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- Existing Home Sales Continue To Plummet
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Original Source: feeds.feedburner.com/nychousingbubble
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22 April, 2008| housingblogs |
Comments (0) @ 23:55
- Real Homes of Genius Special Edition: Take 6 - 6 Southern California Counties, 6 Real Homes of Genius. Going Back to 1984 Prices?
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The Wall Street illuminati have now come up with a new way of dragging new investors into the trenches. It is a technique practiced only by the most ardent Jedi investment bankers. A trick out of reverse psychology. What seems to be appearing now is a rather simple formula of managing expectations and sensitizing the public to come back into the water:
1. Down play that your company has any problems or issues.
2. After that is said, ensure that your earnings estimate is revised once, twice, or as many times as necessary to get to your new lower target.
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Original Source: feeds.feedburner.com/DrHousingBubble-HowILearnedToLoveSocal
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22 April, 2008| housingblogs |
Comments (0) @ 23:52
- The Big ‘If’ In California
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The Contra Costa Times reports from California. “Foreclosures are a third of all home sales in California as the majority of homeowners in default lost their homes in the first quarter of the year. About 68 percent of homeowners in default during the first few months of 2008 lost their homes, typically owing around $11,474 and were about five months behind when their lender started to foreclose, DataQuick reported Tuesday. There were 47,171 homes lost to foreclosure during the first quarter, the highest since DataQuick began recording data in 1988.”
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Original Source: thehousingbubbleblog.com
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22 April, 2008| housingblogs |
Comments (0) @ 23:39
- The Big ‘If’ In California
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The Contra Costa Times reports from California. “Foreclosures are a third of all home sales in California as the majority of homeowners in default lost their homes in the first quarter of the year. About 68 percent of homeowners in default during the first few months of 2008 lost their homes, typically owing around $11,474 and were about five months behind when their lender started to foreclose, DataQuick reported Tuesday. There were 47,171 homes lost to foreclosure during the first quarter, the highest since DataQuick began recording data in 1988.”
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Original Source: thehousingbubbleblog.com
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22 April, 2008| housingblogs |
Comments (0) @ 23:39
- Taos is the First Fair Trade Town in the West
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Taos, New Mexico becomes Nation’s 5th Fair Trade Town & First in West
Taos, NM (April 21, 2008) – The town of Taos New Mexico has earned the designation as a Fair Trade Town. In February 2008, Town councilors passed a resolution and enacted stringent guidelines to prepare for the coveted designation. Taos is the first Fair Trade Town in New Mexico, and the first in the Western United States. There are already more than 300 communities in Europe recognized as Fair Trade Towns.
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Original Source: farm4.static.flickr.com
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22 April, 2008| housingblogs |
Comments (0) @ 23:30
- Housing Wire: Moody’s Downgrades 1,923 Subprime RMBS Classes
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From Paul Jackson at Housing Wire: Stick a Fork in It: Moody’s Downgrades 1,923 Subprime RMBS Classes — In Just Two Days Between Monday and Tuesday, calculations by Housing Wire show that the rating agency has slashed ratings on 1,923 tranches from 232 seperate subprime RMBS deals from 2005-2007 vintages. That total includes hundreds of formerly Aaa-rated securities ……
Original Source: feeds.feedburner.com/CalculatedRisk
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22 April, 2008| housingblogs |
Comments (0) @ 21:58
- Shiller: House Prices may fall more than 30%
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From the WSJ: Yale’s Shiller: U.S. Housing Slump May Exceed Great Depression (hat tip hopeinsd) Yale University economist Robert Shiller … said there’s a good chance housing prices will fall further than the 30% drop in the historic depression of the 1930s. Home prices nationwide already have dropped 15% since their peak in 2006, he said. …
Original Source: feeds.feedburner.com/CalculatedRisk
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22 April, 2008| housingblogs |
Comments (0) @ 21:41
- No help for 70% of subprime borrowers
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Seven out of 10 seriously delinquent subprime mortgage borrowers are still not getting the help they need to keep their homes, according to a report released Tuesday by state officials working to stem the foreclosure crisis.
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Original Source: money.cnn.com
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22 April, 2008| housingblogs |
Comments (0) @ 21:12
- Quail Hell Comp Killer
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Ghost Town — The Specials
Did you see the recent CNN article on Irvine, Welcome to subprime’s ghost town? How about the post at Calculated Risk on the See-through buildings - reminiscent of the ’80s….
Original Source
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22 April, 2008| housingblogs |
Comments (0) @ 20:30
- Southern Oregon Unemployment Continues Rise
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From the MailTribune:The local unemployment rate rose to 7.9 percent in March, up from 7.7 percent in February and 6.3 percent in March 2007. The number of unemployed in the labor force rose from 6,312 in March 2007 to 8,109 in March 2008.Jackson County employers continue to create new jobs, but not fast enough to keep pace with a growing workforce….
