Archives for August 2009

Housing Affordability Hits New Highs

  The two oldest indexes on housing affordability have reached new highs, indicating low interest rates, lower home prices and the first time home buyers tax credit are improving sales. Lower housing prices have produced a rush of cash strapped investors to purchase homes and are knocking out many first time buyers, who are trying to make their purchases with mortgages. The National Association of Realtors index reached its … [Read more...]

Comparing Today’s Financial Crisis to Great Depression

By Chris Tyler Comparisons between the current financial crisis and the Great Depression are becoming less common these days as the economy seemingly makes strides towards recovery. However, with growing unemployment, rising business failures, climbing bankruptcies and a growing epidemic of foreclosures progress is difficult to gauge. Most economists say the nation has moved into a recovery phase. But with more than 4 million homes on the … [Read more...]

The Big Fix in the Housing Mess

By Mike Colpitts The housing market is starting to show signs of mending from its deflationary cycle. The Fed's move to hold interest rates at or near 0% for an extended period of time and other actions being orchestrated are moves to fix housing and get the economy back on track. Low interest rates aren't the only thing helping the housing market. The federal government's first time buyers' $8,000 tax credit is prompting buyers to get off … [Read more...]

American Casino Getting Rave Reviews

By Mike Colpitts American home buyers didn't have a clue they were buying mortgages from bankers and mortgage companies that were like mad gamblers at the crap table during the real estate boom. As the tables turn with tens of thousands of homeowners filing lawsuits against bankers for defrauding them, the first motion picture to chronicle the subprime lending fiasco plays on screens across the nation. American Casino has opened to packed … [Read more...]

Banks Wage Financial War

By John Hines Economist Bankers and mortgage companies are waging a financial war against the epidemic of foreclosures. Bankers have slowed down the foreclosure process in efforts to keep their losses in check and paint the face of an improving economy on banks' balance sheets in an effort to show the real estate market is starting to heal, hoping consumer confidence will result. The actions formulated by bankers directing the mortgage … [Read more...]

New Record in Foreclosures Set

The foreclosure epidemic reached a new milestone in July setting another record, according to the RealtyTrac monthly report. Foreclosure filings were reported on 360,149 properties nationwide, rising 32% from one year ago. "July marks the third time in the last five months where we've seen a new record set for foreclosure activity," said James J. Saccacio, CEO of RealtyTrac. "Despite continued efforts by the federal government and state … [Read more...]

Groups of Investors Buying Up Foreclosures

By Kevin Chiu Groups of investors are pooling their money to buy large bulk inventories of foreclosures in hopes of making a financial killing. The purchases of mainly single family homes comprise the largest sector of buyers in the housing market these days, according to a study by Housing Predictor. The findings were determined after an analysis was conducted over a month long period determining that groups from Wall Street hedge funds to … [Read more...]

Return to 60s Home Prices

By Kevin Chiu Who could deny lyrics like, "I love you, yea, yea, yea?" It was the heyday of the Beatles. Andy Griffith was walking his beat in Mayberry. Donna Reed made primetime television fun and the Hippie era made life interesting. The 1960's have a memorable nostalgia in Americans hearts-- The good ol' days of the past. It was also man's first voyage into space, and talk of computers that would run the world. The long lost era of … [Read more...]

Housing Czar Wanted

from Google Maps By Mike Colpitts The classified advertisement reads: "Immediate opening for an expert negotiator with serious finance credentials. Master's degree in economics or related field required. Real Estate background a must, especially in residential area. Scope of experience should include working with and understanding bankers." Apply to: President Barack Obama, The White House 1600 Pennsylvania Avenue NW Washington, DC … [Read more...]