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Housing

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http://patrick.net/housing/crash.html

Why? 1) Prices disconnected from fundamentals. House prices are far beyond any historically known relationship to rents or salaries. Rents are less than half of mortgage payments. 2)...

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NY Times

Until now, deep-pocketed Wall Street tycoons and foreign investors benefiting from a weak dollar seemed to be holding up the luxury real estate market even as the low-end fractured. But there are signs that some high-end real estate developers are al

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Reuters

Countrywide Financial Corp., the largest U.S. mortgage lender, told its brokers to stop offering borrowers the option of no-money-down home loans. Loans financing 100 percent of a home's value are among those that have led to a sharp rise in deli

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Christian Science Monitor

One of the great legacies of the housing boom of the past six years is that almost everyone – even people with questionable credit – has access to a mortgage. Now all that easy credit is on the verge of creating the worst mortgage crisis since the 19

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business.timesonline.co.uk

Freddie Mac and Fannie Mae, the government-sponsored secondary mortgage companies, are poised to tighten the lending criteria that they require on the home loans they buy, after several years of unprecedented lending by banks to so-called sub-prime b

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LA Times

HERE'S what Dave Hennigan knows about the four-bedroom house tucked away on a tranquil Corona street: The owner is a woman, and she's $8,155 behind on her mortgage payments. Maybe she had a messy divorce or expensive illness. Maybe she has

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Housing

The number of Californians defaulting on their mortgage loans is rising rapidly, according to figures, providing striking evidence that more people are at risk of losing their homes. Default notices jumped 145% in the last 3 months of 2006, accelerat

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By Eric J. Fry - For Daily Reckoning

The only issues worth pondering, therefore, are how low prices might fall and/or how long the bust might last. Without trying to be too specific, we'd guess that prices will fall a lot and/or that the bust will last a long time...

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