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News Archives
January 2008
Thursday, January 31, 2008
Federal Reserve Cuts Interest Rates, Like That's Going
To Help (with
)
ConnieTalk, Ohio
Houses Are Cheaper, But You
Still Can't Afford One
Report
Puts San Diego's
Median Home Price at $440,000
KPBS, CA
Sacramento home prices continue free-falling
In Greater Sacramento, the median price of a home was $285,140, down
4.7 percent from November and 21.5 percent from the prior year. The
number of sales dropped 1 percent from November and 19 percent from
the prior year.
Sacramento median home price drops 21 percent
Bizjournals.com, NC
Centex CEO sees more home foreclosures ahead
Reuters
Tips to help you survive a recession
Scripps News, DC
Rosenberg expects home prices will decline 15
percent in 2008 and 10 percent more in 2009. He predicts that
unemployment -- which jumped to 5 percent in ...
Experts predict more housing and jobs trouble into 2009
Medill Reports, IL
Economists paint bleak year for Inland area
(California, Inland Empire)
The median value of existing single
family homes is anticipated to drop another 12.5 percent after falling
5.4 percent in 2007, as lower mortgage rates fail to offset a
burgeoning supply of foreclosed, newly built and resale homes hitting
the market.
Press-Enterprise, CA
Will this crisis reshape mortgage industry?
Seattle Post Intelligencer
Housing slump catches up to Charlotte
(North Carolina)
Charlotte Observer, NC
Most middle-class still can't buy a house
CNNMoney.com
Although home prices fell in 161 of those
markets in the 12 months ending September 30, 2007 according to the
study, home costs were still too high for
America's Most affordable Housing Cities
Pittsburgh ranks as the 28th most affordable housing market based on a
median price of $123,000 in the third quarter of 2007 as recorded by
the
National Association of Home Builders.
The nation's cheapest housing prices -- $87,000 -- can be found in
Davenport, Iowa, and Lima, Ohio.
Pittsburgh one of most affordable housing markets
Bizjournals.com, NC
California Foreclosure Bill Fails
California's state senate narrowly defeated a bill Wednesday that
targeted the growing problem of foreclosed homes sitting vacant for
months, drawing squatters and creating blight.
The Associated Press
Ron Paul, Is America Really Going Bankrupt?
Nolan Chart LLC, VA
Wednesday, January 30, 2008
US House passes stimulus package
MWC News, Canada
The United States House of Representatives has approved an economic
stimulus package worth $150bn in a bid to prop up the nation's
faltering economy
US home prices plunge 8.4%
Los Angeles Times, CA
Foreclosures in US climb 75% as home prices fall
Boston Globe, United States
Record plunge for new-home sales
Baltimore Sun, United States
As Fed meets, housing hits 'grim milestone'
Globe and Mail, Canada
Another South Florida home builder files bankruptcy
Sun-Sentinel.com, FL
In Los Angeles
County and across the state, (California)
residential real estate market drops by record amounts
(
Median home prices plunged by record amounts in Los Angeles County and
across California during December as the sour mortgage environment
continued to pummel residential real estate markets, an industry
tracker said Tuesday.
Home prices continue fall
Long Beach Press-Telegram, CA
San
Diego and most major cities show major price plunges
Case - Shiller Index
The Case-Shiller HPI for November (which includes home sales from
September, October, and November) took a veritable beating. Prices for
the high tier held up best, as usual, falling by 1.8% from the prior
month. But the middle tier dropped by 3.9% and the low tier by 4.8% in
a single month -- yikes!
November Case-Shiller HPI Gets Spanked
Piggington's Econo-Almanac
US 10-city home price drop a record in Nov: S&P
Reuters
Home prices in 10 major metropolitan areas fell
a record 8.4 percent in the year through November, suggesting
Real-estate recession needs realistic sellers
Palm Beach Post, United States
One Man's Foreclosure, Another Man's Steal
(with )
CBS News, NY
OC Home Prices Drop in December
(California)
Orange County Business
Journal, CA
Tuesday, January 29, 2008
Trying
to Re-Inflate the Housing Bubble:
More Fed Rate-Cuts Ahead!
