Thursday, May 31, 2007
 

The George Bush war on the middle class
Leading us right into a depression!
"Globalization is responsible for the lost jobs for Americans and the downward spiral for middle-class wages. With Bush’s support, disloyal businessmen, eager to exploit the massive pool of cheap labor in Third World countries, are dumping well-paid American workers and sending their jobs overseas, as well as replacing them here with imported low-wage foreign workers."
"The Bush economy is ripe for a depression. Runaway spending for his tax cuts for the rich and his Iraq war has pushed the national debt up to $8.6 trillion. It is impossible for the United States to pay off this mind numbing debt so, instead, China, Japan and the oil exporting countries are financing it."
Bush's economy is poverty stricken, bleeding jobs and ready to crash
Online Journal, FL

Houses Affordable! Get More for Your Money! Not.
CNBC, NJ 

Let 'em Burn:
Sub-prime Bubble Suckers should get what they Deserve!
"Let contractual arrangements remain in force, let good lenders prosper and bad ones suffer (similarly with borrowers) and let the taxpayers' pockets go unpicked. Legislative interference with market processes is likely only to prolong and deepen the downturn."
The Subprime Mortgage "Crisis" Will Fix Itself
Ludwig von Mises Institute, AL

Pulte Cutting 16% of Work Force, 2000 Jobs
WXYZ, MI 

Condo sales take a dive in Columbus, Ohio
"Flashy new condos in the Arena District and the rest of Downtown bucked the regional and national sales downturn last year. But so far this year, sales have dived to fewer than half the number at the same time in 2006."
Downtown condo sales drop
Columbus Dispatch, OH 

Housing Pullback Delivering More Pain
CoStar Group, MD

Fed underestimated housing slump
Worcester Telegram, MA

Analyzing flaws in home price data
Housing Prices: Comparing Shiller and HPI
Minyanville.com, New York

Michigan man who makes $25K per year obtains $3.8 million in mortgage loans
"A man who told banks he had annual income of more than $1 million when in fact he was earning less than $25,000 on Social Security was sentenced to 56 months in prison in federal court today."
Canton Township man gets prison in mortgage fraud case
 

Ameriquest Faces Lawsuit by Borrowers
NPR 

Fall 2007: Reset Bloodbath Begins!
Mortgage reset storm just getting started. 
Real disaster to hit in late 2007 when resets will surge to
$40 billion per year and higher!
See full size chart here

US MBA's Mortgage Applications Index Fell 7.3% Last Week
Bloomberg

Housing Pullback Delivering More Pain
CoStar Group, MD

April home sales scraping bottom
Record-Searchlight, CA

Feds discussing putting halt to easy money
New restrictions being looked at!
"Fed to discuss max 50% debt-to-income ratio for borrowers, prohibition on "stated-income" loans to subprime borrowers, and other new rules"
Fed to discuss new lending rules
OCRegister

Subprime Fiasco Exposes Manipulation by Mortgage Brokerages
Bloomberg 

Renters, too, face mortgage fallout
tampabay.com

Appraisals see OC home values off 2.4% in year
OCRegister, CA 

Record National Foreclosures Causing Home Owners to Look Over ...
Emediawire, WA

Novato lender lays off most of its employees
Marin Independent-Journal, CA

Housing analysts see gloom and doom
The News Journal, DE

‘Healthy’ Economy? Yeah, Sure…
Gold Seek
Will America’s eventual collapse into economic depression have to wait until China’s genuinely booming economy goes over the edge?

