The Housing Bubble Blog

It's Friday desk clearing time. "Now that overheated markets such as Miami are cooling fast, Related's talking up another kind of product: affordable homes. The firm has presold 497 of 500 loft condos in a planned downtown Miami high-rise. They're priced from $159,000, about half the median price...

Arizona State University reports the February sales numbers. "For February, 4,280 homes were recorded sold, in contrast to 4,520 for January, 5,460 for a year ago and 7,935 transactions in 2005. This was the lowest February since 4,090 homes were recorded sold in 2003, which was the lowest month...

The Capital Times reports from Wisconsin. "Drive past the luxurious Weston Place condos at 625 Segoe Road after sunset and the 12-story tower is three-quarters dark. That's because just 35 of the 121 units have been sold since the project opened 15 months ago." "'It's pretty quiet over there but I...

Some housing bubble news from Wall Street and Washington. Bloomberg, "Hovnanian Enterprises Inc., the sixth- largest U.S. homebuilder by revenue, reported a loss for the fiscal first quarter as sales slumped and Florida homebuyers canceled orders. It was the second consecutive quarterly loss for...

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The Voice of San Diego reports from California. "Stricter regulations among lenders of home loans geared for consumers with imperfect credit could prolong the region's housing slump, as the pool of first-time homebuyers eligible for such a mortgage will almost certainly shrink." "Nearly 10 percent...

The Review Journal reports from Nevada. "If the Bureau of Land Management public land auction is any indication, Las Vegas has turned into a buyer's market as demand for land has slackened and sales have slowed. In one of the smallest auctions since the Southern Nevada Public Land Management Act...

Some housing bubble news from Wall Street and Washington. BBC News, "DR Horton chief executive Donald Tomnitz told investors that the weak US housing market would continue to hit home prices during the year. 'I don't want to be too sophisticated here, but '07 is going to suck, all 12 months of the...

The Herald Tribune reports from Florida. "Roughly one-third of investors who committed to downtown condo towers during Florida's post-2000 real estate boom appear to be having buyers' remorse. Buyers are bailing from a handful of high-profile Sarasota towers. Their movement is likely mirrored...

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The Denver Post reports from Colorado. "Sales and prices of existing homes in the Denver area continued to slide in February, largely a result of inclement weather and a high foreclosure rate. The number of homes sold last month dropped to 3,090, compared with 3,540 in January, according to...

Some housing bubble news from Wall Street and Washington. "While an uncertain housing market anxiously monitors the spring selling season for hints of a turnaround, home-builder chief executives are keeping a close eye on their costs and the overhang of unsold homes on the market." "'The key to the...

The Boston Herald reports from Massachusetts. "The number of foreclosures in Boston is escalating dramatically in the new year as scores of the high-interest-rate subprime mortgages go bust. As of the end of February, lenders had filed 301 notices to foreclose against homes and condos in Boston,...

Bloomberg reports on Florida. "Scott and Kerry Bingham put down a deposit three weeks ago on a new $321,000 house at Heritage Bay, a development set on a golf course about seven miles from the ocean in Naples, Florida. Two days later, they abandoned the deal. Like other prospective new-home...

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The Contra Costa Times reports from California. "When most people hear of high-risk loans, they think of first-time home buyers trying to purchase more house than they can afford. But according to a report Friday, the East Bay is seeing more of those loans as owners decide to refinance their homes...

Chicago Business reports from Illinois. "A buyer working with Craig Hogan parlayed an ad that said 'willing to entertain all offers' into a 13% price reduction on a one-bedroom condo downtown. The buyer offered $205,000 for the condo, which was listed at $249,900, says Mr. Hogan, a broker in...

Some housing bubble news from Wall Street and Washington. "Fewer Americans signed contracts to buy previously owned homes in January, suggesting lingering weakness in the housing market. The index was 8.9 percent below the year-earlier level, the National Association of Realtors said today in...

The St Petersburg Times reports from Florida. "Joe Shultz and Louis Ricci tried to disregard Trump Tower Tampa's growing distress. They will disregard them no longer. Partners on a $1.48-million condo, Shultz and Ricci have become the first Trump Tower buyers to sue to get their deposit back." "The...