Do We Just Hand California Back To The Bank?
• HousingDoom.comAbout 1 in 10 Californians with a home loan is now in default, and there’s growing evidence that the mortgage meltdown is spreading to commercial real estate.
Contents Pages by Subject
Housing
U.S. House Prices Haven’t Bottomed Yet
• Ritholtz.com/blog & CalculatedRisk.comTurnover in the American real-estate market may be bottoming, but prices are unlikely to do so for some time. History suggests they’ll keep drifting for another year or two before they find a floor.
Sharecropper Nation: House Passes Foreclosure Rental Bill
• HousingWire.comThe House of Representatives this week passed a bill that would authorize federally-insured depository institutions and banks to lease real estate-owned homes for a limited period of time — up to five years.
Housing Bottom? No, The Mother Of All Head Fakes
• BusinessInsider.com/Whitney Tilson of T2 Partners calls the May numbers "the mother of all head fakes." He--and the two analysts below--think house prices will resume their decline in the fall
Las Vegas and Cape Coral-Fort Myers, Florida led Nation in Foreclosures
• AzCentral.comForeclosure activity continued its upward trajectory nationwide and in the majority of metro areas in the first half of the year, James Saccacio, chief executive officer of RealtyTrac...
June Surge in Lender Repossessions in Seattle, Las Vegas and Phoenix
• CalculatedRiskblog.comNearly 5,800 houses and condos were lost to foreclosure in the two-county Phoenix region, up nearly 38 percent from May and up 40.8 percent from a year ago. It was the highest monthly total since foreclosures began to surge in 2006.
13 Million Foreclosures Expected Between Dec. 2008 and 2014
• blogs.Reuters.comThe 1.5 million homes which have already been lost to foreclosure are just the tip of the iceberg compared to the 13 million total foreclosures expected over the five years from end-08 to 2014.
New York Sending Homeless To Georgia
• wsbtv.comNEW YORK -- New York City is buying one-way plane tickets for homeless families to leave the city and head to Georgia or anywhere else they want to go
Study Finds Underwater Borrowers Drowned Themselves with Refinancings
• Wall Street Journal OnLineThe original loan-to-value ratio for these borrowers stood at a reasonable 84%, but second and third liens left homeowners with a combined loan-to-value ratio of about 150% by the time of the foreclosure sale date.
Worst June New Home Sales Since 1982
• Ritholtz.com/blogMost of the Media and Wall Street economists have had the inherent tendency to get this data wrong . . . the latest batch of releases is no different . . . Consider these charts before you conclude that Residential RE is improving:
Case Shiller Index Falls 17% for May ‘09; Monthly Improvement Seen
• Ritholtz.com/blogIn terms of annual declines, the numbers remain relatively somber with all metro areas and the two composites in negative territory, and 16 out of the 20 metro areas are reporting double digit declines.
Real Estate Quote of the Day
• Ritholtz.com/blog“National New Home Sales, on a monthly basis, don’t even add up to half of the total foreclosure activity in California alone in a single month.” -Mark M Hanson aka Mr. Mortgage
June new-home sales rise 11%
• AP
The government said Monday that new U.S. home sales rose by the largest amount in nearly nine years last month, in another sign the housing market finally is bouncing back from the worst downturn in decades.
The Commerce Department said sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.
Chart of the Day: The Life Of A Palm Springs Home
• businessinsider.com/Today's chart is pretty self-explanatory. It's the price of a single family house (with data from RedFin) in Palm Springs, CA. Watch it do a round trip from 2001 to 2009.
New Home Sales Fall 21Percent: MSM Spins a Web of Lies
• Ritholtz.com/blog & CalculatedRisk.comIf New Home Sales are so strong, then can anyone explain why prices are still plummeting? Median home prices dropped 12% year-over-year, and 5.8% from the prior month. The MSM will never show you this chart!
Foreclosures taking an emotional toll
• patchworknation.csmonitor.com/“Foreclosures are bad. When you start seeing homes going for sale on your street, or foreclosures, or houses being foreclosed on, it really affects, psychologically the economy of the area. People stop spending money...
