A Task For US Government: Suspending Foreclosures In The Gulf
Citigroup (NYSE: C) said it would halt foreclosures in areas 30 miles or less from the Gulf oil spill and suspend evictions for people in homes in the region for 90 days. The federal…
Housing
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Newest first · Page 194Housing Bleeds Out
Perhaps it is the expiration of housing tax credits, or high unemployment, or fears about a second recession. The Commerce Department said that housing starts in May were awful Privately-owned housing starts in May…
Another Dagger Into Housing’s Heart: Defaults Rise
There has been a great deal of data from the federal government that people who have received modified mortgages end up defaulting on those home loans. The number is estimated at 30% to 40%.…
Builder Confidence Flags, Housing Double Dip
The double dip in housing has caught up to another important player. The National Association of Home Builders/Wells Fargo Housing Market Index dropped sharply in June. Recently, mortgage application dropped another week-the fifth in…
Fannie Mae And Freddie Mac Bailouts Could Cost $1 Trillion
The cost of the bailouts of Freddie Mac (NYSE: FRE) and Fannie Mae (FNM) could rise as high as $1 trillion, according to Bloomberg. Even the most modest projections call for the price tag…
Foreclosure Rates Settle, But At Historically High Levels
The foreclosure rate in the US is not getting any worse, but unfortunately, it is not getting any better. According to RealtyTrac, May foreclosures were 322,920. That number was a 3% drop from April…
Another Sign Of Major Housing Slump–Weekly Applications Fall Again
The end of federal tax credits for home buyers which were as high as $8,000 ended in April. That almost certainly took some of the wind out of any improvement that economists hoped to…
Home Sales Up, But Tax Credit And Jobs Threaten
Pending home sales rose again in April. But, the trend likely reversed itself in May. The housing market improvement may simply be a mirage. The National Association of Realtors reported: The Pending Home Sales…
Lumber Prices Have Crashed On Weak Outlook For Builders
On May 17th and May 25th, the Chicago Mercantile Exchange stopped trading in lumber futures because the contract price had fallen by the maximum allowable amount of $10. On the 25th, lumber was halted…
Case-Schiller Shows Housing Market Still Broken
When it rains, it pours. On top of trouble on the Korean peninsula, Eurozone sovereign debt concerns, and a belief the US economy could be heading back into reverse, the S&P/ Case-Schiller Housing Index…
Existing Home Sales Power Higher In April, Won’t Last
Adding to the mixed results on the US real estate market, the National Association of Realtors said existing home moved sharply higher in April. But, the numbers were almost certainly an aberration. “Existing-home sales,…
Mortgage Delinquencies Soar
On the back of today’s news that mortgage applications had fallen, the Mortgage Bankers Association reported that the delinquency rate for mortgage loans had jumped higher in the first quarter of 2010 when compared…
Housing: Mortgage Applications Plummet
Housing prices, already under pressure because of unemployment and the number of defaults, are likely to continue their drop. There are fewer and fewer buyers in the market. And, the federal government’s tax credits…
The Further Weakening Of Housing
Mortgage rates hit their 2010 low on April 13 at 4.93%. At the same time, RealtyTrac announced that homes which were repossessed hit an all-time high of 92,432 in April. The figure for the…
The Thirteen Housing Markets That Will Never Recover
New RealtyTrac numbers show that in April there were well over 300,000 foreclosures and the figure in on track to be higher in 2010 than in 2009. Several research firms say that underwater mortgages…