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Report: 35% of Homeowners Better Off Than 4 Years Ago

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  • Description

    RealtyTrac V.P. Daren Blomquist on the state of the housing market.

  • Duration 3:15
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This tonight the American homeowner you and me.

Despite some signs of life in the housing market -- whopping 65%.

Say they are actually worse off now than they were before the bust.

-- break it all down Darren Blum was vice president of realty track.

-- this sort of flies in the face of a lot of conventional wisdom right now -- the housing market is recovery.

Tell us how you put these numbers together had to -- the study together it's pretty overwhelming.

-- we looked -- a lot of data for this reelected five different metrics in the housing market.

And over 919.

Are over 900 counties nationwide 919 to be exact.

We like to housing prices and and we are and we -- to unemployment rates we -- debt for clothes or inventory and foreclosure starts and then share of distress sales those five metrics and 919 counties nationwide right now.

Compared to four years ago and and found that 65% of the counties that we looked at.

Are actually worse off than they -- four years ago.

See a look at several different metrics several different idea -- it wasn't just one thing and I gotta tell you right.

That is really surprising to me how can the results of your survey be so different from what we see with housing starts.

Home builder sentiment existing home sales the price of insisting homes.

Why the disconnect.

Book as a religion of the long term there are a lot of signs of life if you look in the short term over the last six months.

Or even -- the last year and in home prices and housing starts.

And even foreclosures are down have been down and -- a five year low in September of this year according to our own data.

But if you look back a snapshot in time now vs four years ago the long term.

We're we're digging our way out of the whole -- we're definitely not out of the hole yet and not even as far back up as we were in back in 2000 -- Before the -- -- the last presidential election wow.

That is a shocker and fascinating he gets really did do your homework it's it's not like you make in the step up.

Of course one of the big details here that were ignoring is that it's different in different markets right I mean some places are doing better than others some are still -- the tank.

Help us understand.

Yes and and again this is the -- term views so it's not just what's been happening over the past few months but.

Now compared to four years ago and there are 35% on the markets 35% of the counties.

That are doing better and and many of those counties it it boils down to you how they've been able to respond.

To falling home prices and rising for closures.

-- counties of course it it also boils down to where -- counties are places like -- -- the coast of California Orange County San Diego.

Are better off than they were four years ago.

But also how -- even like Wayne county Detroit has responded to that the foreclosure problem.

As opposed to delaying foreclosures and praying that the market gets better.

We see a market like Wayne county where they've allowed the foreclosures to be processed in the foreclosure.

Processes faster.

That that's a town and it's better off now that I was four years ago.

We're there we're gonna have to leave -- there were up against a -- break thanks for coming in fascinating stuff appreciate it.

Thank you.

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