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."
Prices dip as home listings rise
Auburn Journal, CA 

Hundreds delinquent on taxes - Modesto, CA
Modbee.com

The Coming Credit Meltdown
Wall Street Journal 

After tax cuts from Bush this is how rich Americans are planning to milk the Government - mortgage frauds and bank rip offs to be paid by American middle-class
IndiaDaily

Slump's a plus for housing hopefuls
Daily Breeze, CA 

No mortgage bailout this year, experts say
SignOnSanDiego.com

If lender goes bust, what happens?
Cincinnati Enquirer, OH 

Putting Home Sellers on the Couch: The Psychology of why Sellers Refuse to Lower Prices
Dr Housing Bubble

Renters hold cards in today’s market
The News-Press, FL

FTC Confirms That Most Homebuyers Couldn't Identify Mortgage Amount
SeekingAlpha

Best Buyers Real Estate Market Ahead
Fast Pitch!

Forecasters predict further housing market slump
Christian Science Monitor, MA 
Foreclosure rates have recently reached record levels and may continue to rise over the next year as adjustable-rate mortgages reset for more borrowers. ...

Homebuyers roll the dice
Denver Post, CO

San Joaquin County housing market takes a hit
RecordNet

Friday, June 15, 2007

Los Angeles home Median asking price now $75K under Aug '05 peak!
housingtracker/California/LosAngeles
Chart tracks LA median price decline since Aug '05 Peak

 

Report: Home prices decline nationwide, local market undervalued: Ohio
Washington Business Journal, DC

Lowball offers on homes will bring sane prices back sooner
Lowball Time in the Burg - Part II
NYCHousingBubbleBlog

Biggest jump in interest rates in 4 years!
"The average rate on 30-year fixed-rate loans climbed to 6.74 percent for the week ending June 14, from 6.53 percent the previous week. That marked the biggest one-week increase since July 2003."
Mortgage rates: biggest spike in 4 years
CNN Money

Home sales drop in numbers, price
(Maricopa County, AZ)
Washington Business Journal, DC
The median home price also dropped to $262000 in May, down $3000 from the same time last year.

US Mortgages Enter Foreclosure at Record Pace (Update3)
Bloomberg

Freddie Mac Posts 1Q Loss of $211M
Examiner.com 

Sun Belt housing 'flips' backfire
Washington Times, DC 
People with homes in cities, resorts and coastal areas hit by heavy rates of foreclosures will see their home values driven down as houses are auctioned off ...

Foreclosure Math: 4 + 3 = 1 Big Mess BusinessWeek In foreclosure mathematics, 4 plus 3 equals 1, as in one big mess. At least that's the way it seemed at today's conference call for journalists by the ...

Federal Reserve weighs mortgage options
Modesto Bee, CA 

The Foreclosure "Rescue" Racket
BusinessWeek 
With the housing bust in full force and millions of homeowners facing foreclosure, the sketchier side of the real estate industry is coming into view. ...

You Want Mortgage Rates? You Can’t Handle the Rates!
Why Rates only Matter to Over Leveraged Owners and Banks: A Few Good Mortgages
DrHousingBubble

Mortgage-payment woes hit home
nwitimes.com, IN 

Group Tackles High Foreclosure Rates in Las Vegas
KLAS-TV, NV 

Thursday, June 14, 2007

Down with the Fed? Not Quite...
Lawmaker threatens to remove Fed power
The Wichita Eagle, KS 

San Diego foreclosures continue upward explosion!
New Chart (by Lee Williams)

Click here for full -size chart (bubblecharts)

Foreclosures Reach Record Levels Across Country
13abc.com, OH

Washington Post: U.S. economy crashing!
Will this be the return of debtor's prisons?
"It’s official. Mark your calendars. The crash of the U.S. economy has begun. It was announced the morning of Wednesday, June 13, 2007, by economic writers Steven Pearlstein and Robert Samuelson in the pages of the Washington Post, one of the foremost house organs of the U.S. monetary elite."
"The fact that the crash is now being announced by the Post shows that it is a done deal. The Bilderburgers, or whomever it is that the Post reports to, have decided. It lets everyone know loud and clear that it’s time to batten down the hatches, run for cover, lay in two years of canned food, shield your assets, whatever."
"Every candidate except Ron Paul and Dennis Kucinich treats the Federal Reserve like the fifth graven image on Mount Rushmore. ..."
It’s Official: The Crash of the US Economy has begun
Center for Research on Globalization, Canada

