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Blog Details for "HousingDoom"
HousingDoomHousingDoomExpert news and opinion on the US housing market. A must read for anyone who is interested in real estate or considering buying or selling a home. In addition to timely posts on analyzing subjects ranging from subprime mortgages to national home sal Articles
Foreclosure ?Cleansing??
2008-04-29 15:09:00 In spite of government efforts to reduce the foreclosure rate in the U.S., the percentage of Americans going into foreclosure is accelerating: [Thanks G!] April 29 (Bloomberg) — U.S. foreclosure filings more than doubled in the first quarter as payments rose for subprime adjustable mortgages and falling home prices left property owners unable to ... More About: Housing Bubble , Market trends , Foreclosure , Cleansing
Financing Just Got Tougher For Real Estate Investors
2008-04-29 09:01:00 Thinking of buying a nice investment property in this "buyer’s market"? Financing that dream "flip" just got tougher: [Thanks L!] Major lenders and mortgage insurers are turning off the money spigot for investors who want to buy rental houses or condos with minimal downpayments. The most dramatic cutback takes effect next week, when giant mortgage ... More About: Estate , Real Estate , Housing Bubble , Real
Crack of Doom: ?Overwhelming Negative Sentiment? in the Credit Markets
2008-04-28 09:01:00 It’s Monday, and we’re hearing a number of opinions on the credit crisis. Is in nearing the end, or only the beginning? Here’s the opinion of a number of industry sources: More About: Credit , Markets , Housing Bubble , Crack , Doom
Too Many Houses, Not Enough People
2008-04-28 09:01:00 As we look at the "Vacantvilles"- those communities at the far reaches of the metro areas- where foreclosures and walk-aways number more than sales, it’s hard not to wonder, "What will become of all these empty homes if buyers don’t show?" Perhaps it’s possible to see their future by looking at Youngstown, OH: YOUNGSTOWN, Ohio (CNNMoney.com) ... More About: People , Houses , Housing Bubble
How drunk do you have to be to buy a Miami condo?
2008-04-27 09:01:00 Well, I suppose desperate times, call for desperate measures….. [Hat tip L!] In February, throngs of people gathered at a $100,000 poolside party in Miami , downing Roberto Cavalli vodka, sampling food from local restaurants and dancing to a DJ blasting hip-hop and house music. Nearly 1,000 more people showed up than expected, sending ... More About: Market trends , Condo , Drunk
What do I do now?
2008-04-26 22:24:00 The "Ideas" thread has gotten pretty long, [Sometime I’ll get around to starting a new one.] so when I get a good comment like this on it, I think it’s worth a post. hpylori2 asks: I would love ideas from the group…I (my wife included)made a huge mistake and moved to Miami December of 2006 and ... More About: Housing Bubble
Oops! About your personal information?
2008-04-25 09:01:00 Thanks to Luke Mullins of U.S. News and World report for letting us know about a little slip over at Lending Tree.com. From a letter issued by Lending Tree: April 21, 2008 Dear LendingTree Customer: We want you to know that some loan request forms our customers sent to LendingTree may have been seen by ... More About: Personal , Information , Housing Bubble
Starbucks Blames Woes On Housing
2008-04-24 09:01:00 Housing woes have not only caused lenders to fail and foreclosures to mount, but apparently have impacted the coffee market as well: Starbucks Corp said on Wednesday it was the latest victim of the U.S. mortgage meltdown. Blaming hard-hit housing markets of California and Florida for slowing sales, the coffee shop chain slashed its quarterly ... More About: Housing Bubble , Market trends , Housing
National March Home Sales: Prices, Sales Down, Inventory Up
2008-04-23 09:02:00 As you may recall from last month’s installment of "How the NAR Spins", [I mean turns] Yun was gleefully celebrating a 2.9% month-to-month increase while ignoring the year-over-year 24% drop in home sales. Yun said last month: We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement ... More About: Realtors , National , Sales , Housing Bubble , Home
So who pays the buyer?s gas?
