Friday Facts – March 8, 2013

• From Banker & Tradesman – The number of completed foreclosures in MA dropped by nearly 13% in 2012 to 7,424. However, the number of foreclosure petitions rose more than 35% to 17,152 in 2012.

• Also from Banker & Tradesman – Governor Patrick’s proposal to increase state revenues by $2 billion includes a little noticed provision that would repeal the exemption ($250,000 for a single individual or $500,000 for a married couple) for home sales from capital gains taxes. 6.25% of the gain would go to the state.

• From the National Association of Realtors – Moves across county and state lines are falling. Traditionally, Americans moved to improve their lives – a bigger home or higher paying job. The Great Recession caused Americans to move for downward economic mobility.

• From the KCM Blog – House Prices: When will 2006 values return? Barclays expects a 3-4% annual increase in coming years. At that rate, prices will return to pre-crisis peak levels in June 2021. In CNN Money, Fiserv projected that 2006 prices would not return until 2023.

• From Zillow – Negative equity continued to fall in the 4th quarter of 2012, dropping to 27.5% of all homeowners with a mortgage. A year ago, 31.1% of all homeowners with a mortgage had negative equity.

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