August 2008 - MND NewsWire

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Record New Home Prices; Fast Appreciation Not So Fast Without Distressed Sales; Mortgage Rates EVEN Higher

Published: 5/23/2013

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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Expect Two More 'Waves' of U.S. Foreclosures, Economist Warns

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August 20 2008, 7:00 AM

While the U.S is currently in the midst of the largest bout of home foreclosures in at least 30 years, at least one economist says two more 'waves' are likely on the way . Patrick Newport, a housing economist at Global Insight, said the next round of...
Tax Maven Warns of Problems with New Housing Bill

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by Glenn Setzer on August 01 2008, 7:00 AM

The Housing Assistance Act of 2008 , finally passed by both houses of Congress and signed into law by President Bush this week, contains some not-to-pleasant surprises for the unwary taxpayer according to an article by Eva Rosenberg published this week...
Will Vacant Retail Space Fuel the Next Real Estate Bust?

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by Glenn Setzer on August 12 2008, 7:00 AM

Five years ago I moved from Boston to Southeast Georgia and was immediately plunged into shoppers� hell. Not only was there no Costco (70 miles to the closest one) or Crate and Barrel (five hours away in Atlanta), there wasn�t a major retailer of pet...
Foreclosures Loom as Possible Public Health Menace

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by Glenn Setzer on August 18 2008, 7:00 AM

It seems hard to believe, but there appears to be yet one more thing for which we can blame the mortgage crisis . And this is not a financial problem; it is a public health concern. Several cable networks have reported over the last few weeks that the...
Alan Greenspan Sees Housing Prices Sort of Hitting Bottom in mid-2009

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by Glenn Setzer on August 15 2008, 7:00 AM

Greenspan said that he expects housing prices to begin to stabilize in the first half of 2009 although they could continue to drift lower for quite some time thereafter, even after essentially reaching bottom. Greenspan, however, is not changing his long...
Existing Home Sales Don't Signal Market Normalization, Economists Say

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August 25 2008, 7:00 AM

Economists say the larger-than-expected rise in July existing home sales doesn't necessarily point towards stabilization, since more than a third of the sales are related to foreclosures. They also note that a record high inventory level will put downward...
Not-so-Happy Credit Squeeze Milestone

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by Glenn Setzer on August 07 2008, 7:00 AM

Several television financial correspondents were announcing at the beginning of this week that Monday was the first anniversary of the credit squeeze . It is unclear whether any one day can claim that dubious distinction, but August 2007 was certainly...
Warren Buffet Says U.S. Economy Could be Worse off in Five Months

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August 22 2008, 7:00 AM

The U.S. economy continues to be in recession and will continue to be for some time, according to billionaire investor Warren Buffet . Appearing on CNBC Friday morning, Buffet said he is confident the economy is in recession because......
Existing Home Sales Rise 3.1% to 5.00 Million in July

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August 25 2008, 7:00 AM

U.S. existing home sales rose more than expected to 5.00 million units in July, a 3.1% gain in the month, following June's revised sales figure of 4.85 million. With that gain the index rebounded to the highest level in five months, although the range...
More Negative Press for Fannie and Freddie

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by Glenn Setzer on August 19 2008, 7:00 AM

Last week former Federal Reserve Chairman Alan Greenspan strongl y criticized the form of the Congressionally mandated Freddie Mac/Fannie Mae "backstop" program and a survey by the Wall Street Journal found that a small majority of economists involved...
Freddie To Stop Buying New York State Subprime Mortgages

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by Glenn Setzer on August 12 2008, 7:00 AM

According the Dow Jones, Freddie Mac has announced that they will no longer be purchasing subprime mortgages secured by properties in the state of New York . This includes all mortgages with a note date on or after Sept 1....
Fed's Lockhart Says House Prices May Fall Another 15%

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August 27 2008, 7:00 AM

Atlanta Fed President Dennis Lockhart welcomed the recent rise in the U.S. dollar, but said home prices in the U.S. could fall another 10-15%. Following a speech at an Economic Outlook Conference in Atlanta Wednesday, Lockhart said " housing prices will...
Bankruptcy Filings Near 1 Million Mark, Up 29% on the Year

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August 27 2008, 7:00 AM

The number of U.S. residents and businesses that filed for bankruptcy rose 28.9% to 976,831 for the year ended June 30, 2008, according to U.S. court data released Wednesday. The Administrative Office of the U.S. Courts reported that non- business filings...
Fed's Evans Said U.S. Economy Faces Three-Front Battle

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August 15 2008, 7:00 AM

The downside risks to growth have recently risen and the economy is expected to be "extremely sluggish" in 2008, according to one Fed official on Friday. Chicago Fed President Charles Evans (non-voter) said the U.S. economy faces a triple-front threat...
Q2 Preliminary U.S. GDP Revised Up to 3.3%

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August 28 2008, 7:00 AM

Second-quarter U.S. GDP rose above expectations in the preliminary report, rising to 3.3% from the previously reported 1.9%, the Bureau of Economic Analysis reported on Thursday. Economists were expecting a revision to 2.7%. First-quarter growth in 2008...

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