2008-04-23 09:01:00 Another goodie from L’s daily spam- A builder willing to pay for agent’s gas, just to get them to come out and see the community: This isn’t a unique offer- builders have been offering these for awhile. It tells you something about the community though- it’s EXPENSIVE to get there and back. [Vistancia is 37 miles ... More About: Market trends , Buyer , Pays
It?s Not What You Take, But How You Take It
2008-04-22 14:49:00 Good luck to the Chandler, AZ police when they try to sort this one out: [Thanks L!] Chandler police arrested two men driving a U-haul filled with furniture stolen from model homes after the men say they were duped into believing they were buying the items from a homeowner facing foreclosure. A neighbor near the ... More About: Housing Bubble
Phoenix New Home Sales: Enough With The ?Bottom? Predictions Already
2008-04-22 09:02:00 R.L Brown, a local housing analyst, is not allowing a lack of evidence to deter him from declaring a probable "bottom" in the Phoenix new home market: The Phoenix Housing Market Letter released Monday suggests that the worst might be over for new homebuilders in the region, but acknowledges that the subprime mortgage fallout ... More About: Sales , Housing Bubble , Home , Predictions
MTV Might Be Looking For You
2008-04-22 09:01:00 It’s always interesting checking my inbox- I’m never quite sure what will pop up in the course of the day. Yesterday I received an unusual request- this time from the folks at MTV: I’m currently researching a new round of episodes for MTV’s long-running series, True Life. The series, if you’re unfamiliar, employs first-person narrative ...
Jingle all the Way
2008-04-21 17:28:00 Doomers saw this one coming. According to Catherine Reagor at the Arizona Republic this morning: [Thanks M and L!] Instead of mailing in their monthly mortgage payment, a growing number of homeowners are sending lenders their keys. As housing prices fall and rates on some mortgage loans rise, more homeowners are walking away from ... More About: Housing Bubble , Jingle
Engle Homes Closes Sales Offices In Phoenix Area
2008-04-21 17:13:00 From the East Valley Tribune this morning: [Thanks M!] About two weeks ago, financially strapped builder Engle Homes closed its Province sales office and 11 other field offices Valleywide, also removing the communities from its Web site. Engle’s parent company, TOUSA, filed for Chapter 11 bankruptcy protection in January. The sales office closures are part ... More About: Phoenix , Sales , Housing Bubble , Area
Today?s Quote: ?Fed Has No Mandate To Be Wall Street?s Deal Maker?
2008-04-21 09:01:00 From George Will yesterday, this great quote: The Fed has no mandate to be the dealmaker for Wall Street socialism. The Fed’s mission is to preserve the currency as a store of value by preventing inflation. Its duty is not to avoid a recession at all costs; the way to get a big ... More About: Housing Bubble , Today
Las Vegas Housing: Not Affordable Yet, But Getting Closer
2008-04-20 09:01:00 The foreclosures and falling prices in Las Vegas are not all bad: A week-old study assessing housing affordability in Las Vegas is already well past its prime, local analysts say. The 2008 Colorado College "State of the Rockies Report Card" found that just 18.9 percent of the Las Vegas Valley’s housing stock is attainable to workers earning ... More About: Housing Bubble , Market trends , Las Vegas Market , Housing
LIBOR Rate Apparently Rising In Response To BBA Investigation
2008-04-19 16:30:00 From the Wall Street Journal this morning- this is worth watching: A sharp and unexpected rise in a widely used interest rate is threatening to add billions of dollars to the interest bills of homeowners, companies and other borrowers around the world. The London interbank offered rate jumped for the second straight day Friday ... More About: Housing Bubble , Investigation , Rate , Response
Fannie and Freddie Jumbos Are A Bust
2008-04-19 09:01:00 Another "Mr. Mortgage" video- and he’s saying the new jumbos from Fannie and Freddie are a bust: More About: Housing Bubble , Bust
Op-Ed Friday: And You Thought We Were Bearish?
2008-04-18 09:01:00 It’s Friday , and between the writedowns this week and slumping home starts, some people are feeling pretty bearish. None more than PNC Financial Services Group Inc Chief Executive James Rohr though. In remarks yesterday: Rohr said the U.S. housing market is in its worst slump on record. Rohr spoke on a conference call after the Pittsburgh-based bank, ... More About: Housing Bubble , Thought , Bearish
Roubini: ?Worst Housing Recession Since The Great Depression?
