Keyword: housingmarket

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  • Overpay or Be Shut Out; Home "Ownership" Slavery

    08/13/2014 4:55:48 PM PDT · by Kaslin · 34 replies
    Townhall.com ^ | August 13, 2014 | Mike Shedlock
    Supply of homes at the bottom-third of the market is down 17 percent from a year ago. Meanwhile the top-third home supply is up 15 percent while the middle is up a modest 3 percent according to Redfin. The bottom third is anything priced below $198,000. But $150,000 or $200,000 does not buy in terms of size and location what it did just a few years ago. Overpay or Be Shut Out So once again, first-time buyers face the question "overpay or be shut out?" And once again it appears many make a very poor choice.
  • Downside of low US mortgage rates? Less selling

    07/11/2014 8:04:33 AM PDT · by Olog-hai · 15 replies
    Associated Press ^ | Jul 11, 2014 9:37 AM EDT | Christopher S. Rugaber
    Would-be home sellers across the country are grappling with a once-in-a-lifetime problem: They have mortgage rates so absurdly low it would hurt them financially to sell. Doing so would mean giving up an irresistible rate in exchange for a new mortgage carrying a rate up to a percentage point higher. Their monthly payments would be larger even for a house of the same price. That’s discouraging some people from selling, thereby limiting the supply of available homes and contributing to slower home sales. …
  • Zillow Study Shows 1 In 3 Homes Are Unaffordable, But Vacation-Home Sales Are Soaring

    04/06/2014 10:19:04 PM PDT · by Nachum · 28 replies
    zero hedge ^ | 4/5/14 | tyler durden
    In a further demonstration of the socially destructive and ever widening gap between the haves and have nots, we see that the affluent are buying second homes at an ever increasing clip (up 30% last year), while first home buyers recede into the abyss as private equity and Chinese buyers make purchasing a home unaffordable for the average American. Specifically, a recent study from Zillow showed that more than half the homes in seven major American cities are unaffordable based on historical standards. Those cities are: Miami, Los Angeles, San Diego, San Francisco, Denver, San Jose and Portland, Ore. Nationwide,...
  • African-Americans squeezed out of the housing market

    01/27/2014 10:48:32 AM PST · by rightwingintelligentsia · 69 replies
    CNN Money ^ | January 27, 2014 | Les Christie
    More African-Americans are being squeezed out of the housing market. Not only are they less likely to apply for a mortgage than any other ethnic group, but African-Americans are also 2.4 times more likely to get denied a mortgage than Whites, a recent study conducted by Zillow and the National Urban League found.
  • Can immigration reform transform the housing market?

    12/10/2013 6:22:52 AM PST · by jimbo123 · 25 replies
    The Hill ^ | 12/10/13 | Ed Brady, Henry Cisneros, Mel Martinez
    As Congress restarts conversations about the federal budget and deficit reduction, the immigration reform debate is still front and center for many. As that debate unfolds, it is important to put some hard facts on the table. What are the costs and benefits of reform? What impact will reform have on economic growth and wages? How will immigration reform affect the federal budget? A new study by the Bipartisan Policy Center Immigration Task Force found the evidence suggests that immigration reform can produce significant economic dividends for our country. -snip- A major finding of the study is that immigration reform...
  • Hundreds of Tortoises to Be Snuffed Out by Their Saviors

    08/27/2013 5:30:07 PM PDT · by kevcol · 60 replies
    Yahoo News ^ | August 27, 2013 | Anna Hess
    The sheltered existence of hundreds of desert tortoises will come to a sad and tragic end in early 2014. A lack of funds at The Desert Tortoise Conservation Center, located outside Las Vegas, Nevada, will cause the sanctuary to close its doors and euthanize about half of its 1,400 tortoise residents, reports the Associated Press. The facility was created in 1990 when the overdevelopment—namely McMansions, solar plants, and strip malls—of the turtles' native habitats caused the critters to be put on the endangered species list. The center previously upheld a $1 million annual budget, mostly fueled by "raking in funds...
  • This Will Leave a Mark: More Bi-Partisan "Reform"

