of these properties which should have been foreclosed in 2011.
We'll bring them forward now and 2012 and that appears to -- what's happening.
Take a look this is according to Lender Processing Services just in January and this is a group -- at a Jacksonville Florida.
Just in January the foreclosure starts that's just starting the process of foreclosure job nationwide 28%.
And -- some of the banks the increases are pretty dramatic but keep in mind these are percentages not the total numbers at Deutsche Bank.
Foreclosures.
The the process starting in January up 47%.
Wells Fargo the big West Coast bank of course nationwide -- the heavy and that realistic West Coast.
The foreclosures start process in January up 68%.
Now one of the things you -- -- keep in mind is that realty -- is saying that foreclosure starts were up in 21 states.
In Tampa they were up 64%.
Each of the cities by the way that got hit hardest -- 64% Chicago 43%.
Miami 53.
Percent that's -- Chicago 43%.
Finally what does this mean everybody else if you're not in foreclosure -- you might be underwater one in four mortgages are underwater.
But Moody's analytics says that -- all these properties get dumped into the system.
You expect prices to continue to fall roughly 10%.
Will hit bottom they predicted 2013.
And we'll stay there until 2016.
Which I think we need to talk about some out because -- foreclosures for -- -- due to present.
Yeah I agree yankees opener.
Yeah we got about delta two delta may buyer refinery go figure fifty cats and dogs living together.
Delta tried to -- its fuel costs planning possibly to buy that that refinery -- ConocoPhillips refinery in Pennsylvania.
But a lot of analysts say you know this is no way for them to hedge their fuel costs that -- work.
