Anchored by severe headwinds, including high unemployment, lack of equity in real estate, rising foreclosures, a tight mortgage market and the expiration of government programs home prices in the majority of U.S. markets will deflate more in 2010, according to the latest national forecast by Housing Predictor. The average price of a home is now… Continue reading Home Prices Forecast to Deflate More
Category: Banks
Foreclosure Numbers Decline
Foreclosure notices declined in January, but still remain at record high levels for the year, according to the latest Realty Trac monthly report. Some 315,716 properties were tagged with notices during the month nationwide. The decline in notices marked a 10% drop from December numbers, but shows that one in every 409 housing units is… Continue reading Foreclosure Numbers Decline
Fueling the Fire of Second Housing Bubble
By Kevin Chiu Government efforts to stabilize the financial system have kept interest rates low, and bought up more than $1.4-trillion in mostly failed mortgage-backed securities. But widespread fraud and other government efforts may already be driving the development of another housing bubble. The FBI says mortgage fraud is still at epidemic levels, which may… Continue reading Fueling the Fire of Second Housing Bubble
Losing Money on House Hard to Handle
By Mike Colpitts Nobody wants to think about it and nobody wants it to happen to them. Losing money is an awful thing to go through. But millions of Americans have seen their stock market portfolios blow-up and their home values erode. Losing money is a hard thing to do. The run up of America’s… Continue reading Losing Money on House Hard to Handle
2010 Mississippi Housing Market
Tough economic conditions are making life rough in Mississippi. State tax collections have been declining for more than a year amid one of the worst economic downturns in the state’s history. The state budget, already in the red, is expected to get much worse before things get better. Still, there are bright spots in the… Continue reading 2010 Mississippi Housing Market
2010 Washington Housing Market
Markets are beginning to rebound in terms of the downturn in housing in Washington, but the major bounce back that many have optimistically hoped for doesn’t seem to have much of a chance of materializing in the near future. Pushed by the federal tax credit, home sales experienced a strong rebound only to fizzle once… Continue reading 2010 Washington Housing Market
2010 Michigan Housing Market
Driven by the lowest home prices in decades, the Michigan housing market has little chance of ever catching up with home prices that residences were once selling for but markets have made compelling improvements over their disastrous fall-outs. The “Big 3” auto companies re-hiring of thousands of workers should eventually help the state recover. As… Continue reading 2010 Michigan Housing Market
Will the U.S.A. Go Broke Over the Housing Bust
By Mike Colpitts As 2010 gets underway the sort of money that it will take the U.S. economy to get back on track is beginning to dawn on people. The $1.8-trillion commitment the Treasury Department is making to buy up securities and bonds from Fannie Mae and Freddie Mac is a bail-out of record proportions.… Continue reading Will the U.S.A. Go Broke Over the Housing Bust
No Hurry for Those at Risk of Foreclosure
Senator Jack Reed D-Rhode Island Senator Dick Durbin D-Illinois Senator Sheldon Whitehouse D-Rhode Island No Hurry for Those at Risk of Foreclosure By Mike Colpitts Two months after the proposal to force bankers to work with homeowners at risk of foreclosure was introduced in Congress the bill is bogged down in committee. A House Financial… Continue reading No Hurry for Those at Risk of Foreclosure
Housing Recovery on the Way
Powered by the highest number of home sales in more than two years, the housing market appears to be on the road to recovery at least to some consumers. First time buyers pushed to close purchases before the looming government deadline expired for an $8,000 tax credit. Rock bottom priced triggered a flood of… Continue reading Housing Recovery on the Way