Credit Writedowns » Housing

Banks Paying Cash to Homeowners to Avoid Foreclosures

Edward Harrison — Tue, 07 Feb 2012 15:30:50 +0000

Here's the latest story that's been getting buzz around the internet: banks are trying to get troubled mortgages off their books without having to go through costly foreclosure processes and they are offering homeowners cash incentives to do so

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More on Banks Making Shed Loads But Fannie And Freddie “Losing Money as a Matter of Policy”

Edward Harrison — Wed, 01 Feb 2012 20:30:01 +0000

Fannie and Freddie have already been nationalized and the government is already on the hook for hundreds of billions of dollars of losses as a result. Clearly, this makes it a lot easier to use the GSEs as vehicles to pump money into the economy because any incremental loss is completely obscured by the existing gargantuan losses. Fannie and Freddie can essentially become a giant stimulus slush fund for the Obama Administration as we head into the 2012 election

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Robert Shiller: “Sweden has a bubble”

Edward Harrison — Tue, 17 Jan 2012 19:30:02 +0000

Sweden may have a bubble in its housing market. But now that housing prices have begun to fall, it is too late to deploy countermeasures

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Full Text: Moody’s revises rating outlook for Australian mortgage insurers to negative

Edward Harrison — Tue, 20 Dec 2011 02:29:46 +0000

Below is the press release issued by Moody's in conjunction with the down grade of Australia's mortgage insurers

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House Prices Plunge in Chinese Ghost City

Global Macro Monitor — Tue, 06 Dec 2011 01:00:15 +0000

Could this be part of the reason the Shanghai was the only major index we track that was down last week

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Australia: There goes the neighbourhood

Guest Author — Tue, 01 Nov 2011 12:00:00 +0000

The last two days have seen the latest monthly data on credit growth in Australia from the RBA, and the latest quarterly data on house prices from the ABS. Together they confirm trends that I’ve identified on numerous occasions between the acceleration of mortgage debt and the change in house prices

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Shanghai property values plunge, recent buyers protest

Edward Harrison — Thu, 27 Oct 2011 14:30:28 +0000

The Chinese property market has come off the boil according to this video from NTD Television. The issues are reminiscent of the US subprime crisis in which developers, under the gun from a falling market, were forced to slash prices to sell new apartments. Recent buyers are seeing their investments implode overnight

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Secular decline in US housing equity

Global Macro Monitor — Wed, 12 Oct 2011 18:46:33 +0000

We stumbled upon this interesting chart from the Financial Stability Oversight Council’s 2011 Annual report which shows the share of owner equity in household real estate. It surprised us, not so much in that it is at record lows, but that owner equity showed only a blip upward during the housing bubble. The secular decline in owner equity is also an eye opener

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Lenders now suing for mortgage debt after foreclosure

Edward Harrison — Tue, 04 Oct 2011 12:00:24 +0000

The statute of limitations is five years for default. That means banks still have until the beginning of 2012 to sue a strategic defaulter from early

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Hungary: Controversial Swiss franc loan law goes into effect

Edward Harrison — Thu, 29 Sep 2011 12:30:32 +0000

Central European borrowers loaded up on cheap Swiss franc and euro loans (mainly from Austria and Switzerland) in the lead up to the credit crisis because of higher nominal rates in central Europe. When the crisis hit, these loans became expensive overnight. In Hungary, one of the hardest hit due to currency depreciation, the government has legislated a fix that goes into effect today

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No Bottom in Sight for Housing

John Lounsbury — Wed, 07 Sep 2011 05:21:21 +0000

From Global Economic Intersection Guest author: Keith Jurow is the author of the MVP Housing Market Report. This article was posted at Minyanville with the title “There Is No Housing Bottom in Sight” At the end of June 2011, macromarkets.com released the results of a poll in which 108 leading economists and housing market analysts

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All twenty metro areas with monthly house price increases in Case-Shiller

Edward Harrison — Tue, 30 Aug 2011 13:30:54 +0000

On a month-to-month basis, all metro region in the Case-Shiller Home Price Index for June 2011 showed price increases. On the other hand, we saw year-on-year housing declines across 20 major US metro areas of 4.5%

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Shiller: Austerity Negative for Housing

Edward Harrison — Thu, 28 Jul 2011 15:22:10 +0000

Economist Robert Shiller spoke with Carol Massar and Matt Miller on Bloomberg Television's "Street Smart" on Tuesday. Shiller sees the likely austerity that the US will see as a result of the debt ceiling debate as negative for housing demand and expects this to impact prices. Video embedded in post

