01/30

Falling home values stick it to Massachusetts homeowners, Foreclosures soar!
Foreclosure petitions piling up: Homeowners in state struggle as interest rates rise, home prices fall

With more foreclosure goes fraud:
 The Register-Guard, Eugene, Oregon, USA

Home prices dropping in most major U.S. cities!!
"NEW YORK (CNNMoney.com) -- Housing prices fell in nearly every major U.S. market in November, though some Northwest markets are bucking the trend, according to the latest numbers from Case Shiller Weiss"
"Boston prices have swooned by 5 percent for the 12 months through November and Detroit was off 4.5 percent. Of 20 major cities tracked, all but three showed declines in November and seven recorded 12-month losses."
Major home markets' slump continues

Developers try tricks as home prices fall in Florida!
"The sales centers, too, are coming online, and some developers are trying new things to lure customers and secure funding a little quicker."
Tampabay: Developers trying to lure customers into soft market

FORECLOSURES SOARING: NY

Internet opens doors for nosy neighbors

Lender shakeout begins in Santa Cruz
"Two lenders specializing in "subprime" mortgages that made loans in Santa Cruz County have shut down, and a third stopped taking applications Wednesday, signs of trouble in the industry."
Mortgage shakeout felt locally: Santa Cruz

Lockport, NY man revolts against high property taxes by renting billboard!
Billboard not so welcome a sign

2006: the year the bubble burst in Carson City, NV
"Carson City's housing market has worked against Donaldo Palaroan. He bought his Silver Oak subdivision home in 2004 - when every other California refugee was trying to get in, which fired up the market. Palaroan tried to sell in 2006 - the year the bubble burst."
Housing dream deferred - over uncertainty / Nevada Appeal - News
 

1 in 92 and getting worse!
Odds increasing that homeowners will get foreclosed!
"RealtyTrac(TM) (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released year-end data from its 2006 U.S. Foreclosure Market Report, which shows more than 1.2 million foreclosure filings were reported nationwide during the year, up 42 percent from 2005 and a foreclosure rate of one foreclosure filing for every 92 U.S. households."
Foreclosure, the game that's taking the country by storm
 

Report finds growing instances of foreclosure fraud

San Francisco median home price continues crashing
Drops another $5,000 last week to $84,000 under mid 2005 price
HousingTracker: Median Home Price & Inventory Data for San Francisco, California

Riverside California median home price slides down again!
Median now $20,000 less than mid 2005 price!
HousingTracker: Median Home Price & Inventory Data for Riverside, California

Vegas median falls again last week
Prices now $22K less than mid 2005 prices
HousingTracker: Median Home Price & Inventory Data for Las Vegas, Nevada

Denver home prices drop $4K again last week
Median price now equal to mid 2005 level!
HousingTracker: Median Home Price & Inventory Data for Denver, Colorado

Do you pay income taxes?
Do you think the IRS would send troops to burn you out of your home although you have not broken any laws?

Couple challenges IRS to show the law that requires Americans to pay income tax!
Just because their is no law requiring citizens of the United States to pay income taxes, will that stop the IRS from performing another Waco, Texas type massacre on average law abiding citizens?
"Filmmaker Aaron Russo's America: From Freedom to Fascism documentary interviews a number of former IRS agents and other authoritative people who say that the powers that be, when asked to provide a copy of the law, such as an enabling statute, that requires U.S. workers to pay federal income tax on their wages, come up empty-handed."
Media Wants Waco-Style Massacre
Watch a free preview of America: Freedom To Fascism
The scariest movie that you will ever see!
See more video about the government massacre on the Waco, Davidian

Differences between assessment, market hit home when bill tax arrives
""Our townhouse in Wauwatosa, on the market for eight months, was reassessed at $391,000 last summer," Boyce said. "Our asking price, after being lowered twice, is now $349,900 and still we have not received any legitimate offers. Assessments are completely out of whack with values.""
Taxing times for homeowners

Taxes going up despite falling home prices in Florida!
"Median home prices in Indian River County tumbled nearly 20 percent in the past year, according to the Board of Realtors. But — brace yourself — the county's property appraiser says assessed valuations could be up 5 percent."
Taxes bucking market slump

The Savings and Loans Associations Bailout by Sam Vaknin

Will the upcoming housing bust in L.A. mirror the 90's L.A. bust or be worse?
"Recent history is illustrative here. The big and rapid declines in property values in the early 1990s, after the last real estate bubble popped, helped open the door to homeownership for a new generation, many of them immigrants. New owners of delinquent or moribund commercial properties, especially downtown, fueled a spike in business activity, much of it stemming from immigrant and minority entrepreneurship."
Bring on the housing slump - Los Angeles Times

01/28

Wachovia closes subprime mortgage unit

Mortgage woes may hurt O.C. job market

O.C. banks struggle to stay afloat amidst up tick in mortgage defaults!
"O.C. lenders pay a price as more homeowners miss payments on risky loans."
Subprime's grip slips

Waiting Game

24-Year-Old Mortgage Mogul Goes Bust
More proof that the housing market is out of whack!

Uh Oh, 2007 - 2008 is going to be a tsunami of real estate loan defaults!
"As many as 10 million loans could go into default over the next 18 months as borrowers run into financial problems when the low-interest introductory period of their loan terms ends..."
10 million loans could go into default over 18 months

Realtors and the real estate conspiracy!
"It seems today's Realtors will do anything they can to generate a commission. It doesn't matter what happens, as long as they get their money. It doesn't matter if you the buyer find that the value of your house is falling and you are stuck in a situation where you must sell. It doesn't matter if the monthly payment on the loan they convinced you to take out doubled, it's just that nice juicy commission they "earned" that matters."
Craigslist Conspiracy
Libubble.atspace.com

'Flipping' is not always a dirty word

USA AND UK BOTH SEEING HOUSING BUSTS?
"Homeowners in both the UK and the USA - spurred on by aggressive marketing and the lowest interest rates in 30 years - have been refinancing old, more expensive, mortgages and heavily borrowing against their "equity" - i.e., against the meteoric rise in the market prices of their abodes."
American Chronicle: Real Estate Bubbles

Now this is a bust
"The housing bust is occurring after a boom in which sales of both new and existing homes set records for five consecutive years."
New-home sales hit 16-year low in '06

Easy money gets "slap on hand"
State to strengthen regulation of mortgage lenders

As spring selling season approaches, more homes expected to hit the market!
"Amid a continuing glut of homes for sale in most of the country, buyers should have plenty of choices and lots of bargaining power in the spring selling season - typically the busiest time of the year."
Housing glut gives buyers upper hand

