Contents Pages by Subject

Housing

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Ritholtz.com/blog & CalculatedRisk.com

 Turnover in the American real-estate market may be bottoming, but prices are unlikely to do so for some time. History suggests they’ll keep drifting for another year or two before they find a floor.

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Ritholtz.com/blog

 “National New Home Sales, on a monthly basis, don’t even add up to half of the total foreclosure activity in California alone in a single month.” -Mark M Hanson aka Mr. Mortgage

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AP

The government said Monday that new U.S. home sales rose by the largest amount in nearly nine years last month, in another sign the housing market finally is bouncing back from the worst downturn in decades.

The Commerce Department said sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

 

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patchworknation.csmonitor.com/

 “Foreclosures are bad. When you start seeing homes going for sale on your street, or foreclosures, or houses being foreclosed on, it really affects, psychologically the economy of the area. People stop spending money...

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AP

[Now about the Brooklyn Bridge offer?] The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday show.

Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom.

"The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc.

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FreedomsPhoenix Activists: Keith Liberty - Donna Hancock - Thomas Costanzo and The Liberty Rider, Mike Maresco Issues: Housing - Mortgages - Economy - Police State - Solutions - Gardening - Raising Chickens (A call from a London reporter wanting to know how much Ernest knew about IEDs, Improvised Explosive Devices)

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NY Times

From the ninth floor of a downtown office building on Wilshire Boulevard, Jack Soussana delivered staggering numbers of mortgages to homeowners during the real estate boom, amassing a fortune.    By Mr. Soussana’s own account, his customers fared less happily. He specialized in the exotic mortgages that have proved most prone to sliding into foreclosure, leaving many now scrambling to save their homes.

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Cleveland Metro

Renetta Atterberry thought she had lost her East 102nd Street house. So she was shocked to learn in January -- five years after her mortgage company filed for foreclosure -- that it was still in her name.

Worse, the long-vacant rental home had been vandalized and she faced a raft of housing code violations. Since then, she has been saddled with debts of about $12,000 to pay for demolition and back taxes.

 

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Michael Shedlock / Mish

 As unemployment rises above 10% and more Americans are faced with their homes being underwater, the bottom in this market is years away and will be a drag on our economy like never seen before.

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Ritholtz.com/blog

 Incidentally, much of the media reportage on this was simply innumerate — the numerical equivalent of illiteracy. Not just a little wrong, but totally, embarrassingly incorrect.

www.universityofreason.com/a/29887/KWADzukm