Friday, June 29, 2007

Foreclosure crisis is just beginning Philadelphia Inquirer, PA  We're just seeing the beginning of the foreclosure crisis. My organization, the Center for Responsible Lending, estimates that 2.2 million borrowers who got ...

New Data Indicates San Diego Home Sales May Keep Plummeting
KPBS
 

Soaring household debt and global depression!
"The Bank for International Settlements, the world's most prestigious financial body, has warned that years of loose monetary policy has fuelled a dangerous credit bubble, leaving the global economy more vulnerable to another 1930s-style slump than generally understood."
"The BIS, the ultimate bank of central bankers, pointed to a confluence a worrying signs, citing mass issuance of new-fangled credit instruments, soaring levels of household debt, extreme appetite for risk shown by investors, and entrenched imbalances in the world currency system."
BIS warns of Great Depression dangers from credit spree
Telegraqph.uk

Fed leaves interest rates unchanged
Akron Beacon Journal, OH

Banks set to call-in a swath of loans!
"The worst of the US property crisis has yet to hit since there is an overhang of $2,000bn of mortgages with adjustable rates which have yet to be reset. Many borrowers could see payments jump by half, or even double."
Banks 'set to call in a swathe of loans'
Telegraph.uk

UPDATE: Subprime Mortgage Shakeout Claims Another Fund CNNMoney.com

Santa Clarita, CA median condo price slides by $42K in past year!
"A total of 179 single-family homes and 90 condominiums closed escrow during last month. Condo sales dropped 26.8 percent from a year ago, but were up 18.4 percent from the previous month. The condo median price of $355,000 was down from the record $397,000 in January 2006."
Home sales up a bit, and prices steady
Los Angeles Daily News, CA

The Housing Crash: Turning Once Fun-
Loving Homeowners Into Criminals!
"The man involved in a home invasion and kidnapping on Bass Road on Wednesday morning was motivated by foreclosure on his house, according to the Bibb County Sheriff's Office.
After being handcuffed, 37-year-old Darius Sullivan is reported to have said "I had to do it, my house is going in foreclosure," according to his arrest report."
Foreclosure possibly pushed man to invade Macon home
Macon Telegraph, GA

Absolute Bond Contagion Gold Seek The housing crisis and mortgage debacle are two sides of the same bubble powered by basic monetary and debt inflation. Just as the mortgages have begun to ...

Will Your House Do the NASDAQ Meltdown?
Truthout
The latest data on housing sales showed that the inventory of unsold homes climbed to 4.4 million in May, yet another record. The current inventory would be more than a full year of housing sales in the mid-nineties, before the housing bubble began to take off. There is also a record inventory of new homes for sale. Economists usually expect that excess supply leads to a drop in prices, and in this case, there is a considerable excess supply of houses.

Housing Riddles, Subprime Victims, Dreaming of IPhones
Bloomberg 

Subprime lending: Abuse as usual
CNNMoney.com

Miami median home asking price drops to
$70K under Aug '05 peak!
HousingTracker: Median Home Price & Inventory Data for Miami, Florida
HousingTracker

Phoenix median home asking price drops to
$60K under Aug '05 peak!
HousingTracker: Median Home Price & Inventory Data for Phoenix, Arizona
HousingTracker

Capital One Cutting 2,000 Jobs Amid Loan Losses
Bloomberg.com

Home foreclosures up dramatically in Northland
KC Community News, KS

Deflating the Housing Bubble
TPMCafe, NY 

New home building continues downward spiral
KC Community News, KS

The most affordable US housing markets CNNMoney.com

Subprime Shoes Continue to Drop
Gold Seek 

S&P, Moody's Hide Rising Risk on $200 Billion of Mortgage Bonds
Bloomberg 

Cruel Tax Rears Its Head Following Foreclosure
7Online.com, NY
First, you lose your house in a foreclosure -- perhaps you fell behind in the payments after you lost your job, you got sick or your husband or wife died. ...

Broker accused of fraud agrees to surrender license
Press-Enterprise, CA
Many of the houses are now in default or foreclosure and many of their former clients are suing Stonewood for fraud. The company is also under investigation ...