Record setting foreclosures in Collier County, Florida

Florida real estate market boosts TierOne's bad loan ratio

Home prices to continue falling throughout 2007
"You are starting to see some price reductions. It is already happening in overheated markets like Florida, California and Boston," said Mr Kunz, who heads one of the country's largest real estate companies."
US house prices 'set to fall'

Never a bad time to buy a home according to this re-max realtor

Fed to start raising rates again?
Former Fed gov. Gramley says next Fed move is up - MarketWatch

Housing declines scares stock bulls!
"Stocks suffered their biggest pullback in two months Thursday with the Dow Jones industrials logging a triple-digit decline as a lackluster home sales report and a disappointing bond auction halted the market's two-day rally."
Drop in home sales drags down market

San Fernando Valley, California home price appreciation dwindling down to zero!
LA Daily News - Home sales tally lowest in 17 years

01/26

Ventura, California home prices go negative!
"In Ventura County, the median price for an existing home remained relatively unchanged at $670,830 in December, up 1.1 percent from the previous month and down 0.7 percent from December 2005, the California Association of Realtors reported Thursday."
Home sales may go buyers' way

More trouble ahead!
"A spike in loans to cash-strapped home buyers is raising concerns that more trouble may lie ahead for the housing market."
Subprime Loans Soared In Boom, But Are Now Creating Problems

Back due taxes contributes to foreclosure problem in Wisconsin
"La Crosse County collected about $1.7 million in back taxes between September and January, but delinquent taxpayers still owe almost $1.4 million."
Delinquent taxpayers owe $1.4 million

KCBS - Housing Market Screeching to a Haltin Bay Area

Lenders misread Denver market
"Colorado suffers from a high foreclosure rate today partly because the national lending industry misread the Denver market, an economic-development expert told a Denver task force on foreclosures."

Texas takes dubious honor in year-end foreclosure report - Houston Business Journal:

Memphis riskiest city for mortgage

Homeowners headed for financial disaster?
"Whether the housing crisis ends up in full-scale recession or the “soft landing” as some economists anticipate, the potential for financial disaster is now a reality for millions of homeowners."
Housing recession hits workers hardest

America's Best & Worst Housing Markets

Sellers get desperate with "no reserve" auctions!
"Some sellers in the auction paid $1,500 for the right to turn down the highest bid, if they don't feel it's sufficient. But others paid nothing and have agreed to sell to the highest bidder, regardless of price."
Homeowners turning to auctions to unload cash-draining properties: South Florida Sun-Sentinel

Florida home prices still free-falling
"The median price of an existing Broward County home last month was $367,600, off $1,400 from $369,000 in December 2005. The year-over-year decline wasn't as sharp as in previous months."
South Florida home prices continue fall:
South Florida Sun-Sentinel

Florida's Treasure Coast sees year over year home price declines!
"Prices on the Treasure Coast also declined from the previous December. In the Fort Pierce-Port St. Lucie area, the median home price fell 9 percent to $240,000. Vero Beach's median home price fell 6 percent to $220,000."
Home sales drop along the Treasure Coast

Lender seeks to allay concern

Santa Cruz Mortgage defaults spike

Negligence alleged in home deals | IndyStar.com

01/25

Go in debt for life with the 50 year mortgage
"Get cold sweats just contemplating 30 straight years of mortgage payments? You ain't seen nothing yet." 
"It's definitely a bad idea," says Dave Ramsey, author of "The Total Money Makeover," and host of a nationally syndicated radio show on finances. "The family is still not building net worth," he says. "It's still just keeping the family in debt."
50-year mortgages: low payments, low equity

California foreclosures up by 145%
"Lenders sent notices of default, the first step in the foreclosure process, to 37,273 homeowners during the fourth quarter. It was a rise of nearly 37 percent from the previous quarter and an increase of 145 percent from the fourth quarter of 2005, said DataQuick analyst John Karevoll."
State mortgage default rates at eight-year high, firm says
Sign On San Diego.com

As foreclosures surge; banks tighten lending standards: Michigan
"The concentration of residential real estate loans on the books of Michigan banks fell by more than 7 percent in the third quarter - signaling a tightening of underwriting standards - as foreclosures climbed."
As foreclosures climb, area banks attempt to cut potential losses
MLive.com

Your homes value is going down, but not your taxes!
"For the second year in a row, most Metro Detroit homeowners are facing higher tax assessments despite a continuing drop in the market value of their homes."
Home values down, taxes up

Bankrate: Mortgage Rates Continue to Climb

The HOA mess
"If you think you're paying more to live in your condo, townhouse or gated community, consider this: It may get worse before it gets better"
Foreclosures put added burden on association-run communities: South Florida Sun-Sentinel

Mortgage industry continues slowdown among rising rates!
"Another round of rising interest rates last week sent mortgage application volume tumbling, the Mortgage Bankers Association reported today."
Home loan apps drop 8.4%

Uptick in overnight real estate rates

California still leading in home price decline indicators!
"He says that over time, moderating appreciation will bring prices back in line with economic fundamentals, particularly incomes, “bringing the market back to a healthy balance."
Report: Price decline increase reflects slowing housing market

01/24

California foreclosures soar as huge price crash draws near!
"California mortgage default notices jumped 145 percent in the last quarter, the largest number in any three-month period since 1998, a study finds"
Calif. mortgage defaults jump 145 percent

Foreclosure looms over more homes in Riverside, County, California
 - The Californian / North County Times - Riverside County -

Residents balk at new developer fees: Florida

Make Money in Real Estate in 2007: 5 Insider Secrets Investors Need to Know

Condos sit unsold on coast
Carolina

Are illegal immigrants being sent here to prop-up home prices to keep tax revenue soaring?
"We need functioning immigration laws that protect the quality of life for local taxpayers," he wrote. "We believe that the U.S. Congress is in charge of determining the number of illegal immigrants. We respectfully request that the U.S. Congress determine the cost that illegal immigration places on localities. In particular, we ask that Congress commence a federal study to determine the effect of illegal immigration upon our public education system."
Prince William Lawmaker Asks U.S. to Pay Costs - washingtonpost.com

New real estate agents in California jumping in too late as housing market continues decline and easy money no more!
1 in 70 California residents now have a real estate license
No. of Realtors at all-time high

San Diego County condo market begins to get "hot" again...
Escondido, California condo complex mysteriously goes up in flames
Investigation continues into condo blaze; developer still mum on rebuilding
NCTimes.com / DON BOOMER Staff Photographer - photo courtesy  

01/23

Real estate agents need to step up game in '07 - Inman Consumer News

USA being destroyed, update!
Looking to buy a home in Los Angeles, California?...Think twice
 George Bush's plan to overrun Los Angeles with gangs with the blanket amnesty program!
Racist Mexican Gangs "Ethnic Cleansing" Blacks In L.A.
 