Largest Homebuilders are Mothballing Communities Across the U.S
• Bloomberg.com“Until we see job losses abate and foreclosures begin to decline, rather than increase as we expect, there is unlikely to be a catalyst for the builders,” Torma said. “It’s going to continue to be a challenging environment.”
U.S. Home Vacancies Hit 18.7 Million on Bank Seizures
• Bloomberg.com“There were 18.7 million vacant homes in the U.S. during the second quarter as the steepest recession in 50 years sapped demand for real estate and banks seized properties from delinquent borrowers.
Data show housing market starting to recover
• AP
[Now about the Brooklyn Bridge offer?] The U.S. housing market has started to recover from
the most far-reaching crisis since the Great Depression, data released
Thursday show.
Sales of previously occupied homes rose for the
third month in a row in June, the National Association of Realtors
reported. That hasn't happened since early 2004, during the boom.
Mr. Mortgage: Mortgage Default Crisis – Brutal Past Two-Months
• fieldcheckgroup.com/The foreclosure resales for sale today are from 30-day loan defaults that first happened from 1 to 1.5 years ago — the heart of the Subprime Implosion. This highlights how much housing supply is in the foreclosure pipeline at any given time.
Obama Desperate: Fannie Mae Moves Up Start Date for 125% LTV Loans
• HousingWire.comThe HARP is an Obama Administration initiative aimed at helping borrowers refinance their underwater mortgages. Loans owned or serviced by Fannie Mae or Freddie Mac...
Host:
Ernest Hancock
"Declare Your Independence with Ernest Hancock" - July 20th 2009
Program Date:FreedomsPhoenix Activists: Keith Liberty - Donna Hancock - Thomas Costanzo and The Liberty Rider, Mike Maresco
Issues: Housing - Mortgages - Economy - Police State - Solutions - Gardening - Raising Chickens
(A call from a London reporter wanting to know how much Ernest knew about IEDs, Improvised Explosive Devices)
The Elusive California Housing Bottom: Conditions point to 2013 or later
• DoctorHousingBubble.comYou’ll notice that from peak unemployment in 1992 to the trough in housing prices in 1996 there was nearly a 4 year lag. Assuming this pattern, we still do not have the peak unemployment figure since we keep moving up.
Cashing In, Again, on Risky Mortgages
• NY TimesFrom the ninth floor of a downtown office building on Wilshire Boulevard, Jack Soussana delivered staggering numbers of mortgages to homeowners during the real estate boom, amassing a fortune. By Mr. Soussana’s own account, his customers fared less happily. He specialized in the exotic mortgages that have proved most prone to sliding into foreclosure, leaving many now scrambling to save their homes.
Barry Ritholtz: 7 Reasons Why Housing Isn’t Bottoming Yet
• Ritholtz.com/blogNearly all overpriced asset classes revert not merely to their historic trend line, but typically collapse far below them. I have no reason to believe Housing will be any different;
Banks Walking Away from their Own Foreclosures
• Cleveland Metro
Renetta Atterberry thought she had lost her East 102nd Street house. So she was shocked to learn in January -- five years after her mortgage company filed for foreclosure -- that it was still in her name.
Worse, the long-vacant rental home had been vandalized and she faced a raft of housing code violations. Since then, she has been saddled with debts of about $12,000 to pay for demolition and back taxes.
American Dream or American Nightmare?
• Michael Shedlock / MishAs unemployment rises above 10% and more Americans are faced with their homes being underwater, the bottom in this market is years away and will be a drag on our economy like never seen before.
June housing construction rises more than expected
• APConstruction of new U.S. homes rose in June to the highest level in
7 months as builders rushed to pour foundations for homes that must
be completed by the end of November for first-time buyers to take
advantage of a special tax break.
Denninger on Homebuilders: What Are They Smoking?
• Market-ticker.denninger.netIt is truly unbelievable that builders would be ramping construction into this market environment. I thought I had seen everything stupid under the sun, but this, among all else, takes the cake...
Ritholtz: Housing Starts Fall 46%
• Ritholtz.com/blogIncidentally, much of the media reportage on this was simply innumerate — the numerical equivalent of illiteracy. Not just a little wrong, but totally, embarrassingly incorrect.
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