Key West Condo Listing Prices Rapidly Declining
Key West Chronicle

Homebuilder KB reports loss
Daily Breeze, CA 

Thursday, June 28, 2007

What you talkin bout my home price is fallin?
Big year over year median home price
declines in Arnold, California
Median sinks by over $37K
" and MEDIAN days on market in ’06 were $425,000 and 100 days and in ’07 the comparative numbers are $387,500 and 139 days; this is a 9% decrease in price and a 39% increase in market time. Median is half of the units sold above and half sold below – it is not the average price."
State Of The Market Today. By Jo Ann Stump
Pine Tree, CA

Home loan demand drops to 4-month low
Washington Post.com

Sarasota/Bradenton, Florida median home prices fall
to $28K under previous year
"Sarasota-Bradenton median prices fell 9 percent, from $322,600 to $294,700. By comparison, April prices were only 2 percent below the year-ago month. Statistics further south in Charlotte County-North Port painted a darker picture for that market. Home sales fell 39 percent, from 387 last May to 235 this year; and the median price slid 12 percent, from $213,400 to $186,900."
Realty's summer slowdown hits early
 

Chart Maps Housing Crash Course
LATimes

Presidential hopeful Ron Paul goes up against FOX news
on the unconstitutionality of the U.S. income tax code
Ron Paul and Civil Disobedience
BullNotBull
For more on the Ed Brown tax case visit here

New Data Indicates San Diego Home Sales May Keep Plummeting
KPBS, CA 

The Housing Mirage
BusinessWeek 

Longer housing slump is seen
Los Angeles Times, CA 

Home sales, prices ease while confidence falls
Orange County Register, CA

In Silicon Valley, Steady but Cautious Growth Returns
The Ledger, FL

The Fed and 'Liquidity'
Wall Street Journal 

Activist group to seek tougher subprime rules
Reuters

Towards a New Gold Standard
BullNotBull

Wednesday, June 27, 2007

Home prices fall at fastest rate in 16 years
MarketWatch 

Case-Shiller Home Price Index lower than expected
AXcess News, KY

US STOCKS-Indexes slip again as subprime worries weigh Reuters

Countrywide falls on rumors of subprime probe
Reuters

SEC Opens Probes Into Subprime Loans
CNNMoney.com

The Sinister Relationship Between the
Federal Reserve and the IRS. 
You’re Caught in the Middle!
BullNotBull

Gloomy reports boost fears about housing, mortgage markets
Los Angeles Times, CA 

Slumping housing market hammers Lennar
Bizjournals.com, NC 

Existing-home Inventories Rise to 15-year high
RisMedia.com, CT
That’s the biggest overhang of inventory since June 1992, at the tail end of the last housing bust. The median price of a home sold in May was $223700, ...
 

Young family with quadruplets facing foreclosure
KOAA, CO
A young family with quadruplets just 18 months old, fears they're victims of fraud, which they say led them straight into foreclosure on their first home. ...

Have you seen the law that requires you to pay income tax? Don't ask the IRS to show you the law...they might KILL YOU! Ed and Elaine Brown Persevere Keene Free Press, NH - The Browns have repeatedly asked the IRS to show them the law which requires them to pay the tax. To date, the IRS has refused to answer this simple ...

Tuesday, June 26, 2007

US existing-home sales hit 4-year low
MSN Money

How the Economy is Challenging Home Builders
RisMedia.com, CT 

As Housing Dominoes Fall, America Faces Significant Risk of Full Blown Recession!
Originator Times

Bernanke trips as Congress bashes Fed over lending Daily Report, GA

Will US Dollar Losses Continue On Second Round Of Dour Housing Data?
Daily FX, NY 

No one wants to buy a home. Whose fault is it?
Salon.com

Inventory glut rises as home sales drop
Los Angeles Times, CA 

Profiting from the Housing Bubble Popping
charles hugh smith-

Marin County, CA median home price sinks again
Median now $18K under year ago price!
"The association said its members sold 130 existing single-family homes last month, down from the 166 purchased a year earlier. The median price for an existing single-family home in the area dropped to $277,500 in May compared with $296,250 during the same period last year."
Home sales, prices on slow march lower in Martin County
TCPalm, FL

Home sales, median prices drop in Tucson
Arizona Daily Star, AZ

Unsold home inventory index up in May
Washington Business Journal, DC  

US Subprime concern creating the groundwork for stock market crash!
India Daily, NJ

