Housing News Archives: September 2008: US Housing Update

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News Archives
November 2008

11.26.2008

Price Declines Accelerate:
Housing Price Crash Getting Worse, Not Better!
The National Association of Realtors said Monday that the median price for an existing home tumbled by more than 11 percent to $183,300 in October, the largest year-over-year drop on record going back to 1968, and the lowest median sales price since March 2004.
US home price index plunges record 16 percent
Newsday, NY

Housing Is Bad Enough, but Wait - It'll Get Worse
Washington - If you think the housing slump can't get much worse, Martin Feldstein thinks that both home prices and the broader economy can - and very likely will - get a whole le lot worse.
TruthOut

FDIC's list of 'problem' banks swells to 171
Yahoo

Alameda County Home Sales Up 40% as Median Price Tumbles (CA)
San Leandro Times, United States
More than 41 percent of the houses sold in the county were foreclosures. Contra Costa County had the steepest decline in median prices at 46.3 percent, ...

Arizona housing numbers get darker
Arizona Daily Star, AZ

More foreclosures feared in NY
Elmira Star-Gazette, NY

Reports show Tri-Cities a �safe haven� for real estate (TN)
Kingsport Times News, TN

New York home prices seen plunging as crisis bites
guardian.co.uk, UK
(Reuters) - The economic crisis is finally crashing New York's real estate party, forcing the city's residents to start ...

Las Vegas Home Prices Hit 5-Year Low
TheStreet.com

Illinois housing prices, sales plunge
Chicago Tribune, United States

Economist: Bailout will not solve problems
McKinney Courier Gazette, TX
Batra, who has also written The Great American Deception, The Crash of the Millennium, The Downfall of Capitalism and Communism as well as Stock Market ...

11.25.2008

Home Prices Fall In Valley (Vegas)
Fox5 KVVU, NV
The median price of a home is about $183300. In the Valley, the drop in home prices is more alarming. The big question from homeowners is when are prices ...

Banks could stymie San Diego County rescue plans (San Diego)
North County Times - Californian, CA

US home prices fall to 2004 levels
Rocky Mountain News, CO
The median sales price plunged 11.3 percent from a year ago to $183000. That was the largest year-over-year drop on records going back to 1968, ...

Wasatch Front home sales plummet / Prices Drop (UT)
Deseret News, UT
The Salt Lake County median sales price in October was $228450, down slightly from the median of $230000 in October 2007, but up 3.7 percent from $220375 in ...

Housing prices keep sliding (FL)
Sarasota Herald-Tribune, FL
The nearly $15000 drop in the median sales price is the clear impact of bank-owned properties, he said. "The foreclosures and short sales skew that number ...

Tampa Area Home Sales Jump As Prices Fall (FL)
Tampa Tribune, FL
The area hasn't seen home prices that low since April 2004, when the median was $148800. Prices peaked locally at $239600 in June 2006. ...

US Pledges Top $7.7 Trillion to Ease Frozen Credit (Update2)
Bloomberg

Rogers Says Dollar to Be �Devalued,� Buys Commodities (Update1)
Bloomberg

11.24.2008

US October Home Resales Fall; Price Drop Is Record (Update1)
Bloomberg

Mortgage Bailout Solves Some Problems, Causes More
Wall Street Journal

Are you an idiot to pay mortgage?
GoErie.com, PA
If you took out a home-equity loan or did a cash-out refinance to buy a car, you'll still owe tax on that debt if it is canceled. For state income taxes, ...

Chicago home prices fall nearly 10%
Chicago Tribune, United States

Home Price Plunge Produces Sales Spikes In Many Cities
Seeking Alpha, NY

Housing market gets even weaker
CNNMoney.com

11.22.3008

Real Estate Downfall
The Housing Bubble bursts on a speculator: Parody

11.21.2008
California unemployment jumps to 8.2%, third-highest in the US
Los Angeles Times

Housing more affordable? Sure, compared with the bubble years
Los Angeles Times, CA

Did Economists Miss the Housing Problem?
Seeking Alpha, NY
Here's their chart, based on 50 major daily newspapers and how often stories refer to a housing or real estate bubble.

The wrong medicine
TheDay, CT
Government-backed Fannie Mae and Freddie Mac mortgage lenders contributed to the housing bubble by supplying mortgages to borderline applicants, ...