    07/03/2013 5:35:08 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | July 3, 2013 | John Ransom
    The economy today, in this Fourth of July week for 2013, waits in breathless anticipation of our newest declaration of dependence. Sometime this week, jobs data, housing data and some other data export manufactured by the federal government will result in someone, somewhere- perhaps even in the stock market- doing something. And when that happens regulators, media mavens, talking heads, politicians, special interests, and Mayor Bloomberg, will all say with the pride of a collective: “See? We did that,” as if “nothing” would happen without the beneficent government first allowing it. So it goes today in the United States Senate,...
  • What U.S. Housing Market Recovery? Percentage Of First-Time Home Buyers Falls Again

    05/29/2013 10:31:48 AM PDT · by blam · 7 replies
    The Market Oracle ^ | 5-29-2013 | Michael Lombardi
    What U.S. Housing Market Recovery? Percentage Of First-Time Home Buyers Falls Again Housing-Market / US Housing May 29, 2013 - 10:59 AM GMT By: Profit ConfidentialMichael Lombardi Michael Lombardi writes: It’s almost as if the mainstream media is defining the U.S. housing market as being “hot,” while some economists are calling for robust growth ahead. But the reality is that we are far from a recovery in thehousing market and more troubles could follow. As I have discussed in these pages many times before, institutional investors are running to buy homes for rental income, because the yields elsewhere are getting...
  • How Capitalism is Destroying My Neighborhood

    04/30/2013 4:24:16 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | April 30, 2013 | Mike Adams
    Author's Note: If you don't get this, then you aren't reading enough Walter Williams. Of course, one can never read enough Walter Williams.I used to be caring and compassionate and liberal. I supported gun control and the “right” of the government to seize a large chunk of my paycheck in order to plan my retirement for me. But, somewhere, somehow, along life's twisted way, I became a greedy capitalist pig. And, truth be known, it's affecting my entire neighborhood. It all started on New Year's Eve when my friend Adam came by to help me with a small project inside...
  • Obama pushes the housing market into full blown socialism

    04/03/2013 12:44:21 PM PDT · by Starman417 · 4 replies
    Flopping Aces ^ | 04-03-13 | DrJohn
    Einstein is proven right again. Not, not relativity. Not the grand theory. Insanity. Einstein once defined insanity as Doing the same thing over and over again and expecting different results. Barack Obama is no stranger to hypocrisy and he clearly knows how stupid his base is. He knows they won't remember anything he says from one day to the next. They certainly won't remember what he said last year, so Obama zombies, pay attention. Last year the Obama regime basically extorted a settlement from large banks in a mortgage deal. As noted by Investors, Obama blamed everyone except for the...
  • Now They Tell Us

    12/08/2012 10:28:49 AM PST · by jazusamo · 10 replies
    PJ Media ^ | December 8, 2012 | Tom Blumer
    Now that Barack Obama is safely ensconced in the White House for another four years, several items which should have been noticed or revealed before Election Day have come to the fore. Collectively, they tell us two things: that the pre-election economy was worse than voters were led to believe, and that the prospects for meaningful improvement under the current regime are bleak at best. Additionally, in at least one instance, economic activity itself was likely manipulated. The probable gamesmanship occurred at Government/General Motors, which is still effectively under Obama administration control, still on track to saddle U.S. taxpayers with...
  • Canada Bleeding Private Jobs; Vancouver Home Sales Plunge 16.7 Percent; Crash Awaits

    11/05/2012 12:42:53 PM PST · by Kaslin · 7 replies
    Townhall.com ^ | February 5, 2012 | Mike Shedlock
    The Financial Post has an interesting story on the state of the Canadian jobs market. It seem over 100% of job growth is from government jobs. Please consider Employment numbers hide the fact Canada is bleeding private sector jobsCanada may have added 1,800 jobs in October, but that number hides the fact that almost all the gains came from government and that the private sector lost more than 20,000 jobs. The 1,800 jobs added was already a disappointment compared with the 10,000 economists had forecast. According to Statistics Canada, that left the unemployment rate unchanged at 7.4%. The six-month average...
  • And You Thought the Housing Crisis Was Over! The Community Reinvestment Act is back