Subprime Housing Debacle Threatens To Cause Global Depression Bits of News

US Banks To Curb Lending, Call in Existing Loans
New York Sun, NY

Understanding the Global Real Estate Game
Seeking Alpha, NY

Michigan's dismal economy leaves thousands in construction trade trying to nail down work
DetNews.com

Facing foreclosure? Just call the Po-Po
PITTSBURGH - People in Allegheny County on the verge of losing their homes to foreclosure now have a number to call for help. The Sheriff’s office has ...
County Sheriff Sets Up Home Foreclosure Hotline
KDKA, PA

Monday, June 25, 2007

New Orleans home sellers not easily budged to lower asking
prices, even as median drops,  inventory doubles!
"After years of skyrocketing home prices, an oversupply of homes for sale in the New Orleans area -- nearing levels not seen since the oil bust -- is pushing overall prices down by thousands of dollars and all but erasing the giant gains in appreciation homeowners have seen during the past seven years.
Nearly every major real estate firm contacted said it's a challenge convincing sellers that the heavy inventory -- nearly double what it was before Hurricane Katrina -- is depressing prices. Brokers said homeowners are mystified by the new dynamics after seeing the values fetched in 2006 and after several years of appreciation.
Crystal Bolner, a graduate student at Loyola, recently offered $145,000 for a vacant two-bedroom, 1-1/2 bath on Carnation Street in Metairie that had been on the market for several months and was listed for $195,000."
BUYERS, WOE. SELLERS, WHOA!
Times Picayune, LA 

Mortgage Market Losses Just Beginning
"Losses in the U.S. mortgage market may be the “tip of the iceberg” as borrowers fail to keep up with rising payments on billions worth of adjustable-rate loans in coming months, Bank of America Corp. analysts said last week."
Crunch is coming with defaults on subprime loans, analysts say
Winston-Salem Journal, NC

Homeowner associations flex their muscle, angering some residents
Fort Worth Star Telegram, TX - 7 hours ago
" "Foreclosure should always be used as a last resort, and in most cases it is." But some homeowners say the associations use harsh tactics to try to browbeat ..."
 

Home Resales in US Probably Declined to Four-Year Low in May
Bloomberg
Subprime loans going into default rose to a five-year high, and prime loans entering foreclosure also surged to a record. The housing slowdown ``now appears ...

Housing Problems Start to Hit the Financial Sector
Huffington Post, NY 

Fannie Mae investors seek compensation
The Boston Globe

Homeowners in denial about housing turmoil
"Despite turmoil in the housing markets that includes record foreclosure numbers, mortgage rate increases and home price depreciation, homeowners don't believe there's a real estate slump, according to a new poll."
Out of touch with realty reality
CNNMoney


Rage Against The HOA?
"Are you afraid of the IRS? The government is stuffed full of agencies and bureaus that make strong men tremble and all of us blanch. ..."
TOOLS FOR FIGHTING BACK THE INJUSTICE OF HOAs AS THEY ARE CURRENTLY OPERATING
AHRC News Services, CA

Zee News

Failing Mortgage Unit Results in 4Q, Year-end Loss for H&R Block WebCPA, NY

La Raza tackles housing defaults
AZ Central.com, AZ 
 

Bankrupt lender's house to be auctioned
Cincinnati Enquirer, OH
"The previous owner, bankrupt mortgage lender Mark Karwisch, lost the 19-year-old house in a foreclosure proceeding to Fifth Third Bank. ..."

owners don't see paying taxes as a priority (Florida)
Sarasota Herald-Tribune, FL
By VICTOR HULL Charlotte, Manatee and Sarasota counties saw a sharp spike in the number of landowners failing to pay their property taxes this year, ...

A surge in foreclosures signals more uncertainty (Florida)
Sarasota Herald-Tribune, FL 
 

Australian Stock Market Slips On Concerns About Weaker US Housing ...
RTT News, NY

Sinking housing market has realtors using trick photography?
Retooling for a slow housing market
OCRegister, CA
 

America's economic bubble is about to burst
Sarasota Herald-Tribune, FL 
"I foresee a significant recession beginning within the next 18 months. The war in Iraq has just artificially extended the inevitable."

