Apr - 1st
The Economy keeps losing jobs
Posted at 9:58 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
More bad news for the jobs market. The ADP report released today shows that the job losses are actually accelerating. This will definitely put even more pressure on the housing market. And let’s not forget the impact of the upcoming bankruptcy of General Motors and maybe Chrysler.
According to CNBC:
Job losses in the U.S. private sector […]
Mar - 31st
S&P/Case-Shiller Home Prices Index: More Bad News for the Real Estate Market
Posted at 5:48 pm | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
According to the S&P/Case-Shiller Home Prices Index report released today:
The New Year Didn’t Change the Downward Spiral of Residential Real Estate Prices According to the S&P/Case-Shiller Home Prices Indices.
New York, March 31, 2009 – Data through January 2009, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. […]
Mar - 31st
Fewer people buying second homes
Posted at 5:34 pm | Filed Under California Housing Crash, Florida Housing Crash, Real Estate
More signs of the collapsing economy. Fewer and fewer people are buying second-homes. According to the National Association of Realtors:
The combination of vacation- and investment-home sales slipped to 30 percent of all existing- and new-home transactions in 2008, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the findings are understandable given […]
Mar - 31st
Next shoe to drop: Defaults Rise on Home Mortgages Insured by FHA
Posted at 3:42 pm | Filed Under Bailout News, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
This is what The Wall Street Journal reported:
Defaults on home mortgages insured by the Federal Housing Administration in February increased from a year earlier.
A spokesman for the FHA said 7.5% of FHA loans were “seriously delinquent” at the end of February, up from 6.2% a year earlier. Seriously delinquent includes loans that are 90 days […]
Mar - 28th
America’s Debt Epidemic
Posted at 2:33 pm | Filed Under Credit Crunch, Bailout News, California Housing Crash, Florida Housing Crash, The Economy
Visit msnbc.com for Breaking News, World News, and News about the Economy
Mar - 27th
Unemployment keeps going up almost everwhere
Posted at 11:32 am | Filed Under Credit Crunch, California Housing Crash, Florida Housing Crash, The Economy
AP via Yahoo Finance reported the following:
WASHINGTON (AP) — More states logged double-digit unemployment rates in February, with North Carolina and Rhode Island seeing their rates hit record highs.
The U.S. Labor Department’s report, released Friday, showed the terrible toll the recession, now in its second year, is having on workers and companies alike.
Seven states […]
Mar - 17th
Don’t get too excited about the unexpected surge in housing construction
Posted at 11:25 am | Filed Under Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
I can see Larry Kudlow talking about the unexpected surge in housing construction as more mustard seeds. Well, before you get too excited, here are couple of interesting facts about today’s housing numbers.
According to AP via Yahoo Finance:
Even with the big increase, construction activity remains 47.3 percent below where it was a year ago. The […]
Mar - 9th
US recession could drag on for years
Posted at 4:45 pm | Filed Under Bailout News, Credit Crunch, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
This is what Dr. Doom, Nouriel Roubini said on CNBC today:
“We are in the 15th month of a recession,” said Nouriel Roubini, a professor at New York University’s Stern School of Business, told CNBC in a live interview. “Growth is going to be close to zero and unemployment rate well above 10 percent into next […]
Mar - 6th
Home prices are still too high and must come down
Posted at 7:39 am | Filed Under Politics, Bailout News, Florida Housing Crash, The Economy, Real Estate
Interesting article on Time.com
A lack of affordable homes helped spawn the economic crisis in the first place. The past two Presidents made growing homeownership rates a core goal, but to achieve that, they allowed overly loose lending standards. That caused a spike in demand for houses, which in turn raised home prices so steeply that […]
Mar - 5th
Housing bailout won’t help deeply underwater borrowers in California
Posted at 5:26 pm | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
I found this on Bankrate.com and I thought it was very relevant to people in California and Florida.
By excluding deeply underwater borrowers from the refinancing program, the federal government essentially is telling borrowers in places where prices have fallen most — California, Florida, Nevada and Arizona — that they’ll just have to suck it up.
“It’s […]