Everything you needed to know about American currency, the economy, and the fake Federal Reserve (a private bank)
Ron Paul on Federal Reserve, banking and economy
YouTube

Gullible Florida home bubble-buyers mad at home price declines!
Brand-new Southwest Florida homes being auctioned off for as low as $145,000 as current home owners, who paid over $300,000,  protest the price declines!
Angry Florida Bubble Buyers

Real Estate Dictionary

Bubble Buyer (bub·ble buy·er)
-noun
1. A person that purchases a home at the peak or near the top of a housing bubble.
2. Someone, who believes Realtor hype and propaganda that home prices always go up, who pays way too much for a house.

Townhomes a steal in Fort Myers
WinkNews.com

 Mortgage breakdown in Florida
One in five U.S. homes entering the foreclosure process last month were located in Florida. It's not the sort of ranking that makes you want to shout, "We're No. 1!"
St Petersburg Times

Foreclosures Are Skyrocketing
Seeking Alpha, NY
The median price for a US home slid 1.8 percent the first three months of 2007 as the housing slump entered its second year, according to the National ...

Low-ball Heaven and $5,000 homes
"And then there are all those foreclosures. The foreclosure rate so far this year is nearly double the 2006 rate. If I had the time, I'd head to America's foreclosure capital – Detroit – and attend auctions. In the space of five days last month, Hudson and Marshall auctioned 500 homes in Michigan. More than half of them sold for less than $5,000."
Go Ahead and Low-Ball Me
DailyWealth:

More battering of home prices as rates rise!
"The recent run-up in bond yields isn't just fueling a stock selloff on Wall Street. It's nearly certain to batter already battered home prices on Main Street."
Rate woes: The latest hit to home values
CNN Money

California ranks third in foreclosure filing
Orange County Register, CA

Foreclosure rates show no sign of slowing
Blogging Stocks

Why You Should Consider a 15-Year Fixed Mortgage Rate
MyFox Austin

Wednesday, June 13, 2007

Treasury bond yields hit five-year high
MSNBC
Countrywide, the largest US mortgage lender, said on Tuesday that its foreclosure rated doubled in the year to May. The upward trend in government bond ...

Foreclosures jump 90% over last year CNNMoney.com "After a barely perceptible dip in April, foreclosure activity roared back with a vengeance in May," James Saccacio, chief executive officer of RealtyTrac, ...

Protecting gullible homebuyers
LA Observed, CA

May home prices close to 2006 levels
"The median price of an Orlando-area home last month nearly matched the May 2006 price of $250,000, the Orlando Regional Realtor Association reported Monday."
Charlotte Business Journal, NC 

ZipRealty Price Reduction Index, June 2007
ZipRealty, CA 

Subprime Crash Squeezes First-Time Buyers Out of Housing Market
Bloomberg 

Rising rates, skyrocketing mortgage defaults and innumerable properties flooding the market
India Daily, NJ

Regulators Kept Quiet as Subprime Lenders `Targeted' Minorities
Bloomberg 

Will faltering housing market trigger a recession in Northern Nevada?
Reno Gazette Journal, NV
A: More likely it will trigger "depression," that is ... Those people who were counting on the equity in their homes to pay off their credit cards

Home prices falling all around Phoenix
"Compared with May 2006, the median price in Chandler fell 3 percent to $297,750. Ahwatukee Foothills saw the biggest decrease, down 10 percent to $346,500. Gilbert had an 8 percent decrease to $300,000. Tempe's price fell 6 percent to $270,780; Mesa declined 5 percent to $238,000."
Home prices fall 3% in Chandler
AZ Central.com, AZ 

Homebuilders New Mantra: Don't Talk To The Media!
CNBC

Harvard Study Shows Impact Of Immigration On Housing
Realty Times, TX

Dispute may affect millions of mortgages
Jackson Clarion Ledger, MS 

Foreclosures in Ohio up 150 percent compared to May '06
Dayton Daily News, OH 
With 13214 foreclosure filings reported in May, Ohio documented the nation's third-highest state total for the third month in a row

