Real Estate News

Home foreclosures fell 29% to 1.17 million during the first six months of this year compared to the first half of 2010, according to RealtyTrac’s Midyear 2011 Foreclosure Market Report. The findings also show foreclosures for the second quarter to be the lowest since the end of 2007.

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When Hawaii passed a new law with extensive protections to prevent residents from losing their homes, it was hailed as the nation’s strongest foreclosure law — maybe too strong, many warn.

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Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002.

It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday. Prices are now down 32.7% from their peak set five years ago.

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Home construction in the United States is all but coming to a halt.

Americans are on track to buy fewer new homes than in any year since the government began keeping data almost a half-century ago. Sales are now just half the pace of 1963 — even though there are 120 million more people in the United States now.

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Fewer Americans bought previously occupied homes in February and those who did purchased them at steep discounts. The weak sales and rise in foreclosures pushed home prices down to their lowest level in nearly 9 years.

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