http://www.freerepublic.com/tag/housing/ en-us Fri, 25 Jul 2008 00:40:51 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2050905/posts US markets falter following home sales figures Tom Bawden in New York America’s main stock markets tumbled by more than 2 per cent yesterday after new data showed the number of previously-owned homes sold in June fell by more than twice the expected volume to the lowest level in at least ten years. The Standard & Poor's 500 Index fell by 29.62 points, or 2.3 per cent, to 1,252.57, with builders and financial services groups taking the biggest hit because they have the most to lose from the housing crisis. The Dow Jones Industrial Average declined by 283.1, or 2.4... Times of London http://www.freerepublic.com/focus/f-news/2050905/posts#comment Fri, 25 Jul 2008 00:40:51 GMT http://www.freerepublic.com/focus/f-news/2050803/posts Mortgage rates took a big jump this week, to their highest point in a year. There's no single explanation for the rise. The benchmark 30-year fixed-rate mortgage rose 35 basis points, to 6.77 percent, according to the Bankrate.com 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 0.45 discount and origination points. One year ago, the mortgage index was almost the same, at 6.75 percent. Four weeks ago, it was 6.62 percent. The benchmark 15-year fixed-rate mortgage rose 37 basis points, to 6.32 percent.... Bankrate http://www.freerepublic.com/focus/f-news/2050803/posts#comment Thu, 24 Jul 2008 22:05:16 GMT http://www.freerepublic.com/focus/f-news/2050684/posts STUART VARNEY, GUEST HOST: A live look at Capitol Hill, House members inside, right now, voting on that $300 billion housing bail-out bill — the president saying, today, he will sign it, even though Democrats tacked billions onto it. My next guest voting against it. Ron Paul is a Republican congressman from Texas. Congressman, good to have you with us. Thanks for being here. REP. RON PAUL (R), TEXAS: Thank you. Thank you. Nice to be with you. VARNEY: OK. Now, you'll vote against it. OK. You don't like this thing. We understand it. But the argument is that, if... Fox News http://www.freerepublic.com/focus/f-news/2050684/posts#comment Thu, 24 Jul 2008 18:33:05 GMT http://www.freerepublic.com/focus/f-news/2050619/posts Former Calif. Gov. Jerry Brown is waging war on California suburbs because of global warming, says Joel Kotkin, a presidential fellow in urban futures at Chapman University. Brown is concerned about the alleged environmental damage caused by the suburbs. He wants to compel residents to move to city centers or to high-density developments clustered near mass transit lines: • Brown has threatened to file suit against municipalities that shun high-density housing in favor of building new suburban single-family homes, on the grounds that they will pollute the environment. • He is also backing controversial legislation -- Senate bill 375 --... National Center for Policy Analysis http://www.freerepublic.com/focus/f-news/2050619/posts#comment Thu, 24 Jul 2008 16:37:47 GMT http://www.freerepublic.com/focus/f-news/2050204/posts WASHINGTON, July 23, 2008 – Wounded veterans have a new source to turn to when looking for housing to meet their individual challenges after the expansion of a successful pilot program in Texas. “Helping a Hero” has been working for the past year to provide adaptive homes to wounded veterans of the war on terrorism, said Meredith Iler, chairman of the organization’s Wounded Hero Home Program. “Our principal activity is to provide specially adapted homes for qualifying servicemembers as well as engaging the community to provide services and resources for our wounded heroes and their families,” she said. “We... America Supports You http://www.freerepublic.com/focus/f-news/2050204/posts#comment Wed, 23 Jul 2008 23:16:42 GMT http://www.freerepublic.com/focus/f-news/2049924/posts "As Congress heads into a critical week of votes on how to relieve America's home-foreclosure crisis, one of the toughest issues will be how to deal with the racial and ethnic dimensions of the problem. Minorities will be watching closely to see who gets the help."..... ......"Black and Hispanic families have gotten a disproportionate share of subprime lending, and subprime loans are the driving force behind the foreclosures," says Katheen Day, spokeswoman for the Center for Responsible Lending, a nonprofit research and policy group based in Durham, N.C. "We know that black and Hispanic communities are hardest hit."