Wednesday, May 30, 2007

Rhode Island median home price tumbles to
 $9K under April 2006 price
"For April, The Warren Group found single-family house sales fell 5.6 percent, from 747 to 707, when compared with the same month last year. The median price of single-family house fell as well, by 3.1 percent, from $274,000 to $265,000."
House prices, sales dip in RI
Providence Journal, RI

As Housing Market Slips, Tide of Spending and Refinancing Retreats
Washington Post, DC

Prices still going down, inventory still going up
"The National Association of Realtors said the decline was affected by tighter lending standards, with many subprime loans no longer available amid rising default rates. The median sales price fell 0.8% to $220,900. Total housing inventory jumped 10.4% to 4.2 million at the end of April, which translates to an 8.4-month supply at the current sales pace, up from a 7.4-month supply in March."
April's Blue-Light Housing Sale

Tuesday, May 29, 2007

Watch this amazing and accurate
economy / housing bubble
"Our Economy Right Now"
..
 Courtesy of Long Island Bubble.com

As home values drop, real estate investors prepare for financial time bomb. 1031 explosion!
"Normally a real estate investor would sell a property with big capital gains and wait to find and buy another property within 180 days. The gains roll over into another property creating a bonanza in tax differed real estate investment. The compounded gains keep increasing making real estate investors’ rich."
"But the whole concept is coming under scrutiny as the real estate market is clobbered with steep price falls and largest unsold inventory in the past fifty years."
The 1031 bubble in real estate ready to pull the market down ...
India Daily, NJ

Bubble video projects home prices falling
back down to Y2K levels!
Housing Bubbles don't pop; they deflate slowly
Courtesy of SpeculativeBubble.com

Falling home prices has investors fleeing in Miami!
"As dozens of condominium towers conceived during Florida’s real estate boom near completion, investors who snatched up units in the preconstruction phase in hopes of turning a quick profit are increasingly trying to break contracts, even walking away from fat deposits."
As Condos Rise in South Florida, Nervous Investors Try to Flee
 

Weekend, May 25th - 28th, 2007

Nationwide median home prices
fall to below 2005 levels!
"U.S. home prices tumbled to a two-year low in the first quarter, with declines in almost half of U.S. cities, the National Association of Realtors said."
"The median price for houses and condominiums slid 1.8 percent to $212,300 in the first three months of this year, the lowest since the first quarter of 2005 when it was $199,700, the Chicago- based real estate trade group said. The median price for a single- family home fell in 62 of 145 metropolitan areas."
U.S. Median Home Price Tumbles to 2-Year Low in Slump
 

New home price declines worsen across America!
Prices take biggest year over year drop since 1970!
according to Commerce's housing report
..... the median price of a new home sold last month fell to $229,100, a record 11.1 percent decline from the previous month. The big price decline indicated that builders are slashing prices in an effort to move a huge overhang of unsold homes
..... The drop in median prices in April compared to March was a record one-month decline. If the April sales price was compared to the sales price a year ago, the decline was 10.9 percent, the biggest year-over-year drop since 1970.
Bubble, Schmubble: Median Home Sale Price Decline Almost Entirely Due to Regional Mix
NewsBusters 

Ohioans urge end to foreclosure ‘frenzy’
People's Weekly World 

Real estate investor predicts 20% home price declines in 2007!
Real estate investor Kenneth Heebner anticipates a 20 percent decline this year, due mostly to defaults in the "subprime" and "Alternative-A" mortgage markets
To understand why, just do the math. In the United States today, there is approximately $10 trillion in outstanding mortgages, and of these, about one-quarter are subprime and Alt-A loans. (Subprime loans are made to borrowers with little or no credit, while Alt-A loans are made to borrowers with better credit but who are not considered prime.) Individuals who access such loans often pay a below-market interest rate, or an interest-only mortgage payment, for the first few years of the mortgage. But after that, mortgage payments are adjusted to reflect prevailing market rates. If 40 percent of the Alt-A market fails this year (as many estimate), financial markets will be looking at $1 trillion in defaults.
The Mortgage Market Mess
Gold Seek

Mansions may face resale obstacles

Mortgage rates jump, expected to continue rising!
The average rate on 30-year fixed-rate loans climbed to 6.37 percent for the week ending May 24, up from 6.21 the previous week...
"We expect a gradual rise in mortgage rates over the remainder of the year with sales slipping further in the second half of the year..
Mortgage rates move sharply higher
CNN Money.com

