Foreclosure filings fell less than one percent in August from the record high foreclosure rate in July, according to the monthly RealtyTrac foreclosure report. Some 358,471 properties had filings, keeping activity 18% above a year ago. One in every 357 U.S. households received a foreclosure filing during the month. After hitting a high for the… Continue reading Foreclosures Maintain Record Rate
Category: 2009 Housing Market
Revolt May Start in California
By Kevin Chiu The first major move to pressure bankers to modify home mortgages may be developing in California. The action, planned for a vote next week, could be the most significant move yet to force bankers to take responsibility for millions of bad mortgages they issued to homeowners. The movement could signal a revolt… Continue reading Revolt May Start in California
House Poor Growing
By Mike Colipitts Fewer people are going to the movies. Fewer yet are buying goods in stores. Major grocery chains are seeing a rise in what were second rate brand food products selling at a discount. The savings rate has risen and may hit a new high. America is on a budget squeeze, and a… Continue reading House Poor Growing
Pop Goes the Housing Market
By John Hines Economist Bankers won’t tell you, but bankers are almost always motivated home sellers. They don’t become bankers to be landlords. The U.S. mortgage market is worth $10-billion in profits each year, and the people who peddle money like a pharmacist dispenses pills can make a lot more money making loans. The direction… Continue reading Pop Goes the Housing Market
Housing Affordability Hits New Highs
The two oldest indexes on housing affordability have reached new highs, indicating low interest rates, lower home prices and the first time home buyers tax credit are improving sales. Lower housing prices have produced a rush of cash strapped investors to purchase homes and are knocking out many first time buyers, who are trying… Continue reading Housing Affordability Hits New Highs
Comparing Today’s Financial Crisis to Great Depression
By Chris Tyler Comparisons between the current financial crisis and the Great Depression are becoming less common these days as the economy seemingly makes strides towards recovery. However, with growing unemployment, rising business failures, climbing bankruptcies and a growing epidemic of foreclosures progress is difficult to gauge. Most economists say the nation has moved into… Continue reading Comparing Today’s Financial Crisis to Great Depression
The Big Fix in the Housing Mess
By Mike Colpitts The housing market is starting to show signs of mending from its deflationary cycle. The Fed’s move to hold interest rates at or near 0% for an extended period of time and other actions being orchestrated are moves to fix housing and get the economy back on track. Low interest rates aren’t… Continue reading The Big Fix in the Housing Mess
American Casino Getting Rave Reviews
By Mike Colpitts American home buyers didn’t have a clue they were buying mortgages from bankers and mortgage companies that were like mad gamblers at the crap table during the real estate boom. As the tables turn with tens of thousands of homeowners filing lawsuits against bankers for defrauding them, the first motion picture to… Continue reading American Casino Getting Rave Reviews
Banks Wage Financial War
By John Hines Economist Bankers and mortgage companies are waging a financial war against the epidemic of foreclosures. Bankers have slowed down the foreclosure process in efforts to keep their losses in check and paint the face of an improving economy on banks’ balance sheets in an effort to show the real estate market is… Continue reading Banks Wage Financial War
New Record in Foreclosures Set
The foreclosure epidemic reached a new milestone in July setting another record, according to the RealtyTrac monthly report. Foreclosure filings were reported on 360,149 properties nationwide, rising 32% from one year ago. “July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity,” said James J.… Continue reading New Record in Foreclosures Set