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National Bubble

National Bubble
News and commentary about the Real Estate bubble. Exposing the financial bubbles in the US economy and the greedy people behind it.
Articles: 1, 2, 3, 4, 5, 6, 7


When is the next wave of foreclosures coming?
2009-09-01 00:14:00
This Diana Olick blog post might help you answer that question: Now that Making Home Affordable programs are operational, we do project an increase in foreclosures as we exhaust every available option to qualify customers for modifications and other solutions. While we have very strong loan modification programs now available, unfortunately, these foreclosure projections reflect the increasing ...
More About: Real Estate , Foreclosures , Wave
The next ?leg down? for the housing market
2009-08-26 22:59:00
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 ...
More About: Real Estate , Market , Housing
California delinquencies continue to rise
2009-08-25 17:04:00
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 ...
More About: Real Estate , Rise
Roubini: risk of a W-shaped recession
2009-08-24 17:12:00
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 ...
More About: Risk , Recession
Foreclosures keep going up in Florida
2009-08-22 08:38:00
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 ...
More About: Real Estate , Foreclosures
Prime fixed-rate mortgage delinquencies increased in Q2
2009-08-20 18:24:00
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 ...
More About: Real Estate , Prime , Rate , Fixed
RealtyTrac: Initial defaults (NOD) in California spiked 15 percent from the
2009-08-13 23:51:00
The foreclosure mess continues…. Here is the RealtyTrac news release IRVINE, Calif. ? August 13, 2009 ? RealtyTrac® (, 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, ...
More About: California , Real Estate
More houses going into foreclosure in California
2009-08-13 17:25:00
According to the LA Times: July stats from Foreclosure Radar show that the backlog of California homes in default, but not yet repossessed, keeps growing. At some point, many of these properties will be repossessed and put back on the market. Some may be kept by the current owners through loan modifications, but that hasn’t happened much so ...
More About: Real Estate , Houses
The foreclosure mess continues
2009-08-13 15:42:00
More bad numbers from RealtyTrac this morning: The foreclosure plague continued to devastate last month. There were more than 360,000 properties with foreclosure filings — including default notices, scheduled auctions and bank repossessions — an increase of 7% from June and 32% from July 2008, according to RealtyTrac, an online marketer of foreclosed homes. In fact, one ...
More About: Real Estate , Foreclosure
Americans wealth is evaporating
2008-06-06 18:40:00
Interesting article on CNNMoney: Americans $1.7 trillion poorer Americans’ net worth falls for the second straight quarter as home and stock prices decline, but it may not hurt consumer spending, experts say. NEW YORK ( — Americans saw their net worth decline by $1.7 trillion in the first quarter - the biggest drop since 2002 - as declines ...
More About: Wealth , Real Estate
Unemployment rate jumps to 5.5%
2008-06-06 14:59:00
More bad news for the Economy. According to USA Today: Businesses shed 49,000 jobs in May WASHINGTON ? The government said Friday that the nation’s unemployment rate jumped to 5.5% in May ? biggest monthly rise since 1986 ? as nervous employers cut 49,000 jobs. It was a dramatic sign of a deeply troubled economy. The latest snapshot of ...
More About: Unemployment , Rate
Bailouts and moral hazard
2008-06-06 13:09:00
This from CNBC: Lacker: Fed May Have Made Financial Markets Worse Federal Reserve intervention to calm financial market panic runs a moral hazard risk of encouraging more reckless behavior and may make matters worse in the future, a top Fed policy-maker said. Richmond Federal Reserve Bank President Jeffrey Lacker, in a telephone interview, also said saving troubled U.S. ...
More About: Mortgages , Hazard , Moral
Home mortgages: the easy money is over
2008-06-05 18:57:00
Interesting article from In recent weeks, mortgages quietly became harder to get. Mortgage insurers require higher credit scores and bigger down payments than they did a month or two ago. Underwriting software used by brokers and loan officers is issuing fewer approvals than at the end of May. Most buyers can still get home loans, but some ...
More About: Money , Real Estate , Home , Mortgages , Easy
Foreclosures keep increasing
2008-06-05 17:45:00
According to CNBC: Mortgage Foreclosures Rise to New Heights U.S. home foreclosures and the rate of homes entering the foreclosure process rose to record highs in the first quarter with increases across many loan classes, the Mortgage Bankers Association said on Thursday. The rate of failing loans was led by a growing wave of subprime borrowers unable to ...
More About: Real Estate , Mortgages
The housing depression
2008-06-05 13:22:00
According to CNN Money: Toll Brothers head says market could fall by 20% and recovery could be up to three years away PHILADELPHIA (AP) — The chief executive of Toll Brothers Inc., the nation’s largest luxury-home builder, said Wednesday the housing industry is in a “depression” and any recovery could be two or three years away. In candid ...
More About: Real Estate , Depression , Housing , Mortgages
Foreclosures are flooding the market
2008-06-04 17:11:00
This from CNBC: Homebuilders Face Off With Foreclosures Grappling with the worst U.S. housing market downturn since the Great Depression, home builders have curbed their building activities. They’ve also been slicing through their inventories of unsold homes by slashing prices even at the expense of profits, all to pay off their own debt and keep afloat. Now, in ...
More About: Real Estate , Market , Mortgages , Flooding
Mortgage rates are back up
2008-05-29 20:11:00
Don’t look now but mortgage rates have been going back up big time over the last few days. According to Mortgage rates rise and lenders get strict Every time you fill the gas tank, you get a lesson in why mortgage rates are rising. Mortgage rates went up this week because prices for fuel and food keep moving higher and higher. The fear is that prices for everything else will get kicked upward, too. In reaction to the inflation prospects, mortgage rates crept higher every workday in the last week. The benchmark 30-year fixed-rate mortgage rose 18 basis points, to 6.2 percent, according to the national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.47 discount and origination points. One year ago, the mortgage index was 6.47 percent; four weeks ago, it was 6.16 percent. The benchmark 15-year fixed-rate mortgage rose 17 basis points, to 5.8 percent. The b...
