News Archives
  February 2008

Friday, February 29, 2008

Fed officials: Housing crisis critical
CNNMoney.com

Banks May Need to Shrink by $2 Trillion on Subprime Losses
Wall Street Journal 

Don't Fear Falling Prices
VillageSoup Belfast,  USA 
"There's nothing troubling about a gradual correction of home prices. If we keep our incomes at the current level and home prices go down we are richer,

Banks tighten, close equity lines of credit
Inside Bay Area, CA

The Housing Nightmare Hits Main Street
U.S. News & World Report, DC 

Thursday, February 28, 2008

Economists give grim county forecast through 2010
Economic forecaster Dr. Bill Watkins, executive director of the UCSB Economic Forecast Project, said unemployment will rise and home prices will continue to plummet from Ventura to Thousand Oaks through 2010, mirroring economic trends nationwide.
Ventura County Reporter, 

Record Home Price Declines in LA County's San Fernando Valley!
The median price of a San Fernando Valley home plunged a record $113,000 in January from a year ago and sales sank to an all-time low as credit and foreclosure problems further pounded the market, a trade association said Wednesday.
Housing market hammered
Los Angeles Daily News, CA 

Fannie Mae offers loans to struggling homeowners
Reuters 

Freddie Mac posts $2.5 billion loss
Reuters 

Mortgage Giant Fannie Mae Post Loss & Restrictions Are Removed
HULIQ, NC

Countrywide Sued Over 'Excessive' Fees on Defaults
Reuters

Home Ownership: American Dream or Nightmare?
PR Newswire (press release), NY

Nine-year low for US existing home sales
North Texas e-News, TX
The median price of a home sold in January slid to $201100, a 4.6 percent drop from a year ago. With 1321 existing homes sold, sales were down 10 percent, ...

Fed ready to cut interest rates again
Hilton Head Island Packet, SC

With dollar still sinking, Fed won't buck the trend
Los Angeles Times, CA

Wednesday, February 27, 2008

Economic Outlook: More bad news for the beleaguered housing market
Resource Investor, VA

Fed Chief Signals He’s Open to More Rate Cuts
New York Times, United States 

Fannie Mae posts nearly $3.6B loss in 4Q
Forbes, NY

Home values keep eroding (FL)
Orlando Sentinel, FL

S&P/Case-Shiller Home Prices Fell 9.1% in December (Update1)
Bloomberg 

Housing prices fall for 4th month; analysts see chill in spring market (MA)
Boston Globe, United States
The outlook for Massachusetts' spring housing market darkened, as tumbling January sales drove down prices by 4.4 percent, the biggest monthly drop in more than a year.
The median house price declined to $325000 from $340000 in January 2007; it was the fourth consecutive month of lower prices. The Massachusetts Association ...

Tuesday, February 26, 2008

Real Estate Bubble Cheerleader Gets Caught Lying on National TV:
Fails to Predict Home Value Decline, Gets Called-Out by Economist Schiff!
 Housing Bubble Cheerleader Gets Caught Lying On TV
USHousingUpdate

Cali's Home Prices Get Chopped Again: Median Sinks $110K in Past Year!
California's decline was even more pronounced, with the median price plummeting 21.9 percent to $430,370 compared with $551,220 in January 2007. Sales fell 29.8 percent.
Home prices decline, sales plummet
San Gabriel Valley Tribune, CA 

Median price of an existing house in Palm Beach County fell 12% in January FL
Sun-Sentinel.com, FL 

Housing inventory continues to pile-up: Price declines to worsen!
The backlog of unsold homes continued to pile up in January, a sign that home prices will continue to drop as would-be buyers hold out for better deals.
Used-home backlog continues to grow
Baltimore Sun, United States

Foreclosure activity climbs 57% in January
Inman.com (subscription), CA

US home sales slip again
North County Times, CA

Housing Market Continues Dive (Tampa, FL)
Tampa Tribune, FL

Home-price Futures Price In Several Months Of Decline
CNNMoney.com

Sacramento home prices tumble 28 percent (CA)
Bizjournals.com, NC

Monday, February 25, 2008

Home Depot May Post First Annual Sales Decline on Housing Slump
Bloomberg

After housing bust, hard times in Arizona
Christian Science Monitor, MA

No one shows up for foreclosure auctions - VA
With the market meltdown in full swing, even the foreclosure auction regulars have given up...
WalletPop, VA

Entry-Level Homes Becoming Affordable to More Households
San Diego Business Journal, CA 

