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News Archives
August 2007
Friday Aug 31, 2007
Flippers fuel foreclosures
CNNMoney.com
 Javno.hr |
The social toll of the US home mortgage crisis
World Socialist Web Site, MI
Ohio home prices see year over year decline
"Statewide, the number of homes sold is
down 5.2 percent and the average sale price is down 1.8 percent."
Area home sales slow
Chillicothe Gazette, OH
Fed not rushing to bail out investors with rate cut: report
Reuters
Housing trends front page news
Sun-Sentinel.com, FL
When sales of existing single-family homes drop 15
percent in a year, or the median price of a home drops 5 percent, or
the median price of a condo drops 23 ...
Subprime loans face big hikes
San Luis Obispo Tribune, CA
Housing Woes Grow as Prices Slump Nationwide
NPR
Subprime crisis bumping up interest rates
Sauk Valley Newspapers, IL
Housing slump has grown to unprecedented proportions
KC Community News, KS
H&R Block Loss Doubles on Costs to Fund Mortgage Unit
Bloomberg
Subprime inflicts new damage as banks seek cash
Reuters
A look behind the housing crisis
People's Weekly World
Housing sector faces
‘challenging’ 2008
"Tighter loan standards and the disrupted
U.S. mortgage market will extend the housing slump that already “has
been sharper and somewhat longer lasting than the consensus
expectations at the beginning of 2007,” the ratings service said."
ProvidenceBusinessNews
Freddie Mac Profit Down 45 Percent in 2Q
Forbes, NY
Investor Optimism Plunges in August
Business Wire (press release), CA
The Debt Crisis is Deep and Ominous
ZNet, MA
US money has nothing behind it
Coshocton Tribune, OH
Speculators Make Up High Share in Mortgage Defaults: WSJ
CNBC, NJ
'Scary' housing market tumbles
Orlando Sentinel, FL
Thursday Aug 30, 2007
Don't believe sales pitch about not paying off your mortgage
ClarionLedger
New Orleans median home asking
price
beginning to sink!
Median declines by $5k in last 2 months!
HousingTracker.net: Median Home Asking Price & Inventory Data for New
Orleans, Louisiana
HousingTracker
Jacksonville, Florida median home asking price
drops by $12k in last 2 months!
HousingTracker.net: Median Home Asking Price & Inventory Data for
Jacksonville, Florida
HousingTracker
Baltimore median home asking
price
plunges by more than $13k in last 2 months!
HousingTracker.net: Median Home Asking Price & Inventory Data for
Baltimore, Maryland
HousingTracker
Sacramento median home asking
price
takes mega-dips: sinks $20k in 2 months!
HousingTracker.net: Median Home Asking Price & Inventory Data for
Sacramento, California
HousingTracker
Nation should follow NC on mortgage reforms
Asheville Citizen-Times, NC
Survey: Foreclosures in all price ranges, markets
Bizjournals.com, NC
Foreclosures & The Multiplier Effect
DSNews.com, TX
Home Price Decline to Accelerate - Count On It
KingslandReport
Countrywide CEO
discusses Credit Crunch and Bank of America Investment - video
Final Warning!
"Indeed,
one top Bank of America executive privately believes that up to
ninety percent of the country's Alt-A mortgages, a staple of
Countrywide Financial's business, will eventually default. If so, it
will easily crush all the cash and credit of many Countrywides"
Money & Markets
Top 25 quotes on the Credit Crisis of 2007
USA Gold
How Lower Home Prices Hurt Everything
BusinessWeek
Lenders Stop Offering Home Equity Loans and Lines of Credit
eFinanceDirectory
Did Bernanke Really Say That
MarketWatch
House prices suffer worst fall in index history
YahooNews
Australian-run investment fund hit by US mortgage losses
Turkish Press, MI
House Prices Drive a Stock Sell-off
HispanicBusiness.com, CA
Home Buyers Forced to Change Tactics
WashingtonPost.com
Contraction in housing market to be worse than expected in rest of
2007
Forbes
Subprime's New
Song: The Worst Is Yet To Come
SafeHaven
Home Prices Falling, Credit Card Defaults Rising
theTrumpet.com, OK
The deflating housing bubble is beginning to affect
other sectors of the economy, putting pressure on economic growth and
unemployment rates. ...
