Forbes reports that A. Gary Shilling says avoid thinking the housing market is the key to economic recovery. The housing market continues to flounder because like any goods-driven sector of the economy, the supply outweighs the demand, which pushes prices downward. There is a surplus of 2 to 2.5 million …
Housing Analyst Predicts Turnaround Still Several Years Out Read More
According to HousingWire, the Commerce Department says on a seasonally-adjusted basis, housing starts fell nearly 24 percent from 687,000 in April of last year to 523,000 this past April. Month-to-month housing starts fell 10.9 percent, March to April this year. Analysts had expected a range of 530,000 to 583,000 homes …
The National Association of Home Builders (NAHB) says builders’ confidence in the market for new single-family dwellings has not changed in six of the last seven months, according to the NAHB/Wells Fargo Housing Market Index (HMI). Said NAHB Chief Economist David Crowe, “Asked to identify reasons that potential customers are …
Survey Says Builders’ Expectations for New Home Construction Flat Read More
HousingWire reports the three largest cities in Ohio – Cleveland, Cincinnati, and Columbus – accounted for 45,000 foreclosures since 2009. A national network of community organizations, National People’s Action (NPA), in a survey of foreclosed properties over a 27 month period, determined that each foreclosure in the Buckeye state brought …
Study Shows Ohio Cities Hit Hard by Housing Crisis Read More
According to Bloomberg, Zillow, Inc. reports that the number of homes with negative equity increased from 22 percent a year ago to 28 percent Q1 2011. There were 16.2 million homes worth less than the amount owed, compared to 13.1 homes in that situation one year ago. Home prices dropped …
HousingWire reports mortgage rates fell to a five-month low last week amid news of more unemployment claims filed, and as higher gasoline prices ate up more consumer spending, according to Bankrate. Freddie Mac says the 30-year fixed rate mortgage (FRM) dropped to 4.71 percent, well below the five percent rate …
Mortgage Rates Fall Again Reflecting Investors Fears Read More
Housing Wire reports a Mortgage Bankers Association (MBA) official predicts the 4.5 million distressed properties on the market will prevent a full housing market recovery for four to five years. Michael Fratantoni, vice-president of economics and market research, says some areas may experience recovery sooner, like Washington, D.C. and Texas. …
Fox Business interviewed Warren Buffett, of Berkshire-Hathaway, and Kevin Clayton, CEO of Clayton Homes. Buffett remarked that it is good new housing has not gotten better because of the excess inventory of housing. He says when new home construction returns, employment will improve more than many people think. Kevin Clayton …
Las Vegas, NV. At the recent MHI National Communities Council (NCC) Pre-Conference Forum in Las Vegas, NV, Dr. Henry Fishkind, one of Florida’s premier economic consultants, expressed to the attendees his perception of a three percent economic growth, retail sales rising and jobless rates going down. Noting that everyone is …
Speaking at the Manufactured Housing Institute’s (MHI) annual Congress & Expo in Las Vegas, Dr. Mark T. Dotzour, of Texas A & M’s Real Estate Center in College Station, said the federal government is swinging by a long rope that is near the bottom of its arc. The government is …
Northern Nevada Business News reports the sale of new site-built and manufactured homes in mile-high Elko, Nevada, is up for the first quarter of the year over last year. Real estate agents sold 21 in the first quarter of 2011, 15 percent more than last year, and at an average …
The National Association of Home Builders (NAHB) reports sales of new single-family homes rose 11.1 percent in March to a seasonally-adjusted rate of 300,000 units, but the pace of new home sales was similar to the last six months of 2010. NAHB Chief Economist David Crowe said, “A limiting factor …
According to the Department of Housing and Urban Development (HUD), and with backing by the Federal Housing Administration (FHA), HUD had chosen 18 lenders from across the country to participate in an energy upgrade program for qualified borrowers. Power Saver low-cost loans can offer up to $25,000 to credit-worthy homeowners …
HousingWire reports the Federal Reserve Bank of Dallas says the absence of large quantities of subprime loans in Texas may have kept the state from the depths of the housing crisis. Their percentage of foreclosures is half the level of the rest of the nation, and according to CoreLogic, the …
CNNMoney.com/Fortune report that while deposits increased at three of the four largest banks, loan balances dropped in what the banks called recovery from the housing crisis. Loans declined seven percent over the last year, while deposits at the four largest increased five percent. Citibank’s (NYSE:C) loans are down 13 percent …
Banks Swimming in Cash, Few Borrowers Getting a Drink Read More
HousingWire reports that Neal Wolin, Treasury Department Deputy Secretary, defended the Dodd-Frank Act (Dodd-Frank) against critics, charging that the reforms requiring banks to maintain a larger financial safety net for future crises will delay the current economic recovery. Wolin said the current system favors short-term gains over long-term stability and …
Bloomberg News reports a new survey says the number of people who think a new home is a safe investment dropped from 83 percent in 2003 to 64 percent at the end of last year. The National Association of Realtors says historically homes have been a safer investment than equities, …
Home Ownership Confidence Shaken by Housing Crisis Read More
The National Association of Home Builders(NAHB)/Wells Fargo Housing Market Index (HMI) released a report saying builder confidence slipped in April one point to 16. Now in its 20h year, the HMI comes from builders’ projections for the next six months based on inquiries and traffic. A score over 50 indicates …
Reuters reports that RealtyTrac says foreclosure filings in the first quarter fell to their lowest level since the first quarter of 2208, down 26.9 percent. Filings rose in March over February 6.5 percent, but were down from March 2010 34.7 percent. Lenders seized 6 percent fewer homes than in the …
HousingWire says the U.S. Senate Permanent Subcommittee on Investigations released a report about the recent financial crisis targeting the Office of Thrift Supervision (OTS) for regulatory failures, conflicts of interest and lack of oversight regarding risky financial products. Senators Carl Levin (D-Mich.) and Tom Coburn (R-Okla.) released the report, which …
