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Housing Bubble

More Housing Woes on the Horizon? ? The Home Front (usnews.com)
2011-12-27 09:18:00
As the United States continues to grapple with the fallout of its housing bubble and blow-up, recent research from the International Monetary Fund uncovers some startling statistics about other countries that could be headed toward their own U.S.-style housing crises. While home prices have fallen in about half of the countries the IMF tracks, they’ve ...
So Much For Treasury?s ?Skin In The Game?? They Are Willing To Use The Taxp
2011-01-19 08:01:00
The Treasury Department yesterday released a report on “risk retention”. It noted that because loan originators had no “skin in the game”, securitization helped fuel the housing bubble.  To fight this they said: [A]s the recent financial crisis demonstrated, without reform, risks in the securitization process can detract from these benefits.  Leading up to the ...
Housing Starts Up 21%? Let?s Hope Not
2011-01-18 18:05:00
The National Association of Homebuilders hosted their annual NAHB International Builders? Show this past week.  David Crowe, their chief economist had an “optimistic” forecast for 2011: NAHB Chief Economist David Crowe said job growth will provide a stronger stimulus in the housing market than 010′s home buyer tax credits. “This year?s spring selling season will ...
What?s To Be Done With The Homes Not Worth Fixing?
2011-01-17 08:01:00
Diana Olick of CNBC did an article last week warning potential homebuyers about some of those foreclosure “bargains” out there.  Certainly many starry-eyed Bob Villa wannabes have purchased foreclosures thinking they’d turn a shack into a palace with a little paint and carpet and have ended up over their heads.  Olick goes over some of ...
Foreclosure-Gate Widens: Attorney Practices Questioned Too
2011-01-14 08:01:00
It’s not just the banks that are facing scrutiny for questionable foreclosure practices.  In Florida, some attorney practices are being questioned as well.  A spokeswoman for the Attorney General’s office had a list: Among the allegations she said the attorney general’s office is examining: Law firms padding bills in order to get higher final judgments ...
Elderly Reverse Mortgage Borrowers Facing Eviction
2011-01-13 15:00:00
I have come out against reverse mortgages on several occasions. I don’t like the way they are marketed and have felt they were potentially dangerous to borrowers.  According to a recent U.S. News and World Report article, my fears are justified.  [Thanks L!] The government is moving to head off a growing problem with its ...
Housing Depression? From CNBC No Less
2011-01-11 20:30:00
When we started in 2006, I was often told that Housing Doom was overly pessimistic.  My usual reply was “Who’d be interested in a site called “Housing Moderation”?  Now in 2011 apparently even CNBC shares our pessimism: In the past few years, we?ve all been careful to choose our words carefully, not calling it a ...
Housing Bust Creating Declining Cities Filled With ?Bulldozer Bait?
2011-01-07 14:49:00
Anyone who’s spent any time in the Rustbelt has seen their share of vacant boarded up houses.  As job opportunities diminished, folks pulled up stakes, populations dropped and the market for their houses disappeared.  Cities went into decline. Now a new study by James R. Follain, Ph.D., senior fellow of the Rockefeller Institute of Government ...
Looking For A House? Why Not Buy In Bulk? Package of 58 Homes For Sale On E
2011-01-06 16:05:00
Is one house not enough for you?  Are you looking to be a land baron with just one purchase?  It’s easy.  Go to Ebay and bid on the package of 58 homes for sale: FLINT, Michigan ? Looking for a house in Flint? How about 58 of them? Anyone with an Internet connection could snatch ...
HD?s Housing Scorecard For Obama
2010-10-29 09:01:00
Monday the Obama administration issued it’s October Housing Scorecard, which provides data and charts to show where the administration believes the housing market is.  They issued a press release with the following summary: The latest housing figures show continued signs of stabilization in house prices and high home affordability due in part to record low ...
Should Banks Dump Foreclosures On The Market, Or Trickle Them Out Slowly?
2010-10-28 16:53:00
We’ve talked a lot about the “shadow inventory” held by the lenders.  According to RealtyTrac, lenders are currently holding back 600,000 properties.  Foreclosures are up and those numbers have to be growing. Back in the 1980s when the S&L crisis hit [It doesn't look much like a crisis given today's situation, does it?] the RTC ...