Homeowners to get crushed?
"Cash-back scams are like reverse pyramid schemes that
 will come crashing down on homeowners."
How the experts see it

Reality in realty: 2006 worst year in decade

Columnist: When the U.S. housing bubble bursts, it will not burst gently

Time to move to Indiana?
Study: Fort Wayne housing market is most affordable

Boom goes Bust in Cincinnati, Ohio!
"I've been in the business for a long time and I've never seen a market like this," said Maronda Homes Cincinnati Vice President Bill Pucillo. "We've still got interest rates in the fives, unemployment is low and inflation is in check. Everything is in place for a boom market, but it's not."
Housing market a bust despite boom conditions

Massachusetts housing bust makes news:
_________________________________

State's housing slump is worst in a decade

Real Estate: Home sales worst since ’90s bust

 Mass. housing prices drop

__________________________________

Lawmakers try to curb mortgage fraud

Mortgage fraud 101
$750K mortgage fraud too sweet to pass up

Until DEBT do us part!
Consumer Debt Estimated to Rise, Right Along With Foreclosure - AXcessNews.com

Housing market troubles stress Latinos

Want to go without wind? Good luck on your mortgage, banks say

 

Ben Stein: How Not to Ruin Your Life
A Home Truth about Real Estate Investing

 

Many more are losing their homes

A buyer's market (phillyBurbs.com)

Thousands face loss of homes

01/22

Miami median home price down $55K from 2005!
Last weeks$4,000 drop brings median down to $369,900 from last August's $425K
HousingTracker: Median Home Price & Inventory Data for Miami, Florida
 

Massachusetts home values falling fast
"The median sale price for a single-family home dropped to $325,000 in 2006, down 5.8 percent from $345,000 in 2005. The 5.8 percent drop was the first since 1993 and the biggest since 1990, when prices fell by 5.9 percent. The annual median sale price for single-family homes had risen 12 straight years, from 1994 through 2005, after falling five straight years from 1989 through 1993."
Massachusetts 2006 Single-Family Home Sales Sink to Mid-'90s Levels While Median Sale Price Drops For First Time Since 1993

2006, year of the Sacramento housing crash?
"Overall the Sacramento real estate market in 2006 will be remembered.  Some will call it the crash of ’06 or the year the bubble burst and others will remember it as the year of the slowdown or market adjustment.  What you call it and how you feel about it really depends on how it impacted you."
Down Year for Sacramento Real Estate

Georgia beginning to see housing glut
Housing surplus?

How mortgage scams snare unsuspecting sellers

Getting a property that is managed by a HOA can be a big mistake!
Home Owners Association fees can be jacked-up without your approval!
"In December, just before undergoing surgery for breast cancer, she learned that the monthly homeowners association fees would jump to $630 a month to cover various building expenses. "We have never met our budget," she said. "We're always owing money and we don't have reserves built up."
Dues increase is threatening her 'affordable' home

Many more are losing their homes - The Boston Globe

Misunderstanding mortgages

Tucson: Housing market here improving for buyers | www.tucsoncitizen.com ®

Houses for sale stand vacant - baltimoresun.com

Loose rules on ARMs put squeeze on buyers

Valley fighting mortgage fraud wave

 

Jacksonville home values take another big dip!
Median price drops another $4K last week
Median price now down $15,000 since August 2005!
HousingTracker: Median Home Price & Inventory Data for Jacksonville, Florida
 

Weekend

'06 housing stats tell a scary tale

Slumping Home Sales Key To Lockbox Maker's Rise

Fannie Mae, Freddie Mac still have huge financial problems, regulator says

American housing bust makes news worldwide!
UK press reports on worsening U.S. housing bust!
"We believe that housing will soon become the proverbial 'straw that breaks the camel's back'," said David Kostin, the investment bank's US strategist."
US housing bust getting worse, warns Goldman
Telegraph.co.uk

Foreclosures indicate a Texas housing crash?
Dallas / Fort Worth foreclosures approach all-time high!
""This is getting serious," Mr. Roddy said. "This level is getting very close to the all-time records set in 1989, when an average of 2,000 postings were filed monthly on Dallas County residences."
Foreclosure lists near 1989 record

01/19

Bubble Blog Comments:
Blogger: BayAreaLifer posts the following on www.southsanjose.com
"My brother who makes $24,000 as a security guard found a mortgage
broker who convinced him to buy a home - with a stated income of
$80,000 - no docs. He is currently renting it out at a 200 dollar loss
on a IO loan that's about to reset. She wasn't even a citizen, and
she's back in Manila."

"My friend's husband is from Argentina - he failed at the tech thing -
so went into the Mortgage business and writes up loans for immigrants
who can't get then the old fashioned way. So his business is all about
no doc loans - IO's."

"Our 55 year old gardener from Mexico with his bad back just bought a
home for 600,000. He told us about his realtor who was a "Godsend",
because he got our gardener into a home with "no money down"."

"He told us that he can barely make the payments - but he's hoping that
business will pick up by the time the loan goes up. We asked how much
the loan will go up - and he said "he didn't know"."

"We are antisocial home bodies, and know 3 different people wrapped up
bizarre and shady mortgage industry dealings. Tell me that this isn't
going to bite us all in the ass."
 

Mortgage rates on the rise
Sign On SanDiego.com

Home equity making everyone rich?...think again!
"One of the most serious concerns for 2007 is the high percentage of debt that today's consumers are carrying. In 1950, the average consumer's debt was 18 percent of his/her annual income. In 2006, that number was 117 percent."
Demise of the real estate ATM machine

Borrower Beware

Tips on how to keep afloat in an unstable housing market
 

Foreclosure numbers indicate another housing crash in Texas?
"The last time Tarrant County saw this many foreclosure postings, it was the late 1980s and the real-estate market had crashed"
Star-Telegram - foreclosure listings up by 15.7%


Appraisal schemes must be reined in
-Cañon City Daily Record

Condo prices indicate coming crash?
"Condo prices not only dropped more steeply, 2.1 percent, but 46 percent of markets showed declines."
Condo prices reveal housing trends

Realtors out to get you?
"When you're shopping for a house, it might appear that the friendly broker who listens to your needs, drives you around to showings and answers your questions is unflaggingly devoted to you"
Is your realtor on your side?
 

