Jan - 29th

Home prices are going down almost everywhere

Posted at 7:46 pm | Filed Under Credit Crunch, Credit, California Housing Crash, Florida Housing Crash, The Economy, Real Estate

It was a national housing bubble and home prices are not going down almost everywhere. According to BusinessWeek:
Even Once-Strong Housing Markets Stumble
Home prices in 20 major metro areas nationwide fell 18.2% in November—a record annual pace—as the deteriorating economy pulled down previously resilient markets, according to the S&P/Case-Shiller Home Price Index released Jan. 27.
All 20 […]

Jan - 29th

New home sales plunge

Posted at 6:07 pm | Filed Under Credit Crunch, Credit, Bailout News, California Housing Crash, The Economy, Florida Housing Crash, Real Estate

CNBC:
Sales of newly built U.S. single-family homes fell 14.7 percent in December, the largest monthly decline since 1994, data showed on Thursday, indicating the housing market’s downward spiral was far from reaching a bottom.
The Commerce Department said sales tumbled to a 331,000 annual pace, the lowest since it started keeping records in 1963.
November’s sales were […]

Jan - 26th

It’s a great time to be a renter!!!!

Posted at 7:44 pm | Filed Under Credit, Credit Crunch, The Economy, Real Estate

Interesting article on BusinessWeek:
Good news for renters as landlords are forced to offer discounts to keep their properties occupied
The economic crisis has opened up opportunities for apartment tenants. The inventory of vacant apartments is expanding, and rents are dropping quickly in major metros across the country.
For renters with leases about to expire, it’s time […]

Jan - 26th

Mortgage rates are going back up

Posted at 1:25 pm | Filed Under Credit, Credit Crunch, Bailout News, The Economy, Real Estate

Yes, the Fed keeps trying to distort the mortgage market but sooner or later free markets prevail. Remember the 30 year fixed rate at 4.75%? Well, guess what? It’s back up to 5.42% today, according to Bankrate. Ouch!!!
This is what Bankrate said about this:
The benchmark 30-year fixed-rate mortgage rose 31 basis points to 5.59 percent, […]

Jan - 26th

Home prices declined 15.3% last year

Posted at 11:29 am | Filed Under Politics, Credit Crunch, Credit, Bailout News, California Housing Crash, The Economy, Florida Housing Crash, Real Estate

Even Lawrence Yun admits that the housing market is in big trouble.
The national median existing-home prices for all housing types was $175,400 in December, which is 15.3 percent below December 2007 when the median was $207,000.
The NAR reported existing-home sales for December and look at the headline they chose: “Existing-Home Sales Show Strong Gain In […]

Jan - 14th

People are leaving California by the thousands

Posted at 1:28 pm | Filed Under Credit Crunch, Credit, Politics, California Housing Crash, The Economy, Real Estate

Traffic, pollution, high unemployment, still expensive housing, overpopulation, high taxes, are some of the reasons why so many Californians are choosing to move to other States. Here are some articles showing how bad things are in the Golden State and how much worse they will get.
LA Times:
Thousands of Californians are moving out amid a sour […]