"So-called negative real interest rates
represent an emergency strategy by Chairman Ben S. Bernanke and are
fraught with risks. The central bank would be skewing incentives
toward spending, away from saving, typically leading to asset booms
and busts that have to be dealt with later."
Fed May Cut Rate to Below Inflation, Risking New Asset Bubbles
Bloomberg
New home sales plunged in 2007 by the largest
amount on record while home prices tumbled sharply in December.
Analysts forecast more trouble in 2008 as housing tries to emerge from
its worst slump in more than two decades.
New Home Sales Took Record Fall in 2007
The Associated Press
Detroit and Vegas Leading
in Foreclosure Frenzy!
The usual suspects top the list.
Wayne County, Mich., home to Detroit, is first, with 10,622 homes
in foreclosure with negative equity, 176 of which have more than
$100,000 of negative equity.
Clark County, Nev., where you'll find Las Vegas, has 4,278 homes
in foreclosure with negative equity and lands at No. 2.
America's Hardest-Hit Foreclosure Spots
Forbes, NY
Mass. home sales and prices fall
Boston Globe, United States
 Telegraph.co.uk |
Subprime mortgages
'made Ohio a ghost town'
Telegraph.co.uk, United Kingdom |
Time to Purchase a House?
U.S. News & World Report, DC
That said, even if they throw in granite
countertops and a finished basement, your dream house may be no deal
if home prices continue to fall, which remains ...
Residential Lending Crisis Trickling Down to Commercial
Real Estate
San Diego Business Journal, CA
US Government
Rescue Plan is Too Little Too Late as the Liquidity Bubbles Burst
MarketOracle
In America, land of the bubbles, the next pop will be
the biggest
MarketWatch
In Florida, real estate values fall dramatically
Chicago Daily Herald, IL
Here's how you can shape up your credit score
USA Today
Home foreclosures jump 614% in Washoe
(Nevada)
Home foreclosures in Washoe County rocketed 614 percent in 2007 from a
year earlier, a report Monday showed, as sales and prices of homes
continued sagging in a trend observers expect to last through this
year.
Reno Gazette Journal, NV
Home sales stable, but show signs of decline
(Pennsylvania)
phillyBurbs.com, PA
The median home price was $299000, down 0.3
percent from the year before. In the Philadelphia metro region (which
includes Bucks), home sales were down 11.1
Debtors seek to refinance homes loan interest in
refinance
News & Observer, NC
Santa Cruz Realtor is the Foreclosure King of the
county
Live-PR.com (Pressemitteilung), Austria
Monday, January 28, 2008
Huge Drop in Nation’s Home
Prices Forecast!
Battered by the U.S. mortgage crisis,
the average price of a home will depreciate 5.9% in 2008, which is
believed to be the steepest decline in home values since the Great
Depression, according to the new Housing Predictor forecast.
National Home Prices Forecast to Drop
HousingPredictor
Number of homeowners who can’t afford payments
escalates (Phoenix, AZ)
East Valley Tribune, AZ
Homes listed for $350000 and up slowest to move
(Louisiana)
The Times-Picayune - NOLA.com, LA
Americans turn to support groups to keep homes
AFP
With falling home prices and a credit crunch,
the organizations are being flooded with stressed clients. "A year
ago, we hosted a group of about 50 people; ...
'2nd-mortgage' delinquencies pound banks
Dubuque Telegraph Herald, IA
Loan Adviser to Assist Bank Probe
Washington Post, United States
They Said Housing Prices Couldn't Fall. They Lied
SeekingAlpha
US
presidential hopeful Ron Paul slams stimulus package, Fed rate cuts
LankaBusinessOnline
Friday, January 25, 2008
Bye-bye home-price myth: Commentary: Home-price decline douses
long-held beliefs
MarketWatch
Greenspan Says Global Recession Is `Inevitable' After
`Boom'
Bloomberg
House leaders back $625000 conforming loan limit
Inman.com (subscription), CA
Brunswick County home prices drop 29 percent
(North Carolina)
The average cost of a Brunswick County home in December was about
$260,000. A year earlier the average cost was more than $364,000.