Real estate agents expect a summer of markdowns in Twin Cities
Pioneer Press, MN
 

Stocks Plunge on Surging Bond Yields
Orangeburg Times Democrat, SC 

Tuesday, June 12, 2007

Mega home price declines coming this summer?
"The 15-year and 30-year mortgages will rise close to 0.75% in the next two weeks. It has already reached levels where many homebuyers in the market have no choice but to abandon their desire to own homes. The new homes and old home sales will plummet badly in the next several weeks."
"The prices will collapse after that. Around the middle of August (tail end of summer) you can expect a collapse in the residential real estate market with prices crashing down 25 to 30%..."
Real estate market now on life support systems as long bond yield touches a five-year high
India Daily, NJ 

NAR: Don't Worry, Housing Prosperity Just Around Corner
Huffington Post, NY

Housing slump creates buyers' advantage
Whittier Daily News, CA 

As American economy goes into recession worldwide central banks start selling their currency against dollar
India Daily, NJ 
 

Credit scoring Corp takes away easy credit score boosting technique
Credit-Rating Standard Tightens
YahooFinance
 

Fed can't stop foreclosure form!
"A second study forecasting millions of foreclosures sweeping the nation in the next few years, says it won't matter what the Feds do to fix the problem."
Nation Doomed To 2 Million Foreclosures
YahooNews
 

Area home sales dwindling: Buyers are in control
Newszap Arizona, AZ 

Foreclosures snag more county homeowners
Santa Cruz Sentinel, CA

Feds global debt Plan!
Housing bubbles to crash all over the world
"Families have taken on 'unsustainably large' mortgages, leaving them vulnerable to the sharp increases in bond yields and official interest rates seen in recent weeks, wrote economist Dominic White."
ABN fears world housing crash
ThisIsMoneu.uk

Region's home prices slip
Charleston Post Courier, SC

Housing sales slow down in Long Beach
Long Beach Press-Telegram, CA
A National Association of Realtors report issued last week anticipates a 1.3 percent drop in the median existing home price in 2007, and a 2.3 percent drop ...

Is Florida headed for a housing recession?
Orlando Sentinel, FL 

Flipping Houses Using Unsecured Business Lines Of Credit
Emediawire (press release), WA 

WOULD-BE HOME BUYERS HESITATE
SanFrancisoChronicle

Housing Market Crashing? Yes, In Slow Motion
YouTube

Monday, June 11, 2007
 

Housing decline hits Vegas job market hard...and the worst is yet to come!
"The state's job losses triggered by the downturn in the housing market have been deeper than estimated and could worsen as homebuilders struggle with tightening credit."
Housing slump fuels big job losses
In Business Las Vegas, NV

Escape from the HOA?
'Stuck" with your HOA? Unconstitutional State Statutes further binding and costing you more? The 'Adhesive' nature of contract removing additional property rights by State Statute may be possible ground for 'Recission' for owners.
'STUCK' WITH YOUR HOA BINDING COSTS OF AND UNCONSTITUTIONAL STATE STATUES?
AHRC News Services, CA 

Real Estate Decline Inventory Tracker Updated!
Homes For Sale Inventory Surges in Most Major US Cities!
Greater Chicago soars near 70,000 listings!
Detroit approaches 69,000!
Phoenix hits 47,600!
Riverside, CA zooms past 30,000!
Housing Bubble Charts/Inventory Tracker
RealEstateDecline.com
 

S&P/Case-Shiller best index, poll says
Orange County Register, CA
"If sales are drying up the fastest in neighborhoods where prices are dropping the fastest (this is likely, sellers don't want to recognize price drops,"

Wannabe home buyers welcome slump
Arizona Republic, AZ

Townhomes a steal in Fort Myers
WinkNews.com

Job loss, questionable lending practices spike foreclosures
Muskegon Chronicle, MI

Lending's legal landscape neglected
Orange County Register, CA
"Many of those borrowers will have to refinance or face foreclosure. Refinancing is a particular challenge for borrowers who took out subprime loans because ..."

