Your Place for Housing News & Tracking Real Estate
Prices!
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US Housing Update / Real Estate Decline.com:
sounding the housing bubble alarm since 2004
As foreclosures mount, Florida court turns to 'rocket docket'
Lee County, Florida, is one of the hardest-hit areas in the country and
presents a microcosm of the national housing dilemma. With home prices down
about 50 percent from their peak and unemployment now at 10 percent, the area
is littered with "For Sale" and "Auction" signs.
CNN International
Problems no bailout can solve
OpEdNews, PA
If an over-expansion of private credit were the reason
for the crash, does it make sense to create a new debt bubble--constituted
with reams of new Treasury ...
Mortgage Plan Aids Liars About Income, Amherst Says
Bloomberg
Under Obama’s plan, a borrower who qualified for a 6
percent interest-only “stated income” loan of $250000 by claiming income of
$45000 a year while ...
Some Vegas Zip Codes See 64% Home Price Declines!
The rest of the valley was plastered with declining percentages in double
digits, led by a 64 percent plunge in 89030, a ZIP code in North Las Vegas that
shows up among the hardest-hit foreclosure areas in the nation. Median home
prices there dropped to $64,900 from $180,000, a difference of $115,100. Recession sends home values down in many Las Vegas Valley ZIP codes
Sellers Need To Offer Tempting Home Prices
Tampa Tribune, FL
By SHANNON BEHNKEN As much as home prices have fallen -
and they've plummeted nearly 30 percent since their peak - apparently some
sellers still need to ...
Taxing times for homeowners
NorthJersey.com, NJ
BY MAYA KREMEN Homeowners will likely file a mountain
of tax appeals this year, hoping the real estate crash will provide a silver
lining — relief from the ...
Hard to forecast end to US housing crisis: Shiller
Reuters
... US housing prices will hit bottom because the
economy is deteriorating so quickly, economist Robert Shiller, co-creator of
the S&P/Case Shiller index, ...
Real estate speculators to the rescue
Boston Globe, United States
Yet none other than Yale housing guru Robert Shiller
has warned of the danger of a second wave of speculation, one that could tank
the real estate market ...
Financial fix? Abolish the Fed, says congressman
WND.com, OR
Ron Paul of Texas says he has at least part of the
answer: abolish the Federal Reserve. "Abolishing the Federal Reserve will
allow Congress to reassert its ...
California's Inland Empire Home
Prices Decline to 2002 Levels
The prices were the lowest January medians -- the level at which half the homes
sold for a lower price and half sold higher -- seen since 2002, said DataQuick
analyst Andrew LePage. The last time Riverside County's median price was below
$200,000 was February 2002, when it was $193,500.
Falling prices boost Inland home sales
Press-Enterprise, CA
Give me liberty or give me debt
MLive.com, MI
... Ron Paul of Texas, understood the relationship
between our Federal Reserve ("Fedzilla," as some call it) money system and
America's financial crisis. ...
Obama's mortgage plan up against fast-rising defaults
Los Angeles Times, CA
The result has been "millions of unnecessary
foreclosures, weighing down home prices and creating a lot of external
costs for neighborhoods, communities and ...
Vegas Homes Prices Sink Down to 2003 Levels - Nevada
The resale median price is $155,000, the lowest price
since January 2003, Smith said.
Number of new home sales is lowest on record
Las Vegas Review - Journal, NV
Area home sales continue descent -
Pittsburgh, PA
The median house price declined 5 percent, from $109000
to $103500.
Pittsburgh Tribune-Review, PA
No Doubt: The Worst is Yet to Come
Financial Sense Online, CA
I guess to many lawmakers were ‘die hard’ housing
bulls, never expecting another down turn in the residential housing
market. Was this really that hard to ...
US Home Prices Now Back to 2003 Levels!
The NAR said distressed sales, which includes foreclosures, accounted for 45
percent of transactions in that quarter, dragging down the national median price
of existing single-family homes to $180,100. It was the lowest since the second
quarter of 2003 when it was $177,900.
US Existing Home Prices Fall to 2003 Prices
Forex Hound, NY
The Economists Who Missed the Housing Bubble Are Coming After
Your Social Security!
Word has it that President Obama intends to appoint a task force the week after
next which will be charged with "reforming" Social Security. According to inside
gossip, the task force will be led entirely by economists who were not able to
see the $8 trillion housing bubble, the collapse of which is giving the country
its sharpest downturn since the Great Depression.
TPMCafé, NY
Our View: Reinflating the housing bubble?
Appeal-Democrat, CA
Yet government at all levels seems committed to trying
to artificially reinflate the housing bubble. Furthermore, the state is in
tremendous budget crisis ...