Coming housing chaos in 2007!
"The impact in 2007 -- when $1 trillion in adjustable-rate mortgages will reset to new, higher rates -- is that interest rates for homeowners who took the loans will double. The result will not only be an onset of home foreclosures, but Whitney predicts that the U.S. economy will go through chaos as housing markets crash and the population is pushed further into debt."
The Fed on Asset Bubbles: We Have No Preventative Measures

2007 housing bubble collapse caused by Greenspan policies, progressive blogger says
News Target.com
 

Home price declines expand around the bay area!
Median price now down $52,000 from June 2006 peak!
The Reporter.com reports
"The median home price for the combined counties last month was $612,000..."
"The median home price for the region peaked in June at $664,000, DataQuick said."
"Solano County saw a 5.1 percent drop to $449,000; San Mateo registered a 1.2 percent decline to $730,000; and Contra Costa saw a 0.2 percent drop to $572,000."
The Reporter - Solano home prices dip from year ago



Bakersfield, California housing correction abnormal but normal?
Home prices slide down $10K from Dec 2005!
"It is a normal correction. What is abnormal about it is the size of the correction," said Steve Cochrane, the senior managing director of Moody's Economy.com, who has studied the local real estate market. "It was to be expected, but the longer the boom lasted, the steeper the downside."
"The median sales price for existing homes in metropolitan Bakersfield was $281,000 in December, down from $291,349 in December 2005, Crabtree said."
Home sales plummet in Kern - Bakersfield.com
 

01/18

No bubbles in Seattle?
Seattle immune to national condo slump, says dude:

Seattlest: "We're Unsinkable!": Local Newspaper Downplays Nationwide Condo Slump
 

Yes, home prices are falling in New Jersey too!
North Jersey.com reports:
"New Jersey housing prices fell 10 percent in 2006, housing expert Jeffrey Otteau said Wednesday during an economic conference at Rutgers University"
N.J. home prices down 10%
 

December Bay Are home prices decline from November
Inside Bay Area.com reports:
"The median price for a new or resale single-family house or condominium in the Bay Area last month was $612,000 — $4,000 less than in November..."
Inside Bay Area - Home market hits skids

Government making USA more attractive to illegal immigrants!
Attempts to create more housing shortages and higher housing prices by offering free assistance to illegals! 
SunHerald.com reports:
"The governor's press secretary, Aaron McLear, elaborated on Schwarzenegger's comment Wednesday, saying the promised assistance for illegal immigrants included food programs, temporary housing, low-income energy assistance and other social services..."
Citrus freeze leaves thousands jobless
 

Alarming mortgage statistics
"The most alarming conclusion made from the study, after analysis of more than six million mortgages since 1998, is that the risk of default is independent of the credit score of the borrower. The failures are occurring regardless of income and past credit history."
Housing Cracks Extend to Banks
 

Price declines in San Diego and Ventura Counties get bigger!
"The median home price declined 6.4 percent in San Diego County to $483,000, compared to December 2005. In Ventura County, the median price fell 5.9 percent to $593,000 during the same period, DataQuick said."
Home Prices Fall In San Diego - Local News
 

WOW: A 660% increase in San Diego foreclosures last year!
"There were 1,612 foreclosures last year, compared with 212 in 2005, a jump of 660 percent. Notices of default, the first stage in the foreclosure process, totaled 8,816 during the year, compared with 3,933 in 2005, an increase of 124 percent, said DataQuick analyst John Karevoll."
Foreclosures in county rose 660% in '06
  - SignOnSanDiego.com

Mortgage rates rise again / applications tumble!
CNNMoney reports:
"U.S. mortgage applications fell last week, reflecting a drop in demand for home purchase loans as interest rates climbed"
Mortgage applications tumble as rates rise

01/17

As predicted; foreclosures rise again in December!
"Americans continue having difficulties paying their mortgage obligations, with December foreclosure rates above the 100,000 mark for the fifth straight month."
CNN Money reports:
Foreclosure rates up big in December

OC Register reports:
"As price appreciation stalled in the county last year, some borrowers lost the incentive to keep up with their mortgage payments, experts say. When prices are rising quickly, a borrower can generally sell his home or refinance his loan to avoid default, experts say."
Banks sending more default notices

Colorado takes top foreclosure spot again last month!
"Colorado had the nation's highest foreclosure rate in December, with one new foreclosure filing for every 376 households, despite a nearly 4 percent dip in activity from the previous month, according to RealtyTrac, a California-based marketer of foreclosure properties."
Colorado back on top for foreclosures
Denver Business Journal

San Diego condo glut to get worse..MUCH WORSE!
1,700 downtown San Diego condos for sale with another 3,414 on the way!
Voice Of San Diego reports:
"Of the 1,700 condos on the market in downtown San Diego, 1,485 are brand-new units -- about one-fifth of downtown's entire condo stock."
"And there are more where that came from. Another 3,414 condos are currently under construction, having at least broken ground, according to the Centre City Development Corp. Those units are housed in 30 projects, many of which have been under construction since the market was booming in 2004. They're set to be finished in the next two years."
In Cooling Market, Condos Keep Coming
 

Homeowners still taking loans that they do not understand
"Consumers haven't caught up with the dynamics of the market," said Allen Fishbein, director of housing and credit policy at the Consumer Federation of America. "They are still thinking of how it use to be, but it isn't like that anymore."
"Homeowners With New Exotic Loans Aren't Always Aware Of the Risk Involved"
Mortgage-Trapped
 

Is it really "different this time"...?
"On one point, the pessimists are right: the yield curve has inverted before every recession in the past 40 years. But a closer look at past episodes of inversion and recession suggests that today's economy is different. Our models indicate very low odds of a recession and continue to point to strong economic activity throughout 2007."
Don't Worry About the Inverted Yield Curve

Marketplace: Decline of the housing boom hits home

Weak Housing Forecasts Foretell Further Downside - SeekingAlpha

Clouds on horizon for housing...but is it a tornado?
“People have been feeling wealthy,” Thornberg said. “They’ve been spending money, but that’s coming to an end. People are spending more than they’re earning. That’s very scary. This is what worries me.”
Economic Forecast Cloudy
surfsantmonica.com
 

KB Home Sees More Than $300M in Charges: Financial News - Yahoo! Finance

Did the idiotic fed cause this?
"In short, it looks like housing prices are headed down because they had gone up too high in an insane inflationary bubble, thanks to the idiotic Federal Reserve creating all the money and credit that made it possible, and now all the interest-rate grease in the world ain't a-gonna change that woeful fact one iota."
Another Nail in the Coffin
 - GoldSeek.com

More mortgage lenders meltdown!
"On the East Coast, 2007 kicked off with weird weather and the sudden meltdown of Mortgage Lenders Network, USA."
The Tainted & The Prime: Mortgage Lenders Shake Out

Condo market fizzles out: units convert into rentals as owners panic
"Since the middle of 2006, the frenzied condominium market here and in several other big cities like Las Vegas, Miami and Boston has collapsed. Once roaring sales have slowed to a trickle, sparse inventory has mushroomed into a glut and soaring prices have flattened out and started falling."
Buyers Scarce, Many Condos Are for Rent
The New York Times

Do you believe in these "experts"?
Experts Predict Trends In 2007 Housing Market
NBC4.com

01/16
 

As home prices plunge in Detroit, still a great time to buy?
"All of these things make this a great time to buy," Yackness said Monday. "Interest rates historically are very low. That is a very positive reason for buying."
"The National Association of Realtors reported in November than the median price in metro Detroit during that period -- half sold for more, half for less -- was $154,100. That was down about 10.5% from the same period in 2005."