What to do if your home equity line is frozen
ABC15.com (KNXV-TV), AZ
Do you have a home equity line of credit (HELOC) that�s gone cold, as in frozen? If so you�re not alone. According to Consumer Reports this year hundreds of ...

Falling home ownership, equity, affect college enrollment
PhysOrg.com, VA
"Our analysis shows a clear connection between parents' home ownership and home equity, and adult children's college attendance," said UM researcher Frank ...

Interactive map: Tracking home prices by neighborhood (Sacramento, CA)
Sacramento Bee, USA
By Phillip Reese Home prices have fallen across the region, but some areas have weathered the storm better than others. Communities such as Folsom, ...

Seattle Post Intelligencer

What the Fed's rate cut means for you: Not much.
Los Angeles Times, CA
A day late, but it's worth splashing the cold water of reality on stories telling you the Fed's latest rate cut will make your life better somehow. ...

Los Angeles home price plummet 35% in last 12 months!
Los Angeles County's median home price fell 35.3percent in September compared with the same period a year ago. ...
LA County home prices drop 35% (CA)
Contra Costa Times, CA

Remember to vote AGAINST any rep or senator who voted for bank bailout!
constituentresponse.com

US Home Price Declines Accelerate!
Latest figures from Nationwide have shown that house prices are falling at their fastest rate since records began in 1952.
New figures show your home is now losing more money per day than you earn
DailyMail

Once-hot homes are losers in Las Vegas
Houston Chronicle, United States
In major cities nationwide, there was an average drop in home prices of nearly 18 percent from August 2007 to August 2008, according to a Standard ...

J.P. Morgan in Huge Effort to Save Mortgages
WSJ

Obama's tax plan more fair to all
Staunton News Leader, VA
The median income for an individual in the US is about $36000, so John McCain's wife makes about 115 times as much money in one year as the typical American ...

Recession Hammers Working Families
Political Affairs Magazine, NY
Recent government data on jobs, declining wages, home foreclosures, higher rates of bankruptcy, retirement insecurity and other indicators suggest that a ...

40 percent of sellers here don't get asking price (WA)
Seattle Times, United States
It presented averages, which are easily skewed by one or two sales with huge price differences, instead of median prices, which are a more accurate reading ...

Lowball appraisals are obstacle for new�home purchases
In Business Las Vegas, NV
The problem is nationwide and driven by falling median prices because of foreclosures and short sales, Caruso says. The building industry has talked with ...

Analyst: RE market 'in the toilet'
In Business Las Vegas, NV
Murphy admitted he was wrong in forecasting the median price of existing homes, which in September was $186500. If housing prices would have appreciated 5 ...

Bill O'Reilly is Responsible for the Housing Bubble/Crash
TPM, NY
... and various derivative instruments. So, there you have it. Bill O'Reilly is responsible for the housing crash, the financial crisis, and the recession.

CNBC	Subprime delinquencies spike as jobless climbs Reuters By Walden Siew NEW YORK (Reuters) - Delinquencies on US subprime mortgage securities, auto loans and credit cards are soaring as job losses engulf borrowers ...

New York Daily News

FDIC home-loan plan may get TARP funds soon-Bair
Reuters
Bair said the program needs to get under way quickly because foreclosures are a driving negative force on US home prices. "I'm afraid they're starting to ...

CBS News

Fed to Cut Rates to Zero on Deflation Risk, JPMorgan Predicts
Bloomberg
Some Fed members indicated a willingness to cut rates to spur growth and keep prices from falling, according to minutes from the last Federal Open Market ...

11.20.2008

Map of Pain: Cities With the Largest Home Price Declines
U.S. News & World Report, DC
The trade group blamed distressed sales�that's foreclosures and short sales�for driving the median existing single-family home price down 9 percent, ...

Sacramento's median home price falls below $200000
Sacramento Bee, USA
Analysts saw similar patterns in Los Angeles and the Bay Area as foreclosures have mounted across California. DataQuick said 51 percent of Southern ...

Ouch! Bay Area Homes Selling for Only $375K, but At Least They're Selling
NBC Bay Area, CA
AP The median home price plunged 41 percent last month across the nine county region. Deal-seeking buyers snapped up fore closured homes and other homes ...