HOUSING MELTDOWN GOES BEYOND HOUSES - KS
The Wichita Eagle, KS

Friday, February 22, 2008

More US homeowners say their homes depreciated-survey
Reuters 

One in 10 home loans is under water: Economy.com
Reuters

Foreclosures Outnumber Home Sales in Vegas For the First Time:
Prices Continue Free-Fall!
Foreclosures outnumbered the sales of new and existing homes in January for the first time, further evidence that the Las Vegas housing market is deteriorating.
The median price of homes sold in January was $247,000, a drop of $6,000 from December. Prices of existing homes have dropped nearly 15 percent in the last 13 months. It was $289,500 in February 2007.
Housing Market hits new low
In Business Las Vegas, NV

PIMCO's Gross: Fed cuts no help for housing
Reuters

Detroit Area Foreclosures Increase 39 Percent in January 2008
PR.com (press release), NY

South Florida Foreclosures Increase Nearly 200 Percent in January 2008
PR.com (press release), NY 

Vital Signs: Deeper Damage from Housing!
BusinessWeek
What’s more, home prices are losing altitude fast. Both the monthly S&P/Case Shiller Home Price Index and quarterly numbers from the Office of Federal ...

Slumping home prices boost housing affordability - CA
Sacramento Bee,  USA 

West Valley takes big plunge in valuations - AZ
Arizona Republic, AZ

Thursday, February 21, 2008

Unsold houses hit record levels in Salt Lake, ...and Getting Worse Yet... - Utah
In Salt Lake County in the fourth quarter, there were a record 1,037 completed-yet-unoccupied houses and condominiums, up from 340 units in the fourth quarter 2006, Newreach said.
Unsold homes choke market
Salt Lake Tribune, United States

Equity loans may have hurt owners
Fresno Bee, CA 

Wednesday, February 20, 2008

Gilbert home values dip 13% - AZ
Arizona Republic, AZ

What was lost when home values soared
Reuters

Housing Slowdown Hits Towns at the Outskirts of Texas Boom
New York Times, United States

Valley new-home sales sank lower still in January - AZ
Arizona Republic, AZ 

Good intentions, bad loans
North County Times, CA

More US Banks Agree to Stall Home Repossessions
IPS, Italy

A bigger problem than subprimes
Redlands Daily Facts, CA 

Housing market forecast: Dim
Furniture Style, IL

Loans go bad as British housing bubble pops
Los Angeles Times, CA 

Monday, February 18, 2008

Homeless People Moving In to Foreclosed Homes in the US
ShortNews.com, Germany

Housing woes run much deeper than we realize
Houston Chronicle, United States

Housing Starts May Hold Near 16-Year Low: US Economy Preview
Bloomberg 

Bay Area home sales hit new low
San Jose Mercury News,  USA 

Housing-market bust has retailers in retreat
San Diego Union Tribune, United States

Housing crisis hits home in Lodi (CA)
Lodi News-Sentinel, CA

Bay Area home prices fall below $500K in four counties
ContraCostaTimes.com

Tiptoeing Though a Minefield
CNBC, NJ 

Friday, February 15, 2008

Brevard home prices have 8th-biggest fall in US (Florida)
Florida Today, FL

Home Sales Fall In 45 States, Report Says
ClickonSA.com, TX

Bank begins foreclosure process on Jackson mayor's home (Mississippi)
Jackson Clarion Ledger, MS 

Rates on 30-year mortgages hit 5-week high
SignnOnSD

Home prices in steepest quarterly drop
Money.CNN

Bay Area home sales lowest for any month in two decades
DQNews

Countrywide's Overdue Mortgages Increase to 7.47%
Bloomberg

How the credit crunch might be helping the housing slump spread
BusinessWeek 

California new-home sales fall 31% in 2007
Inman.com (subscription), CA 

Thursday, February 14, 2008

Home sales tumble, inventory rockets in San Diego  
(Contains Quote of the Week)
NCTimes

Major lenders put freeze on foreclosures
CNNMoney.com

Foreclosures in Riverside County keep skyrocketing (California)
NCTimes

O.C.'s first luxury high rise has its first foreclosure (California)
OCRegister

Collapse: L.A. housing prices drop 16.7% in five months
Month,  L.A. Median Sales Price,  y/y change, 12-month L.A. sales total
Jan. 07   $520,000                        6.0%                 108,755
Feb 07    $528,000                        8.0%                 107,966
Mar 07    $540,000                        6.0%                 105,514
Apr 07    $540,000                        6.0%                 103,450
May 07   $550,000                        7.0%                  100,160
Jun 07    $545,000                        5.0%                   96,513
Jul 07    $547,500                        5.0%                    94,478
Aug 07   $550,000                        6.0%                    90,985
Sept 07 $525,000                         1.2%                    86,610
Oct 07  $500,000                         -3.8%                   82,527
Nov 07  $499,000                         -3.5%                  78,712
Dec 07 $470,000                        -10.5%               74,663
Jan 08 $458,000                         -11.9%              71,256
LATimes Blog

