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The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday. Home price declines will have their biggest impact on prime "conforming"...
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The housing bubble was a fully rational response to a set of distortions in the free market—distortions created primarily by the public sector.
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U.S. home foreclosures climbed 27% from the previous month's year-over-year results, according to RealtyTrac's August 2008 U.S. Foreclosure Market Report. There were 303,879 foreclosure filings in the month of August, a 12% increase from the prior month. According to RealtyTrac, one in every...
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Federal Reserve Vice-Chairman Donald Kohn (voter) said it's not yet clear if house prices in the U.S. are close to finding a bottom . Speaking at the Brookings Institution in Washington, D.C., Kohn did say it's encouraging that the pace of declines is starting to abate in some markets. He noted...
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A report on housing prices by Global Insight says that although prices for single-family homes are still heading downwards across the country, the rate of decline has gone down and " extreme overvaluation of house prices is essentially non-existent ." The only states that had extreme overvaluation...
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The National Association of Realtors' (NAR) presently claims 1.2 million members. We figure those are figures from 2007, pre-dating the worst of the housing free fall and that there have been many dropouts since then. These NAR membership numbers include more than just agents who sell property for a...
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The S&P Case-Shiller home price index for Q1 continued to deteriorate with the 20-city composite index posting a record annual decline of 14.1%. In March, the index also declined by an annualized 14.4%. The Case-Shiller index has fallen every month since peaking in July 2006. "The steep downturn in residential...
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We can all breathe a sign of relief. The housing crisis is over . At least that was the headline on the editorial page of the Wall Street Journal earlier this month when Cyril Moulle-Berteaux, a managing partner of Traxis Partners LP, a hedge fund firm based in New York made his case that the housing...
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Fed Governor Randall Kroszner said rising mortgage foreclosures are an " urgent problem " and called on Congress to pass a Fannie Mae and Freddie Mac regulatory bill. Speaking at the NeighborWorks America Symposium in Cincinnati on Wednesday, Kroszner said foreclosures lead to a loss of one-fifth to...
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The S&P Case-Shiller home price index continued its sharp decline in February as both the 10-city and 20-city composite indexes posted record annual declines in excess of 12.5%. The 20-city composite index, which tracks the price path of typical single-family homes in 20 metropolitan areas, fell by 12...
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The Standard & Poor's S&P/ Case-Shiller Home Price Indices (HPI) for January which were released on Tuesday are reporting further bad news on the home value front. The HPI which tracks, in two different indices, 10 and 20 metropolitan statistical areas (MSAs) across the United States, reported...
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Well there certainly are a lot of opinions in the news media out there concerning the economy, lenders, recession, etc... Let's just apply some common sense for the moment. Consumer spending drives the economy. But what drives consumer spending? Lot's of things, but here are my thoughts. In the last...
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The Standard & Poor's/ Case-Shiller home price index for October, released on Wednesday, fell again for what is the 10th consecutive month. The 6.7 percent drop from figures a year earlier was the largest recorded by the index since April, 1991 when prices declined 6.3 percent. The S&P/Case-Shiller...
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The U.S. Council of Mayors released a devastating report on the impact on member communities of the ongoing housing market problems. The report, prepared by Global Insight , an economic forecasting firm, was presenting at a meeting of the Conference attended by mortgage industry and community groups...
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What a fascinating and tumultuous time is upon us! Both the housing and the mortgage market are convulsing wildly! There are so many facets to the "big picture" that I would never presume have all the answers, so the following disclaimer is in order: I am a mortgage broker and the following is my opinion...
Posted to
MND NewsWire
by
Glenn Setzer
on
Thu, Nov 1 2007
Filed under:
Filed under: housing bubble, home builders, home prices, Freddie Mac, adjustable rate mortgage, Fannie Mae, Conforming Loan, lending standards, mortgage lenders, home equity, underwriting, mortgage backed security, alternative loans, credit rating, real estate boom