Archive for July, 2008Housing Woosh, Part DeuxThis post first appeared on Minyanville and on our sister site Dawn Patrol. Reports are out this morning opining that Stockton, California represents a new hope for housing recovery. Hoping Stockton will lead the housing recovery is about like saying Alex Smith will lead the niners to the Super Bowl. It lacks a link to [...] Housing Inventory Eases, But No Recovery In SightThis post first appeared on Minyanville, and our sister site, Dawn Patrol. Another month, another attempt to use a single data point to foretell the bottom in the housing market. On the same day the Case Shiller Home Price Index reported the fastest drop in home prices on record (again), the Wall Street Journal released [...] New Countrywide Suit Tries To Foreclose ForeclosuresThis post first appeared on Minyanville. When Bank of America (BAC) agreed to buy Countrywide, it didn’t just take on a mountain of questionably valued mortgage-related assets. It also took on huge legal liability. San Diego City Attorney Mike Aguirre, who has a penchant for punitive lawsuits that rarely result in much more than a [...] Don’t Be a Hero, Wait it OutThe San Diego Union Tribune reports that San Diego home prices have fallen over 25% in the past year, reaching levels not seen since mid-2003. The median home price in San Diego County now sits at $370,000. Monthly sales volume is down 12.3% from this time last year. These numbers are a stark reminder of [...] Gas Prices Effects On the HomeThis post first appeared on Minyanville. I came upon an interesting report out from Deutsche Bank on the effect high gas prices are having on home prices. Below are some highlights: Gas prices are up 167% in the last five years, 32% in the last year. Monthly gas expenditure is up to $519 in June [...] Mortgage Reform: Why Government Intelligence is OxymoronThis post first appeared on Minyanville and our sister site Dawn Patrol. After leading the banking sector to its largest ever one-day drop yesterday, Washington Mutual (WM), in an effort to assuage concerns that it’s facing a cash crunch, released a statement claiming that the bank is “well-capitalized.” Though the stock bucked the trend this [...] House of the Day Results: Swinging into StantonClick here for details on this House of the Day. Value: $350,000 Projection: Depreciating The subject property is located in Orange County, which is experiencing a slump in the local economy due to the collapse of the mortgage market. In addition, the subject should expect to see further declines in value because it has only [...] The Silent KillerWhat’s the silent killer that’s been largely ignored by the financial media as it tries to keep up with the quickly unraveling mortgage crisis? Fraud. While there are many causes for the current meltdown, the most unexplored and and least discussed is fraud. FraudBlogger.com reported yesterday that there were $1.7 billion active cases of criminal [...] New Mortgages … Rule!Below are some details on the Fed’s proposed new mortgage rules courtesy of Briefing.com: New final mortgage rules ban prepayment penalties if payment can rise in first 4 years. New rules create category of ‘higher-priced mortgages’ including virtually all subprime loans. Lenders must verify repayment ability from income, non-home assets for higher-priced mortgages. Lenders must [...] House of the Day: Swinging into StantonClick here for the results of this House of the Day. Today’s property is located in Stanton, CA a suburban neighborhood smack in the middle of Orange County. (Click to enlarge image) Home Details: – 8511 Chanticleer Rd, Stanton, CA 90680 – 3 Bedrooms – 1 Bathrooms – 1347 square feet living area – 0.17 [...] Lone Voice Calls for Intelligent Mortgage ReformWhile Congress deliberates on the future of the nation’s mortgage market, some within the government are calling for restraint in regulatory reform. Housingwire.com reports William Emmons, an economist at the St. Louis Fed, is calling for patience and social support as the clearest way to economic recovery. Emmons makes the argument that government intervention, particularly [...] Credit Contraction ContinuesIn further evidence of the ongoing credit contraction, Mortgagedaily.com reports Lehman Brothers is shuttering its Small Business Finance unit. The division made small commercial mortgage loans to individuals and corporations. The closure is the latest in Lehman’s efforts to shrink its mortgage business and reduce exposure to the US housing market. Lenders everywhere are reducing [...] House of the Day Results: Stuck on StocktonClick here for details on this House of the Day Value: $120,000 Projection: Depreciating Stockton is arguably the most publicized declining real estate market in the United States. Foreclosure and REO (Real Estate Owner, or Bank Owned) activity is very high, and values have declined precipitously in the past 12 months. The subject’s neighborhood itself [...] House of the Day: Stuck on StocktonThis morning’s property’s is located in Stockton, CA — what more needs to be said? Guess the value by adding a comment at the bottom of this post. (Click for a large image) Home Details: – 1740 West Lane, Stockton, CA 95205 – 3 bedrooms – 1.5 bathrooms – 1,224 square feet – 0.23 acres [...] House of the Day Results: Falling Over FallbrookClick here for details on this House of the Day Value: $250,000 Projection: Depreciating Fallbrook is located in Eastern San Diego County, just south of Temecula along Interstate 5. The city and the surrounding area are being adversely effected by the economic slowdown, as much of the growth in the area was due to new [...] California, New York Lend a Hand to Struggling BorrowersThe real estate and mortgage industries are busy battening down the hatches for the inevitable tidal wave of regulatory reform. Meanwhile, Housingwire.com reports government officials are already hard at work trying to outdo each other as the protector of the “everyday common household victim” of our “national crisis.” Two illustrative examples of regulatory restructuring have [...] House of the Day: Falling Over FallbrookClick here for the results of this House of the Day This morning’s House of the Day is located in the inland hamlet of Fallbrook, CA. Guess the value by adding a comment to this post. (Click for a larger image) Home Details: – 968 La Vonne Ave, Fallbrook, CA 92028 – 3 Bedrooms – [...] |