    07/27/2012 5:37:12 AM PDT · by reaganaut1 · 70 replies
    The American Spectator ^ | July 27, 2012 | William Tucker
    Do you remember that thing about how the banks wouldn't lend to blacks and Hispanics because they were racists? And do you remember how they passed the Community Reinvestment Act so that banks were forced to reduce down payments practically to zero and lend to a lot of people they knew were bad credit risks? And do you remember how Wall Street bundled all these risky subprime mortgage and sold them to investors around the world so that when it became clear that those people weren't going to be able to pay their mortgages banks everywhere were left holding the...
  • Home prices rose in all major US cities in May

    07/31/2012 9:24:44 AM PDT · by SeekAndFind · 14 replies
    Boston Globe ^ | 07/31/2012 | CHRISTOPHER S. RUGABER
    WASHINGTON (AP) — Home prices rose in May from April in every city tracked by a leading index, a sign that increasing sales and tight inventories are supporting a modest housing recovery. The Standard & Poor's/Case-Shiller home price index released Tuesday showed increases in all of the 20 cities tracked. And a measure of national prices rose 2.2 percent from April to May, the second increase after seven months of flat or declining readings. Chicago, Atlanta and San Francisco posted the biggest monthly increases. Detroit, San Diego and Charlotte posted the smallest gains. Phoenix, one of the hardest-hit cities in...
  • Which Way is Housing Headed?

    05/24/2012 7:42:18 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | May 24, 2012 | Mike Shedlock
    In a Housing Showdown on Bloomberg TV, Economist Gary Shilling & Mark Kiesel Go Head-to-Head.
  • GARY SHILLING: Home Prices Will Plummet 20% From Here

    05/14/2012 10:18:24 AM PDT · by blam · 26 replies
    TBI ^ | 5-14-2012 | Mamta Badkar
    GARY SHILLING: Home Prices Will Plummet 20% From Here Mamta Badkar May 14, 2012Despite growing consensus that it is now cheaper to buy a home than rent one, Gary Shilling, president of A. Gary Shilling & Co. says by previous standards home prices are still high relative to rents. In his latest editorial in The Wall Street Journal, Shilling writes while home prices have fallen 34 percent since their peak in early 2006, they are not cheap if prices continue to fall: "But even if homeownership was cheaper than renting, as some claim, buying a house now would be a...
  • Warren Hatch: Housing Market Recovery Could Happen Faster Than Anyone Expects

    04/07/2012 1:18:54 PM PDT · by whitedog57 · 28 replies
    Confounded Interest ^ | 04/07/2012 | Anthony B. Sanders
    There was an interesting post by Warren Hatch (chief investment strategist at Catalpa Capital Advisor) entitled “Why The Housing Recovery Could Happen Faster Than Anyone Expects.” He argues that the U.S. housing market is “shovel ready.” Where have I heard that before? Oh, now I remember. President Obama touted “shovel ready” projects in his pleading for the $800 million stimulus package. The basis of his argument is that the NAHB/Wells Fargo homebuilder confidence index is rising. And he argues that this index has a strong correlation with housing starts of 0.7. Here is his chart: Is this a compelling argument?...
  • Arse Backwards: The Federal Reserve's Approach to the Housing Market

    03/08/2012 5:57:09 AM PST · by SeekAndFind · 7 replies
    Forbes ^ | 03/08/2012 | Steve Forbes
    In reaffirming its near 0% interest rate policy for another three years the Federal Reserve averred that this was ­necessary to revive the housing market, which, in turn, was necessary for the economy to revive. House building and the buying and selling of existing homes are meaningful parts of the economy. More important, from the Fed’s perspective a house is the biggest asset for millions of people; therefore, higher values mean owners will be more likely to spend. This reasoning is arse backwards. A strong economy—and minimal gov­ernment interference—would rapidly revive the housing market. People who want to buy houses,...
  • A Quick Breakdown Of America's 131.8 Million Homes

    02/23/2012 7:11:28 AM PST · by SeekAndFind · 6 replies
    Business Insider ^ | 02/23/2012 | Joe weisenthal
    From Goldman Sachs, a very useful chart. The diagram below breaks down the US housing market into several categories (all figures refer to 2010 and come from the American Community Survey and the NAR). Housing units can be either occupied or vacant, and occupied units are either currently listed for sale or unlisted/not for sale. Vacant units can be listed for sale, seasonal or recreational properties that are not for sale, or can fall into a number of other categories (e.g. for rent, sold but not yet occupied, or “held off market”). Goldman Sachs
  • Home prices heading for triple-dip