Rock Trueblood's Watchworld: Some of the
Biggest Upside Down Flippers are Realtors
RockTrueBlood
One Year ARM Rates Go Off the Chart
MortgageNewsDaily.com, AZ
Consumers saying farewell to ARMs as rates surge
Earthtimes.org
Wednesday, Aug 29, 2007
Home Prices: Steepest Drop in 20 Years
"U.S. home prices fell 3.2 percent in the
second quarter, the steepest rate of decline since Standard & Poor's
began its nationwide housing index in 1987, the research group said
Tuesday."
ap
Home prices drop, worsen credit crisis (By Patrice Hill)
Washington Times, DC
Slumping home sales creating glut
Cincinnati Post, OH
Furnishings Sales Worsen Amid Housing Woes, Inventory Glut
CNNMoney.com
Sector Snap: Mortgage Lenders Fall
Forbes, NY
CIT Group closes mortgage unit, takes charge
Reuters
Welcome to the government
created meltdown
"In
essence, however, an economic depression is a period of time when most
people’s standard of living drops significantly. More exactly, it’s a
period of time when distortions and misallocations of capital – caused
by government intervention in the economy, particularly by currency
inflation – are liquidated."
The Meltdown
Gold Seek
Bad decisions do not deserve state help
Tribune Chronicle, OH
They said it
would never happen but...
"How about this? Despite government officials and
housing-industry executives insisting that a nationwide decline in the
median price of American homes would never happen, it
will become evident this week when the home-price index is
released Thursday by the Office of Federal Housing Enterprise
Oversight. Moody's reports that the national median price is not
likely to return to its 2007 peak for more than a decade."
The
House That Red Ink Built
BC Politics
Desperate House Loans?
Wall Street Journal
Housing's Increased Signs of Trouble
Motley Fool
What Will Fix the Mortgage Mess?
BusinessWeek
Housing slump sparks worries
The Express Times, PA
Credit-card defaults soar as bankruptcy filings pour in
Pittsburgh Tribune-Review, PA
Bear Stearns Judge Delays Ruling Banning U.S. Suits
Bloomberg
The Tip - JUST the Tip of the Iceberg
Seeing the Forest, CA
Falling Housing Prices, Vatican Airlines, Airport Restaurants: 8/28/07
"That's the fifth straight monthly decline
and that dip is pressuring sellers to cut prices, the median home
price has dropped .6 percent compared to a year ago. Falling for a
record 12th consecutive month to $230,000. You can expect prices to
fall even more in the coming months."
NBC 4.com, DC
FEATURE-US housing crisis keeps buyers on sidelines
Reuters
Prices: nowhere to go but down news report:
Video
Yahoo / ABC News
David Walker - America on Brink of Bankruptcy - Video
Market Crash Bet Hints at New 9/11
PrisonPlanet.com
Government Regulation of Loan Originators Versus Mortgage Industry
Self Regulation
Business Wire (press release), CA
Real Estate Offices Close Amid Lawsuits And Foreclosures
TheDay, CT
Americans Are Moving To Cheaper Housing Markets
Realty Times, TX
War against the
American worker
"This article was written to assess the state of working
America in the run-up to Labor Day, 2007. Organized labor today is
severely weakened following decades of government and business
duplicity to crush it....
The War on Working Americans - Part II
Atlantic Free Press, Netherlands
Tuesday Aug 28, 2007
Got real estate
news links or
stories that you would like posted here?
Then please put a note or link on the RealEstateDecline
comment
board
and we just might use it
This is a full-blown recession in housing
MarketWatch
Foreclosures Up 80% in NYC
NyDailyNews.com
Mortgage Crisis Spreads to Jumbo Loans
SeattleTimes
Credit Card Debt Could Spur New Crisis
Chicago Tribune.com
Palm Beach County, Florida
sees sinking home prices as
median price tumbles $18k below last year levels!
"The county had 605 sales last month, down 15 percent from 714
in July 2006, the Florida Association of Realtors said Monday. The
median price dropped 5 percent to $372,200 from $390,100 last year."
Palm Beach County housing sales, prices continue slide
Sun-Sentinel.com, FL
Southern Florida
home prices in free-fall crash mode!
"In Fort Lauderdale, existing single-family home sales
declined 22 percent, to 559 from 721. Median prices also slipped 2
percent, to $373,700 from $380,400.
