The Housing Bubble Blog

Some housing bubble news from Wall Street and Washington. "Facing criticism from members of Congress about lax regulation, ederal Reserve Chairman Ben Bernanke promised that the Fed would do everything possible to crack down on abuses that have put millions of homeowners in jeopardy of defaulting...

A report from the Washington Post. "Two years ago, during the giddy real estate frenzy, some investors bought 300-plus garden-style apartment units in Fairfax County to convert to condominiums. Yesterday, a California bank foreclosed on the group's loan and bought the property, minus about 45 units...

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The Contra Costa Times reports from California. "East Bay home sales continued their downward slide, DataQuick reported Wednesday. Contra Costa sales fell from 28 percent, 1,735 to 1,246, while the price moved from $575,000 last year to $600,000 this year. Both Alameda and Solano counties reported...

Chicago Business reports from Illinois. "Buyers signed contracts for 1,207 downtown condos and townhomes in the quarter, a 46% plunge from 2,243 in the year-earlier period, according to a report by a Chicago-based real estate consulting firm. It was the seventh straight quarter of declining sales...

Some housing bubble news from Wall Street and Washington. The Associated Press, "Construction of new homes posted a small gain in April but applications for building permits plunged by the largest amount in 17 years, a dramatic sign that the nation's housing industry is still in a steep slump. Even...

The Tampa Bay Business Journal reports from Florida. "In first quarter 2007, Florida's housing sector continued to mirror the national pattern, with higher inventory levels of homes for sale, median prices edging down and soft sales reflecting a buyer's market in many areas. In Tampa Bay, sales...

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The Union Tribune reports from California. "San Diego County's tepid housing market continued to cool in April, DataQuick reported Tuesday. DataQuick Analyst Andrew LePage said April was the 10th consecutive month that the combined median price for all types of homes had declined year over year....

The Daily Times reports from New Mexico. "The real-estate market within the Four Corners is experiencing minor jolts and bumps, but area realtors say the bubble has not burst locally as it has elsewhere. Roughly 75 homeowners listed their homes for sale in December but in March, the latest month...

Some housing bubble news from Wall Street and Washington. The AP, "Existing home sales rose at an annual rate of 6.4 million units last quarter, down 6.6 percent from a year ago, the National Association of Realtors said Tuesday. The national median existing single-family home price was $212,300,...

The Providence Journal reports from Rhode Island. "The sharp rise in home foreclosures, according to data cited by U.S. Sen. Jack Reed, follows a run-up in house prices at a time when wages have remained largely stagnant. Reed and local housing officials yesterday laid much of the blame for rising...

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Reuters reports on California. "Colleen Moorhead knew exactly where to turn when she needed to harvest some cash. Between 2001 and 2006, the Moorheads refinanced their three-bedroom San Diego home at least nine times, county records show. Moorhead and her husband now owe $603,000, up from $196,000...

The Tribune Star reports from Indiana. "They are sitting empty all over town. Foreclosed homes, known as REO (Real Estate Owned) properties, have become a huge part of the housing market in Terre Haute, Indiana and the country as a whole. 'This is a national thing,' said Cy Marlow, broker in Terre...

Some housing bubble news from Wall Street and Washington. The Orange County Register, "Michael Perry, CEO of IndyMac Bancorp, is stubborn when it comes to delinquent loans. He refuses to ditch them, even as they expand rapidly on the books of Pasadena-based IndyMac, which...is the largest U.S....

The Palm Beach Post reports from Florida. "The region's once-sizzling housing market has simmered to a showdown. Some market watchers believe home prices are the object of a high-stakes tug of war. The result has been a painful slowdown with a ripple effect that has even local retailers crying foul...

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Inside Bay Area reports from California. "A year ago, short sales of homes were in short supply. Not anymore. Today, short sale, or discounted, listings are on the rise in the Bay Area and San Joaquin County due to cooling home sales, soaring foreclosure rates and the resetting of easy-money loans...

The Denver Post reports from Colorado. "Last week, Denver-based MDC Holdings, builder of Richmond American Homes, reported a $94.4 million loss for the first quarter. Additionally, MDC said prospective homebuyers are having a more difficult time selling their homes so they can buy new homes. MDC is...