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The Pending Home Sales Index, a forward-looking indicator, declined 2.6 percent to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May [revised from 77.6], and is 18.6 percent below June 2009 when it was 93.0.
"Since much of this is dispersed among mutual funds, hedge funds, mortgage REITs, banks, etc., the pain would be spread out. However, one obvious sector which would be negatively impacted is the banks," according to KBW.
Bank analyst Meredith Whitney and economist Robert Shiller, both of whom did a good job of projecting the trajectory of housing prices pre-crisis, call for further declines, Whitney a scary additional 10% by year end.
For many individuals, now is a great time to buy a home: mortgage rates are low and house prices are lower than they’ve been in years. But gathering enough funds for the down payment, fees, and closing costs is a challenge for some families.
If you look at Arizona, 9.8% of homeowners (with mortgages) are more than 50% underwater, and another 20.5% are 20% to 50% underwater. These are the homeowners most at risk for foreclosure.
In a very alarming sign for the U.S. economy, foreclosures have continued to dramatically increase in 2010. But there has been a shift. Back in 2007 and 2008, experts tell us that most foreclosures were due to toxic mortgages.
t's been one hell of a non-recovery in housing, smack in the face of now-expiring $8,000 home tax credits that have proven to be as stimulative and futile as attacking fire ants with a BB-Gun.
Former Treasury Secretary, Goldman Sachs CEO, and bailout architect Hank Paulson has a bit of a head-scratcher of an op-ed in the Washington Post this evening all about charting a course for sustainable housing policy in the US.
Mark Hanson: The GSEs and the FHA may be preparing to imminently launch an instant aut-refi program which would take millions of borrowers to current market rates overnight! In the process $45 billion of consumer savings would be created.
The study ranks the top metro areas in terms of their foreclosure rates. Most of them are in Florida, California, Nevada and Arizona. See who made the top of the list this time. #7 Phoenix, AZ - 4.28% in foreclosure
There is still massive Federal Reserve subsidies in the form of record low rates. But the short term bounce caused by HAMP, Foreclosure abatements and first time home buyers tax credits are mostly over.
Job worries drove July U.S. consumer confidence to its lowest since February, with one in six people expecting lower income in the next six months, underscoring the precarious state of economic recovery.
Creative Home Engineering builds Hollywood-style secret passages for homes
Barofsky and Warren say they offer little relief, are too slow and ineffective
As of the first quarter of this year, residential real estate investment (actual homebuilding activity) as a percentage of GDP checked in at an all time low over the history of the data. Not exactly a shocker given the unprecedented length...
Short sales, priced below normal or traditional home sales, are climbing. During the past month, almost 28 percent of all of the region's home sales were short sales, up from 21 percent the month before.
Of the eight million homeowners currently not making mortgage payments, six million are expected to lose their homes over the next two years, according to the latest Market Intelligence newsletter from John Burns Real Estate Consulting.
U.S housing starts for June came in at 549,000 vs. 575,000 expected. New building permits nonetheless beat expectations, coming in at 586,000 vs. 572,000 expected.
Builder confidence in the market for newly built, single-family homes declined for a second consecutive month in July to its lowest level since April of 2009, according to the National Association of Home Builders/Wells Fargo Housing Market Index...
Faced with a lose-lose proposition, Congress put off its decision on the fate of mortgage finance companies Fannie Mae and Freddie Mac, perhaps hoping the housing market recovers before losses get too big.
More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.
The scary part here is this estimate of market overhang refers only to foreclosed and distressed property. There is another category of hidden inventory, people who would like to sell but aren’t even listing their houses.
The midyear numbers put us on pace to exceed 3 million properties with foreclosure filings by the end of the year, and more than 1 million bank repossessions,” Saccacio continued. “The roller coaster pattern of foreclosure activity over...
The attempt to reflate housing seems to be officially dead. The Mortgage Brokers' Association reported that demand for loans to purchase U.S. homes sunk to a 13-year low last week, and refinancing demand also slid despite...
Core Logic have released a report on May prices for single family homes. Overalll, home prices were up modestly year-over-year for the month. Buthe data is not pretty for many states along the Gulf of Mexico coast and in the Mid-Atlantic.
The famous 90210 zip code has seen a median price drop of 31 percent. The most dramatic is Malibu with a 64 percent price drop.
If you are facing a foreclosure and MERS was involved in some fashion, either in assignment of the paper just before the suit was filed or worse, in bringing the suit itself, you need competent legal advice right now.
There is a serious play in motion, by the elite, to tax the hell out of Americans. The IMF is obviously the front muscle organization that is going to lead the charge. Once the mid-term elections are over, American tax payers are going to be muscled.
Among the outlets who failed to uncover either of the two record negative stats are Barrons, Dow Jones, The Financial Times, Fox Business, The Los Angeles Times, and Marketwatch. This article has a complete breakdown of who hide this...
The Federal Reserve has reclassified $4.4 trillion of IOU’s. They have taken them out of the category “Mortgage Pools and Trusts” and put them on the individual Agency’s balance sheet(s).