..... Christian Science Monitor http://www.freerepublic.com/focus/f-news/2049924/posts#comment Wed, 23 Jul 2008 14:00:26 GMT http://www.freerepublic.com/focus/f-news/2049740/posts As the military prepares to close Fort Lawton, an Army Reserve base nestled in Seattle's Magnolia neighborhood, a city proposal to develop a 200-home subdivision that includes housing for the homeless angers some residents. ___ A newly released city plan to redevelop the soon-to-be-closed Fort Lawton in Seattle calls for building a 200-home subdivision of market-rate and affordable housing on about 18 acres. At a final community meeting Saturday at Fort Lawton, those living near the Army Reserve base said they didn't oppose housing for the homeless, but they worried that the total number of homes proposed and the percentage... Seattle Times http://www.freerepublic.com/focus/f-news/2049740/posts#comment Wed, 23 Jul 2008 03:07:26 GMT http://www.freerepublic.com/focus/f-news/2049738/posts I don't often start threads here, but this is IMPORTANT!! They're going to vote on this package tommorrow. The cost for bailing out Fannie, Freddie, and fools who got into mortgages they couldn't afford is going to be on OUR BACKS. Paulson, Dodd and others (bought and paid for by the investment banks and financial industry) are trying to shove this through ASAP. If this passes it will probably tank the bond market and the dollar, drive up interest rates as our debt becomes unpalatable to the rest of the world, and load even more debt on an already bankrupt... http://www.freerepublic.com/focus/f-news/2049738/posts#comment Wed, 23 Jul 2008 02:56:51 GMT http://www.freerepublic.com/focus/f-news/2049597/posts Mortgage programs that helped nearly 79,000 people buy homes using government-insured loans last year would be eliminated as part of a broader housing package that Congress expects to pass this week, key lawmakers said. Under these programs, nonprofit groups provide buyers with money for down payments. Home sellers then reimburse the organizations and pay an administrative fee. More than half a million people -- including many first-time home buyers, minorities and single mothers -- have bought homes this way in the past decade using loans insured by the Federal Housing Administration. But the FHA said seller-funded down payments present the... Washington Post http://www.freerepublic.com/focus/f-news/2049597/posts#comment Tue, 22 Jul 2008 21:57:04 GMT http://www.freerepublic.com/focus/f-news/2048153/posts John McCain couldn’t convince Congress to adopt his gas-tax holiday, but Congress does plan on making some changes to the rate. Unfortunately, the change will go in the opposite direction, if Democrats get their wish. With Americans driving less, the highway fund faces even more severe shortfalls than expected from lost gas-tax revenue — and so the Democrats plan to hike it up by ten cents a gallon. Hot Air http://www.freerepublic.com/focus/f-news/2048153/posts#comment Sat, 19 Jul 2008 21:53:56 GMT http://www.freerepublic.com/focus/f-news/2048034/posts For Immediate ReleaseOffice of the Press SecretaryJuly 19, 2008 President's Radio Address   President's Radio Address  Audio  En Español THE PRESIDENT: Good morning. This is a challenging time for families across our nation. I know many families are worried about rising prices at the pump and declining home values. So this week my Administration took steps to help address both these challenges. To help address the pressure on gasoline prices, my Administration took action to clear the way for environmentally responsible offshore exploration of key parts of the Outer Continental Shelf, or OCS. Experts believe that these areas of the OCS could... WhiteHouse.gov http://www.freerepublic.com/focus/f-news/2048034/posts#comment Sat, 19 Jul 2008 15:50:39 GMT http://www.freerepublic.com/focus/f-news/2047418/posts Housing Numbers Were Skewed, Lehman Says (RTTNews) - Housing starts were biased higher in June due to a change in the building code in New York City, observe the analysts at Lehman Brothers. Starts jumped 9.1% to 1.066 million in June as multi-family construction in the Northeast surged 102.6%. Effective July 1, the 421-a tax incentive program for multi-family construction in NYC will expire, encouraging builders to rush to start construction. This also pushed up permits for multi-family construction in the Northeast, which jumped 73%, as developers rushed to lay foundation after receiving permits. We expect a reversal in multi-family... Nasdaq http://www.freerepublic.com/focus/f-news/2047418/posts#comment Fri, 18 Jul 2008 12:19:41 GMT http://www.freerepublic.com/focus/f-news/2047314/posts High gas prices are getting most people down these days -- unless, perhaps, they live in San Francisco. The city was named the country's most walkable, according to a list released on Thursday by Walk Score, a Web site that assigns grades to addresses based on the proximity of amenities surrounding them. Chinatown, Financial District and Downtown were the most walkable neighborhoods in the city, according