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National BubbleNational BubbleNews and commentary about the Real Estate bubble. Exposing the financial bubbles in the US economy and the greedy people behind it. Articles
The U.K. is maxed out too
2008-03-25 12:42:00 This from the NY Times: Debt-Gorged British Start to Worry That the Party Is Ending LONDON ? At one point, Alexis Hall had more than 50 pairs of designer shoes and handbags. It never occurred to the 39-year-old media relations executive from Glasgow that her £31,500 in debt ($63,000) would be a problem. ?It was so easy ... More About: Real Estate , Mortgages , Maxed Out
Median home prices in California are down 26.2% in just one year
2008-03-24 23:17:00 The California Association of Realtors reported today: LOS ANGELES (March 24) ? Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. “Although sales rose for the fourth straight month in ... More About: Real Estate , Mortgages , Year
Home prices and sales drop in Florida
2008-03-24 22:51:00 More bad housing numbers in Florida . Even as the National Association of Realtors reported a little bit better numbers at a national level, home prices in Florida continued to fall and fewer homes were sold in February. According to the Miami Herald: South Florida home prices continued to fall in February, bringing the average price closer to ... More About: Real Estate , Sales , Home , Mortgages
Median existing home prices down 8.2% from last year
2008-03-24 15:11:00 Existing home sales down 1.1% in the West but up in the rest of the country. According to the National Association of Realtors: The national median existing-home price (2) for all housing types was $195,900 in February, down 8.2 percent from a year earlier when the median was $213,500. Total housing inventory fell 3.0 percent at the end ... More About: Real Estate , Home , Mortgages , Year , Median
Even Bernanke?s own home is underwater
2008-03-24 12:02:00 This from Bloomberg.com: Bernanke lives in Washington’s Capitol Hill area in a four- bedroom, 2,600-square-foot house he bought new in May 2004 for $839,000. Almost four years later, it may not be worth any more, according to real estate records and local agents. Bernanke’s timing wasn’t the best — values in the area peaked a year later ... More About: Real Estate , Home , Mortgages , Underwater
Real Estate investment can be very risky
2008-03-23 19:01:00 This from the San Diego Tribune: Investors rode housing boom, and now many are going bust Wave of foreclosures hits owners who bought multiple properties Studies by the Mortgage Bankers Association of America estimate that about 16 percent of California foreclosures have involved investors. ?But here’s the rub on that,? said John Robbins, a longtime San Diego ... More About: Estate , Real Estate , Real Estate Investment , Investment , Mortgages
Americans think we are already in a recession
2008-03-22 18:11:00 According to CNN: Americans on economy: This hurts Nationwide poll locates sore spots as consumers are knocked around by inflation and gas prices. Consumers hunker down but feel optimistic about future. NEW YORK (CNNMoney.com) — Some economists say the United States is not in a recession, but don’t tell that to the majority of American consumers. A national CNN/Opinion ... More About: Real Estate , Recession
Rich people are also feeling the pain
2008-03-20 16:27:00 The burst of the housing bubble is hurting rich people as well. According to CNBC: They took out adjustable-rate mortgages at the peak of the housing bubble to buy homes they would otherwise not be able to afford. Or they refinanced existing mortgages to take cash out. And now, two or three years later, the day of ... More About: People , Rich , Real Estate , Pain , Mortgages
Fannie Mae?s CEO: home prices will continue to go down
2008-03-19 22:12:00 Fannie Mae’s CEO Daniel H. Mudd told CNBC the following: As for how long the housing slump will go on, Mudd noted that, from peak to trough, average home prices typically go down 13 to 17 percent. There was about a 3 percent drop last year, and a 5 to 7 percent decline projected for this ... More About: Real Estate , Home , Mortgages , Fannie Mae , Prices
The Fed is unable to lower mortgage rates