Buyers vs. sellers in home sale standoff
Myrtle Beach Sun News, SC

California median new home price tumbles more than $28K
Sacramento new home median sinks by $48K in last year
"The area's median-home price -- meaning half the homes sold for more, the other for less -- dropped 10.5 percent to $409,990, from $457,950 a year ago. California's median-home price fell 6.2 percent to $431,450, from $459,950."
New-home prices, sales drop in April
SacBusinessJournal

Banking on your home
Allentown Morning Call, PA

The subprime barn door
The Boston Globe

Foreclosure rates soar as housing market cools
NWFDailyNews.com

Furniture glut: Housing slide hurts retailers
Pioneer Press, MN

How to sell a home in this market
The Grand Rapids Press, MI

What Happens When the Boom Goes Bust?
MSNBC 

Consumer Spending to Slow Due to Housing Slump: Survey
CNBC, NJ

Legislators to decide property tax reform
Charlotte Sun-Herald, FL

Southern Nevada unsold home inventory nears all-time high as
median price continues to sink!
"The number of homes listed for sale in Southern Nevada topped 23,000 in May, just shy of the record 23,474 single-family homes for sales in October, the Greater Las Vegas Association of Realtors reported Thursday."
Homes for sale in May near record in Southern Nevada
ReviewJournal.com

Weekend Update (June 9 - 10, 2007)

Median Home Asking Price Decline (update)
Asking prices courtesy of Housing Tracker

Boston prices stuck in reverse!
Median asking price now $30K under Aug 2008 peak!
HousingTracker: Median Home Price & Inventory Data for Boston, Massachusetts

Vegas home prices Crap-out!
Vegas median nearly $30K under Aug 2005!
HousingTracker: Median Home Price & Inventory Data for Las Vegas, Nevada

Miami Home Prices Sinking Into the Ocean!
Median price now $66K under Aug '05!
HousingTracker: Median Home Price & Inventory Data for Miami, Florida

Phoenix Home Prices Sand-Blasted!
Median price now $55K under Aug '05
HousingTracker: Median Home Price & Inventory Data for Phoenix, Arizona

Home Prices Flowing South in Riverside, California
Median price $30K under Aug '05!
HousingTracker: Median Home Price & Inventory Data for Riverside, California

Sacramento Home Prices Show Declining Capital!
Median $50K under Aug '05!
HousingTracker: Median Home Price & Inventory Data for Sacramento, California

Homes Prices Continue Slide in San Diego!
Median price now $56K below Aug '05!
HousingTracker: Median Home Price & Inventory Data for San Diego, California

Dropping in DC!
Median $54K under Aug '05!
HousingTracker: Median Home Price & Inventory Data for Washington, DC

Fiat Glut Gambles Gone Wrong and Rising Interest Rates
"The U.S. economy slowed to a crawl in 1Q07 and the U.S. housing market is, by many accounts, years away from a meaningful rebound.  With this in mind, why are long-term U.S. interest rates spiking higher and why have mortgage rates risen in each of the last four weeks to rest at 10-month highs?"
"As for whether or not recent events mark the beginning of a ‘bond bear’ or simply the unwind of Greenspan’s ‘conundrum’, remember that seldom are market movements fully understood/forecasted beforehand.  The only real conundrum is why so many market participants do not believe that recessions and bear markets are the inevitable result of fiat glut gambles gone wrong."
Conundrum Unwind or Glut Rewind?
The Word

Friday, June 8, 2007

Rate Of Mortgage Debt To Housing Value Hits New High
Free Internet Press, NY 

California Realtors project 14% home sales drop
Milwaukee Business Journal, WI 

AIG charged excessive mortgage fees:
Now must help borrowers that they scammed!
"American International Group Inc. has settled with a federal banking regulator allegations that it charged homeowners excessive mortgage fees and didn't properly consider their credit ratings."
"Under the terms of the settlement, AIG is required to identify the affected borrowers and provide aid to them. The company also must hire an independent consultant to monitor its process and report back to the government."
AIG settlement costs $50 million more
BusinessWeek

How to Fix, Not Break Up, the Subprime Business
Washington Post, DC

Vegas home prices drop down to pre-2004 levels, ..and still not selling?
"With prices back to where they were before the housing boom in 2004, you would think that this is a good time to buy. The problem is sellers are reluctant to drop their price. The key is to put in low offers. While mortgage rates are at a 10-month high, 7-percent historically isn't really that bad."
Gloomy Outlook For Las Vegas Housing Slump
KLAS-TV, NV

