The Housing Bubble Blog

The Chicago Tribune reports from Illinois. "Robert Gabriel never imagined he'd end up living in a virtual ghost town. Gabriel moved into an Antioch subdivision in April, before builder Neumann Homes declared bankruptcy last month. Now, he said, he worries about vandals, thieves and nasty critters...

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It's Friday desk clearing time for this blogger. "A private lender representing a consortium of banks has taken ownership instead of foreclosing on the 33 unsold condominiums at Pond View Village and, after slashing prices by about a third, has successfully resumed selling in a slumping market. Two...

Inside Bay Area reports from California. "Quakes from the housing market's downturn continued to shake San Mateo County in November, as home sales sagged nearly 30 percent, a new report revealed Thursday. The growing inventory of unsold homes on the Peninsula pushed home sales down to their poorest...

The Times News reports from Idaho. "There is such a glut of high-priced homes for sale in southeast Idaho that it could be years before they all attract buyers, experts predict. Jefferson County has a 20-year inventory of homes priced at $500,000 or higher, the Snake River Regional MLS reported....

The Miami Herald reports from Florida. "Seven new suspects accused of mortgage fraud were rounded up by police, as Miami-Dade County Mayor Carlos Alvarez unveiled new legislation to increase criminal penalties for people convicted of real estate fraud. The proposal would allow property appraisers...

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The Sierra Sun reports from California. "Realtors are not the only ones suffering from the slipping demand for new homes. Local contractors and builders are shifting their work strategies to soften the impact the ongoing slump in the California housing market has had on the region’s building...

Some housing bubble news from Wall Street and Washington. Bloomberg, "Toll Brothers Inc., the largest U.S. luxury-home builder, reported its first quarterly loss in 21 years and said the housing slump is the worst the company has seen in decades. The company took a pretax expense of $314.9 million...

The Hattiesburg American reports from Mississippi. "A local developer in October halted construction on a Lamar County subdivision, leaving behind remnants of a planned community, an indication that some woes of the national housing market are being felt in Hattiesburg. Robert Neill of Neill...

The Erie Times News reports from Pennsylvania. "Month-to-month comparisons between 2006 and 2007 show the number of properties sold has been down seven months and up four months so far this year. Figures show that 376 properties changed hands during November in Erie County. That's a decrease of 8.5...

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The Daily Pilot reports from California. "Orange County had the lowest job growth this year of any major urban area in California and may soon be mired in a nationwide recession, a group of business leaders said Tuesday at a forum at the Island Hotel. 'To be blunt, we’re on recession watch,' said...

The Billings Gazette reports from Montana. "Michael Grover, from the Federal Reserve Bank of Minneapolis, said Montana has fewer foreclosures and fewer high-cost loans than the national average. But he said more rural areas face pressures because of high-cost loans, which is a surprising new turn....

Some housing bubble news from Wall Street and Washington. MarketWatch, "Mortgage giant Fannie Mae Wednesday said it sees increased credit losses and falling home prices next year as the housing correction continues to play out. Fannie Mae is forecasting a peak-to-trough decline of between 10% and...

The St Petersburg Times reports from Florida. "A Tampa developer made the biggest land gain in its five-year history Friday, scooping up 8,300 home sites in seven counties from financially troubled Lennar Corp. Lennar's apparent fire sale is the latest domino to fall for what once was the top...

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The Recordnet reports from California. "Jerry Abbott, co-owner of Coldwell Banker Grupe, said the sales pace has quickened since September. He attributes some of that to an increasing willingness by banks to lower prices on the rising number of foreclosure homes in the area and to negotiate more...