Obama May Press Banks to Cut Mortgage Payments
New York Times, United States
The plan, to be announced Wednesday, is expected to
include government subsidies for reducing a borrower’s interest rate,
which a lender would have to match ...
How one family avoided foreclosure
The Herald-Times (subscription), IN
They had to write a cover letter explaining how their
circumstances had changed for the worse with the loss of teaching hours, and
how now that their son ...
Monday, 02.16.2009
SoCal's Inland Empire Home Prices Crash More
Than 50%!
in just two years the median price of an existing home in the two-county
region has plunged more than 50 percent, from $410,000 to under $191,000,
according to the California Association of Realtors. And there is no sign that
the price decline is over.
Inland area has winners and losers as housing prices fall
Obama’s new deal is the same old blunder
Times Online, UK
More government spending by Hoover and Roosevelt
did not pull the United States economy out of the Great Depression in
the 1930s.” The sorry facts bear this ...
Upcoming housing, factory, layoff data could be as bad as any, economists
say After falling to a record-low of 550000 annualized in
December, housing starts are expected to fall another 5% to 525000 in January,
according to the median ...
No sign of bottom yet in worst-hit sectors
MarketWatch
Home prices in Atlantic County down 7.8 percent - New Jersey
Press of Atlantic City, NJ
The decline was steeper in the county than in the US, which
saw median home prices fall 12.4 percent. The median home price
in Atlantic County was $229100, ...
Profit from the Housing Mess with ETFs According to a recent Newsmax article, Gary Shilling
forecasts that US home prices will fall a further 20% or more in 2009 which is
even more pessimistic than the 15% forecast by the renowned Yale economist,
Robert Shiller.
Seeking Alpha, NY
Mortgage Rescues Fail as Price Drops Spur Defaults
Bloomberg
“When people are underwater and don’t see an end to it,
a lot of them just walk away, even if they can make their payments, because
they don’t want to be ...
More than 25% of homes in county worth less
- Southern California
than mortgage balance
San Diego Union Tribune, CA
... San Diego neighborhood east of National City,
suffers the biggest inventory of underwater properties, with 53.6 percent
worth less than the mortgage. ...
Fla. homeless woman gets help after Obama question
"I've been praying for you," she told Obama when
he called on her. "I appreciate prayer," he smiled. "The housing
authority has two years waiting list and ...
The Financial Carnage Was Easily Predictable
FXstreet.com The Foreign Exchange
Market, Spain
On February 26, 2004 (What's Going on at the Fed?) we
noted Greenspan's odd recommendation that residential mortgage holders switch
from fixed rates to ...
Home sale prices here fall 13.7% - Washington (state)
Seattle Daily Journal of Commerce
(subscription), WA
By JOURNAL STAFF The median sales price of existing
single-family homes in the Seattle-Tacoma-Bellevue market was $325900 in the
fourth quarter of 2008,
Metro Detroit home sales rise but prices decline - Michigan
Detroit Free Press, United States
But there is still more inventory to clear out with
foreclosures continuing to come on the market. And that will keep the
median sales price low until ...
Foreclosures continue upward climb in Valley - Arizona
Arizona Republic, AZ
Home prices fell 7 percent from December's median
resale price of $146000, according to ASU. In the past two months, a high
volume of sales in Phoenix at ...
Is This 1930 All Over Again?
Seeking Alpha, NY
The Great Depression started with the stock market crash
of 1929, but the markets didn't bottom out until 1933. Along the way there
were several major ...
Calling the end of the housing downturn
Boston Globe, United States
He may be brave, or just plain foolhardy, depending on your
perspective, but Mark Zandi is calling the bottom of the housing market
slide. ...
US mortgage applications slump to 8-year low
Reuters
"In addition to waiting for the rate, you have home
prices continuing to come down, so why would I pay $200000 today when I can pay
maybe $180000 in a ...
Home Prices in Arkansas Not Falling Fast
KARK, Little Rock
Arkansas is well below the national average when it comes
to how much home prices dropped in 2008. Nationwide, prices dropped almost
14-percent. ...
Home sales slow as prices continue tumble
- Nevada
Las Vegas Sun, NV
Median home prices fell 8.6 percent in January to $160000
and show no sign of abating. The price is 49 percent below the market high of
$315000 recorded by ...
The casino society
Rochester City Newspaper, NY
So the housing bubble bursts and there's not only all
of this bad mortgage debt out there, but there's also all of this credit card
and unsecured debt; ...