    11/01/2011 5:24:19 AM PDT · by TSgt · 18 replies
    money.cnn.com ^ | October 31, 2011: 11:56 AM ET | Les Christie
    NEW YORK (CNNMoney) -- The besieged housing market has even further to fall before home prices really hit rock bottom. According to Fiserv (FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices. Several factors will be working against the housing market in the upcoming months, including an increase in foreclosure activity and sustained high unemployment, explained David Stiff, Fiserv's chief economist.
  • Want a Truly Healthy Housing Market? Here Are the Five Essential Steps

    10/28/2011 10:49:52 AM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 10/28/2011 | Charles Hugh Smith
    Want a Truly Healthy Housing Market? Here Are the Five Essential StepsThe housing market will remain crippled until we eliminate perverse incentives to financialization and speculation, Fed/Federal intervention and all subsidies/giveaways.If there is one goal that the financial cartels, their politico apparatchiks and the public might actually agree upon, it would be restoring the housing market to health. This is because the financial cartel, their politico lackeys and homeowners would all benefit from the stabilization of housing values at current levels:1. SDI (systemically dangerous institutions) a.k.a. too big to fail banks, would avoid insolvency by keeping all their mortgage assets...
  • Expiring flood insurance threatens housing market

    09/20/2011 9:29:51 AM PDT · by Palter · 14 replies
    Southern Maryland Newspapers ^ | 16 Sept 2011 | Jeff Newman
    Real estate industry warns of consequences Fearing another blow to a still-fragile housing market, real estate agents are pushing Congress to grant a long-term extension to the National Flood Insurance Program, which is set to expire this month for the 10th time in two years. Established by Congress in 1968, the program provides coverage to more than 5.6 million home and business owners in more than 21,000 communities nationwide that have adopted floodplain management plans in an effort to mitigate flood damage. Though private insurers sell the policies and administer claims, the federal government sets rates and assumes liability for...
  • This Rule Could Really Kill the Housing Market (Rule to implement Dodd-Frank Provision)

    09/15/2011 2:27:10 PM PDT · by SeekAndFind · 18 replies
    Fiscal Times ^ | 09/15/2011 | Rob Garver
    Of the many financial reforms in Dodd-Frank, a requirement that lenders retain a share of the risk in mortgages they sell to investors seemed like a no-brainer. If lenders were on the hook, too, the thinking went, they would tighten standards and avoid the kind of defaults that contributed to the collapse of the housing market and the financial crisis. But now that a rule to implement this provision has been written, critics say the requirement will make it so hard to get a mortgage that it will further depress the housing market and undercut a struggling economy. “I’ve been...
  • Broke Down Under

    08/09/2011 11:56:30 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | August 9, 2011 | Mike Shedlock
    The housing boom in Australia is now an escalating bust. Many Australian homeowners put every cent they had into their homes and they needed double incomes to just scrape by. Unfortunately, those jobs are disappearing in a construction and commercial real estate bust.  I warned about this event for years, but in Australia, like everywhere else "It's Different Here" until it's not.  60 Minutes Australia picked up the Secretly Broke story in "The Big Squeeze". Click on link for a 60 Minutes video. Here is a partial transcript.ALLISON LANGDON: To the world, Tracy and David Dodd are the very model of Australia’s...
  • US home prices slump as crisis deepens

    05/31/2011 10:27:52 PM PDT · by Jim 726 · 17 replies · 1+ views
    WASHINGTON — US home prices have sunk below levels seen during the "Great Recession," according to data revealed Tuesday, sparking renewed pessimism about a key pillar of the spluttering economic recovery. Unless you are selling a house in Washington or buying one in Minnesota there is little cause to celebrate the state of the US housing sector. Despite ultra-low borrowing rates, experts say a steady flow of repossessed homes onto the market, tighter bank lending rules and high unemployment have kept prices at rock bottom.
  • EDITORIAL: Obama's double bubble--Lax lending policy could blow up housing market again