Mortgage assistance has limited authority to renegotiate loans
The News Journal, DE 

Illinois median home price tumbles!
Statewide, the median sale price in the fourth quarter was $191,000, down 4.5 percent from $199,900 in 4Q06.
Illinois Median Price Moves in a Modest Range
FOXBusiness

San Diego median asking prices take a beating
Drops another $27K in last 2 months!
Median Home Asking Price & Inventory Data for San Diego, California
HousingTracker

Home builders say gloom not going to dissipate in 2008
MarketWatch

San Bernardino sees $80K reduction from peak (California)
median home price!
Also the median home price in San Bernardino County slipped below $300,000 to $298,000, representing more than a 21 percent drop from an all-time peak of $380,000 reached in November 2006.
SB County median home values dive under $300000,
DataQuick reports
Press-Enterprise, CA 

Senator slams lenders over foreclosure crisis
Toledo Blade, OH

Credit card debt related to housing crash
Reno Gazette Journal, NV

When Falling House Prices are a Blessing
Conde Nast Portfolio, NY

The longer the mortgage mess lingers, the heavier it hits
Dallas Morning News, TX 

Wednesday, February 13, 2008

Fed Interest-Rate Cuts Fail to Lower Borrowing Costs
Bloomberg

Bush signs stimulus package with rebates, relief for homeowners?
San Jose Mercury News,  USA

Cali Bubble Buyers Get Burned When It's Time To Sell!
"When Mary Kamanu paid $409,000 for a house in Folsom, California, she never imagined that three years later it would be worth about 20 percent less and she would have to pay the bank more than $80,000 just to sell the place."
Americans Selling Homes See Prices Go Below Mortgage
Bloomberg 

Home Values Plunge to 2004 Levels in Ventura, CA!
The median sales price was $477,750, a 15.4 percent drop from $565,000 a year ago. The median was the lowest since it hit $475,000 in April 2004.
Median home prices drop to lowest since 2004
Ventura County Star, CA 

Riverside's home prices fall faster, sales slowdown worsens (California)
North County Times, CA

Southern California home sales fall to 20-year low
Reuters

Detroit metro area posts highest foreclosure rate in US
BloggingStocks

Tuesday, February 12, 2008

Home Prices Sink To 2005 Levels in parts of NY!
Housing prices on Long Island and in Queens slid further last month, to their lowest level in almost three years, a real estate cooperative reported Monday.
Suffolk house prices down by 6%
Newsday, NY

Home Prices Dropping Like Hot-Potato's In Idaho
The median price of a home in Canyon County has fallen 12 percent over the past year, from $170,000 in January 2007 to $148,900 a year later, according to Multiple Listing Service statistics released Monday.
Canyon County home prices drop
IdahoStatesman.com, ID

Home prices will drop for 2 more years, experts predict
Newsday, NY

Home prices sink to 2004 levels in Fredericksburg (Virginia)
The median sales price for a Fredericksburg-area home dropped to $262,500 in January, the lowest since October 2004 and a 15.3 percent decline from January 2007.
January home sales show prices have fallen off 15.3 percent in ...
Fredericksburg.com, VA

Connecticut home prices sink $10K below Dec 2006 level!
The report shows the median sales price of single-family homes dropping 3.8 percent, from $265,000 in December 2006 to $255,000 in December 2007. It was the largest one-month decline in median sales prices since July 1997
State's Housing Slump Deepened In December
Hartford Courant, United States

The Mother of All Rip-offs
TruthNews

Feds to Unveil New Mortgage-Help Plan
Mail.com
 

Monday, February 11, 2008

Housing slump keeps some divorced couples together
Eagle Tribune, MA

County home sales, prices decline (Washington)
According to reports gleaned from the Clark County Courthouse, a total of 312 new and pre-owned homes sold last month with a median price (half for more-half for less) of $245,383. That’s a 7 percent decline from the median price of $263,900 for the 517 homes that sold in January 2007.
The Columbian, WA

