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 [...]
Much of what we see in recent economic growth is caused by one thing: cheap money and credit. This is obvious as we look at two important economic drivers: autos and homes. Both are significant in that they represent the two biggest purchases that most Americans will make in their lifetimes, so their dollar volume [...]
Yesterday’s S&P Case Shiller housing report tracked the continuing decline in housing prices:
… all three headline composites ended the first quarter of 2012 at new post-crisis lows. The national composite fell by 2.0% in the first quarter of 2012 and was down 1.9% versus the first quarter of 2011. The 10- and 20-City Composites [...]
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, [...]
It would not surprise anyone that home prices are still falling, perhaps less, but they are still declining. The Case Shiller report for November 30, 2011 showed:
Home Price Indices, the leading measure of U.S. home prices, showed declines of 1.3% for both the 10- and 20-City Composites in November over October. For a second consecutive [...]
The Case-Shiller Housing Report for March 2011 is down 5.1% in Q1 compared to a year ago.
“This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation. The National Index, the 20-City Composite and 12 MSAs all hit new lows with data reported through March 2011. [...]
The video below is a very informative interview with the creators of the Case-Shiller Housing Index–which came out yesterday with more bad, but, inevitable news. All attempts by the government to forestall this decline have failed, and prices continue to slide.
According to the February Case-Shiller report:
· U.S. single family residential home prices are [...]
The quick answer to the headline of this article seems to be yes. The volume of housing that is in mortgage trouble is rising as prices drop in vulnerable markets around the country. There isn’t a sufficient floor of buyers in those markets to stop further declines and foreclosure sales that appear to be on [...]
The housing tax credit created further disruption to the housing market, as reported by the National Association of Realtors today:
Sales rose 7.6% to a seasonally adjusted annual rate of 5.77 million units, the National Association of Realtors said Monday. Year-over-year, existing-home sales were up 22.8% in April.
Prices also increased, with the median price [...]
Three reports came out today regarding residential mortgage delinquencies, defaults, and negative equity.
CoreLogic (First American) reported:
The number of borrowers with negative equity declined slightly in Q110, but underwater mortgages and borrowers with less than 5% home equity accounted for 28% of all residential properties, according to the latest data from CoreLogic.
More than 11.2m, [...]
By Jeff Harding.
This map has just been released by Moody’s Economy.com. It shows their prediction of when the housing market will return to pre-crash heights. Moody’s has been less than reliable in the past, at least insofar as their faulty credit ratings of derivatives (i.e., subprime securities). Some people have taken to call them [...]