    12/16/2010 4:27:28 PM PST · by jazusamo · 7 replies
    The Washington Times ^ | December 16, 2010 | Editorial
    Americans have lost more than $4 trillion in assets since the housing market collapsed in 2006. Risky government mortgage lending regulations helped inflate prices beyond reason, but those policies have not gone away. Instead, they've just moved into a new home, the Federal Housing Administration (FHA). Unless Congress acts to renovate eligibility requirements for borrowers, we could see an even worse financial disaster unfold.~snip~Participating lenders are caught between the Scylla of penalty for denying loans to marginal borrowers and the Charybdis of sanction for having too many defaults on their books. It will only get worse: The FHA has...
  • Beware the return of the Gazunderer ( UK housing market )

    10/16/2010 8:42:33 AM PDT · by george76 · 1 replies
    tutor2u ^ | October 15, 2010 | Geoff Riley
    The fragility of the UK housing market becomes more apparent with each passing day. And anecdotal evidence of the balance of power shifting towards buyers and away from sellers comes with news of the return of the gazunderer! Gazundering happens after buyer and seller have agreed a price but at the last moment before contracts are due to be exchanged, the buyer demands a final discount on the price. Home sellers then have to chose between writing off weeks or months of planning and accepting substantially less than they originally agreed. This can happen when the supply of property exceeds...
  • Watchdog group: Boxer not transparent over all Countrywide mortgages

    10/13/2010 7:03:22 AM PDT · by Qbert · 4 replies · 1+ views
    Daily Caller ^ | 10/12/2010 | Alex Pappas
    A watchdog group is questioning whether Democratic Sen. Barbara Boxer could have been more transparent over a year ago in voluntarily disclosing the extent of her past mortgages with the company Countrywide. But Boxer aides strongly argue that the watchdog group’s complaints are without merit and suggest the questions are suspiciously timed, considering how the California senator is locked in a tough re-election fight. Boxer, as chairwoman of the Senate Ethics Committee, led a yearlong investigation beginning in 2008 into whether two Democratic senators acted improperly by being part of a VIP Countrywide program that gave influential clients favorable treatment....
  • The good bad news on housing

    09/20/2010 3:10:36 AM PDT · by Scanian · 8 replies
    NY Post ^ | September 19, 2010 | STEPHEN B. MEISTER
    The latest numbers suggest we're fi nally at the beginning of the end of the housing correction -- no thanks to Washington. Last Thursday's numbers from Realtytrac seemed like bad news. In August, foreclosure auctions hit their second-highest monthly total in the report's history: 147,003, up 9 percent over the month before and up 2 percent over August last year. That's 7 percent below the peak month, March of this year. And the immediate precursor to foreclosure sales -- bank repossessions -- hit their all-time high in August: 95,364, up just 3 percent over July but 25 percent over August...
  • Mortgage Brokers to be Fingerprinted and Registered

    07/28/2010 11:08:02 AM PDT · by Qbert · 59 replies · 1+ views
    Reuters via Yahoo Finance ^ | 7/28/2010 | Reuters
    WASHINGTON (Reuters) - Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business in future, according to final rules issued on Wednesday by the Federal Reserve and other regulators. The rules are part of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, also called the S.A.F.E. Act. They were issued by the Fed, Comptroller of the Currency, Federal Deposit Insurance Corp, Office of Thrift Supervision, Farm Credit Administration and National Credit Union Administration.
  • A heavy price for 'cheap' mortgages

    07/08/2010 3:06:06 AM PDT · by Scanian · 11 replies · 2+ views
    NY Post ^ | July 8, 2010 | STEPHEN B. MEISTER
    Washington's efforts to keep the housing market afloat are brew ing up another mortgage melt down -- except that this time, Uncle Sam will start off holding the bag. Mortgage rates hit new lows last month as investors gobbled up residential, mortgage-backed securities -- MBSs, the very financial instruments that triggered the subprime crisis. Short-term, that will allow many cash-strapped homeowners to refinance and lower their monthly interest payments -- help to the beleaguered housing market. But it represents a ticking time bomb -- which will blow up in the face of the taxpayers. Until April 1 of this year,...
  • Is the Housing Market being Manipulated by our Government?

