NAHB Home Builder Confidence Index Declines in June
• CalculatedRiskBlog.com & BusinessInsider.comHave the home builders finally reached a bottom? Or are things about to get worse, dragging down the industry's big names and ETFs with it?
Contents Pages by Subject
Housing
MERS Smackdown: Another Nail in the Coffin
• NakedCapitalism.com/This is the first ruling in New York to consider the question of whether MERS “can assign the right to foreclose” when it has neither rights in or possession of the note. Most courts that have considered whether MERS can make assignments...
The Derivatives Pressure Cooker and Mortgage Backed Securities
• TheAutomaticEarth.blogspot.comA loss in American "household wealth" of some $11 trillion. Here's saying that the US economy can't take that sort of plunge and hope to live to see another day in anywhere near its present or recent shape.
MERS Clouded Rightful Ownership to Millions of Homes
• sfbg.comSimply stated, subprime and predatory lending allowed banks to create millions of questionable mortgages, Wall Street bundled these risky mortgages together to sell to investors, and MERS made it quicker and easier to conduct these risky transactions
Here's The Real Reason Bank Stocks Are Getting Smoked: Mortgages
• BusinessInsider.com/But as David Goldman argues, it really comes down to this: The market value of subprime/mortgage related assets is plunging.
Can Americans Stomach a Second Housing Crash?
• DoctorHousingBubble.comIn the U.S. we seemed to pre-programmed to assume that just because prices fall that a strong rebound is assured. I’m always struck in U.S. movies how the hero always wins no matter what. If you watch foreign movies you realize this isn’t...
Foreclosure-Gate: What Happens When Mortgage Backed Securities Are Empty?
• Market-ticker.orgThese institutions are "foreclosing" on loans they have no legal right to foreclose upon as they don't own them.
Las Vegas Lands sells for 15 percent of 2007 price
• CalculatedRiskBlog.comFrom Buck Wargo at the Las Vegas Sun: Land that sold for $30 million fetches $4.4 million after foreclosure
Banana Republic: Interactive Crises of Real Estate, Employment and Law
• Ritholtz.comI want to touch on three interrelated aspects of Housing and Finance issues, They are crucial to understanding the key pressures on Residential RE mess: Price, Employment, and lastly, legal issues impacting Title and REOs.
Foreclosure-Gate: Court relies on NY trust theory, loans never made it to trust
• NakedCapitalism.com/As the Michigan ruling suggests, at a minimum, notes not transferred properly are actually owned by someone earlier in the securitization chain. But no one wants to admit that; it means the investors were lied to and hold paper that does...
Americans' equity in their homes near a record low
• Yahoo.com CalculatedRisk.comFalling real estate prices are eating away at home equity. The percentage of their homes that Americans own is near its lowest point since World War II, the Fed. Reserve said Thursday. The average homeowner now has 38 percent equity, down from 61%...
Robert Shiller: "A 10-25% Slump In Home Prices Would Not Surprise Me At All"
• ZeroHedge.comRecent housing and employment data suggests the economy is at a tipping point, while home prices could have much further to fall, veteran economist Robert Shiller said on Thursday.
Household Real Estate assets off $6.6 trillion from peak
• CalculatedRiskBlog.comThe Fed estimated that the value of household real estate fell $339 billion in Q1 to $16.1 trillion in Q1 2011, from just under $16.5 trillion in Q4 2010. The value of household real estate has fallen $6.6 trillion from the peak - and is still fall..
Negative Equity by State
• CalculatedRiskBlog.com"Nevada had the highest negative equity percentage with 63 percent of all mortgaged properties underwater, followed by Arizona (50 percent), Florida (46 percent), Michigan (36 percent) and California (31 percent). ... Las Vegas led the nation...
Foreclosure-Gate: Federal/”50″ State Attorneys General Mortgage Fiasco
• NakedCapitalism.com/I’m having trouble understanding why anyone is still treating the Federal/state attorney general mortgage “settlement” negotiations as anything other that a fiasco. The more news reports come out, the more the parties aligned against the banks...