Housing data pull Wall Street down
Rocky Mountain News, CO

Home prices: A long way to fall - expert
"Most industry watchers agree that home prices will continue to slide before they recover, but now some economists say they've got a long way to fall before bouncing back."
"Housing prices will suffer from a "significant increase in defaults and foreclosures," he said, with affordability still a major issue. Wyss worried how hard the slump will hit already highly inflated housing markets."
Big drop in home prices predicted
CNN Money.com

New home prices plunge more than $25K in 1 month!

the Commerce Department also said that the median sales price of new houses sold in April was $229,100. This marks a steep decline from the median sales price of $257,600 in March.
New Home Sales Surge Higher In April But Prices Fall Sharply
 

Fitch Study Shows Link Between Falling U.S. Home Prices & Rising Subprime Defaults
Business Wire

Economist says housing problems are not over
Florida Today, FL

Thursday, May 24, 2007

U.S. housing decline takes "Toll" on builder profits
Toll Brothers profits sink 79%
"Luxury home builder Toll Brothers (TOL) on Thursday reported sharply lower quarterly net income, hurt by a downturn in the U.S. housing market."
Home builder Toll Brothers' profit falls 79%
USA Today

Mortgage Sector Shaking Economic Foundation
Realty Times, TX 

Housing cheers turn gloomy
Chicago Tribune, IL 

Foreclosure Report: No One in the Bay State is Immune
DSNews.com, TX 
 

American Express: Don't buy a home without it
"I love plastic. I know, I know, the petroleum issues. But today I learned one more reason to love plastic: I can pay for my mortgage with it."
Hate Writing the Mortgage Check? Charge It!!
CNBC.com

Housing slowdown leads to job cuts
NorthJersey.com

Mortgage Official Defends Subprime Loans
RisMedia.com (press release), CT 

New home prices sinking fast in Tucson
"The median new home sold for $241,020 in April, down 9.5 percent from $266,265 a year ago — "the largest decrease in any price on a monthly basis in recent history," said analyst John Strobeck."
New, resale housing prices still sliding
 

The Homeownership Myth
Dollars & Sense, MA 

Foreclosure investors making money out of
thin air in Detroit
"In short, the bank will do almost anything to get these houses off their balance sheets, including selling them at 40%-50% discounts... especially to people like Andy who can pay cash upfront. In effect, Andy makes 40% equity out of thin air the moment he buys the bank's property."
Meltdown In Motor City
DailyWealth, MD

Subprime Derivatives Say Bernanke Will Be Wrong
Seeking Alpha, NY 

Subprime market is history
Economic Despair

Builders move homes by taking trade-ins
AZ Central.com, AZ 

Bankruptcy Trends: A Perfect Storm of Debt
Minyanville.com, New York

Troubled Lender Sells Division and Brings in New Leadership
New York Times, NY

Law firm's new practice to address real estate problems
Bizjournals.com, NC

Life After Real Estate -- Life Insurance?
Realty Times, TX 

When the credit bubble goes 'pop' CNNMoney.com

Cooling housing market makes relocation less attractive
Columbia Daily Tribune, MO

Foreclosure Investing 101
Chicago Public Radio, IL

Speed of subprime bust surprises lenders
CNNMoney.com

Wednesday, May 23, 2007

Massachusetts home prices drop to below 2005 levels!
Median price sinks to $319K
"Market tracker the Warren Group yesterday reported that Massachusetts house sales fell by 1.9 percent in April, when compared with year-earlier levels - the third straight monthly decline."
"Warren added that median house-sale prices dropped to $319,314 last month, down 4.7 percent from April 2006 and 12.3 percent from June 2005’s $364,000 peak"
Home sales down in April
Boston Herald, MA 

