http://www.freerepublic.com/tag/housing/ en-us Fri, 1 Jan 2010 22:22:22 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2419180/posts At the heart of our economic crash was the housing bubble. Conversely, any economic recovery requires a healing and improving housing market. There's been a lot of rosy talk making the rounds about the housing "recovery" of late. The National Association of Realtors and many economists were just shy of ecstatic about November's existing home sales numbers, thanks largely to the original deadline for the First Time Homebuyer's $8K tax credit. But that happy bubble deflated somewhat on Christmas Eve when the US Commerce Dept surprised analysts when they released the seasonally adjusted figure of 355,000 new home sales, down... Flopping Aces http://www.freerepublic.com/focus/f-news/2419180/posts#comment Fri, 1 Jan 2010 22:22:22 GMT http://www.freerepublic.com/focus/f-news/2417631/posts Housing Crash Leads to a Falloff in Divorces EDITED BY NIKKI WALLER The divorce rate in the U.S. fell 4% last year, according to a report released last week by the National Marriage Project. The news might cheer family advocates, but the lousy housing market is probably the cause, as couples with depreciated home values wait to split until the market rebounds. Right now, home values are down substantially. According to Moody's Economy.com, 31.8% of owners with a first mortgage currently owe more than their house is worth. Couples who decide to get divorced are splitting liabilities instead of assets.... WSJ http://www.freerepublic.com/focus/f-news/2417631/posts#comment Wed, 30 Dec 2009 15:07:42 GMT http://www.freerepublic.com/focus/f-news/2415620/posts California’s battle against greenhouse gases is likely to come to the Bay Area soon — with rules designed to reduce the carbon footprint of new housing and commercial development. That is a concept you might expect to be welcome in a region known for its environmental advocacy and hostility to growth. But some environmentalists and city planners fear that the new set of guidelines being considered by the region’s air quality regulators could have an unintended consequence, making it more difficult and more expensive for developers to construct buildings within already urbanized areas. That would run counter to the notion... NY Times http://www.freerepublic.com/focus/f-news/2415620/posts#comment Sun, 27 Dec 2009 05:29:11 GMT http://www.freerepublic.com/focus/f-news/2415309/posts The Treasury snuck in another big bailout on Christmas Eve: It removed the cap on the amount of money it will provide to Fannie Mae and Freddie Mac to cover their ongoing mortgage losses. There is now no limit on how much we taxpayers will shovel down these black holes. The move is designed to reassure Fannie and Freddie bondholders, who provide a lot of the money the companies use to support the housing market. These bondholders have now apparently been given an explicit government guarantee, in perpetuity. The move is also obviously designed to continue to prop up house... The Business Insider http://www.freerepublic.com/focus/f-news/2415309/posts#comment Sat, 26 Dec 2009 15:31:28 GMT http://www.freerepublic.com/focus/f-news/2415184/posts Fannie / Freddie - What Does Treasury Know? by: Karl DenningerDecember 25, 2009 On Christmas Eve one would think you could have a nice evening with your family. Little did I know what Timmy Geithner had up his sleeve: The two companies, the largest sources of mortgage financing in the U.S., are currently under government conservatorship and have caps of $200 billion each on backstop capital from the Treasury. Under the new agreement announced today, these limits can rise as needed to cover net worth losses through 2012. I see. But I thought housing was getting better? That's what I... Seeking Alpha http://www.freerepublic.com/focus/f-news/2415184/posts#comment Sat, 26 Dec 2009 03:30:21 GMT http://www.freerepublic.com/focus/f-news/2413944/posts Up to 11,000 Pennsylvanians could benefit from low-interest home loans under a $1.2 billion state package announced Tuesday that is meant to stimulate the housing market. ''To kick-start the housing recovery we need to repair the damage of the past few years and again make it possible for qualified homebuyers to get loans,'' Gov. Ed Rendell said in announcing the package. Morning Call http://www.freerepublic.com/focus/f-news/2413944/posts#comment Wed, 23 Dec 2009 19:29:40 GMT http://www.freerepublic.com/focus/f-news/2413920/posts This news may surprise some who heard yesterday that the housing market grew 7% in November, but that was the resale market — which has a key difference in measurement. Resales get