Aug - 25th
California delinquencies continue to rise
Posted at 11:04 am | Filed Under California Housing Crash, The Economy, Real Estate
More bad news for the Golden State. According to the LA Times:
TransUnion expects the percentage of California home loans that are at least 60 days late or are in foreclosure to skyrocket to more than 14% by year-end.
Mortgage delinquencies will continue to rise and set records the rest of this year in California, according to […]
Aug - 24th
Roubini: risk of a W-shaped recession
Posted at 11:12 am | Filed Under The Economy
The Financial Times has a piece by Nouriel Roubini and he is predicting more trouble for the U.S. economy.
There are also now two reasons why there is a rising risk of a double-dip W-shaped recession. For a start, there are risks associated with exit strategies from the massive monetary and fiscal easing: policymakers are damned […]
Aug - 20th
Prime fixed-rate mortgage delinquencies increased in Q2
Posted at 12:24 pm | Filed Under The Economy, Real Estate
We have been saying this for a long time here on our blog and the latest numbers from the Mortgage Bankers Association (MBA) confirmed it. Our current foreclosure mess is not a subprime problem anymore, but it is now moving to prime mortgages. According to the MBA:
The delinquency rate for mortgage loans on one-to-four-unit residential […]
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 - 12th
Bloomberg: Home Price Declines Accelerate
Posted at 10:48 am | Filed Under The Economy, Real Estate
Here is an interesting piece of the article on Bloomberg:
Aug. 12 (Bloomberg) — Home price declines in the U.S. accelerated in the second quarter, dropping by a record 15.6 percent from a year earlier, as foreclosures weighed on values.
The median price of an existing single-family home dropped to $174,100, the most in records dating […]
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 - 3rd
Roubini says: Double-Dip Recession still possible
Posted at 12:23 pm | Filed Under Politics, Bailout News, The Economy, Real Estate
CNBC reports the following:
The United States, Europe and Japan still face the possibility of a double-dip recession and at the very least will experience below-potential economic growth for the next couple of years, economist Nouriel Roubini told CNBC Monday.
The double-dip is still possible because of very large budget deficits that are being monetized by monetary-policy […]
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 […]
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