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- Northern NJ March Residential Sales
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Preliminary March sales and inventory data for Northern New Jersey is in. Please note that this data is subject to revision.
The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower bound of the graph, it is set to 500, not to zero. I do this to emphasize the seasonal nature of the Northern NJ market.
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Original Source: njrereport.com
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3 April, 2008| housingblogs |
Comments (0) @ 22:45
- IMF: Central Banks Should "Lean against the Wind" of Asset Prices
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The IMF has a new report out on housing: The Changing Housing Cycle and the Implications for Monetary Policy (hat tip Glenn)Note: the IMF chart on page 13 is incorrect. This is the same error Bear Stearns made last year: see …
Original Source: feeds.feedburner.com/CalculatedRisk
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3 April, 2008| housingblogs |
Comments (0) @ 22:21
- Rates on 30-, 15-year mortgages rise
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Read full story for latest details.
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Original Source: money.cnn.com
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3 April, 2008| housingblogs |
Comments (0) admin @ 21:48
- Senate takes up $15 billion housing fix
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The Senate began debate Thursday on a $15 billion bipartisan housing relief package that could be voted on by next week.
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Original Source: money.cnn.com
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3 April, 2008| housingblogs |
Comments (0) admin @ 21:46
- Stop the Mortgage Bailout
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There’s a new site called Stop the Mortgage Bailout that aims to draw attention to the anti-bailout cause and educate people about what a bailout would really mean.
From the site:
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Original Source: seattlebubble.com
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3 April, 2008| housingblogs |
Comments (0) @ 21:42
- Builders: No full recovery until 2010
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Demand for new homes may not return to normal levels until next decade, according to the latest outlook from the National Association of Home Builders.
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Original Source: money.cnn.com
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3 April, 2008| housingblogs |
Comments (0) admin @ 21:41
- Wharton on the Future of Securitization
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Sigh.Some days all I can do is sigh.The Wharton faculty interviewed for this piece, “Coming Soon … Securitization with a New, Improved (and Perhaps Safer) Face,” seem mostly to believe that securitization of mortgage loans isn’t going to to away after the recent debacle, nor is it going to go unchanged. I certainly agree with both claims. But I hate stuff like this. Those of you who think my posts on the subject are much too long and tediously detailed might like it a lot. Certainly you can read it and make up your own mind….
Original Source
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3 April, 2008| housingblogs |
Comments (0) @ 21:04
- Bend Foreclosures Spike in First Quarter
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From the Bend Bulletin: A pair of local officials — one a banker, another a credit counselor — were skeptical Wednesday about the effects that Senate legislation could have on homeowners facing foreclosure in Central Oregon, saying the money won’t address the region’s problems and will likely go to other states first….
Original Source: bp2.blogger.com/_oV8ecn5wrfg/R_UtLDC_6T
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3 April, 2008| housingblogs |
Comments (0) @ 20:22
- AP: Most of housing bill would aid businesses
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After yesterday’s debate here about tax breaks for home-builders, two wire stories caught my eye this morning.
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Original Source
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3 April, 2008| housingblogs |
Comments (0) @ 20:12
- Home Equity Line Delinquencies Continue to Rise: Report
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Consumer credit delinquencies in the fourth quarter of 2007 reached their highest levels since 1992, according to the American Bankers Association’s Consumer Credit Delinquency Bulletin. The composite ratio, which tracks eight closed-end installment loan categories, rose 21 basis points to 2.65 percent of all accounts in the fourth quarter on a seasonally-adjusted basis.
Related links:v…
Original Source: feeds.feedburner.com/HousingWire
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3 April, 2008| housingblogs |
Comments (0) @ 20:10
- From Unmitigated Optimism To Caution
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Some housing bubble news from Wall Street and Washington. Bloomberg, “Home prices declined in 21 U.S. cities in January, led by Sacramento and Las Vegas, as banks sold foreclosed homes at bargain prices. The price per square foot in Sacramento dropped 28 percent to $166 from a year earlier, according Radar Logic Inc. Las Vegas fell 25 percent to $137 a square foot. San Diego was the third-worst U.S. market, with prices dropping 21 percent, and Los Angeles was fourth, with a 17 percent decline.”
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Original Source: thehousingbubbleblog.com
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3 April, 2008| housingblogs |
Comments (0) @ 20:06
- Hanover: We Can’t Continue Without Capital
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Hanover Capital Mortgage Holdings, Inc., a mortgage REIT, said late Wednesday that it lost $37.7 million — that’s a loss of $4.37/share — during the fourth quarter of 2007. The loss represents a significant widening from a $.3.2 million loss reported in the year ago period, and pushed the New Hersey-based REIT to an $80 million loss for the full year.