Homebuilders Struggle To Compete With Foreclosures
2010-10-27 09:01:00
Things have been tough for homebuilders in the past few years. With foreclosures now about a third of existing home sales, builders have had a tough time competing on price.  Here’s one creative try from Meritage though: [From L's inbox- thanks L!] There has been a lot of speculation that foreclosure moratoria around the country ...
How Many Of These Folks Are Paying Their Mortgage?
2010-10-26 09:01:00
60 Minutes did a segment on “99ers”- people who have run out of their 99 weeks of unemployment.  I watched it and thought, “How many of these folks are paying their mortgage?  How many of these folks qualify for loan mods? How can the housing market get better when the employment picture looks like this? ...
BofA Foreclosure Foul-Ups- We Need More Data
2010-10-25 18:32:00
Bank of America has started going through their paperwork or admit to the following: Bank of America Corp. for the first time acknowledged finding some mistakes in foreclosure files as it begins to resubmit documents in 102,000 cases. The Charlotte, N.C., lender discovered errors in 10 to 25 out of the first several hundred foreclosure ...
The FDIC Is Moving Out Of Selling Condos And Into Selling CMBS
2010-10-22 18:22:00
Several upscale condominium projects went into foreclosure in Phoenix.  They have since been picked up by an investment group, renovated and put on the market.  The investment group is ST Residential, led by the FDIC: [Thanks L!] ST Residential is an investment and debt-resolution firm that is 60 percent owned by the Federal Deposit Insurance ...
Plenty Of Perks For A Robo-Signing Employee
2010-10-19 09:01:00
My parents told me as I was growing up that I would need a college education in order to get ahead in the world.  Mom and Dad were wrong.  According to Tampa Bay Online, some robo-signers could make a lot in money and perks, and all they had to be able to do was sign ...
China Housing Bubble Swells, U.S. Housing Busts (Again), Stocks Enter Corre
2010-05-21 22:19:00
The 5 explores many bubbles: The housing bubble in China still forming and two that just popped again in the U.S. -- housing and stocks.
Bull Markets in Wine & Steak, Penny Stock Advice, Chinese Housing Bubble an
2010-04-14 20:56:00
The 5 finds two bull markets we can really get behind: wine and beef. Alan Knuckman on a technical indicator bullish for all commodities. How to trade a penny stock that?s getting pumped by Internet spammers. Chinese home prices up 11% since last year? Frank Holmes says it?s still not a bubble.
Home Prices Down, But Not As Affordable
2009-12-21 15:08:00
Lower home prices should translate into more affordable homes, right?  Apparently not: TAMPA - Home prices may be falling, but many Americans are spending a bigger portion of their incomes on housing, especially in Florida. The Sunshine State ranked second among all states for its share of severely cost-burdened working families, according to the Washington, ...
?We Cannot Overcome The Lender?s Incompetence?
2009-12-18 20:07:00
  M told me that he found the following in the Realtor Remarks of a Scottsdale short-sale: REALTOR Remarks: Lockbox removed 11/1/2009. It looks like this one will go to trustee sale despite a reasonable offer being presented to the lender. Another fine example of the inefficiencies and lack of logic on display by a lender. Sorry, ...
Million Dollar Homes Defaulting At Twice National Rate
2009-12-18 15:00:00
While first-time buyer credits and government backed mortgages have kept the moderately priced end of the housing market on life support, the same is not true of more expensive housing- especially in the million dollar plus range.  A nearly frozen luxury market along with a tough economy means that more and more McMansion owners are ...
Home for the holidays- just in case?
2009-12-17 08:01:00
It looks like it’s "Home for the Holidays" in Arizona this year: More people across the country are hitting the road for the holidays this year, but that’s not expected to be the case in Arizona. AAA estimates that 3.8 percent more people nationally will travel during the holidays this year compared to last. In Arizona, the ...
Are Buyers Getting Less Excited About Foreclosures?
2009-12-16 18:33:00
We’ve seen some great sales numbers this past year in some housing markets due to investor interest in purchasing foreclosures.  Phoenix is a great example.  If CNBC is correct, the foreclosure mania might be losing it’s luster:  [Hat tip L!] US home buyers are less willing to buy foreclosed properties than they were six months ...
Congress Reining In The Wild West Of Wall Street, Or Giving It Its Head?
2009-12-16 08:01:00
Last week the House passed HR4173 the Wall Street Reform and Consumer Protection Act.  Forbes said this about the legislation: The House bill does address the most important problems of regulating systemic risk and too-big-to-fail institutions directly–make no mistake about it. Guaranteeing the liabilities of major U.S. financial institutions distorts the allocation of ...