NorCal median home price plummets 41 percent
San Diego Union Tribune, United States
... as homebuyers snapped up homes that had been foreclosed and otherwise discounted. Figures released Thursday by MDA DataQuick show the median sale price ...

39% of OC home sales are foreclosures (CA)
OCRegister, CA
... had been foreclosed upon in the previous year has risen steadily each month, helping to boost overall home sales while pulling down median home prices ...

Homebuilder Confidence Hits Record Low: What This Means for Investors
Seeking Alpha, NY
... the Associated Press reports, fully 40% of all homes sold were bank sales of foreclosed properties. This contributed to a 9% decline in the median price ...

Des Moines bucks trend, sees home price rise
DesMoinesRegister.com, IA
The association said 35 to 40 percent of US sales in the third quarter were "distressed," such as foreclosures. The national median sale price tumbled 9 ...

FHA-Backed Loans: The New Subprime
BusinessWeek
The crash of the subprime market and a barrage of lawsuits prompted Premier to file for US bankruptcy court protection in Tampa in July 2007. ...

Keepin� It Real Estate: Housing Crash to Reach NYC
Minyanville.com, New York
Now, finally, after the rest of the country has succumbed to the housing crisis, the city that never sleeps sould be facing a real-estate crash of its own. ...

11.19.2008

Paulson and Bernanke Grilled About Bailout

Truthdig, United States
Ron Paul and Rep. Nydia Velazquez, all eager to ask some serious questions about the infamous bailout. Clip 1: Massachusetts Rep. ...

Price of Southern California homes falls 41% from peak
The median sales price for homes in the region fell to $300,000 in October, a level not seen since 2003 and a 41% drop from the peak price set in the spring and summer of 2007, according to San Diego-based MDA DataQuick. Los Angeles County's median home sales price was $355,000, down 29% from a year ago.
Los Angeles Times

Developments : Median Price Check: What Does a $200,500 House Look Like?
WSJ

Sex, Lies, and Subprime Mortgages
BusinessWeek
Lane, a manicurist before joining now-defunct subprime lender New Century Mortgage in 1997, says she brought home $1 million in 2002 and $1.2 million in ...

Rochester-area home prices up 2.6% in October over last year (NY)
Rochester Democrat and Chronicle, NY
1 in the nation in third-quarter price appreciation, up 5.6 percent. Meanwhile, Zillow reported, prices dropped 30 percent in Riverside, Calif.; ...

Is that a housing market bottom or a mirage?
Los Angeles Times, CA
As consultant Burns notes: "The bottom line is that the housing prices in LA are still overinflated from all of the false appreciation from 2000-2006. ...

Don't look for a housing boom soon
HeraldNet, WA
If we follow the historical trends, once housing prices bottom out they will stay flat for a few years with little or no appreciation until the demand for ...

Mandatory Mortgage Modifications and the US Constitution
RGE Monitor, NY
Over $2 trillion of the most toxic subprime ARMs, Alt-A, Option ARMs and prime/subprime jumbo loans, are controlled by bond indentures administered by ...

OC Register: Feds Didn't Coerce Banks Into Subprime Lending
Seeking Alpha, NY
I know I�d like to believe that the federal government was at the heart of the subprime mess, through its social mandates, such as the Community ...

11.12.2008

One-Third of Americans Who Sold Their Home in the Past Year Lost Money; Trend Expected to Continue As Home Values Decline for Seventh Straight Quarter

PR Newswire (press release), NY

Improved disclosures to help borrowers understand what they're Getting Into
MarketWatch

Twin Cities home prices continued big drop in October (MN)
Pioneer Press, MN
The median price for those transactions involving foreclosures and short sales came in at $146000 during October, according to the Minneapolis group, ...

Home values continue to drop
San Jose Mercury News, USA
Zillow's numbers are based on a median market value derived from data that include comparable sales of all single family houses and condos in a given area. ...

42% of homes in Denver area sold for a loss (CO)
Rocky Mountain News,

Where US Homeowners Are Losing Value Fastest
Forbes

Navigating the Foreclosed Property Market
Seeking Alpha, NY
Peter's report covers the whole gamut - preforeclosures, auctions, bank-owned properties, and flipped foreclosures which is what he and his family finally

Redfin CEO: Los Angeles home prices may be near bottom
Los Angeles Times

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