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Case-Shiller: Home Prices Fell 4.5% in last 12 months

Edward Harrison — Tue, 26 Jul 2011 14:00:32 +0000

The Case-Shiller Home Price Indices were released this morning. As usual, I use the seasonally unadjusted numbers to see what is happening. The numbers show that home prices dropped 4.5% in the year to May 2011, with every market down except Washington

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Michael Burry Profiled: Bloomberg Risk Takers

Edward Harrison — Wed, 20 Jul 2011 20:36:14 +0000

"Bloomberg Risk Takers" profiles Michael Burry, the former hedge-fund manager who predicted the housing market’s plunge, in video

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No Crisis Here

William Black — Tue, 19 Jul 2011 14:26:45 +0000

I decided to look at what President Bush’s Council of Economic Advisors (CEA) were saying in their annual reports for 2005-2007 about the massive real estate bubble, epidemic of accounting control fraud and mortgage fraud, the resultant rapidly developing financial crisis, and the great increase in economic inequality. Here’s what I found on these topics

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Mortgage company hires people to break in and steal from man not in foreclosure

Edward Harrison — Tue, 12 Jul 2011 12:22:39 +0000

And the police are not interested in prosecuting. Video below

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Case-Shiller Shows Home Prices Marginally Higher in April

Edward Harrison — Wed, 29 Jun 2011 12:53:57 +0000

The latest Case-Shiller Home Price Index update has come out. The data show an uptick in home prices on an unadjusted basis from March to April

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Still Home Sick

Guest Author — Wed, 18 May 2011 01:00:12 +0000

The separation of abodes from investments should work to the advantage of rentals in future years. We’re not suggesting that Americans will give up on single-family owner-occupied housing. The idea of a single-family home of your own is just too deeply embedded in the American culture. But many who have no pride of home ownership and who would vastly prefer to yell for the “super” (New York-ese for the building superintendent) than to apply a wrench to a leaky pipe have bought houses and apartments in past decades only to participate in capital appreciation

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The Housing Bear Climbs Over the Mountain

Casey Research — Fri, 29 Apr 2011 20:00:57 +0000

Regardless of the actual numbers, the housing market has one more mountain of mortgage resets to climb; it started last month and will continue through late 2012. This will only aggravate the number of foreclosures. With house prices behaving like they intend to resume their trajectory of descent seen in 2008/2009, a bottom in house prices does not look possible until at least

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60 Minutes on The Next Housing Shock

Edward Harrison — Mon, 04 Apr 2011 13:30:07 +0000

"60 Minutes" aired a segment last night on the foreclosure fraud that we in the blogosphere have been discussing for sometime. See "Videos: Depositions of Alleged Robo-Signers From Nationwide Title Clearing" from November, for example. It’s good to see this issue go mainstream. The video is embedded below, but let me make a few comments

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Las Ciudades Fantasmas

Edward Harrison — Wed, 30 Mar 2011 13:00:18 +0000

Thanks to Iza Kaminska for pointing me to the video below of row after row of incomplete homes in Spanish host towns, las ciudades fantasmas. Spain has the same problem of overbuilding that the U.S. had during its bubble days. Now that things have gone pear-shaped in the residential property markets, you see these ghost

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Case-Shiller Housing Data Confirm Move Below Post-Bubble Trough

Edward Harrison — Tue, 29 Mar 2011 18:15:34 +0000

The house price data has been dismal in the last several months. With the S&P/Case Shiller Home Price Indices released today, we have now passed below the post-bubble trough and are hitting new low prices across the country. For data through January 2011, the broad Composite-20 index is down 3.1% compared to January 2010. The

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Houses most overvalued in Australia and Hong Kong, most undervalued in Japan

Edward Harrison — Tue, 15 Mar 2011 13:15:35 +0000

A few weeks ago, the Economist put out its quarterly gauge of house price values. Australia just beat out Hong Kong as the most overpriced market in the developed world, with an overvaluation of 56%. Japan was by far the most undervalued market, with an undervaluation of 35%. The only other housing markets that were

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Nevada leads all states with a mortgage LTV of 118 percent

Edward Harrison — Wed, 09 Mar 2011 13:30:08 +0000

CoreLogic released its data analysis for the fourth quarter of 2010 showing that mortgage distress is still very widespread and that negative equity is the norm in many states in the U.S. (Hat tip Yves Smith). The data showed that the owners on a full 11.1 million residential properties (23 percent of the total) were upside down i.e. had negative equity. The situation was most severe in the bubble markets and Michigan, with Nevada leading the pack. CoreLogic highlighted several data points in their analysis

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Does the rise in UK house prices change the underlying picture?

