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South Florida is inundated with foreclosures
2008-05-15 18:00:00
The housing crash continues in Florida and the losses are accelerating. According to the Sun Sentinel: South Florida foreclosure sales rise dramatically The housing crunch rages on, as more South Floridians behind on their mortgage payments are losing their homes in foreclosure sales after failing to work out deals with lenders. Scheduled sales in Broward County hit 2,568 ...
More About: Real Estate , Mortgages

Mr Mortgage - HERE COMES THE ALT-A CRISIS
2008-05-15 03:16:00
Thanks Mav!!!
More About: Real Estate , Mortgage , Mortgages

Foreclosures surge 65% in April
2008-05-14 15:47:00
More bad news for the housing market. According to AP via Yahoo Finance: Late payments drive number of US homes facing foreclosure in April up 65 percent from year ago LOS ANGELES (AP) — More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same ...
More About: Real Estate , Foreclosures , Mortgages

The housing crash continues
2008-05-13 16:37:00
More bad news for the housing market. According to CNNMoney: Home prices continue sharp descent Steep drops in West. Heartland prices stabilize. Bottom line: 7.7% decline in first quarter. NEW YORK (CNNMoney.com) — Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982. The ...
More About: Real Estate , Housing , Mortgages

California Real Estate Nightmare
2008-05-12 16:16:00
Very good CNNMonney article: People in L.A. are coping in ways they never imagined with a crisis they never saw coming. Like it or not, California ’s reputation as a national trendsetter is going to remain intact. Median prices in the metro area’s five counties are down 18% to 28% for the 12 months ended in March, according ...
More About: Estate , Real Estate , Nightmare , Mortgages

Banks are tightening lending standards
2008-05-11 16:45:00
This is good news. Too bad it took a credit meltdown for banks to realize that were giving money to anybody with a pulse. According to the Sun Sentinel: Lending standards near all-time highs WASHINGTON - The Federal Reserve reported Monday that more banks are tightening lending standards on home mortgages, other types of consumer loans and ...
More About: Standards , Real Estate , Banks , Mortgages

It is NOT just a subprime problem anymore
2008-05-09 15:39:00
I found this on USAToday: The first concrete evidence that delinquencies on mortgage bills have spread well beyond those with subpar credit shows that even prime borrowers have increasingly fallen behind on their house payments. About 2.3% of prime loans were 60 days’ past due in February, the highest level in at least a decade, according to ...
More About: Real Estate , Problem , Mortgages , Subprime

Please call the White House and tell Bush to veto the housing bailout bill
2008-05-09 13:04:00
Bailout Alert! According to this article, Bush says he will veto the Frank-Dodd bailout bill. Please call or email the White House to voice your support of a veto of any housing bailout bills: Ph: 202-456-1414 or 202-456-1111 Just say, “I am calling to ask you to veto any housing bailout that comes out of Congress.”
More About: Real Estate , White House

Bush ready to veto the housing bailout bill
2008-05-07 18:27:00
This is one of the few times when I actually agree with Bush . It looks like the president is going to let the housing market correct itself, which is the right thing to do. According to Reuters: WASHINGTON (Reuters) - President George W. Bush warned that he would veto legislation aimed at shoring up the housing ...
More About: Real Estate , Housing , Mortgages , Bill

Pending home sales index down 20% from last year
2008-05-07 16:10:00
The National Association of Realtors just released their Pending Home Sales Index report and the bad news continue. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in March, edged down 1.0 percent to 83.0 from a downwardly revised level of 83.8 in February, and was 20.1 percent lower than the March 2007 ...
More About: Real Estate , Mortgages

The housing bubble is bursting everywhere
2008-05-07 13:31:00
Even previously immune housing markets like Seattle and Charlotte are finally coming down. According to CNNMoney: Bulletproof housing markets get hit NEW YORK (CNNMoney.com) — Some of the last, best housing markets - the ones that continued to climb even as the rest of the country cratered - have turned south lately. Seattle, Portland Ore., Charlotte, NC, and ...
More About: Real Estate , Housing Bubble , Housing , Mortgages , Bubble

