The S&P/Case-Shiller home-price index dropped 10.7 percent from January 2007, after a 9 percent year-on-year decrease through December 2007. The gauge has fallen for 13 consecutive months.
Here’s an inflation-adjusted chart of the CSI:
http://calculatedrisk.blogspot.com/2008/03/real-case-shiller-house-price-index.html
Categories: Economy · Housing crisis · decline home price · deflation · house prices · housing bubble · housing collapse · housing prices
Via John Crudele at the NY Post, serious consideration is being given to Bove’s idea: give homeowners new mortgages at 1% for 30 years guaranteed by a federal agency, a la Section 8 housing: “Let’s get back to the simple problem, i.e. too many people cannot pay their mortgages,” says Bove. “The simple solution is to find a mechanism to pay the mortgages.” Once that happens, he says, the securities these mortgages went into will be able to trade again. And all the other layers of securities built upon these mortgages will also start to regain their value. What mechanism can be used to pay the mortgages? (more…)
Categories: Fed · Housing crisis · debt slavery · decline home price · deflation · fiscal stimulus · foreclosed · foreclosure · house prices · housing bubble · housing collapse · housing recovery · jingle mail · mortages · nationalization · negative equity · socialized banking
The median price of existing homes in the U.S. dropped by 1.8% during 2007. This is the first time it has declined in the 40 years data has been kept and likely ever since the Great Depression of the 1930s. See NAR table of cities: msapricesf.pdf
Dec. 2007 data: http://bp1.blogger.com/_ym8Q9yxUg34/R5i9pD2bdCI/AAAAAAAAB7c/67o8VtsVV34/s1600-h/ehs1207rollup.JPG
Click to Bloomberg: http://bloomberg.com/apps/news?pid=20601087&sid=aDBJGL77XCI0&refer=home
Categories: Great Depression · Housing crisis · decline home price · existing home price · historial prices · house prices · housing collapse · negative equity
HUD is offering at least 120 houses in Cleveland for sale at $1 each. I don’t think fiscal stimulus will fix this, but it does help to answer the question of how low can home prices really go.
http://blog.cleveland.com/metro/2008/01/the_foreclosure_crisis_what_it.html
Interested in a glimpse of things to come? Cleveland’s housing bust started early - read here Mother Jones’ “Prime Suspect” — a compelling description of life in Cleveland’s Slavic Village area was already like in 2006. This may be what neighborhoods all over the U.S. will be like as housing prices decline: http://www.motherjones.com/news/feature/2006/09/prime_suspect.html
Categories: Economy · Housing crisis · Slavic Village · economic forecast · economic outlook · economy 2008 · house prices · housing collapse
BOSTON–(BUSINESS WIRE)–Foreclosure deeds in Massachusetts more than doubled in 2007 when compared to 2006, and were up seven times the number of foreclosures in 2005, according to The Warren Group, publisher of Banker & Tradesman.
Categories: Economy · Housing crisis · Massachusetts · Massachusetts foreclosures · bubble · commercial real estate · credit crunch · credit rating · economic forecast · economic outlook · economy 2008 · equity bubble · historial prices · house prices · housing collapse · real estate · real estate prices
Categories: Economy · Housing crisis · credit crunch · economic forecast · economic outlook · economy 2008 · macroeconomics · markets
Categories: Economy · Housing crisis · historial prices · house prices · housing collapse · negative equity
Categories: Housing crisis · house prices · housing collapse
