The Housing Bubble Blog

The Herald Tribune reports from Florida. "The summertime blues came early for Florida home sellers this year. The season, ordinarily among the state's weakest for realty transactions, had not even begun in May before the market dropped more than a third in existing home sales. Sarasota-Bradenton...

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The California realtors report on May sales. "Home sales decreased 25 percent in May in California compared with the same period a year ago, while the median price of an existing home increased 4.8 percent, the California Association of Realtors reported today. 'The decline in sales continues to be...

The Florida realtors have the May numbers out. "Statewide sales of existing single-family homes in Florida totaled 12,607 in May and were more in line with activity in May 2002, prior to the housing boom years, than the May 2006 figures of 19,072 homes sold for a 34 percent decrease in the...

Some housing bubble news from Wall Street and Washington. "Reflecting further housing troubles, sales of existing homes fell in May to the lowest level in four years while the median home price dropped for a record 10th consecutive month. The National Association of Realtors reported Monday that...

The News Times Live reports from Connecticut. "In the United States, the housing market is still locked in a slump that began a year ago. In Connecticut, it's been more of a slowdown than a crash. Area Realtors said they think the market will straighten out this summer, after being overheated for...

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The Sacramento Bee reports from California. "Among a crowd of 1,200 people attending a colorful, fast-paced auction of 107 foreclosed homes, Bill Weldon outbid a competitor and won the house in Galt for $300,000. He leapt past his intentions of spending $275,000, but it was the house he really...

Readers suggested a widening of the hedge fund problems for a weekend topic. "Is the Bear Stearns hedge fund situation the beginning of the great unravelling?" A reply, "But…..But……it’s all contained!!!!!!" Another, "I’d like to see a topic on the 'unwinding.' I’d like people’s thoughts on what...

The Herald Tribune reports from Florida. "Foreclosures are putting a damper on an already sluggish housing market in Southwest Florida. The number of foreclosures in the region spiked during May, and Manatee County was fifth among all Florida counties in terms of per-capita foreclosures. 'We all...

What do you see in your housing market this weekend? Price reductions? "Vermonters selling their homes are having to wait a little longer and price their homes more competitively as the residential real estate market settles into a steadier pace. This return to reality was bound to happen, real...

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The Orange County Register reports from California. "The Yorba Linda beauty had been on the market for more than a year. But despite the '$450k in upgrades,' the 'unbelievable view of Catalina' and the 'gorgeous pool/spa' – not to mention a $150,000 price reduction – it drew only low-ball offers."...

Readers suggested a topic on auctions. "How about discussing at what point will it be truly worth looking at an auction to get a deal. Most of the auctions now have high starting bids or low starts with high reserves. Also, there are people who think now is the time to jump in so they end paying...

The Review Journal from Nevada. "Las Vegas new home sales are down 43.8 percent for the year and median prices have slipped 4.4 percent. 'Part of the good news is prices went down,' said Dennis Smith, president of Home Builders Research. 'That's odd to say that, but people have to realize they have...

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It's Friday desk clearing time for this blogger. "Merrill Lynch & Co. has backed away from a threat to dump about $850-million of securities it seized from Bear Stearns Cos. hedge funds, according to people with knowledge of its plans. The decision, and the scrapping of a sale Wednesday by JPMorgan...

The Journal Sentinel reports from Wisconsin. "The housing slump has hit an unfinished phase of a Port Washington condominium development, and Grafton State Bank is trying to break even on its investment in the project, bank President Jeff Larson said Wednesday. Two buildings with a total of 16...

Some housing bubble news from Wall Street and Washington. The Orange County Register. "In another fallout from Orange County's subprime mortgage industry collapse, Brookstreet Securities Corp., an Irvine broker dealer, shut its doors and laid off 100 local employees because it could not meet margin...

The Gulf Breeze News reports from Florida. "Foreclosures are spiking in Santa Rosa County. 'It's the worst I've ever seen it,' said Deputy Clerk Joyce Watkins, who's been processing foreclosures for over eight years. By the 13th day of June, Watkins and her department already had 31 foreclosures to...