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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...
The results of the first survey are out, and not surprisingly, it indicates that first-time “homebuyer traffic dropped sharply in May. This drop implies fewer signed contracts in June and fewer closed transactions in July and August.”
What usually happens when markets get wildly overvalued – and a ~3 standard deviation price move sure qualifies — is they get resolved not by reverting to the mean, but by careening far beyond it.
According to the Congressional Budget Office, the losses could balloon to $400 billion. And if housing prices fall further, the cost to the taxpayer could hit as much as $1 trillion.
On an aggregate basis, 81% of all loans in the state are ‘underwater’, and the average mark-to-market loan-to-value ratio of Florida loans is 138%. ‘Nearly 40% of all Florida borrowers owe more than 150% of the value of their homes,’ said Slump.
Fourteen percent of borrowers are 30-days late or worse. The cure rate at 60-days late is almost zero. What's French for Armageddon?
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
“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.
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
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
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.
Phoenix, Arizona: June 1st, 2009: 26% of homes had a price reduction. June 1st, 2010: 33% of homes had a price reduction
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.
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.
Talk to Hannerle Moore, an agent at Michael Saunders & Co. She suggests a sobering strategy. Reduce prices at least 40 percent from 2005 highs.
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...
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.
It's growing because Washington ignores the problem
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.
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...
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.
Some of the misconceived housing developments built during the boom years might have to be torn down because they don't make financial sense.
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
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%.
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.
In Phoenix, contracts in the subdivisions surveyed by Metrostudy fell almost 49 percent for the week ended May 24 from the same period a year earlier, Hunter said. More than 8 percent of Phoenix households received a notice of default, auction or...
A number of recent reports suggest home prices across the country could be headed for a double-dip. But ASU professor Karl Guntermann offers some good news in the meantime for owners of higher-priced homes in metro Phoenix.
The numbers are especially disturbing because they show that improved sales due to the tax credits didn't translate into higher prices, said David M. Blitzer, chairman of the S&P index committee.
