So unless something radical happens (a government subsidy aimed directly at housing, for instance), the next leg down in prices should be epic.
Up to 11 million mortgages are likely to default, according to Goodman. This is a frightening figure, seeing as only several million have been liquidated since the crisis began. When it happens the market will be flooded with supply.
I’m told that the Department of Justice is putting the thumbscrews on state attorneys general to sign a mortgage settlement deal this week (how exactly the DoJ can pressure state officials is beyond me, since the Feds typically ignore state...
The Census Bureau reports New Home Sales in June were at a seasonally adjusted annual rate (SAAR) of 312 thousand. This was down from a revised 315 thousand in May (revised from 319 thousand).
“While the monthly data were encouraging, most MSAs and both Composites fared poorly in annual terms. Nineteen of the 20 MSAs and the two Composites posted negative annual growth rates in May 2011. The 10-City Composite was down 3.6%...
You cannot allow banks - or anyone else - to make a mockery of the justice system. This pattern of behavior is extremely dangerous, for it risks the people deciding that the law no longer has meaning at once that happens all pretense of civil order
These charts pose a simple yet profound question: how can people buy a still-expensive house if they don't have a job, or their income is plummeting?
The biggest question mark is the surge in order cancellations which soared from 4% in May to an unprecedented 16% in June. That's one in five home transactions being cancelled in the middle of the deal.
Total housing production in 2011 should fall south of 600,000 units, compared to the 2.092 million housing units that came on line in 2006.
America's leading mortgage lenders vowed in March to end the dubious foreclosure practices that caused a bruising scandal last year. But a Reuters investigation finds that many are still taking the same shortcuts they promised to shun, from sketch
Jamie Dimon said yesterday that "there have been so many flaws in mortgages that it’s been an unmitigated disaster" and the system is in serious need of an overhaul.
Theresa Edwards and June Clarkson had headed up investigations on behalf of the Florida attorney general’s office for more than a year into the fraudulent foreclosure practices that had become rampant. That is, until the Friday when they were called
This is how scary it is in Florida. The only investigators in the entire state that were actually doing something to protect Florida homeowners are now gone…
Its a sad situation, and it appears that whatever hopes we may have had that the Attorneys General were not like the whores in Congress appear to be starting to fade.
Tens of thousands of Bank of America’s most distressed borrowers could be evicted and lose their homes more quickly as a result of a proposed settlement between the bank, which is the country’s largest mortgage servicer, and investors in...
It's a homeowner's worst nightmare: That banks rush to foreclose 99% of the time because (Bair suspects) bankers have a disdain for borrowers.
If you don’t have a credible threat to launch a suit, why should anybody bother? The answer here is obvious: this isn’t a “settlement”; it’s a cash for a broad release (effectively, an indemnification).
Once real estate bottoms, whenever that is, it does not mean a return to the housing heyday of 2005. Many of the factors that contributed to the housing bubble are no longer available. Easy credit, cooperative appraisers, and loose application...
The best intentions of Washington can often result in negative, albeit unintended, consequences. A perfect case in point is the QRM provision in Dodd-Frank! The proposed Dodd-Frank Wall Street Reform and Consumer Protection Act includes a provi
The real estate crash is much deeper than the media is making it out to be. Entire life savings are being wiped out in markets that are tanking like the Titanic. What is troubling is that some markets are having Depression like symptoms...
Mortgage application denial rates last year were highest in the South and along the Rust belt, according to a WSJ analysis.
Yankelovich projected that college graduates would average 11 jobs by the time they were 38 (!), yet found they were demanding of their employers, wanting frequent feedback (as in lots of attention) and quick advancement.
The black swans can be organized into groups. They are numerous within each important economic and financial camp. The Armada of Black Swans, well organized into regiments, has become dominant enough to be considered the New Normal.
Florida continues to show a rather disconcerting willingness to throw its citizens’ rights under the bus to help the banks.
Consider the cases of Laurie Pinkerton and Lisa Peterson. The two women, both Californians and Bank of America customers, had been assured by the bank that they wouldn't lose their homes before they'd been evaluated for...
"We are also exploring how private channels can finance affordable multi-family housing, perhaps with limited, targeted governmental support," he said.
The Census Bureau reports New Home Sales in May were at a seasonally adjusted annual rate (SAAR) of 319 thousand. This was down from a revised 326 thousand in April (revised from 323 thousand).
The data, based on pending sales shows metro Phoenix's median home price could fall to $106,000 in July and $97,000 in August.
The local NBC affiliate reported today on a new report out on the US housing market. In the report Tucson and Phoenix are noted as suffering from falling home prices, and pending home sales prices that have not been seen in over 10 years...
A new report by Brookings picks out 20 metro areas the think-tank believes have had the worst performance from the start of the recession, through the recovery. We've highlighted each city's employment levels and home prices and ranked...