calculated when the sales close, where new housing sales get calculated when the deal is made: Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky. Hot Air http://www.freerepublic.com/focus/f-news/2413920/posts#comment Wed, 23 Dec 2009 18:56:06 GMT http://www.freerepublic.com/focus/f-news/2413829/posts WASHINGTON – Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky. The 11 percent slump from October's pace shows that consumers are taking their time following an extension of a deadline for first-time buyers to qualify for a tax credit. The incentive was set to expire at the end of November, but Congress pushed back the date to April 30 and expanded the program to include current homeowners who relocate. "They don't have to act today," said David Crowe, chief economist at the National Association of... AP http://www.freerepublic.com/focus/f-news/2413829/posts#comment Wed, 23 Dec 2009 17:03:59 GMT http://www.freerepublic.com/focus/f-news/2413693/posts Stocks, Dollar Rise After Strong U.S. Data On Wednesday December 23, 2009, 4:19 am EST By Natsuko Waki LONDON (Reuters) - World stocks rose for a third straight session on Wednesday and the dollar set a two-month peak against the yen after upbeat U.S. housing market data fanned expectations for a solid recovery in the U.S. economy.[snip] Data showed on Tuesday that sales of previously owned U.S. homes jumped to the highest level in nearly three years last month, offering the latest evidence that the housing market -- the main trigger of the worst U.S. recession in 70 years --... Yahoo News http://www.freerepublic.com/focus/f-news/2413693/posts#comment Wed, 23 Dec 2009 14:16:19 GMT http://www.freerepublic.com/focus/f-news/2413633/posts Americans' mortgage woes continued to get worse in the third quarter. Just 87.2% of U.S. mortgages were current in the third quarter, a decrease of 1.5% from the previous quarter, according to the OCC and OTS Mortgage Metrics Report released Monday. The Office of the Comptroller of the Currency and the Office of Thrift Supervision report covers 34 million loans totaling $6 trillion in principal balances, about 65% of the U.S. mortgage market. Serious delinquencies jumped to 6.2% of mortgage-servicing portfolios, an increase of 16.7% from the previous quarter. The number of prime borrowers in trouble continues to mount as... Daily Finance http://www.freerepublic.com/focus/f-news/2413633/posts#comment Wed, 23 Dec 2009 12:08:44 GMT http://www.freerepublic.com/focus/f-news/2412990/posts Existing Home Sales Up Strong In November On Tax Credit Henry BlodgetDec. 22, 2009, 10:06 AM Existing home were sales up strong again in November, as buyers squeezed in before the original tax credit expired. Even the NAR is already dampening expectations for December and early next year, however. And mortgage rates have begun to rise. (Graphic from Northern Trust does not include November numbers). National Association of REALTORS: Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National... The Business Insider http://www.freerepublic.com/focus/f-news/2412990/posts#comment Tue, 22 Dec 2009 15:51:19 GMT http://www.freerepublic.com/focus/f-news/2408702/posts November Housing Construction Up 8.9 PpercentHousing construction rebounds in November with all areas of country showing strength By Martin Crutsinger, AP Economics Writer Wednesday December 16, 2009, 9:05 am WASHINGTON (AP) -- Construction of new homes, helped by better weather, rebounded in November following a setback in the previous month. The gain is a hopeful sign that the housing recovery is continuing, a development viewed as critical to lifting the overall economy out of recession. The Commerce Department says construction of new homes and apartments rose 8.9 percent in November to a seasonally adjusted annual rate of 574,000 units. The... Yahoo News/AP http://www.freerepublic.com/focus/f-news/2408702/posts#comment Wed, 16 Dec 2009 14:54:02 GMT http://www.freerepublic.com/focus/f-news/2407879/posts U.S. Housing Underwater, Securitized, And Screwed by The "Pass The Trash" Strategy Housing-Market / US Housing Dec 15, 2009 - 04:48 AM By: Mike Shedlock Calculated Risk had an interesting post last Saturday about Refinancing with Negative Equity. His post refers to an article written by David Streitfeld from the NY Times Interest Rates Are Low, but Banks Balk at Refinancing citing among other things the plights of Mark Belvedere who owes $235,000 on a condo that would sell for barely half that today, and Andrew Knapp who has tried twice to refinance and failed. From the Times... Mr. Belvedere... The Market Oracle http://www.freerepublic.com/focus/f-news/2407879/posts#comment Tue, 15 Dec 2009 14:23:48 