2008-03-19 19:45:00 The Fed has tried, and tried, and tried but it still has not been able to lower mortgage rates. No matter how much liquidity they inject into the market, it doesn’t seem to make a difference. The LA Times has a great article about this subject: The Federal Reserve has been slashing short-term interest rates since August ... More About: Real Estate , Mortgage , Mortgages , Lower , Rates
The Fed is now more worried about inflation
2008-03-18 19:38:00 Yes, the Fed lowered short term rates by 75 basis points but they included one full paragraph in their latest statement about inflation going up. This is what they say: Inflation has been elevated, and some indicators of inflation expectations have risen. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of ... More About: Real Estate , Mortgages , Worried
The Fed keeps lowering short term rates but mortgage rates stay high
2008-03-18 19:28:00 The Fed just lowered short term rates by another 75 basis points but mortgage rates stay high. According to CNBC: Mortgage Rates Aren’t Likely to Move Lower Even with a three-quarter-point cut in interest rates today, homeowners shouldn’t hold their breath waiting for their mortgage rates to follow. If recent history is any guide, the Federal Reserve’s aggressive rate-cutting ... More About: Real Estate , Mortgages , Short-term , High
Inflation goes up - Housing keeps going down
2008-03-18 17:01:00 The news keep getting worse by the day. According to CNBC: Wholesale Inflation Hotter; Housing Slumps Further The flagging U.S. economy got more mixed news from its troubled housing sector on Tuesday, while evidence of inflation pressures continued to lurk in the producer pipeline. U.S. producer prices rose by 0.3 percent in February as expected, but a ... More About: Real Estate , Mortgages
The burst of the housing bubble in South Florida
2008-03-18 12:58:00 This from the Sun Sentinel: Although the Fed has cut rates, mortgage rates for 30-year fixed-rate loans actually have risen the past two weeks. Freddie Mac, the mortgage company, reported last week that 30-year fixed-rate mortgages averaged 6.13 percent, up from 6.03 percent the previous week. Many who bought at the height of the housing boom in ... More About: Real Estate , Housing Bubble , Florida , Housing , South
The collapse of the financial markets is coming
2008-03-17 14:51:00 Unfortunately, we were right in our assessment of the housing bubble and the U.S. economy. Look at some of today’s headlines from AP via Yahoo Finance: Global Markets Tumble World Markets Slide in Wake of Bear Stears Collapse — Oil and Dollar Hit New Highs, Lows LONDON (AP) — Global markets plunged Monday on news that JPMorgan Chase, backed ... More About: Real Estate , Financial , Mortgages
Housing market - Learning from Japan
2008-03-16 12:53:00 I found this great article on the NPR web site: Imagine this scenario: Real estate prices plummet, banks falter and policymakers wring their hands while a nervous public watches and worries. America in 2008? No. Japan in 1990. Nearly two decades before America’s mortgage crisis, Japan weathered a real estate crisis of its own. And Japan’s experience ... More About: Real Estate , Market , Housing , Mortgages
The bubble is bursting in Downtown LA
2008-03-15 12:53:00 The Los Angeles Times had a great article about this: Prices of condominiums, which dominate the downtown market, have fallen more sharply here than in Los Angeles and Orange counties overall, according to DataQuick Information Systems. More than one-third of the residential projects approved by city officials have been sidelined. Downtown ’s defenders say the area simply is ... More About: Real Estate , Bubble
More problems for the San Diego housing market
2008-03-15 12:10:00 This from the San Diego Tribune: San Diego County’s housing market deepened its slump last month, with the median home price now down 20 percent from its peak in November 2005. DataQuick Information Systems yesterday reported the median price for all county homes in February was $415,000, down 3.3 percent from the previous month and down 13.5 ... More About: Real Estate , Market , Housing , Problems
Are we in a recession already?