Foreclosure auction unsuccessful
The answer Wednesday was a resounding no. Out of 14 foreclosed-upon homes up for
their requisite auction on the steps of the Washington County Courthouse, not
one received a single bid, and those present said it was pretty clear why.
Hagerstown Morning Herald, MD
Homeowners emerge from denial
San Francisco Chronicle, USA
... TV news reports and respected indexes such as Case-Shiller
trumpeting the onslaught of foreclosures that caused home prices to fall
faster than a rock ...
Tuesday, 02.10.2009
2009: Not A Good Year To Buy A Home! The home price plunge is a long-way from being finished.
Here are the big reasons why it's best to wait to buy a home... 5
Reasons Not To Buy A Home In 2009
1000 US banks may fail; 'avoid the bank stocks'
Philadelphia Inquirer, PA
"We have raised our estimate for the number of bank
failures to upwards of 1000, from 200-300, over the next five years." They're
basing that estimate on ...
Federal
Reserve's Scam-ulus Package!
According to Bloomberg News (Monday, February 9, 2009), "The stimulus package
the U.S. Congress is completing would raise the government's commitment to
solving the financial crisis to $9.7 trillion, enough to pay off more than 90
percent of the nation's home mortgages.
PRESIDENT & CONGRESS GROVEL BEFORE THE FED
NewsWithViews.com, OR
Economic Fascism and the Bailout Economy
Lew Rockwell, CA
But, except at the Federal Reserve, the agencies are
run by lawyers and by appointees who hope to get a fat lobbying salary when
they leave the government. ...
Credit bubble pushed Realtor forecasts off course
OCRegister, CA
National Association of Realtors’ chief economist Lawrence Yun
told an Orange County crowd today that he failed to foresee the depth of the
housing crash ...
Monday, 02.09.2009
Home Prices Will Fall Another 25% Before Housing Hits Bottom?
Because home prices have risen exponentially faster than income,
there are four criteria necessary if the housing market is to recover in the
next 12 months:
1. A 25 percent increase in the median income.
2. A 25 percent decline in home prices....
It's no time to bet on housing market
n Florida, Despair and Foreclosures
New York Times, United States
Foreclosures multiplied. The median home price in
the Fort Myers area dropped to $215200 in December 2007, from a peak of
$322300 in December 2005. ...
Home prices fall in popular suburbs (Illinois)
Chicago Sun-Times, United States
The current median price of a home in
Chicago-Naperville-Joliet is $230000, the report said. Sales of single-family
homes decreased by 45.8 percent in ...
Ron Paul: Democrats / Republicans: Both Guilty In Bailout
Robbery of Taxpayer funds & Further Crashing U.S. Economy!
Ron Paul Blames Both Parties
USHousingUpdate.com / YouTube
Valley housing industry tanks as sales
of new homes plunge (San Joaquin Valley, California)
Modesto Bee, CA
New home sale prices fell to a median $245500 for those
that closed escrow in Stanislaus during December. That was nearly 44 percent
below the $435250 ...
United States Progresses Down the Path to Depression
Midas Letter, OR
However, with this flawed former line of reasoning, the
same people come to the erroneous conclusion that solving the housing crisis
will solve the whole ...
Commercial Real Estate Bubble Is Set to Burst
Seeking Alpha, NY
Although there will be many similarities, the collapse
in the commercial real estate bubble will be a beast of different nature.
Currently there are about ...
Dr. Doom got it right
Indianapolis Star, United States
First, the standard analytical explanation: Roubini
said he studied a chart in economist Robert J. Shiller's book "Irrational
Exuberance. ...
Developer Billion Dollar Bailout Hidden in Stimulus Bill
San Diego Reader, CA
They tried to push this in the Housing stimulus but got
so much blow back from citizens that they took it out. Now its back, hidden
under the guise of ...
Friday, 02.06.2009
Bomb of Adjustable Loan Resets Coming in 2009 - 2010:
Home values continue to plunge!
Of the $200 billion of these loans outstanding, almost $30
billion is due to reset this year and $67 billion in 2010, according to Fitch
Ratings, a New York-based ratings company.
Bomb will hit real estate market as ARMs reset
TheNewsTribune.com, WA
Five reasons not to buy a home this year
MarketWatch
Other home price measures haven't painted a rosy
picture either. According to the Case-Shiller home price index, values in 20
major US cities fell 18.2% in ...
Housing industry welcomes homebuyer tax credit
The new credit, approved by the Senate Wednesday night, works like this: Buyers
would get 10 percent of the purchase price of any home, up to $15,000, applied
to their tax bill.
The Associated Press
Housing slump hits northeast Phoenix - Arizona
Home sales and prices were down and foreclosures up
throughout northeast Phoenix as the nationwide housing slump continued through
2008. ...