GMT http://www.freerepublic.com/focus/f-news/2407355/posts Look out below! The US housing market could be looking at a second steep decline in 2010 after statistics released last week show how poorly the Obama administration's mortgage modification plan is working. The millions of families hoping for a permanent mortgage modification may never get one -- and with their homes worth less than they owe on their loans, they may decide to walk away from the home voluntarily or be foreclosed upon as their trial modifications expire. The snail's pace of permanent mortgage modifications -- just 31,382 out of 3.3 million eligible loans have been cut -- could... NY Post http://www.freerepublic.com/focus/f-news/2407355/posts#comment Mon, 14 Dec 2009 19:36:36 GMT http://www.freerepublic.com/focus/f-news/2397107/posts Seventy-one percent (71%) of voters nationwide say they’re at least somewhat angry about the current policies of the federal government. That figure includes 46% who are Very Angry. The latest Rasmussen Reports national telephone survey finds that only 27% are not angry about the government's policies, including 10% who are Not at All Angry........ The data suggests that the level of anger is growing. The 71% who are angry at federal government policies today is up five percentage points since September. Even more stunning, the 46% who are Very Angry is up 10 percentage points from September. Rasmussen Report http://www.freerepublic.com/focus/f-news/2397107/posts#comment Mon, 30 Nov 2009 21:02:39 GMT http://www.freerepublic.com/focus/f-news/2403850/posts The Center for Responsible Lending estimates that there have now been 1,000,000 foreclosures filed so far in 2009 and the group expects the foreclosure number to double before the end of the year. U.S. Home Vacancies Hit 18.7 Million on Bank Seizures (Update2) [1] Thanks to our controlled and uncontrolled media, we know when you take the derivative of the foreclosure crisis you get those greedy predatory lenders at AIG, Goldman Sachs and Bank of America plotting to steal our tacky (I mean tract-y) houses. Conventional wisdumb and the media always blame the usual suspects and FOX News wraps it... The Market Oracle http://www.freerepublic.com/focus/f-news/2403850/posts#comment Wed, 9 Dec 2009 17:59:29 GMT http://www.freerepublic.com/focus/f-news/2403269/posts Perpetuating his country's unfortunate association with internet scams, a Nigerian man has turned to a new source for ill-gotten money: home renters. No tall tales of fake Nigerian royalty or bogus inheritances this time; the latest scam simply solicits deposit and rent money from unsuspecting renters. The catch? The "landlord" doesn't own the home. Memphis, Tenn., resident Howard French found that out that hard way when he wired $1,200 to a man in Nigeria who had advertised a house for rent on Craigslist. The "owner" claimed to be in Africa on humanitarian work, and an unsuspecting French took him at... AOL Real Estate http://www.freerepublic.com/focus/f-news/2403269/posts#comment Tue, 8 Dec 2009 23:48:25 GMT http://www.freerepublic.com/focus/f-news/2402038/posts Most look to loan type and equity position as two of the most important factors when forecasting loan default. In fact, I believe that epidemic negative-equity is the overarching reason that the default, foreclosure and housing crisis remains in the early innings. But…negative-equity with a caveat. While negative equity is a threat in and of itself, being in an over-leveraged household debt position is the true default catalyst for most in a negative-equity position. And being over-leveraged is also the primary default catalyst for those is a positive equity position. Being in a negative-equity position with lots of top line... The Business Insider http://www.freerepublic.com/focus/f-news/2402038/posts#comment Mon, 7 Dec 2009 15:45:38 GMT http://www.freerepublic.com/focus/f-bloggers/2400359/posts After a brief time out, the president is back out campaigning for the job he already has. Obama is tormenting residents of Allentown, Pennsylvania with outlandish fabrications about the economy. His warped analysis of the housing crisis is especially duplicitous. Obama dilligently avoids mention of the roles played by ACORN, Fannie and Freddie under the splendid oversight of the United States government in demolishing vast quantities of personal wealth. ACORN was the primary driver behind the sub-prime loan mess, engaging in Jesse Jackson style shakedowns to force lenders to make loans to borrowers with full knowledge there was never a... www.joytiz.com http://www.freerepublic.com/focus/f-bloggers/2400359/posts#comment Fri, 4 Dec 2009 18:26:06 GMT