Real estate price collapse escalating all over United States
and is threatening the economy badly
India Daily, NJ

Falling Virginia home prices/declining sales hit realtors hard!
"This is the life of a real estate agent in a market in which in the past year home sales have tumbled 30%, prices have fallen 13% and there's a one-year supply of homes for sale."
Housing slowdown smacks Realtors hard
USA Today

Unpaid property taxes soar
DetNews.com, MI
 

Prices Can Fall: In a New York Minute
Yes, Real Estate Prices Can Drop in Half--Even in Manhattan
One of the most enduring cliches of the real estate industry is that properties in "prime locations" such as Manhattan and San Francisco "never go down." Nice idea,.. but wrong.
oftwominds.com

Home prices Drop Below 2005 Levels in Cowlitz County, Washington
"The median price of houses sold here in April dropped to $170,000, down from the 12-month average of $179,350, the Northwest Multiple Listing Service reported Wednesday.
In May, housing prices fell below their levels in May 2005, marking the first year-over-year decline in the local market since October 2004."
County home prices tumble
Longview Daily News, WA 
 

Can America handle a stock market crash in
the middle of a housing crash?
"I hope this isn't news to you: Another stock market crash is on its way."
A Market Crash Is Coming
Motley Fool 

What happens when your lender declares bankruptcy?
Ventura County Star, CA

Florida:
The epicenter of the housing bust!
Hatzius believes Florida's record home price appreciation since 2000 now makes the state "the epicenter of the US housing bust." ...
Crystal gazing at home sales
St. Petersburg Times, FL

Foreclosure help unlikely
Daily Breeze, CA 

Predatory Lending Smackdown!
10 mortgage lenders sued; state alleges illegal practices
Columbus Dispatch, OH
"Predatory lending is driving Ohio's shameful home foreclosure rate," Dann said in a statement. "Today's crackdown on appraisal fraud will help protect
Ohio sues companies over inflated home values
Charlotte Observer, NC

Housing Inventory Build Worsens
Seeking Alpha, NY

As homeowners struggle, feds take wait-see approach
San Jose Mercury News, CA

Housing crisis causing bleak economic future for Worcester
Worcester Telegram, MA 

The Spring of Home Sellers' Discontent
U.S. News & World Report, DC

Better to drop asking price on current home than to take a bath on one being built
Bend Weekly, OR 

Homeowners' associations
Asbury Park Press, NJ 

Are negative savings predictor of disaster?
The Desert Sun, CA

Rates on 30-Year Mortgages Jump
YahooFinance

Thursday, June 7, 2007

Realtors grow more worried about nation's housing market
San Jose Mercury News, CA
 

50% off on San Diego homes, still not a good deal?
"In a San Diego sale recently, foreclosed houses and condos went for about 30% less than the previous sale or appraisal prices. Some homes saw discounts of 50%."
"Seeing these numbers made me suspect that many people will get overly excited by them. It may be true that a home is being sold for 25% less than it sold for last year, but you shouldn't assume that it's therefore a bargain. Just as with stocks, the past prices are much less important than the present and future."
"If a stock falls 25% from its 52-week high, that doesn't mean it's 25% undervalued or that it will soon (or ever) regain that lost ground."
Houses and Stocks
MSNBC
 

NAR Lets Hot Air Out of the Bubble
"The National Association of Realtors (NAR) is talking out of both sides of its mouth in its continuing effort to calm homebuyers as the housing bubble rapidly deflates."
From Bubble Talk to Double Talk
Motley Fool

Home prices: More pain to come
CNNMoney.com 

SECTOR WATCH: More Bad News Hits the Homebuilders
Inside Futures, IL

Frustrated home builders report dropping sales, dropping prices, and mounting losses!
"We are frustrated to report that the housing market has continued to slip further in many locations in terms of both sales pace and sales prices," commented Ara K. Hovnanian, President and Chief Executive Officer of the Company. "
Homebuilder Hovnanian Reports $30 Million Loss in Second Quarter
BuildingOnline, CA