2008-04-18 09:01:00 Straight talk on housing from Nouriel Roubini: More About: Depression , Housing Bubble , Great , Housing , Recession
Where does Kohn really see the most downside risk?
2008-04-17 19:51:00 Donald Kohn, vice chairman of the Federal Reserve, discussed the lending industry and downside risks to the economy in remarks this morning. Where he sees the most risk however, is not clear. According to CNBC: Banks have become so wary about lending that credit costs are being pushed up despite sharp cuts in official interest ... More About: Housing Bubble , Risk
American?s Think ?Now?s The Time To Buy?- But Would They Do It?
2008-04-16 17:46:00 From CNBC this morning: A majority of American s think now is a good time to buy a home, although few believe the U.S. economy can escape a recession, according to a Reuters/Zogby poll released Wednesday. The survey of 1,049 likely voters found that 53.8 percent thought this was a good buying opportunity as ... More About: Time , Housing Bubble , Market trends , The Time
How do you run an HOA when there are only a couple of you in the neighborho
2008-04-16 09:01:00 In June 2007 I was checking out new communities in Gilbert, and looked into Stratland Estates. I thought it looked like a neighborhood in trouble with too many specs. A check of records at the Assessor’s office showed five sales at the time. Stratland Estates sounded wonderful on their website- here’s how the builder describes it: This ... More About: Housing Bubble , Market trends , Couple
Foreclosure Rate In U.S. Accelerating
2008-04-15 15:10:00 From Bloomberg this morning: [Thanks G!] April 15 (Bloomberg) — U.S. foreclosure filings jumped 57 percent and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners gave up their homes to lenders. More than 234,000 properties were in some stage of foreclosure, or one in ... More About: Housing Bubble , Foreclosure , Accelerating , Rate
CEO of ARMLS Responds To ?Secret? Bonus Remarks
2008-04-15 09:01:00 On April 12 we posted a news story done by Brahm Resnik on the practice by the Arizona Multiple Listing Service (ARMLS) of forbidding any bonuses offered to buyers agents not being permitted in the realtor remarks. Yesterday Bob Bemis, CEO of ARMLS, posted a response. In fairness to Mr. Bemis, I thought I would ... More About: Realtors , Housing Bubble , Secret , Bonus
Phoenix Median Home Price Down A ?Stable? 17% In March
2008-04-14 09:01:00 Dr. Jay Butler of ASU Realty Studies has released his home sales report for March , and we’ll start with my favorite quote: The median home price remained stable at $220,000, in contrast to last year’s $265,470. It’s true that month-to-month, the median was unchanged, but it’s also a 17% YOY drop. In most circles that brings ... More About: Phoenix , Housing Bubble , Home , Price
Lenders Starting To Make ?Walkaways? Feel The Pain
2008-04-14 05:47:00 As more and more homeowners are deciding to just walk away from homes that they either can’t afford or are no longer willing to pay for, lenders are starting to fight back: [Thanks L!] The country’s two largest sources of mortgage money have a blunt warning for anyone thinking about joining the growing "walkaway" trend, ... More About: Housing Bubble , Pain , Make , Feel , Lenders
Jury Finds Buyer Was Adequately Informed By Agent
2008-04-13 09:01:00 On April 3, we discussed the story of the Ummels, the unhappy homebuyers that were suing their realtor. The jury has ruled, and they are saying "caveat emptor": Friday, April 11, 2008 | A jury sided Thursday with Carlsbad real estate broker Mike Little in a closely watched lawsuit that pitted a local couple ... More About: Agent , Realtors , Housing Bubble , Buyer
Word On Arizona MLS Secret Agent Bonuses Getting Out
More articles from this author:2008-04-13 03:17:00 Kudos to Brahm Resnik for giving this story wider coverage: [Doom’s own M contributed to this story.] More About: Agent , Realtors , Arizona , Word , Secret 1, 2, 3, 4, 5, 6, 7 |
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