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State economies are plunging, and are $200 billion underwater, will lead to 2 million in state-level layoffs leading to a low-end impact; raising taxes at state level will impact the top-end Retail sales have been stronger due to consumers not payin
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“We’re all working for the government now,” said Mr. Bridwell on a recent sun-baked morning, steering a Hummer through subdivisions laid out like circuit boards on the desert floor.
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Middle class young family is also delaying on having children so the necessity for a bigger home is also being pushed out. This demographic shift is happening at the same time that baby boomers start entering retirement age and will want to downsize
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Who is the largest foreign holder of mortgage bonds from Fannie Mae and Freddie Mac? China. The nation owns $300 - $400 billion worth, which comes to nearly 20% of China's official currency reserves according to unofficial estimates via China Daily
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What strikes me, though, in driving around here for the last few days is not the growing fear among the locals, but the sheer number of "For Sale" signs down the beach. They're literally almost every third house.
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Phoenix, Arizona: June 1st, 2009: 26% of homes had a price reduction. June 1st, 2010: 33% of homes had a price reduction
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My forecast for a real estate prices is for a decline of 90% on average, albeit with considerable local variation. For those who think this is not possible, you might want to look at what you can buy a house for right now in Detroit.
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A housing has to be considered one of the biggest pre-requisites to a full-on economic recovery, given its still-oversized role in the economy, and the number of folks employed in the industry.
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Talk to Hannerle Moore, an agent at Michael Saunders & Co. She suggests a sobering strategy. Reduce prices at least 40 percent from 2005 highs.
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The two stocks that have been a perennial churn magnet for every liquidity-rebate collecting, and predatory HFT algorithm in existence, and on occasion have amounted to 20% of total market volume, have been halted...
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The second graph shows total and single unit starts since 1968. This shows the huge collapse following the housing bubble, and that housing starts have mostly been moving sideways for over a year.
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It's growing because Washington ignores the problem
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An excellent summary of the disaster created by the federal government when it tried to turn millions of financially unqualified Americans into homeowners -- and why politicians don't have the stomach to stop this insanity in an election year.
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We expected a temporary pull back in the builders’ outlook after the credit expired at the end of April. “However, the reduction in consumer activity may have been more dramatic than some builders had anticipated...
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An exodus of people - both legal and illegal residents - could be one more drag on a housing-market recovery. Departures from a state where growth is the economic foundation could add to the number of foreclosures and vacant houses and...
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“It is the mother of all bailouts,” said Edward Pinto, a former chief credit officer at Fannie Mae, who is now a consultant to the mortgage-finance industry.
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It's almost like a Joe Kennedy environment. He made all of his money during the Great Depression. If you have money, you can make a lot of money. And if you don't, it's going to be so much more expensive to be poor in this country.
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So we have record foreclosures and bankruptcies while banks keep making billion dollar profits. The raid on the middle class is like pirates taking the loot in broad daylight.
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Her third proposal, however, was a shocker, taking dead aim at one of the most sacrosanct tenets of American politics: the lofty goal of homeownership.
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The average borrower in foreclosure has been delinquent for 438 days before actually being evicted, up from 251 days in January 2008, according to LPS Applied Analytics….
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Arizona posted the nation’s second highest foreclosure rate for the second month in a row. One in every 169 Arizona properties received a foreclosure notice during the month — more than twice the national average.
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Because so many of the pendings were short sales, a larger percentage than normal will not close but I still think Existing Sales increase decently in May, then level out in June before plunging in July."
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Last week, three House members introduced a $15 billion stimulus bill to provide homebuilders with construction loans. Yep — the plan is to build more houses in an attempt to save the housing industry from its oversupply of houses. Irony just died.
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Purchase applications are now 35 percent below their level of four weeks ago, as homebuyers have not yet returned to the market following the expiration of the homebuyer tax credit at the end of April,” said Michael Fratantoni...
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Some of the misconceived housing developments built during the boom years might have to be torn down because they don't make financial sense.
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Hawaii -- 34% up since March, 2010. One in 348 homes received foreclosure filings in April. It's much worse in Maui where one in 187 homeowners got the note. Statewide, they're up 116% since April 2009. Source: Realtytrac.com
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“Once I learned of the work One Reverse Mortgage was doing to help seniors, I was immediately interested,” Winkler said in a press release. “I have always been committed to helping others, and I see my work here as the next step in that effort.”
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“Mortgage applications to purchase a home began to sink. Now, four weeks later, mortgage purchase applications are down nearly 40 percent from a month ago to their lowest level since April of 1997.
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Loungani said his analysis of prices and rents in U.S. metro areas suggests that many markets on the West coast and in parts of the Northeast could yet see prices plummet a further 30%-40%.
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It will take 42 months to clear the portion of the 8 million loans presently in the distressed pipeline that will ultimately be liquidated. If Foreclosures remain at April’s record high of 92.5k, it will take 101 months.