WWAY NewsChannel 3, NC
National home price decline in 2007 called first drop
since Great Depression
SanJose.BizJournals
The Mortgage Mogul and His Victims
National Ledger, AZ
They kept the housing bubble going. The
American Dream propaganda machine provided the background music: Real
estate was played a "must own" for all ...
Lennar Posts Its Largest Loss Ever
New York Times, United States
Thursday, January 24, 2008
Fed
Wants to "help" by trying to reinflate the bursting housing bubble
Why Bernanke Was Wrong
Motley Fool.
Realtors Deliver Harsh Reality: Drop Price Or Keep
Home
MSNBC
Housing analysts predict home prices will
continue to fall in the Bay area -- by as much as 10 percent more
this year -- but will begin to rise gradually by ...
State's foreclosures reach 20-year high in last quarter
of 2007 (California)
Monterey County Herald, CA
As a result, home prices aren't likely to
depreciate as steeply. "We have strong demand for housing in our
market and not enough housing," said Tinkey. ...
California Lawmakers Banning Risky Mortgages As
Defaults Soar
HULIQ, NC
Housing meltdown sinks SunTrust in fourth quarter
Atlanta Journal Constitution,
USA
SunTrust set aside $356.8 million for credit
losses, citing an increase in overdue mortgage loans and falling home
values, Bloomberg reported. ...
Rampant foreclosures feeding thriving scam
KOMO, WA
By Connie Thompson The rip-off: Someone gets
you to sign your house away, under the guise of helping you avoid
foreclosure. These scams are rampant and now
Wednesday, January 23, 2008
Lower mortgage rates alone won't revive the
ailing real estate sector
Boston Globe, United
States
Merrill Lynch Predicts
Home Price Declines of More Than 25%
Home prices are expected to decline by 15% in 2008 and by a
further 10% in 2009, with more depreciation likely beyond the
forecast period.
Merrill Lynch: Home prices to fall more than 25 percent
Baltimore Sun, United
States
SoCal's Inland Empire Foreclosures Explode!
(California)
Foreclosures soared to new records in Riverside and San
Bernardino counties in the last month of 2007, with an
increasing number of homeowners hard-pressed by mortgages
resetting at higher rates and declining home values.
Default notices jump by more than 100 percent in both Inland
counties in fourth quarter
Press-Enterprise, CA
US housing downturn much like tech crash
National Post, Canada
As homebuyers scrambled not to be left out,
home prices jumped 130% from 2000 to 2006. While 40 years ago, a
typical house might be purchased at a value of ...
Fall in MB home prices forecast
(South Carolina)
Myrtle Beach Sun News, SC
Despite staying strong in 2007, local home
prices could be the next victim of a downtrodden real estate
market, according to a report released this month. ...
Despite real estate woes, most can't afford houses
(Florida)
Despite falling home prices in Palm Beach County since the Council's
2006 study of workforce housing here, the cost of the median-priced
single-family home - $345,000 in November, down from $390,000 in the
2006 study - still remains out of reach for many households, the study
says.
Palm Beach Post, United
States
Statewide
Foreclosures Rocket 400% From Year-Ago Levels
(California)
Underscoring the impact of falling home prices in California,
foreclosures in the state rose more than 400 percent in the fourth
quarter from a year earlier and default notice filings against
distressed mortgage borrowers more than doubled, a report issued on
Tuesday said.
California foreclosures, mortgage defaults soar
Reuters
Buyers Sue Agent For Inflating Real Estate Appraisal
The Consumerist, NY
Durango home prices slide in 2007
(Colorado)
The median price of a Durango home dropped 8 percent in 2007 to
$389,000, down from a record high of $422,892 in 2006.