to the site. New York followed at a close second, mainly due to the high walkability of neighborhoods including Tribeca, Little Italy and Soho. The rest of the top 10 walkable cities were (in... MarketWatch http://www.freerepublic.com/focus/f-news/2047314/posts#comment Fri, 18 Jul 2008 04:02:12 GMT http://www.freerepublic.com/focus/f-news/2047197/posts WASHINGTON, July 17, 2008 – Servicemembers being treated at military medical facilities in the national capital region now can recuperate with their families thanks to one group’s ingenuity and the generosity of corporate donors. Christopher Payne Jr. enjoys his new home in the Operation Homefront Village serving Washington’s Water Reed Army Medical Center and the National Naval Medical Center, in Bethesda, Md., July 15, 2008. The village offers transitioning wounded warriors rent-free housing while they recuperate at one of the medical facilities. Photo courtesy of Operation Homefront   (Click photo for screen-resolution image);high-resolution image available. Operation Homefront welcomed wounded warriors... America Supports You http://www.freerepublic.com/focus/f-news/2047197/posts#comment Thu, 17 Jul 2008 23:51:39 GMT http://www.freerepublic.com/focus/f-news/2046753/posts The financial crisis in the United States and worldwide entered a new phase this week, as Fannie Mae and Freddie Mac, the two huge US home-loan institutions, began what appears to be a "death spiral" similar to that which claimed Bear Stearns four months ago. Fannie and Freddie are unique institutions and will almost certainly be bailed out by the long-suffering taxpayer. However, for the first time, the specter has been raised of a general financial meltdown, . . . [snip] Fannie and Freddie are probably toast, and about time too. Federal Reserve Board chairman Ben Bernanke's statement on Friday... Asia Times http://www.freerepublic.com/focus/f-news/2046753/posts#comment Thu, 17 Jul 2008 06:00:50 GMT http://www.freerepublic.com/focus/f-bloggers/2046655/posts For a second straight month, CA lenders took back over $10 billion ($10.2 billion) in properties from the foreclosure auctions throughout the state. Last month banks took back $10.4 billion. If the banks are lucky and sell the properties for 60 cents of the NEW appraised value, which could be as little as 30-40% of the value at the time they initially lent on the property, then this could represent another $6 billion+ in losses for the nations largest lenders in one state for one month. In case you were wondering, CA represents roughly 30% of the total foreclosure count... Mr Mortgage, www.ml-implode.com http://www.freerepublic.com/focus/f-bloggers/2046655/posts#comment Thu, 17 Jul 2008 01:07:24 GMT http://www.freerepublic.com/focus/f-news/2046652/posts Study Finds An Increasing Number Of Americans Are Using Retirement Funds For Emergencies Americans are raiding their already fragile retirement piggy banks to weather financial hardships such as unemployment, medical emergencies and buying a home. And they're doing it even though borrowing a modest $5,000 can dramatically erode savings over time, according to a study released Wednesday by the Center for American Progress. The study found workers in 2004 had $31 billion in outstanding 401(k) loans, a fivefold increase from $6 billion in 1989. Between 1998 and 2004, an average of 12 percent of families with 401(k) plans borrowed from... CBS News (See BS) http://www.freerepublic.com/focus/f-news/2046652/posts#comment Thu, 17 Jul 2008 00:57:13 GMT http://www.freerepublic.com/focus/f-news/2045312/posts U.S. Sen. Chris Dodd (D-Conn.) has remained largely unhurt by the controversy over his “sweetheart” deal with mortgage lender Countrywide. But CNBC’s Carl Quintanilla finally bucked the media trend of ignoring the scandal and brought the loan up in an interview with the former Democratic presidential hopeful July 14. Dodd, the chairman of the Senate Banking Committee, appeared on CNBC’s “Squawk Box” in the wake of Treasury Secretary Henry Paulson’s July 13 announcement that the federal government would take actions to prevent the government-sponsored enterprises Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) from failing. “Squawk Box” co-host Quintanilla asked Dodd... businessandmedia.org http://www.freerepublic.com/focus/f-news/2045312/posts#comment Mon, 14 Jul 2008 18:51:27 GMT http://www.freerepublic.com/focus/f-news/2044231/posts U.S. Senator Chuck Hagel issued the following statement today in favor of the Senate housing package. This legislation includes the creation of a new independent regulator for Government Sponsored Enterprise’s (GSEs) Fannie Mae and Freddie Mac. Hagel’s legislation was originally introduced in 2003: “This legislation will create a strong new independent regulator for