AEI Subprime VI Charlie: Complete Annotated Transcript
2009-12-16 08:01:00
3:18:42 And I think the classic definition of quantitative easing is that the size and composition of a central bank’s balance sheet influences financial markets and the economy over and beyond the level of the policy rate. [slide 4] There’s a couple of things to notice about the definition. First, if you hold to ...
The housing market is failing, not recovering
2009-12-15 17:56:00
At the risk of overdoing the Peter Schiff thing today, I thought he summed up the problems of the housing market so succinctly in today’s Asia times that I had to post it: [W]hile it is true that home prices have stopped falling, this represents failure, not victory. True success would be a drop in home ...
Peter Schiff Debates Obama?s Economic Policies
2009-12-15 08:01:00
I know we have a lot of Peter Schiff fans, so I thought I’d post this debate between Peter Schiff and an economist from Columbia University, David Epstein.  Epstein maintains that Obama’s economic policies are saving the economy: [Hat tip to Organized Exploitation via Freedom's Phoenix]   I’ve only seen the first 30 minutes as of this ...
Renters Going Back To Basics
2009-12-12 08:01:00
Even in the rental market- luxury is out and back to basics is in:     After the economic panic of 1873 many large Victorian homes were abandoned.  Do you suppose that could be the fate of many of today’s McMansions?  They might be too expensive to keep and too frivolous to rent out.
Government Agency To Get Bailout From Banks?
2009-09-22 21:51:00
I guess what goes around comes around, but at this rate, it’s hard to know if government and lenders are coming or going: [Hat tip Freedoms Phoenix] Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government. Senior regulators say they are seriously considering a ...
Did Liberal Democrats cause the housing bubble?
2008-08-31 14:10:00
From: NWI Connect Restricting Housing - Spells Liberal Democrat Domination Source: Political Calculations. We've been saying this for two years on Daltonsbriefs and Porter County Politics, if you arbitrarily restrict housing for reasons of environmentalism or "impact" politics, you run the risk of negative equity and eventually highly liberal policies that lead to urban decline and slums. In general liberal housing policies can be shown to have caused the bubble and the foreclosure crisis that we now face in some markets.The first map, showing the percentage of homeowners with negative equity in April-June 2008 for U.S. metropolitan statistical areas, was created by Hannah Fairfield of the New York Times as a reference for an article about the aftermath of the housing bust in the central valley of California: The second map, which was created by David Leip, shows the degree to which voters in the U.S. voted in favor of a particular political party, by county. Note that in...
Pending Sales No Longer Good Indicator Of Future Sales
2008-06-09 20:01:00
According to CNBC this morning, Housing Market Is Showing Signs of a Turnaround: Pending sales of previously owned U.S. homes unexpectedly rose in April to the highest level in six months as foreclosed properties flooded the market and drove prices sharply lower, a real estate trade group report showed. The National Association of ...
Crack of Doom: Feeling Poorer?
2008-06-09 09:03:00
It’s Monday, and if your wallet seems thinner to you these days, there’s a reason: The net worth of Americans fell $US1.7 trillion in the first quarter - the biggest drop since 2002; the amount of equity people have in their homes fell to 46.2%, the lowest level on record (and house prices are still falling); ...
Las Vegas May Home Sales: Inventory and Sales Up, Prices Down
2008-06-09 09:01:00
The Greater Las Vegas Association of Realtors (GLVAR) has released their May numbers.  The biggest news is the median price, which declined from $301,352 to $236,692 for a 21.5% drop. According to the Hubble Smith of the Review Journal:
Phoenix Realtors Jumping From A Sinking Ship
2008-06-09 04:57:00
In 2005, you couldn’t throw a rock in Phoenix without hitting a Realtor, but that isn’t the case any more.  Apparently a lot fewer people are signing up for real estate school these days. [Hat tip Asset Hunter!] Connie Ross wonders a little when people tell her they want to enroll in real-estate school. Ross, a ...
Portland: Not a ?bubble?, but still a bust
2008-06-08 14:25:00
  We keep hearing how the "Gloom and Doomers" are overstating the problems.  After all, the pundits tell us, "All real estate is local,"  so not all markets are feeling the pain.  There are still "bubble-proof" markets like Portland, Oregon: NORTH PLAINS, Ore. - Here at the western edge of the Portland metro area, green fields ...