Usually optimistic Vest sees recession ahead
Tucson Citizen, AZ
 

Negative amortizing mortgage brings
negative feelings to homeowners
"Three months ago, he got a letter informing him that his payment was going to increase. That's when he and his wife started thinking about selling the house, which was appraised at $271,000 last May and has a $223,000 mortgage."
"But their real estate agent said that they'd be lucky to get $204,900. And the difference between the home's value and what Capman owes could get worse every month because Capman got his big break on the monthly payment by taking a negative-amortizing mortgage."
Rising home rates can hit like a fist
Minneapolis Star Tribune, MN

Drop in US Home Sales, Prices Likely to Accelerate (Update4)
Bloomberg 

Mortgage rates pressure economy
Connecticut Post, CT 

How to Beat the Coming Bear Market
Motley Fool 

Global Liquidity Crisis when the Credit Boom comes to an End
Market Oracle

Wednesday, June 6, 2007


How's about California home prices dropping by 1/3?
"What we get here is a loss of 1/3 or more of the value of the family home which essentially bankrupts many of those who bought their home in the early part of this century.  And “or more” doesn’t seem any more improbable to me than the original run-up in prices did. This phenomenon is a world wide bubble in the upper end neighborhoods of urban areas.  We are the only ones in the world who try to deliver a luxury housing product to the average man.  And now we can’t do it either as our standard of living retreats for the working class."
Maybe now we can put some numbers to California’s potential drop in housing prices
Bloggers News Network

Southern California home prices to decline
back down to 1999 levels - real estate analyst
"Prices will fall in half. We'll go back to 1999 prices. It could be worse. Don't be surprised by my statement. Let's just look at what happened in the 1980s and 1990's downturns."
State of the Housing Market: Update From Schahrzad Berkland
eFinanceDirectory.com
 

Southwest Florida home sales sink to decade low!
"Our residential market set a record last month. According to the MLS, there were fewer homes sold last month then there were in any May so far this decade. In fact, comparatively speaking, more homes were sold in May of 1999 than in May 2007!"
Record low sales generating more lowball offers
News-Press

Bernanke Says `Tighter' Lending to `Restrain' Housing (Update5)
Bloomberg 


Cities with falling home prices, such as San Diego, seeing
 a spillover into other markets such as auto sales!
"As I reported recently, the head of the San Diego auto dealers' trade group attribute softness in auto sales in San Diego, and the loss of 1,300 auto-related jobs, to (a drum roll, please!) slower housing sales."
No Housing Spillover? Retail, Auto Weakness Tells a Different Story
Seeking Alpha, NY

Housing Prices: Up was more fun
Seattle Post Intelligencer, WA

Many investors feel like running away from homes
USA Today  
 

Florida foreclosures tick-up just in time for hurricane season
"As the hurricane season begins in Florida, the pre foreclosure storm is continuing to swirl, according to Default Research (www.defaultresearch.com). The nation’s fastest growing pre foreclosure research company reported that the pre foreclosure rates increased by approximately seven percent, with the largest jump in foreclosure activity occurring in Lee and Orange counties."
Florida Foreclosures Increase 7 Percent in One Month
PR.com (press release), NY

The Subprime Mortgage "Crisis" Will Fix Itself
Daily Reckoning, MD

19 of 20 major cities now in home price appreciation
 stagnation or free-fall!
(Follow story link below to see all charts, full-size)

A Look At U.S. Home Price Performance in 20 Markets
YahooFinance
 

Foreign homeowners in California get dreams shattered
by falling home values!
FilAms in SoCal suffer as home prices plummet
Philippine News Online, Philippines 

Is a subprime storm brewing?
Inside Collin County Business, TX

Real Homes of Genius: Today we Salute you Lawndale (CA)
$529,900 to $454,900 in 2 Months. Breaking the Speed Limit of Cost Cutting!
DR Housing Bubble

Many hope new law will stop mortgage fraud
9NEWS.com, CO

Foreclosure's Filthy Aftermath
BusinessWeek

Bernanke Brings Out The Bears
Forbes, NY 

Tuesday, June 5, 2007

June 2007: The month of reckoning for San Diego
adjustable rate mortgages!
"On many adjustable-rate mortgages, the day of reckoning has arrived. Many mortgages were arranged under the proviso that the loan would not be adjusted for two years. And the two-year anniversary for loans extended in June 2005 is this month."
On many mortgages, reckoning day coming
San Diego Union Tribune, CA