    06/08/2010 8:12:20 AM PDT · by davidosborne · 60 replies · 105+ views
    SELF | 08 June 2010 | David Osborne
    I recently sold my home and I am currently looking to buy a new home here in Tallahassee, Florida. So my only source on this is MYSELF.. for now.. and I am looking for FReeper input on my question. Like every other town in America our housing market is in crisis.. that is NOT breaking news.. what I am finding out here in Tallahassee, and likely in other cities across america is that there seems to be an INTENTIONAL manipulation of the market going on that I can't put my finger on. When I find a home in short sale/foreclosure,...
  • Prolonging the painBam's housing-rescue failure

    04/12/2010 3:21:55 AM PDT · by Scanian · 5 replies · 291+ views
    NY Post ^ | April 12, 2010 | STEPHEN MEISTER
    President Obama's latest bid to "boost" the housing market does nothing except prolong the pain -- and put taxpayers on the line for billions more in inevitable losses. Sooner or later, market forces will have their way; housing will find a bottom and finally start to heal. Using taxpayer money to delay foreclosure has already proved both frighteningly expensive and a repeated failure -- but the administration is still at it. Obama's first "rescue" effort sought to pay delinquent homeowners and their banks to modify defaulted loans -- an attempt to stop foreclosures and keep a lid on inventories. When...
  • More Than 4 Million Families Face Foreclosure

    03/24/2010 6:44:40 AM PDT · by BobMcCartyWrites · 14 replies · 436+ views
    Bob McCarty Writes ^ | 3-24-10 | Bob McCarty
    President Barack Obama's failure to manage the economy is apparent is in the housing market where more than 4 million families now face foreclosure.
  • 11.3 million homeowners underwater on mortgage

    02/24/2010 2:58:14 PM PST · by george76 · 80 replies · 1,363+ views
    MarketWatch ^ | Feb. 23, 2010 | Rex Nutting,
    More than 11.3 million homeowners -- nearly one-fourth of all Americans with a mortgage -- owe more on their loan than their home is now worth... More than 10% of people with mortgages owe 25% more than their home is worth. The number of underwater mortgages increased by about 620,000 from the third quarter... Another 2.3 million mortgages had less than 5% equity in their home, which could be wiped out if home prices fall further. Underwater mortgages are concentrated in few states: California, Florida, Nevada, Arizona, Michigan and Georgia. In Nevada, 70% of mortgages were underwater. In California, more...
  • Commercial Real Estate Apocalypse 2011-2012

    02/22/2010 8:09:26 PM PST · by blam · 18 replies · 1,105+ views
    The Market Oracle ^ | 2-22-2010 | Mike Shedlock
    Commercial Real Estate Apocalypse 2011-2012 Housing-Market / US Housing Feb 22, 2010 - 01:06 PM By: Mike Shedlock Inquiring minds are digging deep into a 190 page PDF by the Congressional Oversight Panel regarding Commercial Real Estate Losses and the Risk to Financial Stability. Executive Summary Over the next few years, a wave of commercial real estate loan failures could threaten America’s already-weakened financial system. The Congressional Oversight Panel is deeply concerned that commercial loan losses could jeopardize the stability of many banks, particularly the nation’s mid-size and smaller banks, and that as the damage spreads beyond individual banks that...
  • Good Intentions

    02/17/2010 9:25:53 PM PST · by Lancelot Jones · 11 replies · 177+ views
    Boiling Frogs Blog ^ | March 25, 2009 | Luis Gonzalez
    During the second Presidential debate in October of 2008, candidate Barack Obama was asked to comment on the recent failures in our financial system. Setting what would be one of the prevailing themes of his campaign, and beyond, Mr. Obama made the following statement: "Let’s, first of all, understand that the biggest problem in this whole process was the deregulation of the financial system." Is deregulation truly the cause for what is going on in our economy today?If that is the case, then why are the least regulated sectors of the financial market, the least impacted by the credit crisis?Hedge...
  • The Man Who Sold the World