Durango Herald, CO
Home values drop but taxes don't
(New York)
Staten Island Advance -
SILive.com, NY
Tuesday, January 22, 2008
Fears of a Recession Spark a Global Selloff; New
Pressure on the Fed
Wall Street Journal
Ron Paul blames Federal Reserve for America's terrible
crisis!
Paul blamed the Federal Reserve for the current economic conditions;
stock markets worldwide fell Monday after Wall Street declined last
week. On his Web site, he said the Fed has taken the United States
"into a terrible crisis."
Ron Paul blames Federal Reserve for weakening economy
Dallas Morning News, TX
The Coming Financial Collapse of America
(and
Why Today's Market Bloodbath is Only a Small Taste of Things to
Come...)
Newstarget.com, Taiwan
Florida home for half-price!
"I'm showing a three/two (bedroom/bathroom), 1,500-square-foot home in
North Port that was selling for $250,000 in 2005," he said. "Now, you
can get it for $130,000 to $150,000."
Landing a deal
Charlotte Sun-Herald, FL
Detroit sees over
17% median home price decline since 2004!
As The News reported, in 2007 the average drop in the price of a home
in Metro Detroit was close to 11 percent. Since 2004, the median home
price in the region has declined 17.3 percent, the sharpest decline
since the early 1980s.
Declining property values require spending vigilance
DetNews.com, MI
MARKETS PLUMMET
David Rosenberg, chief U.S. economist at Merrill Lynch, says U.S.
house prices, which are already down 7%, could fall another 25% to
30%, far exceeding the 7% drop during the 1989 to 1992 U.S. real
estate slump. The hit from lost housing wealth could top
US$6-trillion, which, combined with plunging stock markets, will
likely send the U.S. consumer running for cover.
National Post, Canada
End of sub-prime loan consumption
Hindu Business Line, India
Mortgage Rates Decline to Lowest Rate in 30 Months
Greek News, New York
Monday, January 21, 2008
Renting by choice goes from rogue to vogue
Allentown Morning
Call, PA
Many of these renters by choice regard
themselves as winners as they watch home prices fall in parts of
the country and homeowners struggle to pay their ...
Overvalued homes discourage buyers
Washington Times, DC
Home prices are falling at a record pace
and are down by 6 percent or more from their peaks, but economists
say that may be just the ...
the housing depression
is nastier than worst real estate bear can think of
– but is the bottom in sight?
Home resales fell in December to lowest in twenty years
India Daily, NJ
Why aren't home
prices falling in Connecticut?
It's common and perfectly legal — homeowners give buyers cash back at
closing to cover expenses such as closing costs, mortgage payments,
taxes or even home improvements.
Truth About Home Prices
Hartford Courant, United States
County foreclosures to impact economy :
(Maryland)
Homeowners also affected in wealthier ZIP codes
Annapolis Capital, MD
Refinancing is popular again
Fort Worth Star Telegram, TX
In other cases, falling home prices will make
it tough for them to refinance. As the subprime-lending crisis
continues to roil the housing and financial ...
New alarm: Option-ARM 'liar's loans'
Chicago Tribune, United States
Why the Ron Paul Revolution Should Focus On The
Federal Reserve System
Presidential hopeful Ron Paul is the only candidate who even talks
about it (and makes sense about it!). Most people aren't even
aware of it. The most important issue in the 2008 campaign is also
the one most likely not to be recognized. It is the issue behind
the issues, the issue that will drive the entire campaign. And
yet, most discouragingly, it is the most important issue on which
most Americans are likely to be ignorant on Election Day 2008.
Nolan Chart LLC, VA
Foreclosed properties piling up
(Milwaukee, WI)
After a record year for foreclosures, a stunning 1,000 Milwaukee
County properties already have been scheduled for sheriff's sales in
the first nine weeks of 2008, with a record 200 put up for sale in
just one day earlier this month, records show.