Why the Housing Market Has Failed You. 5 Major Failures of the Housing Market
Dr.HousingBubble

       Prepare yourself now for financial Armageddon
          and the coming collapse of the American Empire
"..What's coming in America's future is going to be far, far worse than the dot-com fiasco. Imagine the financial market breaking down, the U.S. government defaulting on its debt, the dollar going through massive hyperinflation, wiping out the value of the life savings of virtually all Americans. Think it can't happen here? That's what the Groupthink thinks. But it will happen here, and the massive corruption in our government is making sure of it. Whatever dollars you have in the bank will, in a few years, become virtually worthless. Hyperinflation is inevitable. Study the history of Germany following World War I to gain additional insight on this topic. My message to all U.S. citizens is to prepare yourself now for what's coming. Get out of debt. Get healthy. Invest in your education and learn some practical skills like gardening, bicycle repair or natural medicine. Own some productive land and learn how to use it. Be near a source of fresh water. When the oil runs out, and the fresh water tables are drained, and the financial system collapses, and the real estate bubble bursts, life is going to be a whole lot harder than it is today. Forget about shopping malls, must-see TV and the latest fashions. Most families are going to be struggling just to put food on the table."
Corporate greed, corruption, and the coming collapse
           American Chronicle, CA

Weekend Update (June 23 - 24, 2007)
 

Activists give fed officials earful on home foreclosures
Los Angeles Times, CA
By Jonathan Peterson, Times Staff Writer WASHINGTON -- Faced with a barrage of criticism for weak oversight of the mortgage industry, Federal Reserve ...

Time for subprime borrowers to pay the piper
Dallas Morning News, TX

No one bids for Peterson house
Home where Laci is believed slain becomes property of a bank
"The Modesto home where investigators believe Laci Peterson was murdered by her husband, Scott Peterson, went up for auction Friday. The home's owner filed for bankruptcy protection in February, listing $340,000 owed to the lender as his largest debt."
But no bids were placed.  "So Julie Grimm, a foreclosure auctioneer with Dual Arch International, closed the bidding, closed her binder and walked away. And Modesto's most notorious piece of real estate became the property of a Simi Valley bank."
No one bids for Peterson house
Fresno Bee, CA
 

Orange County, California home sales, prices see big declines!
"For the 22 business days ending June 12, sales for all types of Orange County home sales decreased 30.5 percent. The median sales price decreased .8 percent."
Orange County home prices and sales
Orange County Register

Popularity of subprime mortgages fades as property sales sputter
Phoenix Business Journal, AZ

Wall Street stumbles as subprime worries reemerge
WIS, SC

Top Home Buyers' Markets
Forbes, NY 

Spring sales of area homes fall from 2006
Akron Beacon Journal, OH

Fitch, S&P Warn Investors About Subprime Mortgage CDOs, Bonds
Bloomberg 

Friday Morning: "Disaster" -- Another Subprime Casualty in the OC
Los Angeles Times, CA 
"These are the words being used to describe the sudden collapse of Brookstreet Securities in Irvine, which was undone by subprime fallout; 100 people were ..."
 

Friday, June 22, 2007

Is the housing market roof about to fall in?
Asbury Park Press, NJ

Canada.com

H&R Block Submerged By Subprime Forbes, NY "H&R Block tumbled to a fourth-quarter losses on the back of hefty charges related to its subprime mortgage lending unit, the company announced Thursday"

Seeking Alpha

The Short Case on Freddie Mac Seeking Alpha, NY The company purchases mortgages from mortgage banking companies, commercial banks, savings banks, savings and loan associations, credit unions,

Shasta County, California sees foreclosures jump / prices sink below last year
"Shasta County had its worst May for home sales in nine years, while foreclosures rose dramatically."
"The median sales price paid for a home in May was $275,000, up from $269,500 in April but down from $290,000 in May 2006, DataQuick reported."
Foreclosures up, sales down
Redding.com

Subprime Mortgage Fallout Reuters

California home prices to fall another 15 - 30% - expert
"California's real estate downturn will be deep and long lasting, with home prices falling 15 to 30% during the next 36 to 42 months, according to a real estate expert."
Expert Says California’s Real Estate Crisis Will Be Worse Than Most Analysts Realize
RisMedia.com, CT

Today's Housing Bubble Post - Bad Day?
Seeing the Forest, CA 

New report sounds foreclosure alarm
commercialappeal.com, TN

Foreclosure snarls condo plans
Myrtle Beach Sun News, SC
The payments were due in April, according to the foreclosure lawsuit. "It is most unfortunate that all this will have to be sorted out over time by our ...
 