July single-family home sales in Miami fell 25 percent, to 505
from 673, accompanied by a 1 percent median price decline, to $377,400
from $382,200
West Palm Beach-Boca Raton saw the number of single-family
homes sold drop 15 percent, to 605 from 714. Prices also fell, to
$372,200 from $390,100, a 5 percent drop.
FAR: Home, condo sales down in July
Bizjournals.com, NC
Orlando Florida median home
price drops to
$8k below July '06 level!
"About 1,484 existing single-family homes sold in July in the
Orlando area, a 35 percent decline from the 2,281 which sold during
the same period a year ago. The median home price, meanwhile, fell 3
percent, from $266,800 in July 2006 to $258,000 last month."
July home sales, median price down
Bizjournals.com, NC
Get Ready: August Home Sales Are Bound To Be Worse
Realty Times, TX
Boom of condo crash loudest in Miami
Sun-Sentinel.com, FL
Foreclosures cause declining values
to nearby homes
"Senator Schumer says for every foreclosure within 1/10th of a
mile of your house, your house will lose 1% of its property value."
Schumer Unveils Plan to Fight Foreclosures
WXXA, NY
Mortgage meltdown: Here come the judgments
CNNMoney
Have mortgage borrowers been deceived? The judge might think
so...
"Earlier this year, a Wisconsin couple won a judgment
against Chevy Chase Bank that said the bank deceived them over the
terms of their mortgage."
Foreclosures skyrocket; state takes action
Business Gazette, MD
Tough Times Are Still Ahead for US Home Market
Bloomberg
Pace of home sales declines
"The sales pace
of previously owned U.S. homes fell slightly in July, but the
inventory of unsold properties soared to the highest level in more
than 15 years as troubles in the sub-prime mortgage market continued
to wreak havoc on the housing sector."
Los Angeles Times
Elmira, NY median
home price plunges 18%
to $71,700!
"What's going on in Elmira? The median price for a
single-family home there — just $71,700 in the second quarter, lowest
of any metro area — slid nearly 18% compared with the April-June
period last year, according to the National Association of Realtors.
It's the second-consecutive quarter that Elmira has suffered the worst
decline of the 149 metro areas the NAR tracks."
Elmira, NY: Median price sinking
USA Today
Fuzzy wording in new law could aggravate Nevada mortgage woes
Las Vegas Sun, NV
California's San Bernardino
County sees
median home price continue to sink
"July sales of new and existing homes in San Bernardino County
declined 42.6 percent year-over-year, while the median price slipped
3.1 percent from $366,500 to $355,000 over the same period, based on
market research from DataQuick Information Systems."
Housing market registers more declines in July
Victorville Daily Press, CA
 Washington Post |
Home Sales Worsen
Motley Fool |
Home Prices Drop Nationwide For The First Time Since 1950
MyFox Kansas City, MO
Glut of homes hits 16-year high
CNNMoney.com
Home prices: nowhere to go but
further down!
"...And while prices have begun to fall along with sales, in
many markets those prices will have to fall further before the market
turns around, say economists, homebuilders and market analysts."
Home prices seen
falling further before rebound
MSNBC
CEO of Century 21 obviously
didn't see the housing crash coming:
takes $200k loss on home!
Century 21 CEO's home is worth 15% less than when he turned down a
cash offer in '04, but he's focusing on the gain.
A $200,000 'loss' - and happy with it
CNN Money
Short Sale, Big Problem
Groco.com
Subprime
Crisis Yields Nasty Fund 'Surprises'
Morningstar.com
Economists see credit problems as bigger threat than terrorism
Inman.com, CA
US stocks soften further after July home sales data
MarketWatch
ARM payment, from $1,800 to
$2,800 and more hikes coming
"The family, which
refinanced one time, has an adjustable-rate mortgage on the home. It
was $1,800 a month for two years, but three months ago it spiked to
$2,800. They can manage that, but it's a stretch. In nine more months,
it is scheduled to rise again."
Hardworking Oakland family can't sell 'sweet little house' located in
real estate 'dead zone'
SFGate.com
Housing news hurts NovaStar shares
Kansas City Star, MO
Federal Reserve: Arguments For and Against a September Rate Cut
Daily FX, NY
CNN on Sub-Prime Mortgage Problems: Where is Personal Responsibility?