Fannie Mae forecasts home prices will keep going down this year
2008-05-07 02:15:00
This from AP via Yahoo Finance: WASHINGTON (AP) — The outlook for the housing market darkened further Tuesday as the nation’s largest buyer of home mortgages said it racked up more than $2 billion in quarterly losses and forecast a steeper drop in home prices this year. If Fannie Mae ’s prediction proves true, the real estate woes ...
More About: Real Estate , Home , Mortgages , Year

David Lereah is back with more predictions
2008-05-06 21:44:00
I didn’t believe David Lereah (former chief forecaster for the National Association of Realtors) during the real estate boom and I don’t believe him now. This guy has absolutely no integrity or credibility. He kept telling people to buy real estate up until he quit working for the NAR and now he expects me to ...
More About: Real Estate , Predictions , Back , Mortgages

Bernanke keeps pushing for a housing bailout
2008-05-06 12:24:00
This is what Bernanke said at the Columbia Business School’s 32nd Annual Dinner in New York: Chairman Ben S. Bernanke At the Columbia Business School’s 32nd Annual Dinner, New York, New York May 5, 2008 Mortgage Delinquencies and Foreclosures President Bollinger, Dean Hubbard, Co-Chairman Kravis, and distinguished guests, I am very pleased to be here and especially honored to receive ...
More About: Real Estate , Housing , Mortgages , Bailout

Even celebrities lose their homes to foreclosure
2008-05-02 13:33:00
This from Reuters via Yahoo Finance: LOS ANGELES (Reuters) - Former U.S. baseball star Jose Canseco said on Thursday he had lost his California mansion to foreclosure — one of the first celebrities to publicly admit being a statistic in the U.S. housing crisis. Canseco, 43, one of the most flamboyant U.S. baseball players until his ...
More About: Real Estate , Celebrities , Foreclosure , Homes

Foreclosure tour
2008-05-02 13:06:00
More stories of the bursting of the housing bubble in South Florida. According to the Miami New Times: On this foreclosure tour, the mortgage crisis is just another money maker. The unlikely day-trippers were part of the inaugural Miami Homes Tour , a new tactic for hawking foreclosed property. Its organizers are part of a burgeoning brood of ...
More About: Real Estate , Foreclosure

New conforming loans are not helping the housing market
2008-05-01 17:19:00
We talked about this even before Congress passed the new law and now we are seeing that we were right. The new conforming loans that increased the limit to up to 730K in some areas are not widely available and the interest rates are not even close to the ones offered to loans under 417K. According ...
More About: Real Estate , Market , Loans , Housing , Mortgages

The housing bubble keeps bursting in Florida
2008-04-30 18:15:00
This from the Miami Herald: 1 in 97 Florida households in foreclosure The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left many homeowners powerless to prevent homes from being auctioned to the highest bidder, a research firm said Monday. Florida ...
More About: Real Estate , Housing Bubble , Housing , Bubble

Florida sellers need a reality check
2008-04-30 13:46:00
This from the Palm Beach Post: Lower prices can put ‘real’ in real estate Could reality, at last, be setting in among Florida home sellers? Given how things have gone since late 2006, last month’s area real-estate numbers didn’t so much contain positives as they contained fewer negatives. Prices went down again, but sales went up a little, ...
More About: Reality , Real Estate , Check , Mortgages

People are not even paying the utility bills
2008-04-30 13:23:00
More signs of how this economic slowdown is hurting Americans. According to USA Today: Unpaid utility bills soar as economy sags CHICAGO ? Hundreds of thousands of utility customers are at risk of disconnections as the sagging economy drives up the number of past-due home heating bills and the amounts owed, utility companies in cold-weather states say. Xcel ...
More About: People , Utility , Bills

S&P: No bottom yet
2008-04-29 19:11:00
Watch David Blitzer from S&P discuss the horrible real estate numbers on CNBC. Pay attention to what he says about the “hidden supply”. We’ve been talking about this on this blog for a while.
More About: Real Estate , Mortgages , Bottom

