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...
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...
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...
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...
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...
The Harvard Joint Center for Housing Studies recently released its annual State of the Nation's Housing report for 2007. It is dismal reading. While it states that the longer-term outlook for housing is (more) upbeat, the length and depth of the current correction will depend on the course of employment...