The Housing Bubble Blog

Some homebuilder news. "The homebuilder Hovnanian Enterprises said Friday third-quarter earnings will come in below its previous targets, as the housing slowdown is leading to slower sales and higher cancellations. 'Our anticipated financial results for the remainder of 2006 continue to be...

The Beverly Citizen has this from Massachusetts. "Second-quarter home foreclosures are up across the state and in Beverly, according to figures tracked by ForeclosuresMass.com. The combination of a cooling housing market, increased interest rates and creative financing like no-interest mortgages...

The Miami Herald reports on a failed condo-hotel offering. "The Royal Palm hotel missed its loan payment last month while facing a cash squeeze amid its stalled plan to convert 160 rooms into condominium units, an owner said Wednesday. The hotel's troubles come as Robert Falor rethinks plans to...

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The Review Journal reports on some changes in Nevada. "There's probably no better indication that Las Vegas' real estate market has cooled than the number of people who kept their wallet in their pocket at Wednesday's BLM public land auction. Only nine of 61 parcels on the block were sold, a total...

A pair of reports from Idaho. "If you're looking to buy a home in the Wood River Valley, there are almost 1,100 of them to choose from. That's about 400 more than were on the market at this time last year. 'It's a good time to look around and make an offer, because there are deals to be had,' said...

Some housing bubble news on the lending front. "Annaly Capital Management, Inc.today reported $852 million face amount of securities were sold, resulting in a realized loss of $1.2 million. In addition, the Company had a loss on other-than-temporarily impaired securities as of June 30, 2006 of...

The California press reacts to the Dataquick release. "Foreclosure activity across California soared by its biggest margin in 14 years during the second quarter in response to diminishing price appreciation, an industry tracker said Wednesday. During the April-through-June period, lenders sent...

The Virginia Pilot has this report on a condo project in Norfolk. "The city may provide tax incentives to Granby Tower, a 34-story condominium project that would be downtown's tallest building, said two city officials who asked not to be identified. A performance-based grant would rebate a portion...

The Orlando Sentinel reports on a conference in Florida. "Top housing-industry economists warned home builders meeting in Orlando on Wednesday that the industry will remain weak the rest of this year and next before possibly rebounding in 2008." "Higher interest rates and declining affordability...

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The Arizona Republic has this editorial. "News flash: The law of gravity wasn't suspended in the Valley. In last year's sizzling real estate market, home prices and sales kept going up. At least one of four sales was to a speculator. Prices skyrocketed 55 percent in 2005." "And now, an astonishing...

The Orange County Register has this update from California. "A proposal to build a 573-unit development overlooking the freeway has been withdrawn because of rising construction costs and pressure from the city, the developer said. Shea Homes had proposed four buildings, including a 24-story...

Some housing bubble reports from Wall Street and Washington. "Ratings agencies would have to give Fannie Mae and Freddie Mac additional scrutiny under a proposal that lawmakers will consider on Wednesday. One amendment would require ratings agencies to publicly disclose any work they do for one of...

The Chicago Tribune has this update from Illinois. "Tom and Sandi Gollinger really, really, really want to sell their Naperville home. They point out to prospective buyers that the century-old house has several goodies. And, oh, yes: There's the Hummer." "All this could be yours, if the price is...

The News Press has this from Florida. "For the first time in 16 years, Susan Bellina, a prominent Bonita Beach Realtor, doesn’t have a closing in sight. Up and down Hickory Boulevard, houses are for sale. Lots of them. 'I’ve been with Susie for six years and this is the most I’ve seen in any area,'...

The Times Union has this update from New York. "For-sale signs are sprouting in front of more homes, and staying longer, as the Capital Region's fiery-hot real estate market cools. Sales dropped 4 percent in June, and the association predicts 2006 sales will eventually fall 7 percent below 2005's...

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The Review Journal has these updates from Las Vegas. "While several construction projects in Las Vegas have failed to secure adequate financing, not all lenders have turned bearish on the declining real estate market. Jeremy Aguero, principal of a research firm in Las Vegas, said the financing of...

CNN Money has this report on home equity loans. "During the past few years, millions of Americans fell in love with home equity lines of credit. These 'helocs' are easy and inexpensive to obtain and they carried very low interest rates, until recently. But what was a bargain two years ago can be a...