Foreclosure Forecast to Top 2 Million Homes
RisMedia.com, CT

Conditions Worsen For Summer Home Sales
Realty Times, TX 

Declining home prices boost sales
Boston Globe, MA

Median price of single family homes in Oahu, Hawaii sinks
$18K under March 2006 price
"The median price fell 0.8 percent, or $15,000, from the month before, to $650,000. That was down 4.5 percent from the $668,500 median of May 2006."
Oahu median home price: $650K
Washington Business Journal, DC

Subprime fiasco exposes manipulation by brokerages Daily Report, GA After years of easy profits, a chain reaction of delinquency, default and foreclosure has ripped through the subprime mortgage industry, which originated ...

Factors Forcing Housing To Crash
Patrick.net

77 major U.S. lenders have "imploded" - Implode-O-Meter
ML-Implode.com

Consumers don't know much about real estate, says CFA
Inman.com, CA

Lenders flip-flopping loans can stall foreclosure process
"Talk about shooting yourself in the foot. These days just about every mortgage is flipped by a lender to another one or sliced up into pools of securitized packages that are sold on Wall Street. The financial engineering helped oil the housing boom by making credit more available. But stalled housing prices and rising defaults have revealed a mess: In the rush to flip paper, lots of the new lenders or pools don't have the proper paperwork to show they even hold the mortgage."
You're in luck. Your mortgage lender has flipped, sliced and diced your loan--and now no one knows who holds it.
YahooFinance 

Monday June 4, 2007

Median home price in Modesto, CA falls more
than $80,000 below March '06 price!
"This March, the median-priced new home in Merced County was $310,990, which was nearly 22 percent below March 2006, according to Hanley Wood Market Intelligence."
Realty Red Flags
Modesto Bee, CA

BORROWERS BEWARE: WORST YET TO COME
New York Post, NY

Popular real estate TV show a fake?
Star of TV show "Flip This House" accused of fraud
"Now authorities and legal filings claim that Leccima's true passion was a series of scams that included faking the home renovations shown on the cable TV show and claiming to have sold houses he never owned"
'Flip This House' star accused of fraud
YahooNews

Off the Charts The Long Life Span of a Housing Downturn
New York Times, NY

Home price fall may last awhile
commercialappeal.com, TN

Foreclosure "rescue" schemes banned in Massachusetts
"Massachusetts Attorney General Martha Coakley on Friday banned so-called “rescue” schemes that entice homeowners facing foreclosure to sign over their property to a temporary purchaser, under the false hope it will help them keep the home over the long run."
Home rescue schemes banned
Nashua Telegraph, NH

Several Housing-Related Issues Could Lead to Recession
BankNet 360, NY 
 

Scary chart for sellers!
Empty homes for sale inventory skyrockets into stratosphere!
Housing charts extraordinaire Lee Williams gives us a look at the rapid surge in empty homes for sale.  This is not looking good for home sellers at all!
The rapid increase in the past 2 years looks to be the
biggest national increase of all-time!
See full-size chart here




Realtors using scare tactics and deception
 to pressure renters into buying units?
"A number of residents of the Borinquen Houses, a Jersey City low-income housing complex, have received official-looking letters offering to sell them their homes before they're made to face market rates for rent, and officials say the letter is a complete fraud."
"The letterhead states it is from the "State of New Jersey Division of Housing and Community Development," an agency that doesn't exist."
DON'T BELIEVE IT
NJ.com

San Diego housing market continues slip towards recession!
Foreclosures boom 600% higher than last year!
"The bottom may be coming for the falling San Diego County housing market, which is hovering just above the low point of the early 1990s housing recession, the North County Times reported today. And the Union- Tribune says foreclosures in San Diego County are up 600 percent this year."
Home sales reaching 1992 recession levels
North County Times, CA

Bracing for the subprime mortgage fallout: Gauging the damage ...
BusinessNorth.com, MN