Housing market suffers downturn
Boston Globe, MA

 U.S. housing bust used as example in foreign media
"Fear was the buy-now, pay-later trend could lead buyers to take on too much debt. And that could lead to a mess similar to the housing collapse in the U.S., where a growing sub-prime market that qualifies buyers with bad credit, exploded into a US$570 billion industry. The bubble burst, 44 lenders went belly up and people lost their homes."
Be careful buying a home
London Free Press, Canada

Economist says housing problems are not over
Florida Today, FL

Trade groups point fingers over housing market's woes
Sun-Sentinel.com, FL

SC home sales drop
The State, SC

House votes to tighten mortgage oversight
Rutland Herald, VT

REAL ESTATE: Foreclosure filings up 62% in past year
Cherry Hill Courier Post, NJ

Grieving home loss, woman puts a face on foreclosure
Rocky Mountain News, CO

Slump in condo sales puts heralded project in default with main lender
Gloucester Daily Times, MA 

Housing investors: Going broke but looking good on paper!
"The couple are pulling out $15,000 a month from savings to cover their expenses, and they've already run through more than half of their nest egg. The irony: On paper they seem to be in great shape, with a net worth of $1.6 million. But since most of that money is tied up in real estate - assets they can't easily sell - it doesn't ease their current cash crunch."
Retirement interrupted
 

California notices of default hits 10-year high!
"Across California, meanwhile, the number of notices of default - issued when a homeowner is late on mortgage payments, and the first step toward foreclosure - have hit the highest level in almost 10 years, according to DataQuick, a San Diego-based real estate information service. And foreclosures statewide increased more than 800 percent from the first quarter of last year to the first quarter of this year."
Making the mortgage is getting tougher

Mortgage brokers faulted for boom in foreclosures
Pueblo Chieftain, CO

Economic house of cards

Keeping your debt collectors in check
Torrington Register Citizen, CT

Economic Tsunami Warning
American Chronicle, CA

Tuesday, May 22, 2007

Why people fall into foreclosure so fast
Pacific Beach Housing Bubble Blog:

Housing Market Threatens to Stagnate the US Economy

Lenders continue lay-off frenzy
"Subprime mortgage lending's deep freeze has sent a chill over the rest of the mortgage industry as layoffs spread to those who lend to the more creditworthy."
Mortgage-firm layoffs spread across industry
 

Falling home prices stifles Idaho housing market as inventory soars!
Southwest Idaho has large jump in number of homes put up for sale
 - Northwest - The Olympian - Olympia, Washington

Condo supplies rising as prices drop
Providence Journal (subscription), RI

Housing's Economic Surprise
Kiplinger.com, DC
 

U.S. Foreclosure Crisis Update

Ignoring the lessons of 1929
 

Unpaid housing loans slam Florida Lenders!
"Area banks are racking up millions of dollars in bad debt, thanks to the softening real estate market in Southwest Florida."
Bad loans saddle area banks
 

Monday, May 21, 2007

Credit & Debt: 1928 All Over Again?
Elliott Wave, GA

Home of the Worst
"Think about it for a minute. What characteristics do Fools look for in a great investment? Positive cash flow, low expense ratios, low transaction fees, and historically proven returns. Using these criteria, the average house falls well short of the all-time best."
A House: The Worst Investment Ever

Bubble builders breaking in bad bust
"Battered by the bust, they're filing for Chapter 11 and begging hedge funds for help "
Home Builders In A Hole

C.A.R. Misrepresents California House Affordability
 

"Honey, we can handle a $40,000 per month
mortgage payment, can't we?"
Bubble buying dummies try to explain it to the kids
"Steve Lanuzo, a 40-year-old medical technician at the Naval hospital at Camp Pendleton, said when money stopped coming from Pacific Wealth in October, he and his wife, a nurse, wiped out their savings in a vain effort to keep up $40,000-a-month payments on their mortgages. He said the eight houses they bought as investments and their family home in Temecula are in foreclosure and they and their four children are waiting to be evicted."
""It is kind of heartbreaking when your children ask 'Where are we going to live?'" he said."
Investors in foreclosure rally in Temecula

