Spain has been handed its second S&P credit downgrade for the year, and data shows an economy in free fall. Retail sales fell for the 21st consecutive month, while Q1 unemployment soared to 24.44% of the working population, up nearly 2% from December. Spain’s economy is in desperate straits. Continue reading
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According to The Canadian Real Estate Association, their latest survey indicates that price increases in Canada’s booming housing market may be topping out… Continue reading
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There have been several recent reports on upticks in the housing date, but home prices have declined, according to the NAR/Core Logic Composite Index, by a whopping 36%. Continue reading
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Many of the world’s financial and economic woes began with the bursting of the biggest bubble in history. Never before had house prices risen so fast, for so long, in so many countries. In some… Continue reading
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Banks,” the largest European banks have held onto, and failed to mark down, a mountain of bad paper from the housing bubble. Continue reading
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Past due loans and foreclosures (shadow inventory) will be a drag on the floundering US economy for years to come. Banks appear to be doing well only because of the suspension of mark-to-market and other financial gimmicks. The housing market is still faltering and shadow inventory is still near peak levels. Continue reading
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Positive news about the US economy is belied by the fragility of the real estate market: home prices have refused to rebound. Continue reading
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Home prices in the US will likely fall another 10-25% in the upcoming years, either through a nominal drop or through an inflation-adjusted drop where prices remain the same but inflation eats away at value. In states like California, a nominal drop of 10-25% is almost assured. And while some say this prediction is apocalyptic, others say it is too optimistic. Continue reading
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America’s real estate market is all about plunging prices and anemic sales. Some newspaper headlines: Home sales slump is widespread; Illinois plans to blow $100 million in troubled mortgage relief program; Foreclosure flood may not have crested yet; As lenders hold homes in foreclosure, sales are hurt; Priciest homes languish in Greenwich, Connecticut. Continue reading
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Realty Trac is out with the total foreclosure numbers for 2010. On the whole things are getting worse. Seventy-two percent of major metro areas saw an increase in foreclosure volume. Although some of the worst hit areas in Nevada, California and Florida improved from 2009, the foreclosure rate in these areas remains shockingly high. If not for foreclosure suspensions due to the robo-signing scandal, these numbers would have been higher. Continue reading
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Most of the focus in recent days and weeks has been on the Middle East, with recent events in Libya increasing cynosure towards the price of oil. However an important stat was released yesterday concerning events much closer to home. Residential real-estate prices in the United States dropped in the 12 months to December by the most in a year, a sign the U.S. housing market is still struggling. Continue reading
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Great video posted on Zerohedge featuring a conversation between a homeowner in default of his mortgage payments and a Wall Street banker. Provides an excellent backdrop to the events leading up to the crisis and both sides of the argument in a fascinating debate as to who was to blame for the housing bubble and subsequent meltdown. Continue reading
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Home prices fell for the 53rd consecutive month in November, taking the decline past that of the Great Depression for the first time in the prolonged housing slump, according to Zillow, an online data base that provides real estate information. Continue reading
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A recent RealtyTrac report serves as a warning to the big banks, GSEs and local communities: the foreclosure glut is coming, and they’d better be ready to deal with it. Continue reading
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Spliced video from 5 CNBC appearances from 2005-07 where Bernanke demonstrates that he knows Absolutely Nothing. Continue reading
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