The Housing Bubble Blog

The Press Enterprise reports from California. "The shrinking mortgage market is also shattering the dreams of potential homebuyers and sellers and creating what Riverside real-estate consultant Steve Johnson called a housing industry 'gridlock.' There are too few mortgage options to fuel the resale...

Readers suggested a topic on the PIMCO chiefs proposal. "Mr. Gross’s diatribe should be THE weekend topic. Right problem, wrong solution. He can’t reconcile his points, so it becomes incoherent." One pointed out, "Let’s not forget, this isn’t some 'Robin Hood' do-gooder, 'help the little man' type...

The New York Times reports on Florida. "In a sign that the real estate slowdown has hit even the most desirable locations, the developer converting the Savoy Hotel in the South Beach section of Miami into multimillion dollar Fendi-designed condominiums and condo hotels may be facing foreclosure....

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It's Friday desk clearing time for this blogger. "Jeffrey Finch spelled out the problem in a hand-written letter. 'I can no longer afford my home,' he wrote in April to the firm collecting payments for two subprime mortgages the Finches obtained when the couple refinanced their Jamaica Plain home...

The Sacramento Bee reports from California. "'Closed' in real estate has long meant the moment when a home loan was approved, escrow was finished, buyers got keys and everybody got a nice commission. Now it likely means the office is empty and your job is gone. Exact figures on how many people in...

Some housing bubble news from Wall Street and Washington. "Sales of new one-family houses in July 2007 were at a seasonally adjusted annual rate of 870,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.8...

The Baltimore Sun reports from Maryland. "During the hot real estate market, this Roland Park brick Colonial probably never would have seen an open house. 'One and a half to two years ago, this house would have had multiple contracts within three to five days,' said Jim Mikula, who, with his...

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And send in your housing bubble photos to: hbbphotos@gmail.com

The Herald News reports from California. "Now that the housing market is undergoing many difficulties nationwide, how will that affect Fontana? Fontana City Manager Ken Hunt said the situation is not good, but there's no reason to panic right now. 'The economy is going through a cyclical correction...

The Rocky Mountain News reports from Colorado. "Sales of new homes in the Denver area were down more than one-third in the first half of the year from the first six months of 2006, as the market heads for a 13-year low in sales activity. The report by the Genesis Group shows there were 5,842...

Some housing bubble news from Wall Street and Washington. The Atlanta Journal Constitution, "Atlanta-based Beazer Homes appears to be struggling to avert bankruptcy. The troubled home builder filed a complaint Tuesday in U.S. District Court in Atlanta asking that the court prevent its creditors...

The Dow Jones Newswires report on Florida. "One Bal Harbour may look like just another sign of excess in Miami's oversaturated condo market, but to developer WCI Communities the luxury tower represents crucial cash. WCI launched the project during the housing boom, when developers rushed to fill...

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The Daily News reports from California. "Housing experts painted a grim picture of Los Angeles' real-estate market Tuesday as City Councilman Richard Alarcon called for city, state and federal funds to help bail out city homeowners who can't pay their mortgages. Foreclosures hit a record level in...

A report from the Idaho Statesman. "Pam Hannam was hoping for a fresh start when she left San Diego for Idaho almost three years ago. Since arriving in October 2005, Hannam has purchased a duplex for $127,000, then tried to sell it, only to discover she owed more than the property was worth. She...

Some housing bubble news from Wall Street and Washington. Bloomberg, "Toll Brothers Inc., the largest U.S. luxury homebuilder, said third-quarter profit fell 85 percent as the deepening housing slump cut sales, increased cancellations and forced the company to write down property. Cancellations...

The Boston Globe reports from Massachusetts. "Home prices in Massachusetts fell for the 15th straight month in July, and the turmoil in the mortgage market in recent weeks is likely to drive prices down further this year. Earlier in the slump, sales slowed because stubborn sellers refused to lower...

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