Original Source: feeds.feedburner.com/portlandhousingblogspot
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22 April, 2008| housingblogs |
Comments (0) @ 20:23
- Logic Wasn’t Fueling This Craziness
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Some housing bubble news from Wall Street and Washington. MarketWatch, “The U.S. housing market weakened slightly in March, as resales of U.S. homes fell, inventories climbed, and prices continued to decline, the National Association of Realtors reported Tuesday. Resales have sunk 19.3% in the past year and are down 33% from the peak in 2005. The median sales price fell 7.7% in the past year to $207,000, the second-largest price decline recorded since 1999.”
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Original Source: thehousingbubbleblog.com
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22 April, 2008| housingblogs |
Comments (0) @ 19:57
- Logic Wasn’t Fueling This Craziness
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Some housing bubble news from Wall Street and Washington. MarketWatch, “The U.S. housing market weakened slightly in March, as resales of U.S. homes fell, inventories climbed, and prices continued to decline, the National Association of Realtors reported Tuesday. Resales have sunk 19.3% in the past year and are down 33% from the peak in 2005. The median sales price fell 7.7% in the past year to $207,000, the second-largest price decline recorded since 1999.”
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Original Source: thehousingbubbleblog.com
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22 April, 2008| housingblogs |
Comments (0) @ 19:57
- Making Sense of Sales (Maybe)
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Posted By:Diana OlickThe Realtors told a room full of reporters Tuesday that existing home sales are “stable,” because they’re really stuck between 4.9 and 5.1 million units (that’s the seasonally adjusted annual rate). So that has everyone asking if we’re bumping along the bottom. I’m not so sure. …
Original Source: media.cnbc.com
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22 April, 2008| housingblogs |
Comments (0) @ 19:49
- Rental Market Semi-Scaremongering
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Yesterday’s P-I had a big front-page story from Aubrey Cohen that seems to be at least partly designed to frighten renters and encourage landlords: Rent at an all-time high — if you can find a place
“There are a lot of apartments available, but the desirable ones seem to rent very quickly,” said Kilbourne, a University of Washington student who must move out of his dormitory by mid-June and is about to start graduate school.
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Original Source: feeds.feedburner.com/SeattleBubble
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22 April, 2008| housingblogs |
Comments (0) @ 19:02
- 70% of at risk borrowers aren’t helped
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Seven out of 10 seriously delinquent subprime mortgage borrowers are still not getting the help they need to keep their homes.
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Original Source: money.cnn.com
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22 April, 2008| housingblogs |
Comments (0) @ 18:16
- California foreclosure "surge": Up 327% from ‘07 levels
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The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels — reaching an average of more than 500 foreclosures per day — DataQuick said in a report warning that the widening foreclosure problem could "spread beyond the current categories of dicey mortgages, and into mainstream home loans." …
Original Source: latimesblogs.latimes.com
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22 April, 2008| housingblogs |
Comments (0) @ 18:14
- DataQuick: California Foreclosure Activity Up Sharply in Q1
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From DataQuick (story to be added): The number of mortgage default notices (NODs) filed against California homeowners in Q1 2008 increased by 39% over Q4 2007, to the highest level on record. This graph shows the annual NODs filed in California since 1992. For Q1 2008, a record 113,676 NODs were filed in California, compared to 254,824 total NODs in 2007. This is more than double the 46,670 NODs filed in Q1 2007….
Original Source: feeds.feedburner.com/CalculatedRisk
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22 April, 2008| housingblogs |
Comments (0) @ 17:41
- 70% of subprime borrowers aren’t getting help
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Seven out of 10 seriously delinquent subprime mortgage borrowers are still not getting the help they need to keep their homes.
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Original Source: money.cnn.com
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22 April, 2008| housingblogs |
Comments (0) @ 17:31
- More on March Existing Home Inventory
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For more, see my earlier post: March Existing Home SalesFor forecasting, probably the most important number in the existing home sales report is inventory; houses listed for sale. This tells us nothing about the number of distressed homes for sale (REOs, short sales). It also doesn’t tell us about homeowners waiting for a ‘better market’. B…
Original Source
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22 April, 2008| housingblogs |
Comments (0) @ 17:12
- Bank of America Neuters Countrywide?
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CNN reports that Bank of America will eliminate all but the most sound mortgage products as it attempts to complete its takeover of Countrywide. Countrywide was made famous by its option ARM and other non-traditional products which have clearly back-fired. Which begs the question - why Countrywide mortgage at all?
Bank of America announced that the main asset that they wanted from Countrywide was the midwestern retail bank operations where BofA is currently lacking (and the massive servicing customer base), so it makes sense that with their booming retail business they aren’t working hard to make sure that Countrywide’s mortgage-units have a product worth selling.
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Original Source: feeds.feedburner.com/typepad
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22 April, 2008| housingblogs |
Comments (0) @ 16:44