By Chris Tyler Consumer bankruptcy filings are already topping the near record pace set in 2008 this year as a result of the real estate crisis, and the number of consumer bankruptcies may set a new record in 2009. The fall out from the credit crisis, triggering the epidemic of foreclosures has homeowners scrambling to… Continue reading Home Bankruptcies Soaring
Category: Credit
Smoke and Mirrors Fade
By Mike Colpitts Suddenly and awkwardly America is losing the smoke tint blurring its rose-colored glasses. The great U.S.A. is suffering through the pain of the worst financial meltdown since the Great Depression, triggered by the shenanigans on Wall Street and the banking industry. As millions more are thrown out of work, consumer goods are… Continue reading Smoke and Mirrors Fade
Recovery Likely to Take Decade
The housing market recovery is likely to take a decade or more before strong home appreciation is evident in the majority of the country, according to the latest analysis by Housing Predictor. The credit crisis triggered by the foreclosure epidemic will be followed by a deflationary cycle in commercial real estate compounding the turmoil in… Continue reading Recovery Likely to Take Decade
Bad Bank Floating of Swimming
By Mike Colpitts The mass media loves to float ideas — concepts that many times never do become reality. But in the effort to get the news out news sources of all types online, TV and in print jump on the band-wagon. The so-called “BAD BANK” President Obama may propose to handle the toxic mortgages… Continue reading Bad Bank Floating of Swimming
Rental Rates Drop
Rental rates are declining along with home prices in the majority of the nation, according to new reports. It’s good news for renters, but another sign that the economy is weakening as job losses and worsening consumer confidence force many renters to seek cheaper housing. The new studies also indicate that investors are less likely… Continue reading Rental Rates Drop
Awakening from the Sham
By Brad Risen Economist There are few fundamentals in economics that matter more to the U.S. economy. When the largest sector of the economy is severely beaten and plundered by its business hierarchy the rest of the country suffers. The largest sector of the national economy is real estate from a dollar point of view,… Continue reading Awakening from the Sham
Walk-Aways Pick Up as Foreclosures Rise
Homeowners are walking away from their homes at all-time historic rates as foreclosures rise in the face of a deteriorating economy, according to a new Housing Predictor study. The fact emerged from a study of 15 metropolitan markets scattered throughout the U.S. as a result of increasing foreclosures. Mortgage experts say the incentive to freely… Continue reading Walk-Aways Pick Up as Foreclosures Rise
Real Estate in Economic Cross Hairs
By Mike Colpitts Editor More than three years ago housing markets began to bring down the national economy with increasingly sluggish sales. At first home sales faltered in the strong western markets in California, known for leading the nation in a wide variety of businesses, and then in Florida after devastating hurricanes hit the state… Continue reading Real Estate in Economic Cross Hairs
Loan Modifications May be Forced
A member of the U.S. government bailout oversight panel says that if bankers and mortgage companies don’t start restructuring mortgages with loan modifications more aggressively it will be mandated by government leaders. Richard Neiman made the comments visiting Las Vegas to inspect the city’s massive foreclosure epidemic as a member of the panel. Neiman… Continue reading Loan Modifications May be Forced
Bottom of Housing Market Not Close
By Mike Colpitts Editor The bottom of the housing market isn’t close. In fact, Housing Predictor is backing up our forecast for the bottom to hit all the way to 2010, and it may be longer than that. Fortunately or unfortunately our foreclosure forecast is coming all too true. Now 1 in 10 homes… Continue reading Bottom of Housing Market Not Close