7 predatory practices that should be illegal: Home-loan servicing gone awry
 - Inman Consumer News

Condo owners get hurt when complex owners default on loans!: San Diego County!
No investment solid when buying at the peak of the bubble
"When Dave Flores, 45, bought his condo in June in Oceanside's River Oaks complex for $276,000, he thought he was buying a solid investment."
Residents worry about condo complex's fate
North County Times
 

North Carolina foreclosures at an all-time high....and still rising!!
North Carolina Home Foreclosures Reached An All Time High In 2006

Nontraditional mortgages come with a price
Cantonrep.com

Fraud leads to more foreclosures in California:  over 1 billion dollars worth!
"The law firm of Ackerman, Cowles & Lindsley filed a lawsuit against several real estate companies and professionals along with other purported investment groups. The suit alleges that some 400 or more investors were brought into a real estate "flipping" and "skimming" scheme operated by Jovane Investments, Stonewood Consulting, Inc., Pacific Wealth Management LLC (Nevada) and others. It is claimed that as many as 5000 residential home loans may go into foreclosure status within the next several months as a result of the alleged fraud."
$1.2 Billion Dollar Fraud Scheme Alleged in Southern California

Sellers start flooding market with homes for the new year in O.C.!
"Thomas notes: "We are already starting the year with 4,000 additional homes on the market. There are going to be a number of unsuccessful sellers and the market time should remain above the five-month mark, which is equilibrium. A market time above six months is indicative of a buyers' market. At today’s 7.78 month inventory, we are already experiencing a buyers' market."
O.C. home inventory mark up as year starts
OCREgister.com

Twists and Turns: Navigating Today's Housing Market:
car.org

A downturn Downtown: New York
Realtors feeling downturn - recordonline.com

Foreclosures at highest rate in over half-a-century!
"The foreclosure epidemic is real and getting worse.  Foreclosures will account for 1% of homeowners this year, the highest percentage in 52 years.  That means that every neighborhood will have someone who is struggling to make his payments."
Why Are Foreclosures at a 52-Year High?

San Diego's falling home prices still dropping!
"San Diego County housing prices dropped in 2006 for the first time in 11 years, apparently driven by a weak condominium and new-housing market, DataQuick Information Systems reported Monday."
"The December median stood at $483,000, down 6.4 percent from a year ago"
San Diego: First time in 11 years, a drop in annual housing prices

Is the market getting ready for the big fall?
MSN Money reports that rampant mortgage fraud and foreclosures are coming to a bitter end very soon!
"The commentary I am getting from field and legit brokers is that fraud is an out-of-control locomotive. Stated-income loans are now finished for all the unemployed people around. We will quickly see cash-out loans curtailed. This vicious cycle has yet to play out. We are in the second inning of the unwinding."
Home-loan house of cards ready to fall
 

Alarm bells go off at Fed as velocity of bubble bursting increases!
"Greenspan has undoubtedly taken note of the sudden spike in foreclosures which have set off alarm bells from Wall Street to the American heartland. The effects of his "cheap money" policies are finally sending tremors through America’s fragile economic landscape. In September, 2006 the US Foreclosure Market Report released a statement that over 112,000 homes had entered some stage of foreclosure "a 63 percent increase from September 2005. September was the second straight month in which more than 110,000 new foreclosure filings were reported nationwide, evidence that the spike in August was not just a one-month anomaly."
Housing bubble bloodbath

01/15

Sacramento, California at the beginning of a big decline. Many believe the upcoming collapse in the real estate market will be the biggest such decline in home prices of all-time!
This 30 year home price chart for Sacramento shows that there have been many dips in home prices in the Sacramento area. See historic busts for several US cities.

See 30 year home price charts for every major city in all 50 states!
Chart courtesy of housedata.info
 

San Fran-Falling!
San Francisco median home price drops another $4K again last week.  Median value now down $45K in 2 months!
HousingTracker.net: Median Home Price & Inventory Data for San Francisco, California

 

Miami median home price falls again last week!
Median now down $50K from August 2005 peak
HousingTracker: Median Home Price & Inventory Data for Miami, Florida
 

Home values falling / property taxes rising in Maryland
"Last year, the median price for county homes dropped 3.5 percent to $337,500, according to Metropolitan Regional Information Systems. Home sales also fell by 20 percent in 2006."
Homeowners challenge whopping assessments
 

Realtors try getting sneaky to trick buyers into purchasing homes
"With open houses as quiet as death lately in many parts of the country, sellers' agents are trying everything they can to make a sale, including sometimes tweaking the computerized data that potential buyers depend on. Fresh listings attract attention and can fetch higher prices because buyers are less likely to make lowball offers."
New Listing! (Sort Of)

01/14

More news to put home sellers in a bad mood(y)
Moody's predicts home prices to decline throughout 2007!
"Moody's Economy.com, a private research firm, projected that the median home sales price will drop this year by 3.6 percent -- the first decline for an entire year in U.S. home prices since the Great Depression."
Housing Prices Expected to Fall
 

People showing up at open houses in Lakeland, FL (for free food though)
"Only a handful of people came to the last several open houses he hosted, mainly for the free food, he said."
Houses Go From Selling in a Day to an Average of 9 Months

Home prices fall, foreclosures rise in Detroit!
"According to the Web site RealtyTrac, Detroit posted the nation's second-highest foreclosure rate for the second month in a row when 3,333 properties entered foreclosure in November, a rate of one new filing for every 248 households."
Hundreds of foreclosed metro-Detroit homes to be auctioned off
 

Fed urges lenders to end easy money / Tighten standards
"Federal Reserve Governor Susan Bies said on Thursday looser underwriting standards were partly responsible for recent rises in late mortgage payments and that lenders should tighten risk management practices."
Bies says U.S. lenders should tighten standards
 

Buble bursts in Carson City, Nevada - Prices fall hard!
Nevada Appeal reports on bubble buyers getting foreclosed and falling home prices in Nevada
""The bubble has burst," said Cargill, who studies the housing and construction markets. "Property values have fallen 10 to 20 percent, therefore, people who bought houses are now unable to sell them without experiencing very large capital loss. On the other hand, short-term interest rates are going up, which drives up the cost of creative financing and makes it more difficult to service the debt. Then they are forced to sell the house and they can't sell it. That's why there's foreclosures.""
Nevada Appeal - After the default
 