Edward Harrison — Wed, 02 Mar 2011 16:45:23 +0000

Nationwide Chief Economist Robert Gardner doesn’t think so? Yesterday, he spoke on CNBC Europe about why he sees continued housing stagnation in the UK. Gardner says an improvement in the labour market is what the UK needs to see the housing market improve. This is a 2012 event in his opinion. On the Nationwide website,

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U.S. Housing Market: Down Trend May Be Slowing

John Lounsbury — Tue, 22 Feb 2011 23:30:41 +0000

Guest Author post by Steven Hansen, Publisher of Global Economic Intersection. Econintersect is using the Case-Shiller data release to overview the home price situation as of December 2010. Generally, all home price indexes are trending down. Econintersect begins with the opening of the Case-Shiller’s press release: Data through December 2010, released today by Standard &

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Case-Shiller: US House Prices Are Closing In On the Post-Bubble Trough

Edward Harrison — Tue, 22 Feb 2011 16:15:51 +0000

The S&P/Case Shiller Home Price Indices shows that house prices in the U.S. continue to decline this winter. For data through December 2010, the broad Composite-20 index is down 2.4% compared to December 2009. The Composite-10 index is down 1.2% in that time frame. While these numbers were in line with expectations, they point to

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Banks Harassing and Foreclosing on U.S. Soldiers

Edward Harrison — Thu, 10 Feb 2011 13:05:31 +0000

This is from the testimony in the video below: Soldier’s wife: I’m dealing with Chase, getting their phone calls, getting their harassment around the clock. My husband Jonathan missed two hours of our daughter’s birthday party, because Chase simply would not hang up the phone until he made a payment in which we have already

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Jon Stewart on the Mortgage Bankers Association Strategic Default

Edward Harrison — Fri, 04 Feb 2011 12:38:35 +0000

Hey if y’all can do it, so can we. (Hat tip Ryan Chittum) Related Posts Strategic default: In come the waves again 15 Mar 2010 Mortgage default as economic stimulus 1 Nov 2010 More on strategic defaults and retail sales 16 Apr 2010 More About: defaults, foreclosure, funny, Housing, Jon Stewart, mortgages

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Nationwide: House pries down again in the UK in January

Edward Harrison — Tue, 01 Feb 2011 21:20:07 +0000

The latest Nationwide House Price Index update is out showing a decline of 0.1% in January 2011. That brings house prices down 1.1% since this time last year. Nationwide has a new Chief Economist, Robert Gardner, who writes: "The property market entered 2011 with a whimper rather than a bang, with house prices edging down

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Case-Shiller numbers confirm housing double dip

Edward Harrison — Tue, 25 Jan 2011 22:00:27 +0000

The Case-Shiller numbers this morning were lower than expected and confirm a housing double dip which began in July when both the Composite-10 and Composite-20 numbers peaked. The Composite-10 is down 0.5% y-o-y and the Composite-20 is down 1.6% y-o-y. While housing is expected to be a drag on the economy over the near term,

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This Week in Housing

Annaly Salvos — Sat, 22 Jan 2011 14:30:00 +0000

by Annaly Capital Management This was a relatively data-filled week for the housing market. We’ll start with the good news. The National Association of Realtors (NAR) reported that existing home sales rose more than expected in December 2010, to a seasonally adjusted annual rate (SAAR) of 5.28 million homes. Also reported was the level of

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A Kind Word for Homeowners

Annaly Salvos — Fri, 07 Jan 2011 21:50:52 +0000

By Annaly Capital Management The next voice to be heard in the debate on the future of housing finance in the United States will be that of the Treasury Department, which is slated to release its report on the subject sometime this month. Given the sensitive political and economic nature of the topic, the complexity

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Stephen Colbert: The Word – Honor Bound 19 Jan 2010

Housing Humbug

Annaly Salvos — Wed, 29 Dec 2010 01:30:45 +0000

This marks the 4th month in a row of falling home prices, and the first negative year-over-year reading since January of 2010. Freddie Mac released their monthly volume summary for November which contained information on seriously delinquencies (90 days or more delinquent), which rose for the 2nd month in a row. As you can see below, this delinquency rate tends to move with unemployment, which crept back above 15 million people in November. Delinquencies had been on an improving trend throughout 2010, and the recent reversal is worth watching. The coming year could be an interesting one for the US housing market.

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