    02/17/2010 8:51:11 PM PST · by Lancelot Jones · 18 replies · 833+ views
    Boiling Frogs Blog ^ | March 23, 2009 | Luis Gonzalez
    It was introduced to the House on December 14 of 2000 by a Republican. Co-sponsored by three Republicans and one Democrat, it was never debated in the House.Its companion bill was introduced in Congress the very next day (just hours before Congressional Christmas break) by a Republican. Co-sponsored by three Republicans and two Democrats, it was likewise never debated in the Senate.It was immediately incorporated by reference into an omnibus budget bill that was passed by a vote count of 290 to 60 in the House. The Senate version passed by “Unanimous Consent.”It was signed into law by President William...
  • America slides deeper into depression as Wall Street revels

    01/10/2010 2:17:34 PM PST · by ScaniaBoy · 32 replies · 1,809+ views
    The Daily Telegraph ^ | 10 January 2010 | Ambrose Evans-Pritchard
    The labour force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3pc. That is the one that matters. Wall Street rallied. Bulls hope that weak jobs data will postpone monetary tightening: a silver lining in every catastrophe, or perhaps a further exhibit of market infantilism. The home foreclosure guillotine usually drops a year or so after people lose their job, and exhaust their savings. The local sheriff will escort them out of the door, often with some sympathy...
  • Housing Numbers Paint Bleak Outlook for 2010

    01/03/2010 4:30:42 PM PST · by BobMcCartyWrites · 3 replies · 583+ views
    Bob McCarty Writes ^ | 1-3-10 | Bob McCarty
    "This has been a phenomenal year for the economy," wrote Jeff Harding in a Daily Capitalist post. Housing numbers show things will only get worse in 2010.
  • U.S. home sales bolster economic growth prospects

    12/22/2009 2:38:47 PM PST · by RC one · 6 replies · 407+ views
    Reuters ^ | 12/22/09 | Lucia Mutikani
    WASHINGTON (Reuters) - Sales of previously owned U.S. homes jumped to the highest level in nearly three years last month, the latest sign the economic recovery was gaining steam after growing below expectations in the third quarter. The National Association of Realtors said on Tuesday that existing home sales rose 7.4 percent to an annual rate of 6.54 million units in November. It was the fastest pace since February 2007 and above analysts' 6.25 million-unit forecast. Separately, the Commerce Department said U.S. gross domestic product grew at a 2.2 percent annual rate in the third quarter instead of the 2.8...
  • Housing Bottom? "Not Even Close," Barry Ritholtz Says

    11/26/2009 3:36:51 AM PST · by Kartographer · 28 replies · 906+ views
    TechTicker/YahooFinance.com ^ | 11/24/09 | Aaron Task
    A fifth-straight monthly gain for the Case-Shiller Index Tuesday and Monday's stronger-than-expected existing home sales report is giving renewed hope to the housing bulls. "Disregard them," says Barry Ritholtz, CEO of Fusion IQ, who notes the existing home sales number was juiced by sales of cheap condos and various government programs. Meanwhile, the Case-Shiller results were below expectations.
  • There are still too many houses

    11/14/2009 8:38:55 AM PST · by TigerLikesRooster · 29 replies · 786+ views
    CNN ^ | 11/10/09 | Colin Barr
    There are still too many houses House prices have pulled out of their free fall, but don't expect them to recover until we work through a huge property glut. By Colin Barr, senior writer Last Updated: November 11, 2009: 9:08 AM ET NEW YORK (Fortune) -- The lights are on in the housing market. But at more and more places, nobody's home. House prices have risen in recent months after a long plunge, according to the National Association of Realtors and the S&P Case-Shiller national index. Fewer Americans owe more than their property is worth, according to a report this...
  • Grim forecast for U.S. home-buying season

    03/08/2009 2:04:07 PM PDT · by FocusNexus · 27 replies · 919+ views
    International Herald Tribune ^ | March 8, 2009 | Vikas Bajaj
    The "For Sale" signs are just starting to sprout, but already experts worry that this spring home-buying season in the United States will be even grimmer than the last. Despite tentative signs of recovery in hard-hit areas like California and Florida, the broader housing market is far from hitting bottom, economists said. Across much of America, prices are likely to keep falling through 2010. So the March-to-June season, when most homes are bought and sold, will be bad this year - perhaps the worst since the market began to spiral down in 2006. Across the nation, 19 million houses and...
  • Let The Mob Rule Anarchy Begin! ACORN's Fix For Housing "Crisis":