Milwaukee Journal Sentinel
(subscription), WI
Mexican Housing Booms Despite US Crisis
The Associated Press
Ron Paul vs the Fed
Money Machine in Lego Land
USHousing Update / YouTube
Friday, January 18, 2008
American house prices Baby boom and bust
Economist, UK
Housing Prices Expected to Bottom in 2010, 21% Off '06 Highs
Metro home prices drop in 2007 (Minnesota)
The median sale price for a home in the 13-county metro area slipped
2-point-2 percent last year, to $225,000. That's the first time the
metrowide sale price has fallen for the year since at least 1988.
Reiten Television KXMB
Bismarck, ND
California home prices drop nearly 15 percent
MSNBC
The median price of a home in California
tumbled nearly 15 percent amid a steep drop in sales in December, a
real estate research firm said ...
Only Ron Paul can
save America!
..
Bay Area housing prices hit hard
(CA)
San Francisco Chronicle,
USA
... real estate market, Bay Area
median home prices and sales volumes experienced
significant declines in December, according to a report released
Thursday. ...
Appraiser Exposes Toxic Debt Tie to Inflated Values
Bloomberg
The Home Equity Crisis Ahead
BusinessWeek
Wells Fargo's profit slips to 6-year quarterly low
Mortgage crisis ...
San Francisco Chronicle, USA
2007: Year of the plunge
(CA)
The median price for Stanislaus County homes sold last month was
$281,250, while San Joaquin County's was $320,000 and Merced County's,
$257,000. San Joaquin and Merced counties' numbers were down from
December 2006 by 24.7 percent and 21.2 percent, respectively.
Modesto Bee, CA
WaMu accused of appraisal fraud
CNNMoney.com
Bay Area Has Worst Hit Ever As Housing Slump Continues
(Tampa, FL)
Tampa Tribune, FL
For the Bay area, prices are expected to fall even more during the
coming year. Mike Larson of Weiss Research in Jupiter has said that
Bay area home prices could drop as much as 10 percent in 2008.
Stimulus Package Won't Do Very Much For Housing
CNBC, NJ
Foreclosure Crisis Worsens
OpEdNews, PA
Thursday, January 17, 2008
Is the press responsible for the real estate market?
Rocky Mountain News, CO
10 reasons why a recession is coming
MSN Money
Home equity emerges as trouble spot for banks
MarketWatch
Kern's risk for plummeting home prices high
(CA)
Bakersfield Californian
(subscription), CA
Average home prices decline in county
(Arkansas)
Benton County Daily Record, AR
Valley home prices down in '07
Allentown Morning Call, PA
Southern California home prices tumble
(PA)
Toronto Star, Canada
Triad housing market takes a hit in fourth quarter
(Texas)
"Existing home sales dropped to 2,387, while the average home
price declined 1.6 percent from the fourth quarter of last year, to
$179,586, according to new data from the Triad Housing Report released
by the Greensboro Regional Realtors Association. The inventory of
homes was 8,193, which would take 12 months to exhaust....
San Antonio Business
Journal, TX
Wednesday, January 16, 2008
Paulson Sees `No Evidence' Housing Decline Is Ending
(Update3)
Bloomberg
SoCal median home price plummets
BusinessWeek
Experts wonder how low home prices can go
Bakersfield Californian
(subscription), CA
Oops, It's a recession
Huffington Post, NY
Triad housing market takes a hit in fourth quarter
Bizjournals.com, NC
House prices drop 'at fastest rate in 15 years'
(UK)
Telegraph.co.uk, United Kingdom
Tuesday, January 15, 2008
San Diego Housing Price Decline
Intensifies:
Median sinks $65K Below Nov '06!
"San Diego County housing prices last month tumbled 13.1
percent from those in December 2006, the biggest drop in 20 years of
record keeping, DataQuick Information Systems reported Monday....
County housing prices down 13.1% from year ago
San Diego Union Tribune, United States
Will Countrywide Sink Bank of America?
Minyanville.com, New
Top Five Hot and Cold Real Estate Markets
Veros Real Estate Solutions released their quarterly
review of forecasts for the ... “The heavy decline in the coastal
markets, California and Florida, ...
thetruthaboutmortgage.com