More About: Back , Back-up , Rates
More problems ahead for Orlando?s housing market
2008-05-28 13:16:00
This from the Orlando Sentinel: Hope dims for a turnaround in Orlando-area housing, experts find A closely watched index of housing values released Thursday showed that the Orlando area’s stock of existing homes lost more ground during the first quarter of 2008. The Metro Orlando index, based on data from the Office of Federal Housing Enterprise Oversight, fell ...
More About: Real Estate , Market , Problems
S&P/Case-Shiller: Home prices keep falling
2008-05-27 15:37:00
The latest S&P/Case -Shiller Home Price Index released today has nothing bad horrible news. With the only exception of Charlotte, all the other 19 cities showed huge year over year declines. Some examples: Las Vegas -25.9%, Miami -24.6%, Phoenix -23%, Los Angeles -21.7%. This is how the media reported the news. USA Today: Home prices tumble a record 14.1% in ...
More About: Real Estate , Prices
The burst of the housing bubble will last a long time
2008-05-27 06:18:00
This from CNBC: “This is going to be another difficult spring,” said Mark Zandi, chief economist at Moody’s “I think we are at the beginning of the end of the housing downturn, but it is going to be a long and painful end.” The devastation is certainly a far cry from the boom years from ...
More About: Real Estate , Time , Housing Bubble , Housing , Long
Bill Gross warns about underestimated inflation
2008-05-26 18:21:00
In his June 2008 Investment Outlook, Bill Gross tries to explain why the government is (intentionally or not) fooling us into believing that inflation is lower than it actually is. I?ll tell you another area where we?ve been foolin? ourselves and that?s the belief that inflation is under control. I laid out the case three years ...
More About: Commodities , Inflation , Bill Gross
City of Vallejo files for bankruptcy
2008-05-23 21:14:00
Unfortunately, we’re going to see this happening more and more often in the months and years to come. According to the San Francisco Chronicle: The city of Valley officially entered bankruptcy today, when City Manager Joe Tanner filed papers declaring Chapter 9 bankruptcy for the financially troubled North Bay city. The petition, filed in U.S. Bankruptcy Court in ...
More About: Real Estate , Files , Vallejo
Home inventories go up
2008-05-23 16:40:00
According to CNBC: Sales of existing US homes fell 1% in April, slightly better than expected, but inventories of unsold homes surged 10.5%, according to the National Association of Realtors. It was the eighth decline in sales in the past nine months, while the backlog hit the highest level in more than two decades. Inventories rose to 4.55 ...
More About: Real Estate , Home , Mortgages
OFHEO: Home prices in California down 10.6%
2008-05-22 16:26:00
The Office of Federal Housing Enterprise Oversight(OFHEO) just released their seasonally-adjusted purchase-only house price index. The index fell 1.7% in the first quarter compared to Q4 of 2007. Over the past year, home prices fell 3.1%. This is the largest decline in the purchase-only index’s 17-year history. Significant findings: 1. Prices fell in the latest quarter in ...
More About: California , Real Estate , Home
The end of easy money
2008-05-22 16:02:00
This from CNBC: Housing Crunch: Return of the Big Downpayment As U.S. banks mop up the mess from billions of dollars of bad home loans, buyers are finding the days of cheap money are over and, in many cases, tougher versions of old lending rules now apply. People of modest means have seen the American dream of home ...
More About: Money , Real Estate , Mortgages , Easy
Oil at $200?
2008-05-22 13:19:00
This from the New York Times: Arjun N. Murti remembers the pain of the oil shocks of the 1970s. But he is bracing for something far worse now: He foresees a ?super spike? ? a price surge that will soon drive crude oil to $200 a barrel. Mr. Murti, who has a bit of a green streak, ...
More About: Commodities
Meredith Whitney says credit crisis is ?far from over?
2008-05-20 18:30:00
According to AP via Yahoo Finance: NEW YORK (AP) — Oppenheimer & Co. analyst Meredith Whitney predicts the credit crisis gripping financial companies is “far from over,” and believes losses could be far worse than even the most pessimistic estimates suggest. In a research report issued late Monday, Whitney forecast that the credit crisis could extend well ...
More About: Credit , Real Estate , Mortgages , Crisis
The rich are also suffering with the housing crash
2008-05-20 16:58:00
I admit it took longer than I expected but we’re seeing the first signs of weakness in the most exclusive neighborhoods. According to the LA Times: At the luxury end, home prices are falling The rich may indeed be like the rest of us. Prices of their homes are now falling too. Gated mansions and hillside estates have ...
More About: Rich , Real Estate , Housing , Mortgages , Suffering
Southern California home sales down 19% from April 07
2008-05-20 00:38:00
According to the LA Times: Southern California home sales continued to decline in April , with 19% fewer homes sold compared to the same month a year ago, a real estate information service reported today. Price cuts and foreclosures lured bargain hunters back into the market, with the sales volume for April rising 22% over March, according to ...
More About: Real Estate , Sales , Home
The casualties of the burst of the housing bubble
2008-05-20 00:05:00
The chickens are coming home to roost. Irresponsible people who took money out of their homes to buy boats are now losing them. According to the New York Times: When a boat owner defaults on his loan, the bank hires Jeff Henderson to seize its property. The former Army detective tracks the boat down in a backyard ...
More About: Real Estate , Housing Bubble , Housing , Mortgages , Bubble
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