Government Is No Good At ?Flip That House?
2008-06-07 15:01:00
Even some of the sharpest folks [Or perhaps I should say ESPECIALLY the sharpest folks] in real estate have gotten out of house "flipping". In a declining economy, with a glut of homes on the market, and financing difficult- it’s next to impossible to have flipping make financial sense.  That doesn’t stop government from wanting ...
Option ARM Reset Schedule Moves Up As Homeowners Feel Distress
2008-06-06 15:44:00
Business Week has published an interesting article on option ARMs. The general thesis is that they will be the next wave of homes that are entering foreclosure in the United States. With subprime loans wreaking havoc across the United States and world financial markets, the housing market has been suffering. The unsold inventory and foreclosures are ...
Op-Ed Friday: Banks Experiencing Subprime Losses
2008-06-06 14:48:00
It’s Friday, and with mounting foreclosures and rumblings at Lehman Brothers, I couldn’t help but think that Doomers would enjoy this video: We welcome your comments on subprime losses, or anything else housing related.
Canada: Old, Frozen Commercial Paper Becomes New Again
2008-06-06 09:01:00
From Bloomberg yesterday: June 5 (Bloomberg) — A Canadian judge approved a plan to convert C$32 billion ($31.5 billion) of frozen commercial paper to new notes that mature within nine years over objections of noteholders who have indicated they will appeal to retain their right to sue sellers of the debt. ...
Housing Bubble ? 5 biggest mistakes by real estate investors
2008-06-06 01:02:00
The housing bubble left many investors with empty pockets. There are many people talking about real estate housing bubble for years now. (...)
Tax Those Vacant Properties Away!
2008-06-05 14:04:00
Washington, D.C. has an unusual solution to all those vacant properties- double their taxes! [Hat tip M!] The D.C. Council voted Tuesday to double the tax rate on vacant properties and make permanent some of the tighter enforcement rules the D.C. Department of Consumer and Regulatory Affairs has been practicing since early last ...
Workouts AFTER Foreclosure
2008-06-04 09:01:00
I had an interesting conversation with an Austin attorney yesterday. He said that many of his clients are, shall we say, less than sophisticated.  He has had several that have come to him AFTER they were foreclosed on, trying to save their house.  Surprisingly, more often than not, he says it’s possible. There are a lot of ...
Will Home Prices Turn Before You Know It?
2008-06-03 15:03:00
The real estate pundits are out and warning that you should buy before prices start to go up.  From Irwin Kellner, chief economist for Marketwatch and Capital One Bank: Housing could shift from a buyer’s market to a seller’s market before you know it. Now don’t get me wrong. I am not saying that all is ...
Phoenix Home Sales: May Preview
2008-06-02 15:55:00
While the official numbers from ARMLS will not be out until the 15th, we thank M as always for our early preview of Phoenix home sales.  This month it appears that sales are down year-over-year, but only slightly: Active    &-#160; 53,104 UC     -;     -  8,304 Sold    -60;     5,605 According to ARMLS, 5795 homes sold in May 2007. Our unofficial inventory stood at 54,705 last ...
Crack of Doom: Today?s Ugly Graph
2008-06-02 14:56:00
It’s Monday, and do you know what your Fed is doing?
Two Years Of Doom: Happy Birthday To Us!
2008-06-01 10:01:00
On June 1, 2006, Doom went online with its first post.  Much to my amazement, two years and 1,404 posts later, we are still here. I want to take this opportunity to thank everyone who makes Doom possible. It was my intent from our inception to have HousingDoom be a forum and a resource, rather than ...
Greenspan Apparently Suffering From ?Bubble Blindness?
2008-05-31 16:06:00
From Reuters yesterday: MONTREAL (Reuters) - Former U.S. Federal Reserve Chairman Alan Greenspan said on Friday that he does not expect another "bubble" in world markets for a long time, and that central banks at any rate do not control the long-term interest rates that can be related to bubbles.
Builders: ?Agents Drag Your Customers Way Out Here, We?ll Pay Your Gas?
2008-05-31 15:37:00
For developments far from the center of town, apparently the potential of a large cobroke isn’t enough to entice agents any more. More and more often, the builders are offering to kick in with gas money- this D.R. Horton offer being the most I’ve seen so far.  Usually the builders just offer a one trip ...
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