Home auctioneers are back in action
Los Angeles Times, CA 

Mispricing Risk and Conflict of Interest

Home Sales Still Slipping
Builder Magazine, DC

Average family owes $9200 in credit-card debt
El Paso Times, TX

Moody's Double Talk May Cost Taxpayers $3.6 Billion

Fed Doublespeak On Housing Crash

Another mortgage firm accused of illegal practices

Gloom settles over housing market
 

Realtors income sinks alongside home prices!
"As for all those people who thought, a few years ago, "This is a booming market! Anybody could make money here!" . . . So they got their real estate licenses, and they made money, all right. Realtors with two years of experience or less earned a median of $15, 300. That hardly pays the cell phone bills and fills the tank with gas."
Realtors' income goes bust


Foreclosure crisis looms, housing analysts say

New York State Subpoenas Appraiser, Broker in Probe

Weekend Update (May 19 - 20, 2007)

Another month, another new record high
for San Diego foreclosures
San Diego foreclosures up 700% over 2006 levels
"During the first four months of the year, DataQuick reported 1,707 foreclosures in the county, compared with 238 during the same period last year, an increase of more than fivefold."

Foreclosures in April shatter March record

Economic Armageddon Is Coming
 

The skyrocketing cost of debt
"Credit card debt, less than $8 billion in 1968 (in current dollars), now exceeds $880 billion, more than tripling since 1988, adjusting for inflation, according to the Federal Reserve Bank. Penalty fees alone cost consumers $17.1 billion in 2006 — up from $12.8 billion in 2003, adjusted for inflation, according to R. K. Hammer, a bank card advisory firm. In part because of the debt burden, the consumer savings rate fell below zero percent in 2005 and has stayed there."
Couple Learn the High Price of Easy Credit

America: Freedom To Fascism

Home inventory glut worsens across America
Greater Chicago inventory of unsold homes approaches 68,000
Detroit surpasses 67,000
Phoenix reaches 47,000!
Inventory Tracker Update

Friday, May 18, 2007

Solano County California median home decline continues
Median price drops $32,000 under April 2006 price
"The median sale price in Solano County last month was $428,000, down 7 percent from the $460,000 median price a year ago. The March figure was $445,000."
Solano home sales dip 37 percent year to year in April

A warning on housing

San Luis Obispo County, California home prices falling!
Biz Buzz: County housing market continues its slip


Home prices slip, supply up: Oregon
 - OregonLive.com

Fed chief edgy over subprime bust, flood of buyouts
 

Phoenix, AZ median home price sinks below 2006 median price!
"Home prices in the Phoenix metropolitan area have dropped 2.2 percent in the past year, compared to a dip of 1.8 percent nationally, according to analysts."
Phoenix metro median home prices fall 2.2 percent in past year

A matter of denial: The housing market

Homebuilders Rebound? April Fools!

Sonoma County Housing Market Hits New Low

Fed Chief Vows to Target Mortgage Abuses

U.S. Stocks Slip on Housing Concern

Data suggest US housing slump may continue

Subprime Shake-Out: Where Do We Go from Here?

Lengthy housing slump expected

All Bets Are Off for Housing Sector Recovery


Credit Market Bubble' May Be at Bursting Point

San Diego foreclosures high, but other CA cities are worse


Why Mortgage Foreclosure Rates are Skyrocketing

Flip That House - Exposed!

