The Housing Bubble Blog

It's Friday desk clearing time. "John Lesniewski decided to auction off two houses he owned. Lesniewski, a real estate agent in Suitland, acquired the homes from clients of his under a guaranteed sales program, meaning he agreed to buy the homes if they didn't sell within a set time." "But last...

A report from the Connecticut Post. "Foreclosures are so prevalent in New England that one Massachusetts-based research firm is tracking them weekly as an integral part of the real estate market. The Warren Group announced Monday it is offering a new quick-search feature listing foreclosures by...

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The Union Tribune reports from California. "Nearly 50 San Diego County dwellings per day were lost to foreclosure in April, as the tally of mortgage failures rose 169 percent above last year, DataQuick reported. 'Some of the people have lost their jobs and they can't afford their payments, but a...

Some housing bubble news from Wall Street and Washington. The Monitor, "Obra Homes is the latest victim of a dismal home building market. The Rio Grande Valley-founded home builder has shut its doors locally and sold its remaining properties to a partner. At its peak in 2005, the company was the...

The News Press reports from Florida. "A plunging economy, soaring gas prices, the highest unemployment rate in 15 years and skyrocketing foreclosures are forcing Southwest Florida residents to hold garage sales not to downsize or de-clutter, but to make ends meet. People being foreclosed upon are...

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CNBC reports on California. "So DataQuick says home sales in the Golden State rose almost 27 percent last month compared to the month before. Hmmm, let me see, who blogged about the possibility that we were bottoming in housing. Who? Who who who... oh yes, that was me. Of course, in some places...

Some housing bubble news from Wall Street and Washington. CNN Money, "With prices crashing around the nation, home price affordability has improved dramatically in many U.S. cities...during the first three months of 2007 with home prices the most affordable they've been since the three month period...

KMBC Kansas City reports from Missouri. "You may hear a lot about all the great deals on foreclosures out there. But are they really bargains? 'The market here on foreclosures is one out of every four houses sold is going to be a foreclosure now,' said Mike Phillips, who owns Century 21 All Pro....

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The Used House Salespeople report from California. "The percentage of households that could afford to buy an entry-level home in California stood at 44 percent in the first quarter of 2008, compared with 26 percent for the same period a year ago, according to C.A.R.'s First-time Buyer Housing...

Some housing bubble news from Wall Street and Washington. Reuters, "The bond insurance arm of CIFG Holding Ltd, and two other units' ratings were slashed to junk status by Moody's Investors Service on Tuesday, due a 'high likelihood' the insurer will not meet its capital requirements. Two months...

The Boston Globe reports from Massachusetts. "Only about 64 percent of those born in Massachusetts still live in the state, according to a report by Northeastern University's Center for Labor Market Studies. 'The problem is that we just can't get people to come to Massachusetts as much as they want...

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The Uinta County Herald reports from Wyoming. "After 20 plus years of relatively little housing growth, it's as if houses are sprouting up out of the reddish dirt around Evanston with the new grass this spring. There are many new developments currently under construction, and plenty of new homes...

Some housing bubble news from Wall Street and Washington. CNN Money, "Demand for new homes collapsed last year. Next up could be a similar drop in the rest of the construction market. Economists say a fall-off in nonresidential construction in the face of an economic slowdown shouldn't be a...

The St Petersburg Times reports from Florida. "'At first, as in all these gambling mania, everyone gained ... A golden bait hung temptingly out before the people and, one after another, they rushed to the tulip marts, like flies around a honey pot.' Charles Mackay, Memoirs of Extraordinary Popular...

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The Marin Independent Journal reports from California. "A crumbling Marin housing market is booming business for Coldwell Banker broker George DeSalvo. The veteran agent deals in real estate owned, or REO, properties that have gone through foreclosure and into bank ownership. DeSalvo described...