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17.04
But that was affected by the tax credit that ended on April 30th: Home prices rose 0.8% in April compared with March and were up 3.8% from a year ago, according to the S&P/Case-Shiller Home Price Index of 20 major housing markets.That good news is tempered by a couple of factors. First, the one-year comparison was against a low-ebb mark. In April 2009, prices were just above a five-year low. Overall, prices are off 30% from their peak.Secondly, the improvement came during a time when the federal government was heavily subsidizing home sales...
16.24
Somehow I missed this when it was published a month ago. Sor...
06.07
Fannie Mae is getting tough on strategic defaulters:Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe. ...Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow...
17.23
Apparently, the typical borrower has to be deep underwater before deciding to strategically default:A new study from economists at the Federal Reserve Board aims to answer that question. The research found that the median borrower who “strategically” defaults doesn’t walk away from the mortgage until the amount owed exceeds the value of the home by 62%.The study is bad news for the mortgage industry in that it backs up the idea that a growing share of borrowers are walking away from loans. Concerns are mounting among lenders and investors that...
16.03
Month-over-month home sales fell by a third in May:New home sales plummeted to a record low in May, the first month following the expiration of the homebuyer tax credit. This snapped a two-month streak of gains.New home sales declined 32.7% to a seasonally adjusted annual rate of 300,000 last month, down from an downwardly revised 446,000 in April, the Commerce Department reported Wednesday. Sales year-over-year fell 18.3%.This is the slowest sales pace since the Commerce Department began tracking data in 1963. The prior record was set in September...
18.21
Housing and manufacturing are fighting over the fate of the economic recovery:There's a sharp divergence emerging in the U.S. economic recovery, with housing stumbling and the industrial sector booming.Ground-breaking for new homes and applications for building permits both plunged last month, as a popular set of tax breaks designed to stimulate home buying expired. The pullback is a worrisome sign that the recovery could face setbacks as the props for demand implemented during the depths of the recession are removed.Meanwhile, the U.S. industrial...
17.40
Here's some interesting reading from five years ago tod...
18.17
Sorry about slacking off over the past week. Here's some news I missed.New home construction fell in May:The government reported Wednesday that new home construction fell sharply in May -- the first month after a homebuyer tax credit expired.Housing starts fell 10% from April to a seasonally-adjusted annual rate of 593,000 last month, the Commerce Department said.The oil spill may deal the Florida housing market a second blow:"This oil coming in is going to affect values for years, and there is no telling how many years at this point," warns McCabe....
20.41
Ben Bernanke would be very disappointed with all of you. (...OK, 99% of you.) In the poll I ran on this blog last month — "What sparked the housing bubble?" — Ben's pet theory of a global savings glut came in dead last. It even lost out to "There was no bubble." For shame!Old polls are displayed in the sidebar. Just scroll do...
17.08
New York Fed: Underwater homeowners are renters-in-waiti...
16.54
Will home prices fall another 5%? WSJ on the FHA:Nearly two-thirds of FHA borrowers that took out loans over the past year have less than 5% equity in their homes, illustrating the risks that just a 5-10% decline in home prices could have on the agency’s reserve funds.Critics say the agency is doing no favors to taxpayers or new homeowners by providing relatively easy loan terms. “Insofar as the FHA was encouraging people to buy homes in bubble markets that were not deflated, that’s not good for the FHA and you didn’t help the homeowner,” says...
16.37
Diana Olick reports on housing data from ZipRealty:We've been reporting a lot of anecdotal information about life after the home buyer tax credit, but now we're starting to get some numbers. A new report from ZipRealty.com shows:—The number of homes that closed in May are down more than 5% compared to April.—Newly signed contracts in May dropped more than 10%, a sign of a real estate drought this summer.—Internet searches on real estate sites are down 20 percent compared to this time in 2009.And she quotes Zillow on the overall effect of the home...
16.32
From Stan Humphries, Zillow's Chief Economist:Homes values fell 0.38% nationally from March to April and were down 4.1% from their levels in April 2009 ...Home values declined month-over-month in 87 (70%) of the 124 metropolitan statistical areas (MSAs) tracked by Zillow this month, and year-over-year declines (defined as a decline of more than 1%) in home values were recorded in 96 (77%) of the 124 metros. Foreclosure activity continued to increase nationally with 0.11% of homes in the U.S. being foreclosed in April. ...We expect to see pending...
17.42
Today marks two years of me blogging for Bubble Met...
03.16
Are politicians responsible? Paul's answ...
17.33
Initial jobless claims numbers seem to be stuck this year, but they're still much better than a year ago. This graph shows the year-over-year percentage change over the past five years (lower is better).Today's payroll numbers are expected to show lots of new jobs were created in May. The payroll data probably will have been released by the time you read this (assuming you read this blog at work).Update: It turns out that the numbers were not nearly...
16.52
IMF economist Prakash Loungani is not exactly optimistic about global (or U.S.) housing prices:International Monetary Fund economists Prakash Loungani has found plenty of reasons to remain glum.Loungani, at a National Economists Club luncheon in Washington Thursday, presented his analysis of housing busts since 1970 in the countries that make up the Organization for Economic Cooperation and Development. His prediction: Home prices will fall much farther and for much longer.On average, the previous housing slumps lasted 18 quarters, with prices...
16.42
Steven Horwitz says the Community Reinvestment Act isn't responsible for the financial cris...
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