Foreclosures jump 112% from a year ago
2008-04-29 16:12:00
The bad news for the housing market just keep coming. According to AP via Yahoo Finance: Homes facing foreclosure more than doubled in 1Q from 2007 LOS ANGELES (AP) — The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left ...
More About: Real Estate , Foreclosures , Mortgages , Jump , Year

S&P/Case-Shiller: Home Prices Keep Falling
2008-04-29 15:53:00
Unfortunately, the bad housing numbers keep coming almost on a daily basis. Today, the S&P/Case -Shiller Home Prices Index was released and, as expected, the news are grim. The index shows declines in the prices of existing single family homes across the United States worsened in February 2008, with 17 of the 20 now reporting MSAs ...
More About: Real Estate , Mortgages

Home prices keep falling
2008-04-28 21:21:00
Interesting article in The Wall Street Journal showing how there is a bright side in the bursting of the housing bubble. This is another reason why the government should stay out of the way and let the housing market correct itself. Michelle Dudley for years commuted 50 miles each way to her job as a civil servant ...
More About: Real Estate , Home , Mortgages , Prices

Record number of vacant homes for sale
2008-04-28 18:57:00
More signs of a housing bubble that is bursting. This from AP via Yahoo Finance: Nobody’s home: Percentage of vacant houses sets record high in first quarter of 2008 WASHINGTON (AP) — The percentage of vacant homes for sale in the U.S. set a new record high in the first quarter of this year, the government said ...
More About: For Sale , Real Estate , Sale , Homes , Mortgages

Military families are losing their homes
2008-04-28 15:28:00
According to USA Today: More U.S. troops battle foreclosure WASHINGTON ? As the home foreclosure crisis sweeps across America, military and financial aid groups say they are hearing from a rising number of troops who say they are falling behind on their mortgage payments and struggling to keep their homes. “The Army as a whole has seen an ...
More About: Military , Real Estate , Homes , Mortgages , Families

Bush might veto the housing bailout bill
2008-04-27 18:10:00
This is great news!!! CNNMoney reports that the White House is against the current housing bailout plan sponsored by Barney Frank in Congress. Remember that we need to stop these bailout plans. Please, take a minute and contact your representatives in Congress. We’re having an impact on the political system and it seem like the bailout proposals are currently in trouble. WASHINGTON (AP) — A top housing official said Thursday that the Bush administration “strongly opposes” a Democratic housing rescue package, calling it a bailout that would expose taxpayers to excessive risk. Deputy Secretary of Housing and Urban Development Roy A. Bernardi also indicated that President Bush would veto a bill sending $15 billion to states for the purchase and rehabilitation of foreclosed properties. (more…)
More About: Bill , Veto , Bailout

Voter anger might stop the housing bailout plans
2008-04-27 17:12:00
It looks like millions of angry voters opposed to the current housing bailout plans are having an impact. According to the LA Times: WASHINGTON — Nine months into the worst housing crisis in a generation, Congress this week took up the most aggressive government plan so far to break spiraling home foreclosures and tumbling house prices that threaten to pull the economy down. But even as a key House committee began to mark up the bill Wednesday, there were signs that the measure could be caught up in a crippling political crossfire. Mortgage industry intransigence, voter anger over possible government aid for speculators and economists’ fear that thousands of homeowners might just walk away from troubled loans are contributing to a potential stalemate. (more…)
More About: Housing , Plans , Anger , Stop , Bailout

What will happen to the housing market?
2008-04-26 13:20:00
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More About: Real Estate , Market , Housing , Mortgages

Home sellers are getting desperate
2008-04-26 13:17:00
It’s actually funny to see what some sellers would do to sell their overpriced homes. This from CNNMoney.com: Home for sale by any means Are you really serious about selling your home in this market? Then be prepared to try anything - and everything. (Money Magazine) — For nearly two years, Adriel and Lance Bush tried unsuccessfully to sell ...
More About: Real Estate , Sellers , Desperate