    02/20/2009 8:58:42 PM PST · by misterconservative (AKA DrGop0 · 6 replies · 427+ views
    The ConservativeXpress ^ | 2/20/09 | The conservativeXpress
    Hopeychangey Anarchy In the US! (Hat Tip: Michelle Malkin) So let me get this right. Barney Frank, Chris Dodd and Liberal Congress encourages (read: forces) banks to enable people take on mortgages they cannot afford... ... the banks come looking for their money, the banks get blamed and demonized by the Liberal media and Liberal Congress... ...the banks suffer historical losses, stocks fall, the government steps in to help the banks... ...the banks are blamed and demonized for misusing the funds, the president calls for pay caps on bank executives... ...the president offers $275 Billion to bailout out irresponsible home-owners...
  • Some Questions On McCain's HomeResurgenance Plan (Amanda Carpenter Hits Crap Sandwich 3.0 Alert)

    10/08/2008 2:16:46 PM PDT · by goldstategop · 17 replies · 615+ views
    Townhall.com ^ | 10/08/2008 | Amanda Carpenter
    If you couldn't tell from my post below, I think the McCain housing plan is a disaster. It's Dodd-Frank on steroids. I didn't get the chance to ask any questions in the conference call earlier, but here is what was one my mind: 1. Why are you replicating the Dodd-Frank legislation bailout in your plan? Their plan gave $300 billion to FHA to guarantee failed mortgages. It passed in July. Shouldn't we give that some time to work? 2. Why does your plan empower the Treasury Secretary to buy up these failed mortgages and renegotiate them? Shouldn't that power be...
  • Calm Down On The Housing Thing

    02/27/2008 1:04:29 PM PST · by slackattack19 · 36 replies · 100+ views
    The Uncommon Sense Blog ^ | 2/27/08 | Dan Taylor
    If I read one more article on the depressed housing market I'm going to overdose on Zoloft in an abandoned builders model home and wait for the repo guys to find me and call 911. Enough of the housing market news already. There's lots more going on than meets the eye here. Some huge dangers but some equally huge opportunities. Here's what I mean: 1. THERE ARE TOO MANY HOUSES FOR SALE- No kidding. Really? Not so fast here. Except for some truly overbuilt markets we have about a 9-12 month supply of housing inventory versus the normal 6 months....
  • California Homeowners Getting A Break (Property taxes to fall)

    12/31/2007 7:31:54 AM PST · by BJungNan · 10 replies · 156+ views
    Desert Local News ^ | 12/30/07 | Staff Writer
    In California, thousands of homeowners are having their assessments reduced under a decades-old state law, and lower tax revenue because of the weaker housing market is likely to start placing a strain on state and local governments. A study last month by the U.S. Conference of Mayors predicted that California would...
  • Mortgage Relief Program A Slap In The Face To Some (Subsidizing Life's Losers Alert)

    12/07/2007 9:44:43 AM PST · by goldstategop · 105 replies · 409+ views
    Los Angeles Times ^ | 12/07/2007 | Walter Hamilton
    When Casey Johnson and his wife moved to San Diego County three years ago, they couldn't find a home in their price range. So they did what they thought was the sensible thing. Rather than over-leverage themselves with a risky mortgage, the couple rented an apartment in La Jolla and waited patiently for the housing market to drift back to earth, hoping they hadn't missed their chance to become homeowners. The value of a rate freeze Graphic The value of a rate freeze click to enlarge But now the government-brokered plan unveiled Thursday by President Bush to ease terms on...
  • The Chilling Effect Of The BushSchwarzenegger Freeze (Housing Is Expensive In CA Alert)

    12/06/2007 9:36:35 AM PST · by goldstategop · 41 replies · 171+ views
    Flash Report ^ | 12/06/2007 | George Passantino
    It is easy to call yourself a supporter of economic freedom and the rule of law amidst a rapidly rising economy. Now with dark clouds of the recent rise in mortgage foreclosures—and more expected on the horizon—political expediency has eroded the support for free markets in some of its perceived champions. Even self-proclaimed devotees of the late Milton Friedman, President George W. Bush and California Governor Arnold Schwarzenegger, sound more like critics than Friedman supporters. In the wake of a perceived mortgage crisis both have attempted to use the coercive power of government to solve the problem. Both plans center...