Harvard: The Fundamental Reasons Behind The Never Ending Housing Crisis
• BusinessInsider.com/The university's researchers explain that many of the key demand drivers for the housing market have evaporated: household formation is low, immigration is in decline, and the boomers may be stuck in their old homes.
Legislative Corruption: Here There Everywhere - 'Produce the Note Foreclosure Bill'
Sierra HancockA gift from FreedomsPhoenix - Senior Editor Powell Gammill's Article for the Inaugural Edition of FreedomsPhoenixe-Zine
Panic Threshold: 6 Reasons Housing Prices Aren't Rising
• BusinessInsider.com/A big driver of the housing market is the creation of new households when young people go out on their own or through other vectors such as divorce. More young people are finding the working world increasingly hostile and are choosing to live...
Tension in the Air: Banks are Concerned About Mortgage Slowdown
• NakedCapitalism.com/This appears to have the mortgage industry in a Catch-22. Lenders need new borrowers to sop up the shadow inventory of foreclosed homes. They are scarce, however, because the traditional crop of “move-up” homebuyers is unable to sell existing homes…
Is Foreclosure Via Facebook Coming to the US?
• NakedCapitalism.com/One development overseas that may be coming to the US is using Facebook to send legal notices, such as foreclosure notices. As Bloomberg informs us, this practice has been accepted by courts in Australia, Canada, and the UK.
Mark Zandi on Housing: More Heroin Damn It
• Market-ticker.orgThe federal government should enact more loss-mitigation tools to thwart another housing downturn that could erupt from falling home prices and risks tied to 14 million underwater mortgages, analyst Mark Zandi with Moody's Analytics said...
Case-Shiller Housing Declines Since Peak; Better Prices Still Coming
• GlobalEconomicAnalysis.blogspot.comPatience will still likely be rewarded with lower prices and maybe even lower interest rates. Time is on the renters side.
Foreclosure-Gate Shotgun Wedding: Bride and Groom Fill Homeowners With Lead
• LAtimes.comA settlement between a coalition of federal and state agencies and banks over foreclosure practices will come in a “matter of weeks,” Shaun Donovan, secretary of Housing and Urban Development, told the Los Angeles Times.
The Rent Isn't Too Damn High
• http://lewrockwell.com/Today's news that national housing prices have double-dipped to a new recession-era low is grim for homeowners, home sellers, banks, builders, and the president.
The 19 Cities Where Home Prices Just Won't Stop Falling
• BusinessInsider.com/Tuesday's headline Case-Shiller number was a nightmare, showing another big month-over-month decline in the value of homes across the United States.
Banker Derangement Syndrome: Part 1
• NakedCapitalism.com/Banker Derangement Syndrome occurs when someone who might once have been sensible is acting as a mindless mouthpiecs of particularly rancid banking industry propaganda.
Buying A Home Is For Suckers
• LewRockwell.comAccording to a USA Today analysis of Census data released this weekend, since 2006, the number of households that rent has grown by about 700,000 a year, while the number of households that own has fallen by about 200,000 a year.
Strategic Defaults Revisited: This Could Get Very Ugly
• BusinessInsider.com/Here is the most ominous statistic of them all. In my article on the looming home equity line of credit (HELOC) disaster, I pointed out that there were roughly 13 million outstanding. This HELOC madness was concentrated in California where...
Is Residential Real Estate Worse Than During The Great Depression?
• Ritholtz.comWe do know that sales volume of New Homes has fallen 82% versus 80% covering the 1929-33 era. By that one measure, you can ostensibly draw a conclusion that this single metric, covering less than 15% of all home sales, is worse today.
Case-Shiller Worse Than Expected: Home Prices Fell 3.6% In March
• BusinessInsider.com/In March 2011, 12 cities - Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, PHOENIX, Portland (OR) and Tampa - fell to their lowest levels as measured by the current housing cycle.
Watch Streaming Broadcast Live:
LRN.fm
DLive
Live Chat
Telegram
Telegram
