This Unshakable Belief Has Been Shaken To The Core

It's Friday desk clearing time for this blogger. "Economist Peter Morici has taken a look at the housing crisis and doesn't see much hope. He does see one way out, however. 'If the Fed could get the investors who buy Fannie and Freddie bonds to accept interest rates of minus 3 percent, then young...
Read more (50 comments)

Great Expectations With Little Fulfillment

A report from StateImpact Idaho. "After several weeks of reporting on the Idaho housing market, it’s impossible not to notice just how many of the people who have lost their homes in the downturn are real estate agents and builders, or do other kinds of work related to housing. In the midst of the...
Read more (28 comments)

A Sign Which Could Remove Any Sense Of Urgency

The Hartford Courant reports from Connecticut. "More tenants in Connecticut are stretching to meet their monthly rent payments as the drop in the state's median household income hit renters particularly hard, according to a new report. The prolonged period of high unemployment in Connecticut has...
Read more (33 comments)

The Housing Boom Wasn't Reality

The Shawnee News Star reports from Oklahoma. "The Department of Housing and Urban Development is considering a rule that will require borrowers to have a 20 percent down payment before qualifying for a home loan, realtors said. The regulation could have a negative impact on the Shawnee housing...
Read more (26 comments)

A Desert Of Undeveloped Lots And Empty Streets

The Sun Sentinel reports from Florida. "Broward County’s three-month run of home price increases ended in September, the Florida Realtors said. 'Housing affordability conditions are very favorable right now,' Florida Realtors President Patricia Fitzgerald said in a statement. 'However, financially...
Read more (47 comments)

How To Get The Pyramid Economy Cranking Again

Readers suggested a topic on the latest government housing proposals. "What about the proposal to save the U.S. housing market by offering foreign investors a sweet deal on obtaining a Visa?" A reply, "If we are serious about scamming these marks, give them automatic dual citizenship, so we can tax...
Read more (102 comments)

A Nation Defined By Irrational Exuberance

It's Friday desk clearing time for this blogger. "Tens of thousands of Stocktonians owe more on their homes than their homes are worth. Stockton got $16.2 million in Neighborhood Stabilization money. It did not help one person keep a home. Instead, it bought the city 51 vacant homes via...
Read more (49 comments)

Beyond A Normal Even In A 'New Normal'

The Philadelphia Inquirer reports from Pennsylvania. "During the boom years, market observers said, too many buyers saw their houses as investments rather than shelter, and believed that whatever they paid would be returned, and then some. Now, everyone wants a bargain, and many sellers won't budge...
Read more (34 comments)

Throwing Money Away In California

The Marin Independent Journal reports from California. "In the nine-county Bay Area, default notices rose to 12,092 in the third quarter, up 22.2 percent from the previous quarter; in California, they rose 25.9 percent over the same period to 71,275. Loan modifications...can take months or years...
Read more (42 comments)