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The Census Bureau reports New Home Sales in June were at a seasonally adjusted annual rate (SAAR) of 312 thousand. This was down from a revised 315 thousand in May (revised from 319 thousand).
“While the monthly data were encouraging, most MSAs and both Composites fared poorly in annual terms. Nineteen of the 20 MSAs and the two Composites posted negative annual growth rates in May 2011. The 10-City Composite was down 3.6%...
You cannot allow banks - or anyone else - to make a mockery of the justice system. This pattern of behavior is extremely dangerous, for it risks the people deciding that the law no longer has meaning at once that happens all pretense of civil order
These charts pose a simple yet profound question: how can people buy a still-expensive house if they don't have a job, or their income is plummeting?
The biggest question mark is the surge in order cancellations which soared from 4% in May to an unprecedented 16% in June. That's one in five home transactions being cancelled in the middle of the deal.
Total housing production in 2011 should fall south of 600,000 units, compared to the 2.092 million housing units that came on line in 2006.
America's leading mortgage lenders vowed in March to end the dubious foreclosure practices that caused a bruising scandal last year. But a Reuters investigation finds that many are still taking the same shortcuts they promised to shun, from sketch
Jamie Dimon said yesterday that "there have been so many flaws in mortgages that it’s been an unmitigated disaster" and the system is in serious need of an overhaul.
Theresa Edwards and June Clarkson had headed up investigations on behalf of the Florida attorney general’s office for more than a year into the fraudulent foreclosure practices that had become rampant. That is, until the Friday when they were called
Tens of thousands of Bank of America’s most distressed borrowers could be evicted and lose their homes more quickly as a result of a proposed settlement between the bank, which is the country’s largest mortgage servicer, and investors in...
It's a homeowner's worst nightmare: That banks rush to foreclose 99% of the time because (Bair suspects) bankers have a disdain for borrowers.
If you don’t have a credible threat to launch a suit, why should anybody bother? The answer here is obvious: this isn’t a “settlement”; it’s a cash for a broad release (effectively, an indemnification).
Once real estate bottoms, whenever that is, it does not mean a return to the housing heyday of 2005. Many of the factors that contributed to the housing bubble are no longer available. Easy credit, cooperative appraisers, and loose application...
Mortgage application denial rates last year were highest in the South and along the Rust belt, according to a WSJ analysis.
Florida continues to show a rather disconcerting willingness to throw its citizens’ rights under the bus to help the banks.
Consider the cases of Laurie Pinkerton and Lisa Peterson. The two women, both Californians and Bank of America customers, had been assured by the bank that they wouldn't lose their homes before they'd been evaluated for...
"We are also exploring how private channels can finance affordable multi-family housing, perhaps with limited, targeted governmental support," he said.
The Census Bureau reports New Home Sales in May were at a seasonally adjusted annual rate (SAAR) of 319 thousand. This was down from a revised 326 thousand in April (revised from 323 thousand).
The U.S. should expect home prices to continue to decline through 2013, and that will have a devastating effect on the balance sheets of consumers, according to Nomura's Richard Koo.
First-time homebuyers ticked down to 35% of sales. First-timers typically drive half of sales in healthy markets and they are critical...
Zoom in for a closer look at what housing prices are doing in your area.
“Facts do not cease to exist because they are ignored.” -Aldous Huxley.
So the banks owning large residential loan portfolios have slowed the foreclosure process to a trickle and, at the same time, have been unwilling to restructure home mortgage loans in a manner that would lead to large scale principal reductions.
Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade.
The nation’s two biggest providers of reverse mortgages are no longer offering the loans, as the economics of the business have come under pressure.
Judges don’t like having to rule that a bank was engaged in making up documents (yes, I know, they should be indifferent, but there a lot of resistance to issuing a ruling that is tantamount to calling big established institutions crooks).
The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note...
The basic story of today’s housing markets is that of a market that completely imploded, that has many Californians underwater and a market with demand diminished by both a lack of easy financing and a lack of jobs.”
While the usual suspects, California, Arizona and Nevada still lead the nation in foreclosure activity, the pain is still spreading nationwide. The sheer volume and share of distressed properties in the current market continues to push home prices..
Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.