It also delivered negative book value, with Hanover pegging its per share value at a negative $2.96/share by the end of 2007. That’s not a very good sign, to understate things.
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Original Source: feeds.feedburner.com/HousingWire
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3 April, 2008| housingblogs |
Comments (0) @ 19:56
- Hope in the Valley? Home prices up slightly
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Could it be the bounce in market activity that many of you have predicted? And if it is, what does it mean?
News item: Median sales prices for existing homes in the San Fernando Valley rose by 5% from January to February, and the number of single-family home sales also showed a slight increase, according to the Southland Regional Association of Realtors.
Not necessarily a full-fledged bounce, but a sign of life. More numbers: Median sales price for existing single-family homes jumped from $500,000 in January to $525,000 in February. That’s still a decline of 13.9% over the past year, but it’s the first month-to-month increase since August.
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Original Source
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3 April, 2008| housingblogs |
Comments (0) @ 19:15
- Mortgage fraud reports up 42% in 2007
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Read full story for latest details.
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Original Source: money.cnn.com
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3 April, 2008| housingblogs |
Comments (0) admin @ 18:59
- A moratorium on personal credit
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One shouldn’t give an alcoholic a drink, and a bank should not give an insolvent debtor a loan. These are simple principles. At last, banks have begun to appreciate the importance of the second one.Today, the Bank of England’s Credit Conditions survey told us what newspapers were reporting for at least a month; the banks are pulling their mortgages and tightening their lending criteria. However, the main stream media greeted this news with horror. A…
Original Source
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3 April, 2008| housingblogs |
Comments (0) @ 18:47
- Testimony on Bear Stearns
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‘Capital is not synonymous with liquidity.’Christopher Cox, SEC From MarketWatch: Bear Stearns crisis tests liquidity rules, Cox says [Cox] said that Bear Stearns was adequately capitalized “at all times” during March 10 to 17, “up to and including the time of its agreement to be acquired by J.P. Morgan Chase….
Original Source
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3 April, 2008| housingblogs |
Comments (0) @ 18:26
- Mayor and Council Priorities, Town of Taos 4/3/08
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Today, a special council meeting occurred to review —
a) Mayor and Town Council action priorities, and
b) review the capital improvement priorities submitted by staff for each department for the 2008-09 budget. These are capital improvement projects (CIPs) from staff that were limited to ‘one per department’ this year, and also are the ones directly funded by the Town’s general fund budget. There are other capital projects that funding is sought for, short and long term, that come from state appropriations, grants, etc. (For a copy of the ‘working’ CIP staff generated spreadsheet of potential projects, send a return email)….
Original Source: galleryrealtyoftaos.com
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3 April, 2008| housingblogs |
Comments (0) @ 18:24
- Could Oregon Dodge National Recession?
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From the Oregonian:While Oregon’s economy remains in decline, state officials say the depths of its slide may be modest.”We don’t expect Oregon to meet the definition of a real recession,” said Michael Kennedy, senior economist with Oregon’s Office of Economic Analysis.Kennedy’s office tracks the state economy with an index of indicators modeled on national economic measures. The February index, issued this week, shows a 6.5 percent decline — improving on a 10.5 percent decline in January.T…
Original Source
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3 April, 2008| Uncategorized |
Comments (0) @ 17:41
- BTL - The British are amateurs
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When it comes to buy-to-let, the British are dabblers. At most, perhaps, 10 percent of all current mortgages in the UK finance buy-to-let investments.The Irish have taken BTL to a completely different level. Take a look my first chart. Those growth rates look rather fast, particular around 2004. Look closer; those are 3 month growth rates. In the last four years, volumes of Irish buy-to-let mortgages typically increased by around 10 percent every three months. In 2004, the annual growth rate was 50 percent. Even in 2007, when the market is supposed to be slowing, BTL mortgage volumes are up over 16 percent compared to the previous year….
Original Source: bp0.blogger.com
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3 April, 2008| housingblogs |
Comments (0) @ 17:40
- Home Builders Get Needed Break–And Yes, I Think They Should
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Posted By:Diana OlickLate yesterday, after much hashing and re-hashing behind closed doors, a bipartisan team of Senators emerged with the beginnings of a bill to help troubled borrowers, local communities and the nation’s home builders. The home builder provision is, I believe, necessary and huge for the industry. …
Original Source: www.cnbc.com
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3 April, 2008| Uncategorized |
Comments (0) @ 17:33