"The GSE model is dead," an Obama administration official told reporters as the Treasury Department released a long-awaited report on options to revamp housing reform. " As Reuters reports: "The housing "white paper" presents three...
So, not so good. What's worse? The big three foreclosure titans continue to look depressing.
The Obama Administration and some members of Congress want to turn the clock back on the housing market to the 1930s, turning us into a nation of renters and making home ownership something that only the rich can afford.
We expect the housing situation to cause additional problems for the economy. According to the Center For Economic Policy Research (CEPR), if house prices decline by another 15%, the loss in household net worth would amount to about $2.5 trillion.
Nearly 70 percent of all homes with a mortgage in Phoenix area were under water at the end of 2010, according to online real estate marketplace Zillow.com.
Data released Tuesday from CoreLogic shows home values in Arizona declined in 2010 at twice the national rate, and metro Phoenix had the biggest loss among the top 10 metro areas in the U.S.
As time goes on, the various Ministries of Truth just get better and better at their stock in trade. We’ve gone from artful obfuscation like “extraordinary rendition”, and “Public Private Investment Partnerships” to stress free “stress tests”...
U.S. home foreclosures jumped 12 percent last month, but the sharp divide between states suggests the industry remains backlogged by investigations into the foreclosure process.
Foreclosure activity returned with a vengeance to the Phoenix-area housing market in January after slowing down considerably in the waning months of 2010, according to an Arizona State University resale-home market report issued Wednesday.
Editor Note: This Is Desperate Spin. Homebuilder executives and economists predict a post-Super Bowl bounce in demand for residential construction as Americans turn their attention from football to another national pastime: house hunting.
A full 27 percent of borrowers are now “underwater” on their mortgages, up from 23 percent in the previous quarter, according to a new report from Zillow.
The average home is down 27 percent from peak. This puts the total loss from the housing crash at an incredible $9.8 trillion.
Stiglitz now expects the housing situation at the root of the crisis to get worse. He expects an addition 2 million foreclosures in 2011, adding to the 7 million that have already occurred in the U.S.
Despite the questions swirling around foreclosures, the survey says that the majority of Americans are still willing to buy Over the last few months The Hallmark Abstract Sentinel as well as the partners of Hallmark Abstract Service have tried to
The service that lists Phoenix-area homes for sale is expecting the median home-sale price to drop as low as $100,000 during the next three months.
So the 10 year Bond has gone from 2.33% to 3.7% in less than four months. 30 year mortgage money, no points, has gone from about 4% to just over 5% (no junk fees) in the same time.
This chart from USA Today is a graphic statement of how far many markets in the US have fallen.
This is the fifth straight month of year-over-year declines, and the sixth straight month of month-to-month declines.
U.S. homeowners in the foreclosure process were an average of 507 days late on payments at the end of last year as lenders handled a record rate of mortgage delinquencies, Lender Processing Services Inc. said today.
As you can see, it is the quintessential picture of a bubble gone bust. Notice the upticks throughout 2009 and 2010, the results of incessant .gov bubble blowing. Many truly believed that was the marked turnaround in the real estate market.
What is particularly interesting is that the SEC seems to be targeting specifically the sort of abuses that we have chronicled at length on this blog: failure to convey mortgages to the securitization trusts in accordance with the pooling...
The county folks have been counting this sham transaction as a "sale" for tax purposes. The banks have been counting this sham transaction for balance sheet valuation purposes. The county residents have been getting royally screwed...
What's more catastrophic than the fall of Rome; more devastating than the collapse of Germany's Wiemar republic after WWI; and worlds worse than the Great Depression of the 1930s? If you guessed the U.S. housing market in 2011 you're right. The ec
Phoenix real estate market being held up by all cash buyers – 47 percent of Phoenix sales were from all cash buyers in December.
The median price for homes in December was $114,000, down from $122,300 the month before. The median price had remained between $122,000 and $135,000 since 2009.
Deutsche Bank is projecting that 48 percent of all U.S. mortgages could have negative equity by the end of 2011.
Foreclosures doubled between 2007 and 2010, and when you put this fact together with Meredith Whitney's chart showing the circle of destruction which starts with foreclosures, you have a really grim picture of the American economy.
When a plaintiff files a complaint asking for a declaration of clear title after a mortgage foreclosure, a judge is entitled to ask for proof that the foreclosing entity was the mortgage holder at the time of the notice of sale or foreclosure….
Right now there is a gigantic mountain of unsold homes in the United States. It is estimated that banks and financial institutions will repossess at least a million more homes this year and this will make the supply of unsold properties even worse.
If you look closely at this chart you will see the most dramatic drop of investment in single family dwellings in over 50 years. Stunning!