01/13

Couple gets "KILLER" deal on home in Modesto!
Laci Peterson's former home finally sells after several months on the market.  The seller takes $40,000 loss on sale of the home as home values continue to plummet across California!
"The current owner, Gerry Roberts, bought the 1949 bungalow-style house last year for $390,000 and has been trying to sell it for five months. His lender threatened to foreclose on him earlier this month before the couple made their offer Dec. 19, Olson said."
Couple pays $350,000 for Laci Peterson home | The San Diego Union-Tribune

Is it really "Time2Buy" now that home values are dropping?
When 100% of you're income is based off of commission it is quite ok to lie.  Business is business in the real estate world! 
Realtors paint rosy pictures as home values drop across Florida and the rest of  the USA!
"This will probably not come as a major surprise: The Sarasota Association of Realtors thinks it is time to buy."
"Expect to see Realtors wearing "Time2Buy" buttons. Also expect to see advertisements in magazines, Web sites, newspapers, billboards, television, radio and at Sarasota-Bradenton International Airport."
Realtors kick off buy-now campaign

Vegas home prices are dropping: Here's Proof!
"Anyone who doubts that the prices of resale homes are falling in the Las Vegas Valley can turn to the Clark County assessor's office for proof."
"Of the 590,000 residential parcels in Clark County, the assessor's office said about 85,000, or 14 percent, had their land values decrease. About 60,000 had the average value reduced by about 5 percent and 25,000 had declines averaging 10 percent, county officials said. There were a few reductions as high as 20 percent to 30 percent."
Assessed home values dropping - In Business Las Vegas

Harry Koza break down the Hard Landing that the housing market will see!
"This is scary because, according to a recent study by the Center for Responsible Lending (a U.S. non-profit), one out of every five subprime mortgage loans made in the past two years will go into foreclosure. That would mean 1.1 million houses getting repossessed by banks, vaporizing $74.6-billion in homeowners' equity."
"The banks will sell the repossessed properties as quickly as possible, driving house prices lower, triggering more foreclosures, putting more excess properties on the market, driving prices lower and, well, you get the idea -- a negative feedback loop, the mirror image of the one that built the bubble."
globeandmail.com: U.S. housing bubble has the potential to blow up real good
 

Forbes picks US cities to see biggest price declines in '07!
California cities dominate the chart!
"Stockton, Calif. -7.1 percent -5.3 percent
Las Vegas -6.6 percent -8.1 percent
Bakersfield, Calif. -5.5 percent -6.6 percent
Santa Ana-Anaheim, Calif. -5.5 percent -4.5 percent
Los Angeles-Long Beach -5.4 percent -4.6 percent
Miami-Miami Beach -4.9 percent -7.5 percent
Sarasota-Bradenton, Fla. -4.8 percent -0.8 percent
Oakland, Calif. -4.6 percent -2.4 percent
Fresno, Calif. -4.6 percent -4.3 percent
Fort Lauderdale, Fla. -4.3 percent -4.3 percent "
Bakersfield on Fortunes Top 10 Declining Real Estate Markets list
 

San Diego home prices down 9% from last September!
Piggington.com reports on the city with some of the fastest dropping home values in the country!

Picture courtesy Piggington.com
"By this measure, San Diego home prices in are now down about 9% from last September's peak. As we've often discussed, no aggregate measure is perfect, but this gives a rough idea of what's going on price-wise. If anything I think this measure probably understates the declines because it does not take incentives into account."
December Housing Market Data | Piggington's Econo-Almanac | Southern California Housing Bubble News and Analysis

01/12

Sell your home and lose money in the OC!
"The percentage of Orange County homesellers who lost money on their transactions went up in December for a second straight month, new figures from First American Real Estate Solutions show."
5.7 percent of O.C. homesellers lost money last month

North Texas sees sharp adjustment as inventory climbs to all-time high!
"New-home starts and sales fell sharply in North Texas in the fourth quarter, as builders adjusted to the slowing market."
""We have the most new-home builder inventory that we have ever seen in the market, and we have ample existing-home supply, and we have foreclosures," Wilson said"
Home starts, sales down: Texas

1 of every 5 homes foreclosed this year?
"Problem. One of five subprime mortgages originated over the last two years will end in foreclosure, nearly double the projected rate from 2002. (CRL 12/2006). With the recent rapid growth of homeownership, lenders created loans such as Piggybacks (etc.) to meet demand. Lender’s earned more fees by using first and second lien piggybacks pursuant to GSE guidelines; which allowed the sale of first liens up to 80% of value within limits (without insurance)."
Secret Seconds'' On Top of ``Piggyback'' Mortgages May Trigger Homeowner Foreclosures of $164 Billion!
 

Interest rates climbing again!
"Average interest rates on 30-year mortgages crept upward in the latest week to 6.21% from 6.18%, according to a survey by finance company Freddie Mac on Thursday."
Mortgage rates jump on strong labor market, inflation pressures
 

More predictions of price drops for US housing!
Housing Predictor.com picks San Diego has the city to have the largest price decline in '07 at 13%!
"Housing prices will fall an average of 4.2% nationally in 2007, the largest drop in U.S home prices since 1991. But despite that many local real estate markets in the US will still appreciate, according to Housing Predictor, which forecasts real estate markets in all 50 US States."
PR Leap: Housing Predictor Forecasts Major Price Drop
 

Connecticut home prices fall as sales continue decline!
Courant.com reports that prices falling in Conn.
"Sales of single-family houses in Connecticut continued to decline in November, with the Hartford area recording the biggest drop in sales, according to a report released Wednesday"
"The median sales price of single-family houses in Connecticut in November was $263,700, a 2.3 percent decline from November 2005. Overall, the median sales price of a single-family house for the state through November was $276,500, a 1.5 percent increase from 2005."
Home Resales, Prices Continue To Drop
 

Gary correct again?
"1. The housing bubble will burst

2. The Fed will keep raising rates, and seriously invert the yield curve

3. U.S. stocks will fall with the recession spawned by a collapse in housing

4. China will suffer a hard landing

5. Weakness in the U.S. and China will spread globally, dragging down stocks worldwide

6. Treasury bonds will rally

7. The dollar will remain strong

8. Global and chronic deflation may commence this year

9. U.S. consumers may embark on a long-run saving spree after 25 years of borrowing and spending

10. Deflationary expectations may become worldwide and robust."
Gary Shilling's Insight
 

Forbes predicts major home price declines for 2007!
"-- Housing prices will collapse. The housing bubble is deflating as sales of new and existing homes slide, prices begin to drop and housing starts decline. A bigger price plummet may start soon as many speculators give up on appreciation dreams and throw their properties on the market, triggering a downward spiral. Alternatively, interest rates on the adjustable rate mortgages of many sub-prime borrowers will adjust up dramatically this year and force them into defaults and house sales."
A Dozen Reasons To Worry - Forbes.com
 