WRAL.com

Mesa residences in danger of foreclosure surge, group finds East Valley Tribune, AZ

 

The real cost of home ownership?
A lot more than most people realize
"If you're entertaining thoughts of buying your first home now that the housing market is cooling off and prices are coming down, take note: The cost of home ownership might be a lot more than you think."
The true cost of owning a home
Kiplinger.com

 

Outlook for Homeowners with Subprime Mortgages Remains Bleak
Business Wire, CA 

Mortgage foreclosures nearly double in Virginia
inRich.com
 

How Might Subprime Issues Unravel?
Seeking Alpha, NY 

Fed again urged to end abusive mortgage practices MarketWatch

More Housing stories
Tucson Weekly, AZ
"A lot has to do with the type of financing," he says of people facing foreclosure. "When a homeowner gets into the real interest rate (of an ARM), ...

Study: Consumers More Likely to Pay Bankcard Debt Before Mortgage Debt
RisMedia.com, CT

Trouble Meeting Your Mortgage Payments? Best Syndication, CA "Simply put, they are having trouble meeting their mortgage payments. In the recent smoking hot real estate market, the conditions were perfect for buyers ..."

Thursday, June 21, 2007

Housing market takes another turn for worst!
"The jump in 30-year mortgage rates by more than a half a percentage point to 6.74 percent in the past five weeks is putting a crimp on borrowers with the best credit just as a crackdown in subprime lending standards limits the pool of qualified buyers. The national median home price is poised for its first annual decline since the Great Depression, and the supply of unsold homes is at a record 4.2 million, the National Association of Realtors reported."
Rate Rise Pushes Housing, Economy to `Blood Bath' (Update2)
Bloomberg

Houses of the Holy?             Realtors praying for better market...literally!       Realtors attend worship service to pray for better market                      The Northwest Florida Daily News, FL

Worst Housing Market Since the Depression
Daily Reckoning, MD 

Home auctions slashing home values in Florida
"Even though the housing bubble had burst months before construction began, Janos Gyory was optimistic the new homes his company was building would sell for nearly $300,000 each. Most of them didn't."
"This Saturday the remaining 14 finished homes will be auctioned, with bidding starting at $190,000."
Las Palmas auction Saturday
TCPalm: Business

Subprime sector hit by $1bn assets sale
MSN Money

Denver home prices, sales continue drop!
Median price now below 1Q 2006
"The report shows that the median, or middle, price of all homes dropped 1.3 percent to $235,000 from $238,000 in the first quarter of 2006 in Adams, Arapahoe, Boulder, Denver, Douglas and Jefferson counties. DataQuick includes Broomfield in its Boulder County statistics."
Q1 home sales in Denver area slide 10.6%
Rocky Mountain News, CO

Mortgage Rates Take Biggest Jump In Three Years
MortgageNewsDaily.com, AZ

Avoiding a Falling Knife in the US Mortgage Market
CNBC, NJ

UCLA forecasts housing slowdown will take toll in second half
Phoenix Business Journal, AZ 

On Returning to the Gold Standard
"Instead of a panic and a crash, we had the opposite: The housing bubble. The Fed’s torrent of artificially cheap money gave people an incentive to borrow, ..."
Gold Seek

News analysis: Getting rid of the Federal Reserve
Presidential candidate says ditch Fed, go back to gold standard, stop inflation
TheStreet.com

An eye-opener to what's really behind our currency system!
"May God have mercy on the souls who are behind this unconstitutional and criminal act called the Federal Reserve. When the ALMIGHTY MASS awakens to this giant hoax, they will not take it with a grain of salt. It has been a pleasure talking to you and I thank you for your time. I hope you will take my advice before it does collapse."
"Our elected officials and members of the Federal Reserve are guilty of aiding and abetting the overthrowing of my Constitution and that is treason. Isn't the punishment of treason death?"
A Phone Call With The Federal Reserve
WikiProtest