2008-03-14 17:23:00 According to CNBC: The United States has entered a recession that could be “substantially more severe” than recent ones, former National Bureau of Economic Research President Martin Feldstein said Friday. “The situation is very bad, the situation is getting worse, and the risks are that it could get very bad,” Feldstein said in a speech at the ... More About: Real Estate , Recession
The impact of foreclosures
2008-03-14 12:43:00 This from USAToday: The mortgage foreclosure crisis has caused a drop in cities’ revenues, a spike in crime, more homelessness and an increase in vacant properties, a survey of elected local officials out today shows. About two-thirds of 211 officials surveyed by the National League of Cities reported an increase in foreclosures in their cities in the ... More About: Real Estate , Foreclosures , Mortgages
No more government bailouts
2008-03-14 12:41:00 Chris Powell wrote this commentary for The Stamford Times: The mistake is in the assumption that the mortgage crunch is some sort of natural disaster when it is only the usual ending of the ordinary boom-and-bust cycle of real estate. Everyone who takes a mortgage with an adjustable interest rate is gambling. Everyone who took an ... More About: Government , Real Estate , Mortgages
Stop the housing bailout plans
2008-03-14 12:33:00 Fool.com has a great article about the housing bailout plans currently being proposed in Washington. Last week in The Wall Street Journal, Feldstein proposed that the government lend troubled homeowners 20% of their outstanding mortgage balance to ease pain. The money, he suggested, would come from selling Treasury bills (because those grow on trees) and have ... More About: Real Estate , Housing , Plans , Stop , Mortgages
According to economists: the recession is already here
2008-03-13 21:55:00 According to the Wall Street Journal: Most Economists Say Recession Has Arrived as Outlook Darkens The U.S. has finally slid into recession, according to the majority of economists in the latest Wall Street Journal economic-forecasting survey, a view that was reinforced by new data showing a sharp drop in retail sales last month. “The evidence is now beyond ...
Southern California housing market keeps getting worse
2008-03-13 19:33:00 This from the LA Times: Southern California home prices still dropping at record rate Southern California home prices continued to fall at a record pace in February, and are now at 2004 levels, a real estate information service reported today. The median price for a Southland home last month was $408,000, down 17.6% from a year ago, according ... More About: Real Estate , Market , Housing , Mortgages
Mortgage regulation - Too little too late
2008-03-13 19:22:00 Now Paulson is talking about regulating the mortgage industry. Where were these clowns back in 2003 when the housing bubble started getting out of control? USA Today is reporting this today: WASHINGTON ? Treasury Secretary Henry Paulson on Thursday unveiled proposals for cleaning up mortgage and securities markets, including a recommendation to license mortgage brokers. Speaking at the ... More About: Regulation , Real Estate , Mortgage , Mortgages , Late
Closing the gap
2008-03-13 19:12:00 We have been saying on this blog since 2005 that affordability is crucial for the housing market. Realtors have been saying that there is so much demand for real estate that people would pay anything to buy a house. Well, after the huge declines in home prices over the last year it looks like we ... More About: Real Estate , Mortgages
Home builders put new projects on hold
2008-03-13 18:49:00 With a declining housing market and a credit crunch, a lot of the projects planned a year or two ago are now being put on hold. This is what The Daily Breeze reported about new construction in Hawthorne, California: The slumping real estate market has brought Hawthorne’s housing boom to a standstill, interrupting plans for about ... More About: Projects , Real Estate , Home , Builders , Hold
The Dollar keeps sinking
2008-03-13 15:53:00 According to Bloomberg: March 13 (Bloomberg) — The dollar fell below 100 yen earlier today for the first time since 1995 and dropped to a record low against the euro after a Carlyle Group fund moved closer to collapse, adding to turmoil in financial markets. More About: Real Estate , Dollar , Mortgages
Horrible economic news keep sinking the housing market
2008-03-13 15:31:00 The housing market in the US keeps getting worse every day. Today we had bad news on several economic indicators. These are some of the bad news we received today according to Yahoo Finance: U.S. gold futures rallied to a record high of $1,000 an ounce on Thursday, fueled by a combination of a weakening dollar, ... More About: News , Real Estate , Market , Housing , Mortgages
Foreclosures keep increasing
More articles from this author:2008-03-13 15:22:00 This from AP via Yahoo Finance: LOS ANGELES (AP) — Nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California and Florida showing the highest foreclosure rates, a research firm said. A total of 223,651 homes across the nation received at least one notice from lenders last ... More About: Real Estate , Foreclosures , Mortgages 1, 2, 3, 4, 5, 6, 7 |
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