On December 17th, 2008 Jim Cramer pronounced that the housing bottom will be in by June 30, 2009.
http://nymag.com/news/business…
Cramer article
The housing market, and by extension, the economy, is trying to heal itself despite the self serving efforts of Washington and various state moratoria.
http://themessthatgreenspanmad…
http://www.housingwire.com/200…
http://www.sfgate.com/cgi-bin/…
http://www.bloomberg.com/apps/…
http://www.housingwire.com/200…
http://www.thetruthaboutmortga…
http://www.thetruthaboutmortga…
http://www.thetruthaboutmortga…
Mr Mortgage
http://www.fieldcheckgroup.com…
Foreclosure Mod Sham
http://mandelman.ml-implode.co…
http://theautomaticearth.blogs…
The real story, the one the headline conveniently hides, is that homes sales are down 3.6% from a year ago, and that prices in the same period fell 16.8%. And those are numbers from the NAR, an organization known for and set on bending both reality and the numbers that come with it until they will bend no more.
http://themessthatgreenspanmad…
http://finance.yahoo.com/loans…
Paper Avalanche
http://online.wsj.com/article/…
Fannie Mae reported a steep increase in the percentage of home mortgages with overdue payments.
The government-backed mortgage investor said in a monthly summary released Monday that 3.42% of the single-family mortgages it owns or guarantees were 90 days or more delinquent in April, up from 3.15% a month before.
Fannie’s main rival, Freddie Mac, reported last week that its single-family delinquency rate for May was 2.62%, up from 2.44% in April.
Jay Brinkmann, chief economist of the Mortgage Bankers Association, said delinquencies probably won’t start to decline before the second half of next year. Prime loans now are the biggest source of growth in foreclosure starts.
http://finance.yahoo.com/tech-…
Good news! The rate of the price decline in the housing crash has finally begun to ease.
Bad news! Prices are still falling 18% year over year.
As of April 2009, average home prices across the United States are at similar levels to where they were in the middle of 2003. From the peak in the second quarter of 2006, the 10-City Composite is down 33.6% and the 20- City Composite is down 32.6%.
http://www.ritholtz.com/blog/
good graph
http://www.bloomberg.com/apps/…
Delinquencies Double on Least-Risky Loans
http://themessthatgreenspanmad…
It’s not so much that the default rates for Option-ARMs have exceeded that
of subprimes loans for three months running, but that the absolute numbers
are so high.
[..]As of April, 36.9% of Pick-A-Pay loans were at least 60 days past due,
while 19% were in foreclosure, according to data from First American
CoreLogic, a unit of Santa Ana, Calif.-based First American Corp. In
contrast, 33.9% of subprime loans were delinquent, with 14.5% of those
loans in foreclosure, the figures show.
Payment-option mortgages are heavily concentrated in the worst-hit regions
in the housing market, including California and Florida, making borrowers
inordinately vulnerable to declining property values.
http://www.mybudget360.com/the…
The Doctrine of Preemptive Bailouts and the Biggest Bailout you haven’t
Heard About: The U.S. Treasury Plan C and the $3.5 Trillion You will be
Paying.
[..]The issues with this Plan C is that it is setup to be a buffer on
further deterioration in various loan categories but the big one is
commercial real estate.
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[..]The challenge with this bailout is you are asking a public with
26,000,000 unemployed and underemployed Americans to shoulder the debt of
largely speculative plays.
http://www.bloomberg.com/apps/…
More than 1.5 million properties received a default or auction notice or were seized by banks in the six months through June, the Irvine, California-based seller of default data said today in a statement. That’s a 15 percent increase from the year earlier. One in 84 U.S. households received a filing.
http://www.mybudget360.com/hou…
Shadow Inventory
The math in California housing simply does not add up. Given the amount of sales and monthly foreclosures over the past few months, it would appear that banks are sitting back while a gigantic backlog of foreclosures grows. A few in the media are calling attention to this obvious fraud but not many. The California housing market is reeling from an epic mulit-decade long real estate bubble.
http://themessthatgreenspanmad…
“It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen,” said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. “I don’t think they’re motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It’s a license to do whatever they want.”
http://www.nytimes.com/2009/07…