$6.5 Trillion Lost, One House at a Time
• OfTwoMinds.com/blogThe $6.5 trillion lost in the bursting of the housing bubble is not a "paper loss," it is tragically real.
Contents Pages by Subject
Housing
Worried About an Apocalypse, Zombies or Merely Unwanted Summer Guests?
• www.dailymail.co.ukWorried About an Apocalypse, Zombies or Merely Unwanted Summer Guests? The 'Safe House' May Be Right Up Your Street
Media Denial: Housing Data The Arizona Republic Is Afraid to Show You
• CalculatedRiskBlog.comAccording to Zillow the Phoenix housing market has suffered a year over year price drop of 11.2 percent, and over 68 percent of area homeowners now suffer negative equity.
Reality Intrudes: Orange County ‘Housewife’ Sues to Stop Foreclosure
• blogs.wsj.comThe housing drama continues on the “Real Housewives of Orange County” cable reality show.
Homeowners Drowning in Negative Equity
• CNBC.comToday Zillow.com reported a new high in negative equity: 28.4 percent of single family homes with a mortgage (remember, 32 percent of all homeowners do not have a mortgage).
Housing Demographic Hell: Seniors wait out the housing slump
• milforddailynews.comMany seniors who were going to sell their homes and move on to senior housing communities instead saw real estate values plummet. Their decision to stay put, in hopes that the market would rebound, then caused another shift, this time...
Zillow: The Housing Market Just Had Its Worst Quarter Since 2008
• BusinessInsider.com/Nearly 75% of homes in the US lost value from Q1 2010 to Q1 2011. That's up from 69% the quarter before.
A New Zombie Lumbers On: The Mortgage Settlement Negotiations
• NakedCapitalism.com/But like so many zombies that inhabit the financial landscape, the mortgage settlement negotiations refuse to die. They were unlikely to succeed, given that some of the attorneys general who joined late in the game were opposed to the entire...
Michael Pento: Double-dip recession is now undeniable
• marketwatch.comThe evidence of a double-dipping housing market and economy are becoming undeniable, even to those who cling perilously to the notion that government intervention has been a salve instead of a poison.
Gary Shilling: Sell Your House Yesterday
• BusinessInsider.com/Gary Shilling says you should have sold your house "yesterday" because prices still have a long way to fall.
It's Official: National Home Prices Double Dip
• CNBC.comHome prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital.
Jamie Dimon Says Banks Are Being Nice to You When They Take Your House
• NakedCapitalism.com/For real? It’s debt relief? Why not just go old school with “let them eat cake”?
Surviving Foreclosure, by Cindy D.
• www.survivalblog.comI wanted to write aboutmyexperience tohelp othersthat maybe facing the samesituation.Even thoughI maywrite thisverysimplyandfactually,itwas a very emotionalanddevastatingtime in my life. I learned a great deal but don’t want to ever go through itagai
Hooray: Residential Construction Is Rising Back To 1993 Level
• CalculatedRiskBlog.comThe Census Bureau reported this morning that overall construction spending increased in March compared to February (seasonally adjusted).
Foreclosure-Gate Arizona: 50% Principal Reduction Tied to Killing Foreclosure Rights Bill?
• Market-ticker.orgTrust me on this - you've not seen the last Ticker from me on this subject. Not by a long shot. If you're an Arizona lawmaker, did something wrong in this regard, and think this issue is just going to wither away and die, you're sadly mistaken.
Arizona Representative Drops Chain of Title Notification Provision After Apparent Bribe by Service
• NakedCapitalism.com/I was told the bill was DOA in the House before it even got out of the Senate. It was “double-assigned” meaning it had to pass two committees instead of just one.
"Its A Great Time To Buy A House" - But Realty Executives Files for Bankruptcy
• AZcentral.comIn a reversal from statements a week earlier, Realty Executives Inc. confirmed Friday that it intended to file for bankruptcy protection "within the next 48 hours."