Thursday, May 17. 2007
 

Florida housing market still sinking as prices continue decline!
"The statewide existing-home median sales price was $237,000 in the first quarter; a year ago, it was $243,500 for a decrease of 3 percent."
Existing home sales still falling, 2006 profits gone

Ventura County, California home prices dip below year ago levels!
Median price falls more than $12K below April 2006 price!
"Ventura County's median price for new and existing homes and condominiums was $572,000 in April, down 2.4 percent from the same month last year..."."
Ventura County housing slowdown linger
 

Housing glut: From bad to worse

New chart shows cities with biggest declines in asking prices
Florida cities, Cape Coral and Miami take top two spots for biggest price drops.  Phoenix, Tampa, and San Diego round out the top 5.  Los Angeles and Detroit make top 10 worst declining cities.
See full size chart

Subprime Shake-Out: Where Do We Go from Here?

Sad victims of scam loans:
Real estate agent takes interest only loan for million dollar home
(Does he know that he is not paying-off any principle of the loan?)
The Late Great Housing Bubble: report
Past due & Pay day!


US Housing Sector is Crashing, False Housing and Jobs statistics to eventually benefit Gold

Housing Schizophrenia

Liar Liar Loans on Fire
"With defaults on the rise, liar loans have been getting a lot of press as of late. Lenders who are comparing loan applications to actual federal tax returns are finding that more than 60 percent of applicants are exaggerating their income to qualify for a loan. "
60 Percent of Liar Loan Applicants Exaggerate Income

No government aid for foreclosures, poll says

Housing Slump Continues in April

Homebuilders Rebound? April Fools!
 

Florida foreclosure fiasco gets frightening!
"The number of homeowners falling behind on their mortgages nearly quadrupled in St. Lucie County last month compared with a year ago, but remained nearly unchanged in Palm Beach County, RealtyTrac said Tuesday."
Foreclosures up in Fla., U.S.

Housing Slump May Linger


Housing hasn't hit bottom

Subprime Shake-Out: Where Do We Go from Here?

U.S. Economy: Housing Decline May Persist, Production Gains


Permits Plunge, Standards Tighten, Inventories Rise

Housing: Still searching for a bottom

Mass. foreclosure auctions quadruple in April

The Dark Side of the Credit Boom

The Bad News On Condos

A kinder, gentler mortgage lender
 

Mortgage apps in surprise dip

Wednesday, May 16, 2007

Home prices continue to fall nationwide!
"Nationwide home sales prices dropped in the first quarter – down 1.8 percent from a year ago"
"More than a third of the U.S. housing markets that the Realtors surveyed saw drops in home prices during the quarter. It was the third consecutive quarter of lowering prices."
U.S. home prices fall 1.8 percent
 

Riverside, California county sees more falling home values / rising inventories!
"Home prices in Riverside County fell in April for the first time in a decade as buyers continued to gain market power from large numbers of unsold houses, a research firm reported Tuesday."
Home prices fall locally, nationally

 April Home Sales Hit Decade Low

Pain of Inland housing slowdown intensifies

Housing on shaky ground

Housing Market Still Under Pressure

Home builders: No recovery till '08

60 Percent of Liar Loan Applicants Exaggerate Income

San Jose "owners" struggle with mortgages they can't afford

HSBC Finance's First-Quarter Net Income Falls 39%

Lenders get tougher

Further slowdown for Southland home sales

Six bubbles and how they played out

Most U.S. Stocks Fall on Housing Concern

Squeeze on Wage Earners Accelerates

Mortgage Defaults Rise 62 Percent

Colorado foreclosure rate up 57 percent

U.S. Median Home Price Tumbles to 2-Year Low in Slump

California Central Valley leads the nation in foreclosures

Tuesday, May 15, 2007

Spring home sale: San Diego homes 50% off!
"At the San Diego sale, houses and condos typically sold for about 30% below the previous sale or appraisal prices. In a few cases, the discounts were around 50%"
"A four-bedroom home in Oceanside, Calif., attracted a high bid of $495,000 at the auction, 33% below the sale price recorded in November 2005 for the property. One condo in San Diego sold for $120,000, less than half of its previous value."
Mortgage Woes Force Banks To Drop House Prices