Business Media Institute, VA
Countrywide Knocks, But Is Anyone Home?
CNBC, NJ
Monday Aug 27, 2007
3 Reasons Why This Credit Bubble is worse than 1929
DRHousingBubble
Say bye-bye to zero-down mortgages
TheNewsTribune.com (subscription), WA
Mortgages Much Harder to Get
"Making a mortgage loan today is like
trying to drive a car with no gas," said Mike Anderson, chief
executive of Dallas-based Reliance Mortgage Co. "I've been in the
mortgage business for ever and ever and ever. I've seen rates high.
I've seen the market slow down. But I've never seen the liquidity
crisis like what's going on in today's market."
DallasNews
Median price of homes seen falling: report
Reuters
Your home as a piggy bank? Not anymore
Columbus Dispatch, OH
Housing bust recalls S&L collapse
Arizona Republic, AZ
Mortgage
troubles just beginning
$1 trillion in ARMs to reset later this year!
"Mortgage delinquencies and foreclosures are surging
across the country. With more than $1 trillion worth of
adjustable-rate mortgages scheduled to adjust upward in months, the
troubles could just be beginning."
Risky lending mortgaged life of an industry
Oregonian
Inside the Countrywide Lending Spree
BlueRidgeNow.com, NC
Buyers market in New Mexico? (reader
submission)
Historic homes
aren't moving
Silver-City Sun News
US
lending chief fears a recession
RTE Business
Mortgage crunch impact spreading far and wide
Twin Falls Times-News, ID
Washington explores help for those who can't pay mortgages
U.S. News & World Report, DC
Debt-ridden homeowners get a helping hand
North County Times, CA
Huge home price declines in Marin, California
median price plunging fast!
"Marin's median single-family home
price fell to $950,000 last month, higher than this time last year but
below last month's record $1.125 million. The median is the point at
which half the homes cost more and half cost less. In April, the
county's median single-family home price hit $1,010,000 - the first
time any California county broke the seven-figure barrier - before
slipping to $925,000 in May."
Marin can't shake fallout from mortgage meltdown
Marin Independent-Journal, CA
As house sellers remain dug in, buyers wait for price fallout
Palm Beach Post, United States
Home Prices Decline Nationally, Ohio Foreclosures, Hardtimes Rising
ePluribus Media
TIME2BUY? MAYBE.
Sarasota Herald-Tribune, FL
For Sarasota-Bradenton, the median price in the first
half of 2007 was $294100, down 8 percent from $318500 a year ago.
Statewide, prices slid 4 percent in ...
Riverside / San
Bernardino, California county homeowners
feeling the burn of the real estate decline!
"Inland mortgage and real-estate brokers say the nation's
mortgage crunch is breaking the hearts of families who, for lack of
alternative financing when their adjustable mortgage payments shoot
sky-high, are selling their homes for less than they owe on them or
waiting for lenders to foreclose. The lenient lending guidelines --
that many buyers had counted on to refinance if their mortgage rates
rose beyond their means -- are gone."
Inland homeowners on foreclosure tightrope (CA)
PE.com
Developers helped build a bust
MSN
Real estate group guts neighborhoods - North San
Diego County
NCTimes.com
Real Estate Agents give-up
their licenses,
find new jobs as California housing meltdown continues
"We're having a slow but steady decline in active agents because the
marketplace is down 40 percent," he said. "That's a lot. And that's 40
percent from last year, which was down almost 50 percent from the year
before. There are just too many agents chasing fewer deals basically."
"Leslie Appleton-Young, chief economist for
the California Association of Realtors, said that last year the group
had 210,000 agent members. So far this year, the number has dropped to
about 190,000."
Realtor numbers thin during slump (CA)
Recordnet
Interactive Graphic > Home Prices Across the Nation - with
video
NYTIMES
Rate cuts won't cure ailing market
MSN Money
Federal Reserve allows Citigroup to break key banking rule
"In a clear sign that the credit
crunch is still affecting the nation's largest financial institutions,
the Federal Reserve agreed this week to bend key banking regulations
to help out
Citigroup (Charts,
Fortune 500) and
Bank of America (Charts,
Fortune 500), according to
documents posted Friday on the
Fed's web site."
money.cnn.com
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