If you really want to understand what is going on in the housing market, look no farther than banks’ loan loss reserves. In fact, look no farther than Citigroup:
Citigroup is standing firm against releasing loan loss reserves on its mortgage portfolio because of the overhang of foreclosures that have yet to hit the market.
The banking [...]
This is a pretty cool infographic about the housing market. A graphic design company makes these for clients, which is this case in the Bank of the Internet. It’s actually pretty good in describing the sad state of housing.
For the full graphic …
This article comes from Stan Humphries at Zillow Real Estate Research. There are a lot of schemes to bailout homeowners who have negative equity (some 15 million homeowners). This article examines the problem and the size of the problem, and the futility of the task. — JH
Universal Mortgage Principal Reduction: Who’s Going to [...]
Long-time readers will recall the Glass Pavilion (see photos), an extravagant Modernist house in my little town. It came on the market at the wrong time, June of 2010, for $35,000,000. They are having a fire sale and the house must be sold:
The rumor is that the developer ran out of financing, but I [...]
This article appeared in the Mises.org daily and is right on all points.
By Douglas French
The foreclosure crisis has crawled on for going on four years now with no end in sight. The S&P/Case-Shiller index for August fell 3.8 percent from a year ago. The index includes home prices for 20 US [...]
CoreLogic came out Tuesday with their November housing report: the fourth straight month of decline, down 5.07%. Prices declined 2.21 percent Y-o-Y in November 2010 compared to November 2009.
Highlights as of November 2010
Including distressed sales, the five states with the highest appreciation were: Maine (+8.58 percent), North Dakota (+4.41 percent), Wyoming (+3.67 percent), [...]
The bankruptcy report for 2010 came in up 9% for 2010, according to the American Bankruptcy Institute.
Personal bankruptcies rose to 1.53 million, up 9% from 2009, the highest level since a revamp of the law took effect in 2005, according to the American Bankruptcy Institute, an association of attorneys and other bankruptcy professionals, and [...]
Part I (This is included for those who didn’t read Part I yesterday. To skip down to Part II, click here.)
There are 15.1 million workers unemployed in America (U-1). Another 9 million are working temp for economic reasons, and another 2.5 million are marginally attached or discouraged from the work force (U-6). [...]
I recently published an article on the commercial real estate market, Is Commercial Real Estate Recovering?” In this article I will examine residential real estate.
It is difficult to forecast a bottom of the housing market because of the “shadow” market and government and legal issues which thwart foreclosures.
While some markets are [...]
This was reported today in the Wall Street Journal. I have nothing to add to this except: Yikes!
One of the nation’s last sources of no money down financing for home loans appears to be making a comeback: Legislation that restores a Department of Agriculture home-buying program is headed to President Barack Obama’s [...]
Yesterday we reported a projected record of foreclosure notices going out this year. Today according to RealtyTrac, bank repossessions, the final stage of the foreclosure process, climbed 44% from May 2009 to 93,777, the second consecutive record monthly climb.
“We’re nowhere near out of the woods,” Rick Sharga, RealtyTrac’s senior vice president for marketing, said in a telephone interview. [...]