San Francisco: 40% of last year's loans are near default

Latest count of major US mortgage lenders that have croaked since late 2006:
66 Lenders have gone bye bye
Implode-o-Meter

Groups urge lenders to suspend foreclosures

Vegas home prices keep sinking
Median price now $23K under Aug 2005 price
HousingTracker: Median Home Price & Inventory Data for Las Vegas, Nevada

San Diego, CA median home price continues tumble
Median sinks to $55 under Aug 2005 price
HousingTracker: Median Home Price & Inventory Data for San Diego, California

Cooling Housing Markets Make Job Candidates Reluctant to Relocate : RISMedia

End the Debt Trap
and start
a New America!
Yes, we can get ourselves out of debt and bring the cost of living back to reality.  We shouldn't need to be working 2 jobs and getting massive loans, which dig us deeper into debt, to be able to afford a home! 
We don't have to have millions of Americans going into foreclosure because of a bursting housing bubble and tumbling economy.
We don't have to have millions of illegal immigrants sent here to cause more overcrowding and housing shortages!
We shouldn't need to give 20% or more of our paychecks to the government through income taxes!
We do not need a private bank called the "Federal Reserve" to manage our monetary system which has eliminated the free market that is supposed to be the basis of our economy!
Does all this sound too good to be true? IT'S NOT!
We have the power to abolish the Federal Reserve and end the IRS completely!
How? Just vote for Ron Paul 2008 and bring back common sense values and end big government corruption.
Bring Back Power to the people in 2008!
Ron Paul speaks
..
visit the Ron Paul info center


Banks tightening mortgage-lending standards: Fed

As real estate market loses sizzle, landlords offer more deals

Bank CEO Says He Saw Writing on the Wall Early

Accredited Home dips as "significant" loss seen

Update on the Subprime Bailout

Real estate pros say publicity can shape market's psychology

Two trade groups want loosened Fannie legislation

Weak spring may drive home prices lower

California foreclosures already forcing price cuts up to 50%

"No Closing Cost" Mortgage Advertising Is A Lie!

Chicago condo sales down 46% in first quarter

'60 Minutes' puts Realtors on defensive

Idaho Not Immune to Falling House Prices

Mortgage brokers cashed in on U.S. housing bounty

Palm Beach Owners don't budge as houses sit unsold

Former Ameriquest Workers Tell of Deception
 

Monday, May 14, 2007
 

Orlando, Florida median home price sinks below April 2006 level
"The median price in the core Orlando market dipped 3.1 percent compared with April 2006. It was the first year-over-year decline since the 1.9 percent decrease in February 2002, and the biggest drop since a 4.6 percent slump in 1999."
Year-over-year home prices drop for first time since 2002
 - Orlando Sentinel :
 

Serious home price decline in Tracy, California
Median crashes $40K below April 2006 price!
"The median sale price of homes has dropped from the same time last year, from $560,000 to $520,000. Meanwhile, the median list price"
That sinking feeling

'Til Debt Do Us Part
Think twice before marrying that home-debtor
"Debt really has an impact," Brumley says. "Debt is shackles, and you are also shackling your spouse."
Spouse's debt becomes yours

Waiting for the stock market crash!
The housing and automotive industries are already in serious decline.  As soon as stocks finally crash, the full-blown recession will be upon us!
"But while the stock market's partying, economic growth is the weakest it's been in four years. Two key parts of the economy - housing and auto sales - are already in recession. Home prices are posting historic declines and auto sales have been tanking. And another pillar of economic growth, business spending, has been weak."
Rational exuberance
 

The coming stock tumble
"U.S. stocks will lose ground next week, pressured by a series of economic reports and corporate financial results that are expected to show the impact of a rise in consumer inflation and further weakening in the housing sector, market strategists said."
CPI, housing weakness seen weighing on stocks
 - MarketWatch