Fannie Mae, Freddie Mac and the Federal Home Loan Banks and provide refinancing assistance for troubled homeowners. “Fannie Mae and Freddie Mac own or guarantee over $5 trillion in mortgages which the taxpayer could be liable for if either were to fail. Fannie and Freddie have faced... U.S. Senator Chuck Hagel http://www.freerepublic.com/focus/f-news/2044231/posts#comment Sat, 12 Jul 2008 00:54:44 GMT http://www.freerepublic.com/focus/f-news/2044184/posts They own or guarantee $5 trillion worth of mortgages­ - nearly half of all the country's outstanding home loan debt - and they're crashing. Big time. Fannie Mae and Freddie Mac are struggling with an investor loss of confidence so great that, while they're unlikely to go under, they could conceivably see their ability to function impaired. That would wreak yet more havoc on an already wrecked housing market- making loans tougher to come by and possibly pushing hundreds of billions of dollars in cost onto U.S. taxpayers. How could the companies end up in such awful straits? ... as... Fortune magazine http://www.freerepublic.com/focus/f-news/2044184/posts#comment Fri, 11 Jul 2008 23:19:55 GMT http://www.freerepublic.com/focus/f-news/2044163/posts The bad economy strikes again. This time – it’s marital relationships, or people’s ability to end them. NBC’s July 11 “Today” found an unlikely victim of the economic slowdown – divorce rates. According to the segment, the high cost of divorce is keeping some couple together. “[W]hile the price of divorce normally doesn’t run that high, there is evidence the troubled economy is forcing some troubled couples to stay together, at least for the time being,” NBC’s “Today” co-host Natalie Morales said. businessandmedia.org http://www.freerepublic.com/focus/f-news/2044163/posts#comment Fri, 11 Jul 2008 22:15:31 GMT http://www.freerepublic.com/focus/f-bloggers/2043802/posts Housing Bubble Correction Update: Fasten your seat belts, here comes the jobs crash The housing market has fallen hard but it's not time to buy, no matter what you hear. Depending on where you live it's time to decide if you can afford not to sell before prices go lower, or grin and bear it. The choice depends on your likely future employment prospects and where you live. In our first major update in our series of housing bubble forecasts since 2006 that began with our August 2002 Yes, it's a housing bubble analysis, we delve into the next phase... iTulip http://www.freerepublic.com/focus/f-bloggers/2043802/posts#comment Fri, 11 Jul 2008 05:30:01 GMT http://www.freerepublic.com/focus/f-news/2043112/posts For decades, Proposition 13 has been cast as the bane of cash-strapped local government, limiting property tax revenues even as California's housing market soared. But this week, as county assessors reported rising tax bases despite the housing slump, they credited the 30-year-old law -- revealing its unexpected role as an economic stabilizer. Counties across Southern California reported that their overall tax bases grew compared with last year's. The corresponding revenue increase occurred despite falling home prices and even though assessors have reduced the property values on nearly 600,000 homes in five Southland counties in the last few months because of... LA Times http://www.freerepublic.com/focus/f-news/2043112/posts#comment Wed, 9 Jul 2008 22:24:26 GMT http://www.freerepublic.com/focus/f-news/2042259/posts U.S. lawmakers are touting a home-buyer tax credit in a high-profile housing bill before Congress, but critics say it may do little to help consumers amid the mortgage crisis. The tax credit would allow qualified home buyers to subtract the credit amount from their income taxes when they buy a home, but it requires them to pay it back over 15 years. It resembles an interest-free loan that must be repaid to the government. The Wall Street Journal http://www.freerepublic.com/focus/f-news/2042259/posts#comment Tue, 8 Jul 2008 07:17:37 GMT http://www.freerepublic.com/focus/f-news/2041362/posts WASHINGTON -- The housing industry already has given more money in political contributions this election cycle than in the entire previous cycle, while winning favorable provisions in an emergency housing bill moving through the legislature. Through May, mortgage bankers and brokers, real-estate companies and home builders had given more than $95 million to federal candidates and political parties so far this election cycle, according to the nonpartisan Center for Responsive Politics. That compares to about $57 million at this point in the 2006 cycle. The recipients include people with key roles in the legislation. On the Senate Banking Committee, they... Wall Street Journal http://www.freerepublic.com/focus/f-news/2041362/posts#comment Sun, 6 Jul 2008 08:55:33 GMT