San Joaquin County, California home prices sink to 2005 levels!
median plunges $55 below April '06 price!
"Lackluster sales of existing homes in San Joaquin County rose slightly in May, but the median sales price slid for the third consecutive month to the lowest level seen since the spring of 2005."
"But the median sales price has steadily fallen from $395,000 in February to $370,000 last month. That compares with a high of $425,000 last July."
"When people are reducing the sales price of their home, they're not reducing it by $3000 to $5000, they're reducing it by $10000 or $15000 -- or more. ...
SJ home sales up; prices continue to drop
Stockton Record, CA
 

US Subprime Mortgages: Boom and Bust; Politics and Regulation
American Enterprise Institute, DC

Subprime lending bust, mortgage rates continue to hurt home building
TheNewsTribune.com, WA

Report: Home prices likely to fall
Inside Bay Area, CA

New Law Targets Mortgage Kickbacks
CBS4.com

Tampabay: 1% mortgage - from joy to time bomb
St Pete Times, Florida

David Lareah . . . Busted!
"Former Number 1 Shill for the National Association of Realtors is Gone, But His Legacy of Horrific Predictions and Observations Live On in Infamy"
rocktrueblood.blog

Earthtimes.org

Study: South Florida home prices to drop even more in next two years Sun-Sentinel.com, FL

2nd half of 2007 will be bloody as $1 trillion arm resets hit market
"More than $1 trillion worth of adjustable rate mortgages (ARMs) will be hit with higher reset rates this year, and that could add up to big trouble for many homeowners."
When bad loans get worse
CNNMoney

Homeowners associations hit with new restriction
Milwaukee Business Journal, WI 

Lawmakers take action on foreclosures
Charlotte Observer, NC

Michigan Homeowners Losing Their Houses More Often
WILX-TV, MI

Foreclosures at an all-time high
KING5.com, WA

Gold Watch: Housing market woes weaken dollar
Resource Investor, VA

China Bubble Threatens Japan-Style Bust
Forbes, NY

Wednesday, June 20, 2007

GALLUP: 7 in 10 Americans Say Economy Is 'Getting Worse'
Infowars.com

Mega home price crash in Hawaii
Maui County Median plunges $79K lower than May 2006!
"The median price of a single-family home in Maui County in May was $650,150, down 11 percent from $729,000 in May 2006. The median price of a condo last month was $531,325, also an 11 percent decline from May of last year, according to the Realtors Association of Maui."
Maui home prices fall from 2006
Pacific Business News, HI 
 

New study jumps on price drop prediction bandwagon
"Some homeowners in California, Florida and the southwestern U.S. now face more than a 60 percent chance their property will be worth less in two years, according to a new study by a mortgage insurer. But for Texans and Midwesterners, there is much less reason to worry."
Fla., Calif. Face Home Price Drops
Chron.com - Houston Chronicle

Sacramento homes not selling, even at half price?
House wouldn't sell at 50% off? Real Estate never goes down?
YouTube

Some people still think home prices will rebound in '07?
Real Estate Predictions 2007
YouTube

Iraq & the Housing Crash: Totally the Same! (satire)
Wonkette, DC
The collapse of the US housing market and the US occupation of Iraq are both total disasters, but did you know they are similar in so many other ways?

UCLA: Slumping housing market finally impacts jobs
Central Valley Business Times

Housing Slump to Drag on Calif. Economy
Forbes
 

California’s Economy: Housing Downturn Should Be Hurting More Than it is
RisMedia.com (press release), CT 

No-documentation Mortgages                                              Best Syndication, CA  These loans remain in existence, although as the foreclosure rate begins to climb they may become hard to find. And no documentation loans are another ...

Foreclosure frenzy - by zip code
Detroit has 13 zips in top 500
Miami has 14 zips in top 500
Sacramento has 12 zips in top 500
"More than a quarter of all leading foreclosure zip cdes are in California but many of the worst-hit zip codes are in the Midwest. Ohio has 49 zip codes in the top 500, trailing only California and Florida, which has 72."
500 Top foreclosure zip codes
CNNMoney.com

Voices from the Home-Loan Bust
Kiplinger.com, DC

Massachusetts Foreclosures Jump Again In May WCSH-TV, ME - 8 hours ago A report from The Warren Group says the number of foreclosure auction announcements in Massachusetts more than doubled in May compared with the same month a ...

New law to protect Floridians from ARMs
Tampa Bay's 10, FL

An Overview of the Existing Home Sales Market Huffington Post, NY The real estate market quickly turned into a bubble. 6. At the beginning of 2007, lenders tightened credit standards, making it harder to get a loan and ...