Loans built on lies
Santa Rosa Press Democrat, CA 

YOUR PLACE TO CALL HOME: Has your 'For Sale' sign grown roots?
Suburban Journals, MO 

Taxes rise while home values fall (Michigan)
Mirror, MI

Prices on repeat home sales fall 4.6% overall for Valley (Phoenix, Arizona)
Arizona Republic, AZ 

Battle lost, but not the war
Nolan Chart LLC, VA
Hundreds of thousands of eyes were opened to issues like the Federal Reserve fraud and the abandonment of the Constitution on countless levels. Ron Paul

Dallas residents find property tax loans a fast track to foreclosure (Texas)
Dallas Morning News, TX 

Don't fund foreclosure victims' education
Pocono Record, PA

Renters Beware: Foreclosure Can Happen to You
ABC Action News, FL

Riverside median asking prices down by $125,000K Since 2005 Peak! (California)
HousingTracker: Median Home Price & Inventory Data for Riverside, California
HousingTracker

San Diego median asking prices sink $140K Below '05 Peak! (California)
HousingTracker: Median Home Price & Inventory Data for San Diego, California
HousingTracker

Watch Out for The Depression
TruthNews.US

Friday, February 8, 2008

Housing crash to worsen despite rate-cuts!
The estimated 1 million homeowners with $500 billion of option ARMs are beyond the help of interest-rate cuts by Federal Reserve Chairman Ben Bernanke. While subprime borrowers face an average increase of 8 percent or less when their adjustable-rate mortgages reset, option ARM homeowners may see their monthly payments double after their adjustments kick in.
New worry descends on homeowners: Option ARMs
Seattle Post Intelligencer 

Vegas area median home price sinks below $250000
Las Vegas Sun, NV

Though prices fall, homes still out of reach for many (Illinois)
Cherry Hill Courier Post, NJ 

Denver area home prices take sharp drop in January
Home prices fell in the Denver area in January as the sale of distressed properties drove down prices and few McMansions sold. But mortgage rates that at ...
Rocky Mountain News, CO

'Another slow year' seen for housing
Richmond Times Dispatch, VA

US Recession Now Even Bet as Spending Slows, Economists Say
Bloomberg
The glut of unsold properties, aggravated by rising foreclosures, signals further declines in home prices, economists said

South Carolina Condo Prices Take Big Drop
Real estate prices continue falling (South Carolina)
Myrtle Beach Sun News, SC

NAR: Housing Slump to Drag Home Prices Down This Year
Multi-Housing News, NY

Homes' equity hits basement (Colorado)
Among homes that entered foreclosure last year in several Front Range counties, a large percentage were worth less than owners owed on the first loan.
Denver Post, CO

How Deep Will the Recession Go?
AlterNet, CA

This Bubble Is Worse
The Fed’s monetary policy could take the market considerably lower according to strategic investor Bill Fleckenstein, President Of Fleckenstein Capital. (It’s worth noting that he’s a well known bear.) Following is a synopsis of his main points.
CNBC, NJ 

UK House Prices on Target for 15% Fall Despite Interest Rate Cuts
The Market Oracle, UK 

Foreclosures going for cut-rate prices Banks are eager to unload ...
San Jose Mercury News,  USA

County home sales: 'Buyers are afraid' (California)
Home sales plunged in San Mateo County in January, as housing prices fell significantly in poorer neighborhoods but held up in upscale areas, a new report revealed Thursday.
San Mateo County Times, CA

The Bush Financial and Economic Bust of 2008 - The Destruction of ... The Market Oracle, UK The $2 trillion that has been wiped out from falling home prices, the slowdown in lending activity at the banks, the loss $600 billion in home equity loans, ...

Thursday, February 7, 2008

Worse is yet to come in housing crisis
“There are a lot of people with little or no equity in their homes, who owe more on their mortgage than what the house is worth--for example, people who paid $300,000 on a house that's now worth $250,000,” said Baker, co-director of the Center for Economic and Policy Research.
Socialist Worker Online, IL

Is Your Money Secure?
Dozens of U.S. banks will fail in the next two years as losses from soured loans mount and regulators crack down on lenders that take too much risk, especially in real estate and construction, an analyst said.
Dozens of US banks will fail by 2010
Tehran Times, Iran

Median home prices in California may drop up to 10 percent this year
San Jose Mercury News,  USA

Are Lenders and realtors Colliding to Keep Home Prices Artificially high?
blogs.rockymountainnews.com

US Housing Bust Heading for the Perfect Storm (Nevada)
The Market Oracle, UK