Tug of War: Owners don't budge as houses sit unsold
 

The crash of the Middle Class!
"The middle class today is less prepared for an economic emergency, such as losing a job or visiting an emergency room, than at any time since the late 1970s, concludes a new study from a political think tank in Washington, D.C., that's funded by Democrats."
Middle class living on the edge? - MSN Money

Lereah out with a Bang

Realtors will say anything to drum-up business
Many sucker home-buyers believed the hype and bought at the peak of the bubble!
"It's a great time to buy or sell a home," declared a print ad that ran in dozens of major national newspapers late last year from the National Association of Realtors."
"Six months later, though, that rosy, upbeat message contrasts starkly with the facts: 2006 was the worst real-estate market in five years. Sales dropped 8.4%, and home prices rose a meager 1.1%, according to data from the association's own research arm"
The Housing Market's Great! (Or So Say Ads From Realtors)

Housing is falling much faster than reported

Study: Watch housing inventory

Housing market decline forces some big builders to sell land bought during boom

Hands Off: Allstate Bails On Golden State

Foreclosures part of same old cycle

Even after recent price declines, SD still overvalued!
Forbes: San Diego homes most overpriced

Vermont Housing Market in Deep Freeze?

New Century 'uncertain' it may ever file financial statements

LendingTree lays off 440 in Irvine office

Another subprime lender takes dive / massive job cuts!
"Because it expects heavy losses, Accredited said it has taken steps to cut costs, reducing its work force by 30 percent from 4,200 employees to 2,900 since Dec. 31."
Subprime lender in San Diego sees big losses

California new home sales down 37 percent in March

Credit-score panacea failed to stop US mortgage crisis

Friday, May 11, 2007

California new home sale prices continue dive!
"California's new home sales fell 3.7 percent in March compared with February, the California Building Industry Association said Thursday."
"The association tracks major new home communities across the state using data from Hanley Wood Market Intelligence. It calculated that the median asking price for new construction in March was $449,227, a drop of about 3.4 percent from February."
Home prices down, sales still slow
 

Another California city sees median home price crashing!
Merced sees median home prices plummet $70K below 2006 price!
"Skyrocketing foreclosures, dropping home prices and plunging real estate sales are a "major concern" for Merced's economy, according to a new report from economists with Capital Corp. of the West, the parent company of County Bank."
"Merced's median home price stood at $302,750 in March, down from $372,500 in March 2006, according to figures from DataQuick Information Systems cited in the report."
Housing a 'major concern' for bank
 

Falling home prices causes retailers to
see one of the worst months ever
Housing decline has American consumers spending less
"What was once a dull pain behind the eyes is threatening to become a full-blown migraine for the nation’s retailers. On Thursday, they reported one of their worst monthly sales performances ever, raising concerns that higher gas prices and a weakening housing market are eating away at consumer spending."
April proves the cruelest month

Minneapolis / St Paul, Minnesota home prices drop again last month
"There's more tepid news for the housing market: Twin Cities-area home sales last month were almost 10 percent behind last April, and the median sale price is down almost 4 percent, according to a report Thursday from Twin Cities-area Realtor associations."
Home sales lag; median price falls

Foreclosure rip-offs growing trend!

Foreclosure 'rescue' scams exploit more homeowners

Fake foreclosure specialist rips off bank for $1 Million
 

Phoenix, Arizona area sees median home price sink!
Median price in Scottsdale falls $78K since March!
"Scottsdale's median price for resale homes fell 6 percent in April from a year ago, according to a monthly report released Wednesday by Arizona State University's Realty Studies Office."
"Scottsdale's median home price of $557,500 is down from $593,000 a year ago and $635,000 in March"
Median price for Scottsdale homes falls 6%

Subprime woes hit buyers

The Data Lies

Future of the Southern California Housing Market: Interview With Rich Toscano

Mortgage company husband/wife duo get busted for fraud!
"The husband-and-wife owners of a Vallejo mortgage company and three other people were arrested today for their roles in an alleged $3.5 million real-estate fraud in Alameda County, authorities said."<