AZ Central.com, AZ
Raleigh home prices fall by 2.5% - North Carolina
Bizjournals.com, NC
Home prices in the Raleigh area dipped by 2.5 percent in
the fourth quarter, according to new data from real estate company Zillow.
...
Reinflating the housing bubble
Of course, in practice, this is a tax giveaway to the upper middle
classes—the sort of people who already can afford to buy houses rather than
rent—and encourages the same sort of dangerous real estate speculation that
helped create the recession we’re in.
PopMatters, IL
Why the Housing Market has Yet to Hit Rock Bottom
TIME
... AP News came out that pending home sales moved up
6.3% in December and this caused a lot of conversation about the housing
market finding a bottom. ...
Parallels With the Great Depression
The New American
This false conceit was responsible for a revolution in
the relationship between the federal government and the private sector,
transforming America from a ..
Thursday, 02.05.2009
Housing Crash Just Begun: Says Housing Bubble Predictor /
Real Estate Expert John Talbott!
American home values will fall down to 1997 prices!
Talbott is an oracle with a track record: His previous books
predicted the collapse of both the housing bubble and the tech-stock binge
before it. A friend who runs a New York steak house introduces him as Johnny
Nostradamus, he says.
So how far will the price of your home on the range fall?
Citing historical data and trends, Talbott concludes that real
prices should return to their average 1997 levels, adjusted for inflation. Why
1997?... US Housing Slump Has ‘Just Begun,’ Says Forecaster Talbott
Tax Credit for Homebuyers Passes
New York Times, United States
But Democrats, including President Obama, have said
they would prefer for a broader housing/mortgage package to be considered
separate from the stimulus ...
Economy forces jump in suicide calls
Tampa Bay's 10, FL
The number of suicide calls has doubled, said Director
of Marketing and Communications Carissa Caricato. In 2008, there were 21545
mortgage foreclosures ...
High re-default rate focuses scrutiny on home loan help
Santa Rosa Press Democrat, CA
"Not just that the number is high, but that it keeps
getting worse each month." Many in Congress are questioning the effectiveness
of loan-modification ...
Foreclosures rise 172 percent -
Washington (state)
Lynden Tribune, WA
This has been accompanied by a 4.5 percent decrease in
the median sale price of homes. The median sale price for a Whatcom County
home is now $276900. ...
California homebuilding depression to deepen in 2009
Central Valley Business Times, CA
Housing production in California in 2009 is expected to
decrease from the already record-low numbers seen in 2008, the California
Building Industry ...
Bozeman home prices slip down -
Montana
The Bozeman Daily Chronicle, MT
From a peak of $340851 in 2006, Bozeman-area home
prices have fallen $32001 or 9.3 percent in two years, according to figures
compiled by the 800-member ...
Record 19 Million US Homes Stood Vacant in 2008
Bloomberg
The worst US housing slump since the Great Depression
is deepening as foreclosures drain value from neighboring homes and make it
more likely owners will ...
Economist predicts 2011 housing turnaround
Tampabay.com, FL
Another fact that stood out was the depth of the
housing depression in Lee County, namely Cape Coral. It's such an overbuilt
backwater that Fishkind assumes ...
More families move in together during housing crisis
USA Today
The housing market is drawing some families together,
but challenges include lifestyle differences, generational differences,
depression, money squabbles ...
Fed Monetizes Debt, Investors Buy Gold
Gold Seek
Since mortgage rates are closely tied to the 10-year
treasury yield, the Fed stands ready to buy government debt and help make
housing more affordable via ...
We Need Real Change
ToTheCenter.com, NY
I watched as the Fed lowered the interest rate in the
wake of the .com crash and artificially created the housing bubble. I knew
that it, too, would pop and ...
US Housing Crisis Pushing Up Homelessness
Center for Research on
Globalization, Canada
Markee traces the homeless surge back to the early days
of President Reagan who “set about systematically dismantling federal housing
programs, ...
San Diego High End Home Market Collapses as
Inventory Hits 5 Year Supply
It takes 5 years to sell all the homes over $4 million listed for sale on San
Diego's MLS.
Months supply is the number of homes for sale / the number of homes that had
accepted offers in the last 30 days. A healthy market has a 3-5 month
supply of homes...
Who wants expensive homes?
CaliforniaHousingForcast.com
Stimulus Packages Will Turn Recession Into A Depression
Baltische Rundschau, Lithuania
Paul urged. "If you want to regulate, regulate
Government agencies, regulate the Treasury, regulate the Federal Reserve. The
Federal Reserve has no ...
