The Housing Bubble Blog

The New York press is reacting to the February housing numbers. "For a limited time only, you can buy 2006 homes at 2004 prices. OK, that might be a stretch, but Orange County's median sale price dipped to $293,500 in February, the lowest it's been since July 2004 (median $280,500)." "It's also the...

The Review Journal has the latest on the housing bubble in Las Vegas. "Home prices in Las Vegas continued their downward slide in February, dropping to a median of $309,000 based on 1,787 sales, according to figures from the Greater Las Vegas Association of Realtors." "Prices peaked at $312,500 in...

A look at condo conversions in Florida. " It's happening throughout the country, but South Florida is the top market for condo conversions, followed by Orlando, San Diego and Washington, D.C., said Jack McCabe. In Boynton Beach and west of the city, at least nine apartment complexes have converted...

Some housing bubble news from Wall Street. "Overseas buying of new Freddie Mac notes on Tuesday was sub-par compared with a string of deals drawing near-record purchases. Freddie Mac and Fannie Mae have consistently sold at least half of their new note issues this year outside of North America. The...

A Fed official is speaking today. "The U.S. housing sector may already be cooling but it should maintain its lofty level and not undermine the economic expansion, St. Louis Federal Reserve Bank President William Poole said on Wednesday. Poole did say there was some evidence the housing market might...

Bloomberg has this out on a new study. "Fewer than 15 percent of Americans surveyed in a Bloomberg/Los Angeles Times poll expect home prices in their neighborhood to fall during the next six months. More than twice that, 36 percent, see prices rising during that time. The majority of those polled,...

The Rocky Mountain News has this report on Denver. "Home-sale prices in the Denver area took a larger than expected drop in February, prompting some experts to wonder if the upper-end housing market is starting to cool." "'It has been the higher-end market that has been driving up the average and...

The North County has this report on San Diego's housing bubble. "In one of the strongest signs yet that the housing market is cooling, San Diego County's inventory of unsold existing homes is fast approaching 16,000, twice the total one year ago and five times the number in March 2004, a local real...

As more evidence arrives that the global housing bubble is bursting, the worlds' economists ask, what's next? "Rising eurozone interest rates could spell the end of the 'great European housing boom,' according to a report issued on Tuesday. The study said, 'If the ECB does follow expectations and...

The housing bubble is losing some air in the northwest. "Home prices on the Eastside climbed to a record high last month, while home prices in southeast King County were 13.1 percent higher in February than they were a year ago. In southeast King County, the median price of homes and condos whose...

Everyone is trying to figure out why the homebuilder stocks are falling today. Could it be this? "After debating at length whether a rise in short-term bond yields above longer ones signalled recession in the U.S., global investors are now wondering what the unwinding of this situation might...

The press is turning its focus to the homebuilders. "Countrywide Mortgage CEO Angelo Mozilo believes that the 'housing market officially turned south in January,' according to Banc Investment Daily, and that some overheated markets may see prices plunge by up to 40 percent. Mozilo mentioned Las...

Another subprime lender disappoints Wall Street. "MortgageIT Holdings, Inc., a residential mortgage company organized as a real estate investment trust, today announced operating and financial results for the fourth quarter and year ended December 31, 2005.' "Doug Naidus, Chairman and CEO,...

Newspapers in Florida are asking realtors about the housing market. "Q: We've seen the real-estate market in Orlando and Florida cool from last year's record pace. Is it going to continue to slow?" "A: Continue to slow? I think what may happen, I don't think you'll see a reduction in [intangible]...

The New York realtors finally have the January numbers out. "Sales of existing single-family homes in New York slowed in January, according to preliminary single-family sales data accumulated by the NYSAR. The preliminary data showed a median selling price increase of more than 20 percent." "The...

The Associated Press is reporting on housing markets. "The five-year housing boom is indeed over, judging from growing statistical evidence and the performance of some of the nation's leading builders, and the slowdown is already rippling through the economy. Explanations for the recent cooling-off...

Reuters reports on the shuffling of mortgage backed securities. "Newcastle Investment Corp. today announced the acquisition of a portfolio of approximately 11,300 subprime residential mortgage loans for approximately $1.5 billion, or a purchase price of 99.60% of unpaid principal balance. The loans...

Some housing bubble reports from Florida. "Florida's biggest private landowner, the St. Joe Co., has at least 'a couple of generations of supply' in raw land to sell and develop, much of it near the coast, company executives said Wednesday in Orlando. While hurricanes the past two years have slowed...

A pair of reports provide an update on two rarely heard from housing markets. "The Illinois housing market has set records in each of the past three years. With January homes sales down statewide from a year ago, real estate experts are wondering if this will be the year the housing market finally...

Bloomberg has the NAR data. "Contracts to purchase previously owned U.S. homes fell for a fifth straight month as higher prices and mortgage rates discouraged buyers. The National Association of Realtors said today its index of pending home resales fell 1.1 percent to 116.3 in January. The index...