http://www.freerepublic.com/focus/f-news/2400215/posts Housing markets in the United States and Canada are similar in many respects, but each has fared quite differently since the onset of the financial crisis. A comparison of the two markets suggests that relaxed lending standards likely played a critical role in the U.S. housing bust. Despite their many points of similarity, housing markets in the United States and Canada have fared quite differently since the onset of the financial crisis. Unlike the U.S., Canada has not experienced a dramatic increase in mortgage defaults, nor has any Canadian bank required a government bailout. As a result, observers such as... Cleveland Fed http://www.freerepublic.com/focus/f-news/2400215/posts#comment Fri, 4 Dec 2009 15:39:18 GMT http://www.freerepublic.com/focus/f-news/2399429/posts In June, 40-year-old Shane Dawley and his 36-year-old wife, Rhonda, uprooted themselves and their four boys from their suburban Atlanta rental home and bought an old five-acre farmhouse in Ogdensburg, Wisc. Their goal: Flee the rat race and adopt a more self-reliant lifestyle amid the troubled economy. While urban and suburban real estate is still generally under pressure, the rural market is holding up better in many areas, thanks in part to buyers such as the Dawleys. Sometimes dubbed "ruralpolitans," these city and town dwellers are looking at land as their new safe investment, one they hope could prove more... WSJ http://www.freerepublic.com/focus/f-news/2399429/posts#comment Thu, 3 Dec 2009 16:51:57 GMT http://www.freerepublic.com/focus/f-news/2399283/posts The seemingly creepy fixation some MSNBC on-air personalities have with Minnesota Republican Rep. Michele Bachmann just continues to persist on the cable network. The latest installment involves MSNBC's "Ed Show" host Ed Schultz relying on a left-wing publication, The Minnesota Independent, which found a high rate of foreclosures relative in Bachmann's district relative to the rest of the state of Minnesota. Schultz, on his Dec. 2 program, contended Bachmann was spending too much time as a conservative activist and not enough time focusing on the problems of her district. But it turns out the data might not be at all... Newsbusters http://www.freerepublic.com/focus/f-news/2399283/posts#comment Thu, 3 Dec 2009 14:28:44 GMT http://www.freerepublic.com/focus/f-news/2397353/posts While reviewing a book about the financial crisis, a policy analyst of the free-market persuasion pooh-poohed the notion that housing constitutes a long-term project or "higher-order good," insisting that homes are instead a "durable consumer good," and thus he believes that examining the housing meltdown through the lens of Austrian business-cycle theory is illegitimate. This discussion was had many times as the housing boom raged on mid-decade. When the boom continued longer than many thought possible the question became, Why is there no bust? Maybe houses are the equivalent of big refrigerators. Maybe home prices can go up forever. After... Mises Institute http://www.freerepublic.com/focus/f-news/2397353/posts#comment Tue, 1 Dec 2009 03:11:15 GMT http://www.freerepublic.com/focus/f-news/2396380/posts The United Nations special rapporteur, Raquel Rolnik, listened to it all patiently, occasionally taking notes, nodding encouragement. Rolnik had waited more than a year to tour cities across the US to prepare a report for the UN's human rights council on America's deepening housing crisis following the subprime mortgage debacle. UN special rapporteurs are more often found investigating human rights in Sudan and Burundi or abuses of the Israeli occupation than exposing the underbelly of the American dream. George Bush's administration blocked her visit, finding itself in the company of Cuba, Burma and North Korea in blocking a special rapporteur.... Guardian UK http://www.freerepublic.com/focus/f-news/2396380/posts#comment Sun, 29 Nov 2009 18:15:06 GMT http://www.freerepublic.com/focus/f-news/2396374/posts (11-29) 04:00 PST WASHINGTON -- Go ahead. Break the chains. Stop paying on your mortgage if you owe more than the house is worth. And most important: Don't feel guilty about it. Don't think you're doing something morally wrong. That's the incendiary core message of a new academic paper by Brent T. White, a University of Arizona law school professor, titled "Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis." White argues that far more of the estimated 15 million American homeowners who are underwater on their mortgages should stiff their lenders and take... San Francisco Chronicle / sfgate.com http://www.freerepublic.com/focus/f-news/2396374/posts#comment Sun, 29 Nov 2009 18:02:56 GMT