Las Vegas home prices continue decline!
Will Vegas end-up like Phoenix's late 80's 4-year price decline.
"Las Vegas median home prices dropped to $306,100 in December, down 2% from the same month a year ago, and the inventory of homes for sale shrank for the second straight month to 17,834, the Greater Las Vegas Association of Realtors reported Monday."
"She points to what happened in Phoenix with the savings and loan crisis. Average single-family home prices peaked in the first quarter of 1987 at $93,000 and fell by 7.5% between 1987 and a low point in the fourth quarter of 1990 at $86,000, a four-year downturn in appreciation. Prices gradually rose after that and returned to the $93,000 mark in 1993."
Las Vegas Home Prices Drop : RISMedia
 

Orange County, New York joins year over year price decline trend!
"During the final three months of the year, the median price of single-family homes sold in Orange County fell to $315,000, down $10,000 from a year ago, according to the Orange County Association of Realtors."
"The number of homes sold in Orange County has now declined for two years straight. Before 2005, the last drop in sales was logged way back in 1990."
Local home sales decrease in softening market

Jacksonville, Florida median home price negative, year over year!
Median falls to $13K less than January 2006
HousingTracker: Median Home Price & Inventory Data for Jacksonville, Florida
 

Am I crazy or did someone say million dollar trailers ?!?!
CNN reports: "Residents of a Florida trailer park sit on a real estate gold mine. CNN's John Zarrella reports."
Video: Million dollar trailers


 

Will we ever hear a real estate agent say "it's not a good time to buy a home?"
MendsNewsDaily.com interviews real estate agents as to how much longer the housing slump will last.  Their answers are obvious.
"Pat Coombs, a sales agent in Grand Rapids, Michigan, is the president of the National Association of Realtors. She says with interest rates low and prices down, this is a terrific time to buy a home."
US Housing Slump May Persist for Several More Months

 

2007 housing hurricane to hit later in the year!
The massive wipeout that will overturn real estate in America is largely unknown to the general public! 
The American people appear to be oblivious to the economic hurricane that is expected to touchdown in late 2007. That’s when $1 trillion in ARMs (Adjustable Rate Mortgages) will “reset” triggering a massive increase in foreclosures and plunging the country into a deep recession. If energy costs continue to rise at the same time or if the dollar loses more ground, we may be rooting around in the backyard garden plot looking for passed-over spuds and radishes."
"Rest assured, the sudden downturn in the housing market is just the first gust from an impending tornado. By the end of 2007, America’s matchstick economy will look like the rubble strewn landscape of New Orleans 9th Ward."
The Fed's Role in the Housing Crash of '07
 

Falling home prices in MASS has economy reeling!
"The median price of a single-family home in Massachusetts is $315,000 — and that's down about 13 percent from June 2005. In some Boston suburbs, the median approaches seven digits."
Prosperous Mass. Is Losing Its Labor Force

What will American homes be worth when we are integrated with Mexico?
Undercover Press: Pan-American Union rages into overdrive!
Immigration has long been a staple for real estate insiders to declare that housing prices will always go up due to overcrowding.  With the US government sending millions of illegal's to America as part of their plan and erasing the borders, this could mean more than just a depression in 2007 for the US economy!
Full Steam Ahead For "The Invasion" & The American Union
 

Although home prices high, US homeowners are poorer than ever!
Value to debt ratio for American home owners at all-time LOW!
"The housing market terrifies me. It was recently announced that median new home prices fell 9.7% year over year, the largest such drop in 35 years."
"The combination of these effects is startling. In 1985, the equity-to-value ratio for homeowners was 69% -- homeowners owned 69% of their homes. Today, we're at an all-time low below 54%"
Profit From the Housing Bust
 

Vegas home value declines to accelerate
Falling prices prompts assessed value of Vegas homes
"Prompted by falling home prices, the Clark County assessor's office has reduced the assessed value of some homes by more than 10 percent."
"But the Greater Las Vegas Association of Realtors reported Monday that the median price of existing homes sold in December was down 2 percent from December 2005."
Las Vegas SUN: Assessed value of many homes being reduced

01/09

From 2006's real estate recession into the 2007 real estate depression!
"It can safely be said that at the beginning of 2006 America entered into a real estate recession and despite all rhetorical pumping and dumping of real estate inventory by mortgage bankers, brokers, Realtors, agents, builders and developers, the statistics show that we are now at the beginning of a long and protracted real estate depression."
"In the past two months alone over 50,000 jobs have been lost in the mortgage, real estate, housing construction and other industry related businesses, however the official unemployment rate (usually skewed by the fact that people on commissions or self employed do not qualify for unemployment) remains at 4.5% and 167,000 new jobs were added in December of 2006."
THE REAL ESTATE DEPRESSION OF 2007 - American Chronicle
 

Overstating appraisal value to become a crime in Colorado?
What will this mean for home  prices? Will this new law scare appraisers into giving more accurate and lower home appraisals? Will this law cause home prices to drop faster than they already are?
"Colorado Attorney General John Suthers proposed legislation Monday that that would make it a crime to manipulate a real estate appraisal or otherwise pressure an appraiser to inflate a home's value."
Proposed law targets appraisal fraud - DenverPost.com -
 

Economists try to call upcoming recession "mild"
"Falling home prices are expected to level early this year, but the housing market likely will remain weak into 2008, the economists said. Many homes remain too expensive relative to incomes in Sonoma County and a glut of housing is still for sale."
Cloudy skies ahead | Santa Rosa Press Democrat
 

Home buyers remorse in Florida!
Naples, Florida homebuyers feel remorse as they lose equity due to falling home values and suffer taxes and insurance that are among the highest in the nation.
Naples, Florida real estate bust featured in the Wall Street Journal
 

Real estate sales reports may paint prettier picture than actual!
"But those who think that the worst may be over for the housing market should take another look at the data, economists say. For the figures on new-home sales have a strange wrinkle that, in the current environment, may lead the government to overstate sales (and to understate inventory) by up to 20 percent. “The market is weaker than the data say,” said Mark Zandi, chief economist at Moody’s/Economy.com."
Seeing the Forest: Today's Housing Bubble Post - Weaker Than The Data

01/08

California foreclosures nearly doubled from 2005 - 2006, Leads nation!
"California topped the nation with 157,417 foreclosure filings, up 94.3 percent over 2005’s 81,012 filings, according to Foreclosures.com."
Report: California leads nation in foreclosures - Central Valley Business Times
 

San Francisco home prices take more BIG DECLINES!
No ignoring a crash in San Francisco as prices fall another $11,000 last week!
Median now $47,000 under 08/05 price!
HousingTracker.net: Median Home Price & Inventory Data for San Francisco, California



