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 …
Mortgage rates hit, well, according to these data, the bottom. At 3.83%, these rates haven’t been seen, ever:
The Freddie Mac survey showed the 30-year, FRM averaged 3.83% for the week ending Thursday — the lowest rate ever recorded — inching down from the prior week’s record average of 3.84%. Last year at this time, [...]
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 [...]
The Case-Shiller home price index for January, 2012 came out today showing monthly (0.8%) and yearly (3.9% and 3.8%) home price decreases in its 10- and 20-city indices:
Home Price Indices, the leading measure of U.S. home prices, showed annual declines of 3.9% and 3.8% for the 10- and 20-City Composites, respectively. Both composites saw price declines of 0.8% [...]
Just when you thought our government could do no more harm, one Ohio Congressman, Steven LaTourette (R), will introduce a bill to destroy houses.
The bill, which is soon to introduced by District 14 Congressman Steven LaTourette (R), would call for the selling of federal bonds. The bonds would generate funding for cities, allowing municipalities to [...]
Consider this an addendum to my article yesterday on residential and commercial real estate.
CoreLogic puts the shadow inventory at 1.6 million units:
Shadow inventory is:
CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of distressed properties not currently listed on multiple [...]
Tales of a real estate recovery are just that—tales. I’ve been reviewing the data on residential and commercial real estate and things aren’t getting better, rather they are continuing their negative trends. There are pockets of housing recovery, but on a national basis, home prices are still declining. While Commercial real estate (CRE) prices may [...]
The S&P Case-Shiller housing report came out today with more of the same:
New York, November 29, 2011 – Data through September 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that nationally home prices did not register a significant change in the third [...]
CoreLogic reported that its measure of shadow housing inventory, the number of 90+ day delinquencies, foreclosures and REOs, was down, but only very slightly:
The shadow inventory of residential properties as of July 2011 fell to 1.6 million units, or 5– months’ worth of supply, down from 1.9 million units, or a 6-months’ supply, as [...]
The S&P Case-Shiller Home Price Index for July came out today. Here were the two headlines from the mainstream media:
Case Shiller Home Prices Fell 4.1% in Year Ended July (Bloomberg)
U.S. Home Prices Post Seasonal Rise (WSJ)
So which was it? Did home prices rise or fall? Technically they are both [...]