The Housing Bubble Blog

The New York Times reports on California. "The north end of Clarks Fork Circle in Stockton tells you all you need to know about the depth of the mortgage worries here. On a curve in a handsome new residential development, four of five homes are for sale, at least two of which have already been...

Some housing bubble news from Wall Street and Washingotn. Reuters, "Facing continued deterioration in the U.S. housing market, upscale home builder Hovnanian Enterprises Inc. said on Monday that it expects to take a charge of $90 million to $110 million related to land impairments and write-offs....

A report from the New York Times. "When an investment banker set out to buy a $1.5 million home on Long Island last month, his mortgage broker quoted an interest rate of 8 percent. Three days later, when the buyer said he would take the loan, the mortgage banker had bad news: the new rate was 13...

The Ledger reports from Florida. "Jon Brock was sure Polk County's rental home market would take off, just like property values did nearly two years ago. In a typical real estate climate, higher home prices drive a greater demand for rental units, he said. But so far, it hasn't happened. 'It...

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The LA Times reports from California. "Major lenders are repossessing homes in Southern California much faster than they can sell them, a development that could set off a downward spiral of price cuts and more foreclosures. Lenders' inventories in the counties of Los Angeles, Riverside and San...

The Billings Gazette reports from Montana. "Chuck Pointer has been burned once and hopes he doesn't get burned again. Pointer moved to Billings from Boston more than a year ago. With the East Coast market already in a tailspin, he had missed his window of opportunity for selling his property there....

The Free Lance Star reports from Virginia. "Mary Anne Bryant is starting to see a new trend at the Central Virginia Housing Coalition in Fredericksburg. Landlords behind on hefty mortgage payments for houses worth $500,000 and up are seeking Section 8 status at her office. The federal program picks...

What do you see in your housing market this weekend? A cartoon? Or a remorseful seller? "The Athens housing market, like the rest of the nation, has been slumping since its peak in 2005, but the first half of this year has been particularly hard. The Staianos, who moved to a home in the Cobbham...

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The Voice of San Diego reports from California. "While unsold condos pile up on the market, foreclosures mount and developers stall construction or try to sell projects entirely, it's clear the region's housing malaise has a home in downtown San Diego. Sales for new units downtown numbered 82 in...

Readers suggested a topic on recent developments. "Perhaps we could recap and discuss this historic week. How did we get from 'it’s largely contained' to 'global infusions of liquidity?'" One said, "If Fannie Mae and Freddie Mac do raise the cap on mortgage portfolios what are some potential...

The Herald Tribune reports from Florida. "'Like the proverbial butterfly that flaps its wings and sets off a tidal wave on the other side of the world, Sarasota, Florida is the centre of the U.S. housing bust that sent shockwaves through global markets,' said the London-based Financial Times. The...

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It's Friday desk clearing time for this blogger. "Until a few weeks ago, life on Wall Street was as good as it gets. But after a market upheaval that has hit like a bad case of whiplash, the fear on the Street is that the good times are coming to an abrupt halt. At the Bubble Lounge, a champagne...

The San Francisco Chronicle reports from California. "The U.S. subprime mortgage mess escalated into a full-blown global financial crisis Thursday - making credit harder to get from Paris to San Francisco. 'What you're seeing is a classic credit crunch,' said Christopher Thornberg, a Los Angeles...

Some housing bubble news from Wall Street and Washington. "Countrywide Financial Corp., the largest U.S. mortgage lender, said Thursday that 'unprecedented' poor conditions in the secondary-mortgage market are causing it to retain a greater proportion of mortgage loans than it sells." "In a filing...

A report from Arizona State University. "The local resale housing market continues its uninspiring trend. With 4,330 recorded sales in July 2007, the activity was well below last year’s 5,545 transactions. While the current level of activity brings much needed stability, the 2007 year-to-date total...

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