Washington DC sees home prices drop again
Median falls another $3,000 last week
Median now $54,000 under 08/05 price!
HousingTracker: Median Home Price & Inventory Data for Washington, DC
 

Reno, NV home prices dropping like bricks!
Median falls another $5,000 last week
Price now $24,000 less than 08/05!
HousingTracker: Median Home Price & Inventory Data for Reno, Nevada
 

Sacramento home prices drop again
Median now $40K under 08/05 price!
HousingTracker: Median Home Price & Inventory Data for Sacramento, California
 

Recent Los Angeles home buyers feeling sick!
Median falls another $4K last week
Median now down $70,000 since 08/05!
HousingTracker: Median Home Price & Inventory Data for Los Angeles, California

Motor City home prices not only stalling, they are falling!
Detroit: Median falls another $1,000 last week to $115,000
HousingTracker: Median Home Price & Inventory Data for Detroit, Michigan
 

The foreclosure factor, pulling prices lower!
"The financing honeymoon that swept thousands of home buyers into the High Desert is quickly becoming a foreclosure nightmare for growing numbers of homeowners, recent market data reveals."
"The expected foreclosures will pull price points even lower than the latest market slowdown has, but experts don’t agree on how much savings there will be."
Financing honeymoon is over: Daily Press

Foreclosures expected to surge

Home sellers sit patiently in AZ
"According to the Arizona Regional Multiple Listing Service, single-family Valley houses took an average of 83 days to sell in November, well off the pace of the 65- and 61-day selling times in the same month of 2002 and 2003, before the housing boom distorted typical market measures."
Some home sellers settle in for long wait
 

Have you been lured into the DEBT TRAP?
“Credit card companies, auto finance companies and mortgage lenders are in the business of using your credit report information to target people who may feel so gratified that someone is issuing them credit that they will pay anything,” says Daniel Edelman, a consumer credit attorney."
Credit Companies Luring Customers To Debt?
 

Home prices still falling in NY, and the rest of the nation!
"Statewide, the median price fell 5.7 percent."
"Nationally, November home sales declined 10.7 percent compared with November 2005. The median price was $218,000, 3.1 percent below the November 2005 median."
Sales slip; prices are flat

Real estate investing a bad idea?
“I wouldn't say investing in real estate is a completely bad idea, but we just really overdid it,” Marie said. “We jumped on the real estate bandwagon when we thought it would be great for us financially. But it's turned out otherwise and now we're so overwhelmed by it all, we don't even know where to start.”
Real estate burden, not boon, to couple | The San Diego Union-Tribune

Real Estate insiders continue to paint rosy picture for market on '07
"After a tough year in the residential real estate market, industry representatives along the Seacoast say things have begun to stabilize and they are optimistic about 2007."
Realtors see 2007 as half full
 

Globalist New World Order plan: The fall of real estate?
"Nigel Maund, in an article posted on 321gold.com entitled “Tulips of Stone” faults the government for being complicit in helping drive the consumer into a financial abyss, as opposed to just turning a blind eye, saying: “The mortgage weapon forms an integral part of the armory of the so called New World Order (NWO) as it seeks to accumulate wealth and power to control people by stealth. Other tools include the explosion of credit card debt where people have been encouraged to spend to the limit of their cards."
The new real estate reality
 

Real Estate Shakeout continues as 72 busted in Ohio!
"A grand jury has indicted 72 companies and individuals on 303 charges that they used false information to obtain more than $4 million in home loans, a prosecutor announced Thursday"
Grand jury indicts 72 for mortgage schemes
 

Housing slowdown to bring on recession!
"Combined with an already-large drop in housing starts, it could put a measurable dent in the nation’s economy. The housing cool down, in turn, could lead to the loss of 1.4 million jobs by the end of 2008, pushing up the national unemployment rate to 5.8 percent, Case’s report estimates."
Buyers vs. homesellers: Standoff could lead to recession
 

$424 million drop considered "soft landing" in Denver?
"Home sales dropped by $424 million in 2006 from 2005, probably the first time the Denver-area market has ever seen a year-over-year drop in total dollar volume."

Rocky Mountain News - Home sales slump
 

Housing decline to deepen as lenders "tighten-up" !
"According to the Wall Street Journal, lenders are continuing to tighten loan standards as more homeowners are either defaulting or falling behind on their loan payments.  Lenders such as Countrywide Financial, Downey financial and FirstFed Financial have become more cautious in initiating new loans and have been setting aside more reserves for potential loan losses.  In addition the article referred to a UBS study indicating that a high percentage of borrowers with delinquent, defaulted and foreclosed loans have second mortgages.  These borrowers are so overburdened by the added debt that they have trouble making the payments on their first mortgages.  This an ominous development since as much as 34% of all mortgages originated in 2006 were second mortgages."
Don't Believe the Hype on Housing
 

2006 proved those, who thought there were no housing bubble, wrong!
"Three major problems created the slowdown. First, the housing bubble finally burst. Those who still believed in dot.coms thought housing wouldn't tank. Wrong again! Instead, home sales fell sharply, and developers, facing massive inventories, stopped building. Speculators discovered that the free lunch was now an expensive dinner bill. Consumers, who had used their homes as ATMs, stopped borrowing and slowed spending."
And the New Year Will Bring ... | The Jewish Exponent

Decline of housing market accelerates!
"The downturn in the U.S. housing cycle accelerated in the second half of 2006. Preliminary fourth-quarter disclosures from several larger builders show signs of further deterioration, as new orders continue to decline significantly and cancellation rates spike. As it becomes abundantly clear that one of the greatest booms in the U.S. housing market is fizzling fast, builders are rapidly pulling back by limiting production of new single-family units and decreasing their land portfolios."
Homebuilders: A Hard Slog Ahead
 

Oregon housing falls to 2002 levels!
"If you thought 2002 was a strong year on the Central Oregon real estate scene, then you'll probably like the cooled-down climate in the year ahead, a Redmond appraisal service predicts. "
Central Oregon's Local News - Region's housing market cools to '02 levels - KTVZ.com

Feds losing sleep over housing?
"Heightened concern about the harsher-than-expected housing slump was an important factor in the Federal Reserve's decision last month to hold interest rates steady."
Fed Members Worried About Housing Slump


Fall of sub-prime lenders to bring more pain to housing market!
"Now, as the housing market slows to a crawl, many subprime lenders are collapsing faster than homes made of substandard materials, and the signs point to even more pain in the housing market as a result."
Subprime Lender Implosion: Bad Omen For Housing Market
 

Foreclosures soared in 2006
"According to Bankaci, there were several very important factors that contributed to the high foreclosure activity in 2006. One was the amount of sub-prime mortgages that were granted in the past few years; second was the dramatic increase in energy costs; followed by slowing home sales and rate adjustments."
Foreclosures Skyrocket in 2006 According To Default Research