US Economy: Housing Starts Drop; Slump May Persist (Update4)
Bloomberg 

Foreclosures drift to Sun Belt from Rust Belt CNNMoney.com  A new survey shows foreclosure clusters are on the move from industrial centers to coastal and southern states.

Tuesday, June 19, 2007

Housing Subsidies Will Not End the Housing Recession
Reed Construction Data, GA 

How the Housing Bubble/Credit Bubble Will Pop
OfTwoMinds

Mortgages Give Wall St. New Worries
New York Times

delinquencies-foreclosures-dumbness
Global Economic Analysis Blog
 

Orange County, California median home asking price
sees $10K slide in last 2 months!
Orange County, California
Housing Tracker

US Homebuilder Confidence Declines to 16-Year Low (Update2)
Bloomberg 


Miserable or merry market?
"US homebuilder confidence is at a 16 year low. The industry isn't short of misery; rising inventory, falling sales, rising defaults, falling profitability, rising interest rates, and falling prices. Who could hold a happy face after that litany of problems?"
So many reasons to be miserable....
Economic Despair

Japan's Topix Index Slips as US Housing Concerns Mount
Bloomberg 

Desperate measures for the mortgage business
CNN Money

Supply and demand = rising supply, cutting prices for builders
"In response to weak demand, they are cutting prices and offering incentives to buyers to cope with a mounting supply of unsold homes, the National Association of Home Builders said."
Housing index hits 16-year low
Cincinnati Enquirer, OH 

Slump continues for US home builders
North County Times, CA

Loft owners roll out car, other incentives to tempt buyers
DetNews.com, MI
FERNDALE -- To turbo charge a sluggish real estate market, the owners of contemporary style lofts in Ferndale and Royal Oak are offering a two-year lease on ...
 

Are home down payment assistance programs going away?
WALB-TV, GA 

Will home investors dream come in the next 12 months?
"The next 12 months will be the best time to invest in the U.S. housing market, according to a new report by Housing Predictor. The sub-prime loan melt down has produced a near record level of foreclosures, providing the highest number of lower priced homes in many years in a majority of the nation's real estate markets."
Best Buyers Real Estate Market Ahead, Says New Report
RisMedia.com, CT 

Sentiment index for housing market hits lowest level in more than 16 years, trade group says
nwitimes.com, IN 

Housing insiders' outlook gloomy
Jackson Clarion Ledger, MS 

New Developments in the Foreclosure Trend: The Rise of Middle-Class Foreclosures
PR Web, WA

Subprime storm winds will keep blowing
USA Today
The number of homes entering foreclosure is expected to top 1 million this year, with 60% of those being subprime mortgages, says mortgage giant Freddie Mac ...

Homeowners face foreclosure facts
DetNews.com, MI 
Now, after more than three decades in his neighborhood, he's struggling to keep the house out of foreclosure, paying 19 percent interest on a mortgage he ...

Monday, June 18, 2007
 

Drastic home price declines in Monterey County, California
Median falls $70K from April to May!
"The overall county median price — the midpoint, with half of homes selling for more and half for less — was $695,000 in May, down from $765,000 in April, MCAR said. Total number of houses on the market increased from 2,493 in April to 2,707 in May.
The median price for single-family homes fell most dramatically in south Monterey County, from $480,000 in April to $394,000 in May, a nearly 18 percent drop. Ten south county houses sold, compared to six in April. "
Median home price drops
The Salinas Californian, CA

When does a housing slump become a bust?
InternationalHerealdTribune
 

Insurance costs lock potential home
buyers out of market in Florida
Buyer beware -- of home insurance
OrlandoSentenial

 Facing huge debts, investors ponder next steps
The Californian

Hard-times for homeowners in Placer County, California
as median price dips $74,000 under May 2006!
"Home prices are on the decline while the number of homes listed on the market in Placer County continues to rise. In the home sales report for May issued by the Placer County Association of Realtors on Friday, single-family homes are becoming more available.
For the overall county in the month of May, 2,720 homes were part of the total listing inventory, up from 2,507 in April. The homes in May had a median price of $410,000, according to the report, this is a 15.4 percent decrease from $484,500 in May 2006. The median price of homes decreased 3.5 percent in one month, with the April median price at $425,000."
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