By Mike Colpitts The foreclosure crisis, already the harshest to hit U.S. homeowners in history is projected to drag on another five years, and will include more than a total of 15-million mortgage holders, according to a new Housing Predictor forecast. More than 7-million homes have been foreclosed since the crisis started as a result… Continue reading Housing Foreclosure Crisis Five More Years
Category: Economic Crisis
Housing Downturn Reaches Year Five
By Mike Colpitts The downturn in the U.S. residential housing market is approaching five years, which arrives in just one week with the start of June. Housing markets in California and Florida were the fist to feel the impact of the slowdown that resulted from a combination of Wall Street shenanigans and bankers creative financing… Continue reading Housing Downturn Reaches Year Five
New Home Building Starts Recovery
By Mike Colpitts Despite new home builder sentiment in the industry being exceptionally low, new home construction is in the early stages of recovery. The latest National Association of Home Builders confidence index was 16 in May. A reading under 50 indicates poor sentiment. However, new home developments are showing signs of life scattered throughout… Continue reading New Home Building Starts Recovery
New Normal Favors Renting
By Mike Colpitts The new normal in real estate favors a larger number of renters and an increase in landlords just trying to get buy, according to the National Multi Housing Council’s mid-year apartment strategy conference. Former U.S. Congressional Budget Director Doug Holtz-Eakin said it’s inconceivable the government would stop subsidizing real estate, despite Republican… Continue reading New Normal Favors Renting
Tornado, Flood Damage Tops $260 Billion
By Mike Colpitts Catastrophic flooding along the Mississippi River and the outbreak of tornadoes in the Midwest and South are destroying thousands of homes and businesses. The series of disasters are estimated to top $260 billion in property damage, according to initial estimates gathered from federal and state authorities. A tornado believed to be just… Continue reading Tornado, Flood Damage Tops $260 Billion
Stocks Plunge on Housing News
By Mike Colpitts Following disappointing news about the housing market, the Dow Jones Industrial average plunged 279.65 points Wednesday on the New York Stock Exchange on the first day of June, demonstrating investors’ worries over the stock market and the greater U.S. economy entering the customary busy summer housing season. The drop in the highly… Continue reading Stocks Plunge on Housing News
Freddie Mac Unloads Foreclosures Paying Closing Costs
By Mike Colpitts Troubled mortgage giant Freddie Mac is making a new effort to unload its bloated inventory of foreclosed homes paying home buyers closing costs. The government backed lender, which has been bailed out by tax payers at a cost of more than $148-billion with its sister lender Fannie Mae is making the offer… Continue reading Freddie Mac Unloads Foreclosures Paying Closing Costs
Home Remodeling Shows Rebound
By Mike Colpitts Home remodeling is moving into a rebound as spring flowers begin to bloom. The National Association of Home Builders Remodeling index reached 46.5 in the first quarter, marking its highest level since 2006, and the Harvard University Joint Center for Housing Studies is predicting remodeling to rebound in 2011. Retail sales at… Continue reading Home Remodeling Shows Rebound
Foreclosures Fall Seven Straight Months, But Still at Crisis Level
By Kevin Chiu Hampered by internal bank and mortgage servicing company delays, foreclosure notices fell to a 40 month low in April, declining 9% from the prior month and 34% from a year ago. The slowdown represented the seventh straight month of delays in the foreclosure crisis as a result of the moratorium put in… Continue reading Foreclosures Fall Seven Straight Months, But Still at Crisis Level
Homeowner Associations May Hit Record Lawsuit Volume
By Mike Colpitts Homeowner and condominium associations straddled with high debt in the real estate crash are resulting in at least thousands of member-owners refusing to pay monthly fees, and may reach record lawsuit volume in U.S. courtrooms. The development was determined during a routine Housing Predictor survey of markets monitored across the nation. The… Continue reading Homeowner Associations May Hit Record Lawsuit Volume