Foreclosure-Gate Arizona: Legislators Embargo Pre-Foreclosure Chain of Title Legislation
• mandelman.ml-implode.comFrom what I can discern from talking to various involved parties, the consensus is that any bill that requires the banks or mortgage servicers to even discuss the issue of proper chain of title as being part of the foreclosure process...
The United States Will Face A 10 to 15 Year Real Estate Bear Market
• MyBudget360.comThe bad news is that we are likely to face at least a 10 year bear market in real estate thanks to a lost decade in household income and the continued erosion of the middle class. Home prices can only reflect the underlying income of households...
Underwater Mortgages a Threat to Economic Recovery and The Deficit
• GlobalEconomicAnalysis.blogspot.comThe revenue projections of President Obama, Paul Ryan, and the nonpartisan Congressional Budget Office are all hopelessly optimistic with obvious implications on the deficit, on interest on the national debt, and on long-term interest...
IRS Likely to Expand Mortgage Industry Coverup by Whitewashing REMIC Violations
• NakedCapitalism.com/He notes that the REMIC investors, who he called “innocent parties,” would have to pay rather than the banks that were responsible for any wrongdoing in transferring mortgage ownership.
The Ownership Society Is Dead: Home Ownership Rate Drops to 1998 Level
• blogs.wsj.com/Now, some industry watchers expect the rate to slip below 65%. Housing experts say each 1% decline in the home ownership rate represents the movement of one million households to rentals. Some people can’t buy homes, while others just don’t want to.
Phoenix Underwater Mortgages Show Housing’s Threat to Recovery
• Bloomberg.comIn Phoenix, the problem is especially acute. Nearly 202,000 individuals are 50 percent or more in negative equity, according to a Corelogic Inc. analysis prepared at the request of Bloomberg News. More than one in every five Phoenix...
The Housing Bubble Broke the Middle Class
• OfTwoMinds.com/blogBack at the top of the bubble, the middle class had $6 trillion more assets on the books. Considering the Mortgaged Middle Class now owns about $6 trillion in net assets, then the bursting of the housing bubble caused their net worth to drop by 50%.
Case-Shiller Index: Worst 10 Cities - Phoenix Housing Market Down 8.4% YOY
• BusinessInsider.com/This morning's Case-Shiller number continued to show that the U.S. is in the midst of a housing double-dip. Prices in 10 cities hit brand new lows, and overall prices fell 3.3% year-over-year in February.
The Underwater Homeowner: Strategic Default, Or Feel Like A Chump... Forever
• BusinessInsider.com/As he saw it, “More and more Floridians who pay their mortgage feel like chumps compared to defaulters; they turn over their disposable income to the bank and know it will take most of their lifetimes to recover.”
Welcome To The Home Rentership Society
• CNBC.com"These affordability problems are marching up the income scale," notes JCHS's Eric Belsky. "It means more people have less money to spend on household necessities such as food, health care, and savings."
Foreclosure-Gate Arizona: Denninger on Rep. McClain's Savaging Homeowner Rights
• Market-ticker.orgMs. McLain, deserves every bit of political heat that she has taken and, hopefully, will continue to take on this very issue. Her action, while legal under parliamentary rules, stands as a raw financial **** of those in Arizona who have...
Foreclosure-Gate Arizona: Legislators Feel Wrath of Citizens, Bloggers, and Media
• Market-ticker.orgThat's right folks, in Arizona actually having a lender prove they own the debt they alleged you're not paying is asking too much, is "false hope", and is a violation of their rights...... to steal your house without proving they have the right to...
Foreclosure-Gate Arizona: 2 Legislators Wilt Under Freedoms Phoenix Firepower
• azcapitoltimes.com/newsA pair of Republican lawmakers was on the defense yesterday after bloggers began weaving a tale of conspiracy, alleging a piece of real estate legislation was killed in exchange for a lawsuit against one of the lawmakers being settled.
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