Aug - 26th

The next “leg down” for the housing market

Posted at 4:59 pm | Filed Under Credit Crunch, California Housing Crash, Florida Housing Crash, Real Estate

If you think the housing market is recovering, you are probably wrong. According to the NY Times:
First American CoreLogic anticipates 600,000 option ARMS to reset within four years.
Option ARMs, which lenders stopped offering last year, gave borrowers four payment options: less than the interest, which increases the balance every month; just the interest; the equivalent […]

Aug - 22nd

Foreclosures keep going up in Florida

Posted at 2:38 am | Filed Under Florida Housing Crash, Real Estate

The housing crash in Florida is getting worse. According to the Miami Herald:
As home prices fell and the job picture worsened, the percentage of Florida home loans either past due or in foreclosure hit 23 percent in the second quarter, outpacing any other state in the nation.
The figure represents 807,000 loans, a staggering sum […]

Aug - 13th

RealtyTrac: Initial defaults (NOD) in California spiked 15 percent from the previous month

Posted at 5:51 pm | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate

The foreclosure mess continues….
Here is the RealtyTrac news release
IRVINE, Calif. — August 13, 2009 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its July 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 360,149 U.S. properties during the month, […]

Aug - 11th

Home prices have not bottomed yet

Posted at 3:45 pm | Filed Under California Housing Crash, Florida Housing Crash, Real Estate

Aug - 11th

The U.S. might have 30% of mortgages “underwater”

Posted at 2:47 pm | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate

We found this on Bloomberg:
Aug. 11 (Bloomberg) — Almost one-quarter of U.S. mortgage holders owed more than their homes were worth in the second quarter and that figure may rise to as much as 30 percent by mid-2010 as job losses and foreclosures climb, Zillow.com said.
Homeowners are being hurt by price declines. The estimated […]

Aug - 11th

Half of the single-family mortgages in South Florida are “underwater”

Posted at 10:30 am | Filed Under Florida Housing Crash, The Economy, Real Estate

This from the Sun Sentinel:
Nearly half of the single-family mortgage holders in South Florida owe more than their houses are worth, a worrisome reminder of the region’s 3 1/2-year housing slump.
In Palm Beach, Broward and Miami-Dade counties, 47 percent of the 837,177 single-family home mortgages are “underwater,” according to a second-quarter report released today by […]

Aug - 1st

More bank failures ahead

Posted at 2:18 pm | Filed Under Bailout News, Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate

Embedded video from CNNMoney.com Video

Jul - 30th

The next wave of foreclosures

Posted at 3:32 pm | Filed Under Politics, Credit Crunch, Bailout News, California Housing Crash, The Economy, Florida Housing Crash, Real Estate

Excellent report on CNNMoney:
Cities in just four states — California, Florida, Arizona and Nevada — captured 29 of the top 30 places with the highest foreclosure rates, according to a report issued by RealtyTrac on Thursday. Greeley, Colo., was the only outsider, coming in at 29th.

Many cities with populations larger than one million experienced rapid […]