Credit Writedowns » Housing

US housing starts up 40% in last year but still half of 50-year average

Edward Harrison — Wed, 16 May 2012 12:56:54 +0000

Housing starts in the US were up today. The Wall Street Journal writes that number came in at 717,000, up from a low of 478,000 in April

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The Denial on Housing in Spain

Claus Vistesen — Fri, 04 May 2012 11:55:38 +0000

This post highlights a brilliant piece of journalism by Bloomberg reporters Sharon Smyth, Neil Callanan and Dara Doyle. The story takes us to Spain and Ireland and the former's denial with regards its housing market. A passage that was particularly staggering was the comments by Miguel Angel Garcia Nieto, mayor of Avila (a town showcased in the article), that this is just an interim soft spot as a result of the crisis and that oversupply and overcapacity will eventually be absorbed. Hope, as they say, springs eternal

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Australian House Prices down 10% from Peak

Steve Keen — Tue, 01 May 2012 12:26:07 +0000

Australian house prices peaked in June 2010. The motive force behind Australia’s bubble was the same as in the USA and Japan: accelerating debt drove rising house prices during the boom. Now in both those countries, decelerating debt is driving house prices down. The same pattern applies in Australia

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Bank of Canada: House price-to-income ratio outstrips norm by 35%

Edward Harrison — Wed, 25 Apr 2012 13:13:46 +0000

I have noted a number of times in the past that household debt levels in Canada have reached worrying levels. I am not the only one on to this. Canadian central bank head Mark Carney was in the news yesterday sounding the alarm on this as well. Mark Carney noted that Canadian household debt is being driven by a rise in house prices that has caused the house price/income ratio to now be 35% above the norm in Canada

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The growing optimism on housing is not justified

Comstock Partners — Fri, 20 Apr 2012 19:25:54 +0000

The bullish argument that houses are now generally affordable also does not hold up on closer examination. As we have repeated ad infinitum the average household has too much debt and is in the midst of deleveraging rather than taking on more debt. Furthermore, households, on average, do not have enough cash for a down payment or a high enough credit score to qualify for the more stringent credit standards put into effect following the credit crisis. Neither do they have enough income

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Shiller: Real Chance of Japan-like Housing Slump in US

Global Macro Monitor — Tue, 27 Mar 2012 21:17:45 +0000

Shiller says the shift toward renting and city living could mean “that we will never in our lifetime see a rebound in these prices in the suburbs." Watch the video

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Government’s role in the subprime crisis

Guest Author — Tue, 20 Mar 2012 00:50:48 +0000

Could a new paper published by researchers from the Federal Reserve Bank of St. Louis finally answer the question of whether affordable housing laws caused the subprime crisis? Yes

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Chris Whalen has serious questions about the Fed’s stress tests

Edward Harrison — Fri, 16 Mar 2012 14:30:14 +0000

I love Chris Whalen's bank industry analysis. I featured his CNBC commentary yesterday. Today is his commentary from last night's Capital Account

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Buy or rent as rents rise and house prices fall?

Edward Harrison — Tue, 13 Mar 2012 01:29:08 +0000

This is a good segment from CNBC on the dichotomy we see in the housing market of still falling house prices and rising rents. Is the rise in rents a foreshadowing of house prices stabilising? Take a look

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Anecdotes of Mortgage Fraud

Randall Wray — Fri, 09 Mar 2012 20:00:00 +0000

Appraisers are pursuing class action suits against banks, asserting they were blacklisted if they refused to engage in fraudulent appraisals. The problem is that if they win, they are then subject to suit by homeowners (who are losing their homes) since they overpaid, and got mortgage loans that were far too high relative to “fundamentals”

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