Media churns out housing propaganda!
Washington home price to average $14 million by 2057?
Leave it to a FOX news source to churn our pro-real estate propaganda at the beginning of the biggest housing crash in history.  Claiming that prices will rise to unbelievable levels is a common scare tactic that realtors have used throughout the recent housing boom, and throughout history, to frighten fence sitting home buyers into taking the debt plunge and buy a home!  This is along the same lines as the "If you don't buy now you will be priced out forever" line (LIE)  Basically, the same stuff that we all heard from realtors nationwide before the current downturn began. 
Many home buyers, who believed this type of garbage a couple of years ago, are now sitting in foreclosure or have already lost their homes!
It is more likely that, in 50 years, the U.S. home prices will rival that of Mexico, as millions of illegal immigrants are currently being ushered into the U.S. by the government in an attempt to break-down the American middle class, yet FOX reports the following:
"A new study sponsored by the Metropolitan Washington Council of Governments finds that the average price of a home in the region will likely soar about 2,800 percent from $477,000 now to $14 million in 2057"
Study: Housing Prices to Jump 28-Fold in 5 Decades
MyFox Washington DC, DC

Foreclosures continue nationwide surge!
Montgomery County foreclosure rates on rise
Montgomery Advertiser, AL
Home foreclosures skyrocketing in Jackson County
The Jackson Citizen-Patriot, MI 
County foreclosure boom
Waukegan News Sun, IL 

Are the same homeowners who bragged about their homes
 rising value now crying about rising property taxes?
"In a rising market, the local assessor will raise his estimate of your home's worth, which usually results in a higher real-estate tax bill. Your property taxes, particularly in a high- growth area, then pay for new schools, fire and police stations and other public services."
Property taxes spur revolts in several states
Asbury Park Press, NJ

Home Sales Could Take A Bigger Hit
Hartford Business

Wealthy have just as much trouble saving money
The Wichita Eagle, KS

Mortgage payment confusion growing
East Valley Tribune, AZ

The Growing Economic Divide
OpEdNews, PA

OC housing continues downfall!
Fast fall off peak
Orange County Register, CA 

3 bad reasons to buy a home
MSNMoney

Owning home may not be best move
 

Friday, June 1, 2007

Excess in resale-home supply puts burden on seller
AZ Central.com, AZ

Philadelphia Inquirer

Phoenix takes hit as national home price index hits negative territory Milwaukee Business Journal, WI  "For the second time in its history and the first time since the early 1990s, the quarterly S&P/Case-Shiller Home Price Index has fallen into negative territory"

Investment property / second home prices still sinking
"Investors may be down but not out in the second-home market. The survey showed that the sale price of the typical investment property in 2006 declined 18.6 percent, to $150,000, from $183,500 in 2005. By comparison, the median price of a vacation home in 2006 was $200,000, down only 2 percent from $204,100 in 2005."
SINGING THE VACATION-HOME BLUES
Colorado Springs Gazette, CO

Builders lose confidence in condo sales
Inman.com, CA 
"There's heavy excess inventory and now the shakeout in the subprime mortgage market has taken its toll on the for-sale side of the multifamily housing ..."

Will stiffer lending rules hurt consumers?
Brokers sound off against loan restriction
“This could be likened to the current gas crisis and car sales,” Gardner said. “What if the legislature passed a bill that restricted the cars we could buy based on a gasoline mileage standard? What about the guy who needs a truck for his farm or someone with several children who needs a van? Neither of those vehicles would meet the legislature’s criteria, but they are needed by consumers. It’s the same way with mortgages. Everyone has a different need.”
Broker: Loan legislation could hurt consumers
Corvallis Gazette Times, OR

Special thanks and goodbye to Pacific Beach Housing Bubble Blog
The editor of this fine blog has decided to call it a day now that the mainstream media has finally caught on to the housing decline here in San Diego.  The site offered some great housing analysis and will be missed. 

Great new NYC Housing Bubble Blog opens up!
 NYC Housing Bubble Blog has lots of graphs, pics and videos
and they SUPPORT RON PAUL!
Check it out-->  NYC Housing Bubble Blogspot
 

Home loans are not an American entitlement
Milwaukee Journal Sentinel, WI

Home Price Decline Speeds Up -- Survey
Seeking Alpha, NY

Montana housing market slowing down
Helena Independent Record, MT 

April existing home sales drop in South
MSN Money
"Median home prices also declined - to $181100 in April from $181600, a drop of 0.3 percent. Of the four regions covered - Northeast, Midwest, South and West ..."

Robert Shiller: "home prices could continue to fall for years and years"
Robert Schiller audio interview