May - 13th
Fraud By Mortgage Companies Key Cause of Foreclosures
Posted at 12:46 am | Filed Under Bailout News, Credit Crunch, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Thanks MelodyofLove for providing this video
May - 12th
Home prices keep going down
Posted at 12:44 pm | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
This from Yahoo Finance:
WASHINGTON (AP) — Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market.
The National Association of Realtors said Tuesday that median sales prices of existing homes declined in 134 out of 152 metropolitan areas […]
May - 6th
20% of homeowners are “underwater”
Posted at 10:17 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
According to CNNMoney:
More than 20% of American homeowners owe more on their mortgage debt than they can sell their homes for, according to an industry report released Wednesday.
The real estate Web site Zillow.com reported that 21.8% of all U.S. homes, representing more than 20 million residences, were in a “negative equity” or “underwater” position after […]
Apr - 28th
S&P/Case-Shiller Index shows “continued broad based declines in the prices of existing single family homes across the U.S.”
Posted at 10:13 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
More bad new for the housing market. The S&P/Case-Shiller Home Prices Index was released today and it shows “10 of the 20 metro areas showing record rates of annual decline, and 15 reporting declines in excess of 10% versus February 2008.”
All 20 metro areas reported negative monthly and annual rates of change in average home […]
Apr - 23rd
Realtors: home prices DOWN 12.4% and sales DOWN 7.1% from March 2008
Posted at 10:12 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Unfortunately, we have to report more bad news for the housing market. Both home prices and sales were down last month.
The National Association of Realtors just reported that home prices declined 12.4% last month from March 2008.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3.0 percent to a seasonally adjusted annual rate1 […]
Apr - 21st
Prime loans are defaulting at an alarming rate
Posted at 5:24 pm | Filed Under Bailout News, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Diana Olick makes some great points on her blog:
For the first time, this month the FHFA listed the top five reasons for default:
1. Curtailment of income (34.1 percent) …this can be salary reduction or self-employed losing clients
2. Excessive obligations (19.8 percent)…i.e. too much personal debt
3. Unemployment (8.1 percent)
4. Illness (6.5 percent)
5. Marital difficulties (3.5 percent) […]
Apr - 16th
Increase in Foreclosures accelerates in the first quarter of 2009
Posted at 1:01 pm | Filed Under Bailout News, California Housing Crash, Florida Housing Crash, Real Estate
We have been warning buyers that after the moratorium in foreclosures imposed by several states expires, there will be a massive increase in foreclosures. Well, this is already happening. According to RealtyTrac:
“In the month of March we saw a record level of foreclosure activity — the number of households that received a foreclosure filing was […]
Apr - 16th
The burst of the housing bubble is not over yet
Posted at 12:27 pm | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
New data on home construction today shows that the collapse of the housing market is far from over. With unemployment rate going up, we can expect even more pressure on the housing market for the rest of the year.
The New York Times covers the news on their website.
Home construction in March fell to an annual […]
Apr - 12th
HUD is helping investors instead of poor people
Posted at 12:30 pm | Filed Under Bailout News, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
I found this interesting article on the LA Times:
The federal program sets out to help poor families buy homes. Instead, housing contractors and investors are reaping the benefits, records show.
A Times investigation has found that the Dollar Homes program has helped housing contractors and investors, but there is no evidence that it has provided any […]
Apr - 7th
Foreclosures keep going up
Posted at 11:57 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
If you think the housing market is bottoming, think again. According to CNBC:
More U.S. consumers are falling behind on their mortgages, an indication that the housing market has yet to hit bottom, a top credit bureau executive told Reuters.
Dann Adams, president of U.S. Information Systems for Equifax, reported that 7 percent of homeowners with mortgages […]