Tracking the Housing Crash, All the Way Down to the
Bottom!
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Mainstream media lied to us for years by telling us that the housing
bubble didn't exist and that home price would never fall.
Now millions face foreclosure and have had their lives torn-apart.
Wait until you hear what else is being covered-up!
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The Hottest Housing News From Across the Nation!
This Weeks Top News!
Monday, July
21, 2008
California Median Home Price Continues
Plunge:
Median falls more than 31%, year over year!!
The median price paid for a home last month was
$328,000, down 3.2 percent from $339,000 for the month before,
and down 31.5 percent from $479,000 for June a year ago.
Around half the drop in median is due to depreciation, the
other half due to shifts in the types of homes selling, and
how those homes are financed.
California June 2008 Home Sales Report
DQNews
Krugman: Housing Won't Recover Until At Least 2011
In his
column in today's New York Times, Paul Krugman
predicts that the housing market won't begin to emerge from
its current slump until at least 2011, and that's because that
market will keep slumping for a while. Waiting for a bubble to
deflate is the opposite of popping a water balloon -- it takes
a while.
he New York Observer
FDIC in mess over subprime loans-WSJ
The Federal Deposit Insurance Corp, a
regulator of US banks, is itself embroiled in a mess related
to subprime mortgages, ...
The U.S. government gave out
high-interest, subprime mortgages, according to government
documents filed in federal court, the newspaper said.
Reuters
Fed prohibits subprime 'liar's loans'
Seattle Post
Intelligencer
The federal government has put
its foot down: A lender can't give you a subprime
mortgage unless you are able to repay it. ...
Foreclosures ravage parts of county where
many used risky loans (San Diego)
San Diego Union
Tribune, United States
When the downturn in home values
occurred as borrowers' adjustable-rate mortgages reset,
increasing numbers of homes fell into foreclosure. ...
What It Takes to Get a Mortgage Now
Kiplinger.com, DC
For example, Radian, a major insurer,
requires a minimum down payment of 10% for condos and co-ops
in markets with declining home values. ...
Is your money safe?
Long Beach
Press-Telegram, CA
Greed, bad loans and a failure at the
highest levels of government to stop the housing bubble
before it burst, are part of the reason IndyMac Bank failed,
...
Housing suffers further as economy slouches
MarketWatch
Home prices are critical because
experts have said that the financial markets won't stabilize
until housing prices do. Federal Reserve Chairman Ben
Bernanke ...
Lessons from the Great Depression
StarNewsOnline.com, NC
This decade, the real-estate boom
left property owners thinking that house prices would never
fall. Economists like Pearce admit they can’t predict how
bad ...
KB Home building townhomes in Henderson
(NV)
Las Vegas Review -
Journal, NV
A new report from the Center for
Economic and Policy Research shows that,
due to the bursting of the housing bubble, the vast majority
of
SoCal home prices drop 29.3 percent in June
Forbes, NY
The median price has fallen because of
depreciation, especially in inland markets, and because of the
steep drop in home financing in the jumbo category, ...
Valley home prices drop record 18%
Arizona Republic, AZ
Valley home prices continued their
year-over-year plunge in April, dropping a record 18 percent
as the impact of foreclosures and other ...
FREDDIE & FANNIE UNCONSTITUTIONAL BAIL OUT
USING WHAT?
We also
know that what is being proposed regarding Freddie Mac and
Fannie Mae is against the law. The U.S. Constitution does NOT
authorize Congress to act as a bank to bail out corporations
like Lee Iacocca's Chrysler Corporation, the infamous 'Mexican
Peso Bailout' under Marxist Bill Clinton or Freddie and
Fannie.
NewsWithViews.com, OR
Angry depositors want every penny from bank
"Once I get in the door, I'm going to get every penny I can
out of there,”
Klein told
The Associated Press while waiting in line outside the
bank's headquarters branch in Pasadena. "I'm going to bury it
in the back yard.”
NewsOK.com
(subscription), OK
US house builder confidence hits new low in
July
ICIS
(subscription), UK
"Given the systematic deterioration
of job markets, rising energy costs and sinking home values
aggravated by the rising tide of foreclosures, ...
Speculating About an Oil "Bubble"
Washington
Post, United States
... the realities of supply and
demand should ultimately correct that price, just as
happened with the recent housing bubble and other bubbles in
the past. ...
Burst Housing Bubble Eliminating Two Decades of Wealth
Seeking Alpha, NY
The crash of the housing bubble is
likely to eliminate most, if not all, of the gains that US
families made in accumulating wealth over the last two
decades ...
'Middle class' millionaires facing
foreclosure
Bizjournals.com, NC
During the housing bubble, such loans
were popular because they typically required no or little
documentation for a borrower's mortgage application - an ...
Foreclosure crisis extends to wealthy areas
News Courier, AL
(AP) — After plaguing modest
neighborhoods for more than a year, the foreclosure crisis
is starting to spread into affluent areas. ...
Landlords defaulting, and renters suffer
Charlotte
Observer, NC
Homeowners displaced by foreclosures
have received much attention. But legal and housing experts
estimate at least one of every four homes in foreclosure in
...
Baltimore home prices sink lower than 2005 levels!
Average home prices dropped to three- or even four-year lows
in parts of the metro area last month as sales continued to
slump. Baltimore County's average price of about $296,700,
down 9 percent from a year ago, is now slightly lower than
it was in June 2005. Howard County, where prices dropped
nearly 13 percent from a year earlier to $426,200, is
thousands below the June 2005 mark.
Foreclosures mount as area home prices drop
Baltimore Sun, United
States
US housing woes: Celebrity foreclosures
International Herald
Tribune, France
Several celebrities have dealt with
foreclosure issues on their luxurious estates and many more
have had to drop their asking prices, putting some ...
May home values down 14%, value drops 15%
(FL)
Bizjournals.com, NC
Orlando homes sales and prices
continued to fall in May, with a 14 percent decline in sales
and 15 percent slide in home values from the same month a year
...
Home values down, taxes up. You do the math
Business Gazette, MD
Recently, I got a bill for my 2008
property taxes for my home. Although the price of my home
has gone down nearly 20 percent in the past year my tax bill
...
DC area home prices fall again
Bizjournals.com, NC
A new survey of major metropolitan
areas in the US shows home values fell in most markets
including the DC area in April. Home values were down in 23
out of ...
Area home prices hit 8-year low
(MI)
Home prices have hit an eight-year low in Washtenaw County,
with the average house selling for just a few thousand dollars
more than it did in 2000, according to newly released figures.
The Ann Arbor News -
MLive.com, MI
Bottom's Up: This Real-Estate Rout
Barron's
TODAY'S HOUSING BUST IS unique in US
economic history. It began in good, not bad, economic times,
and has proven to be national rather than regional in ...
Housing Bust Slowing Population Growth
(WA)
Seattle Bubble, WA
Aubrey Cohen reports on some
interesting population growth data just released by the
state Office of Financial Management. …difficulty selling
homes ...
Foreclosures to rise whoever wins White House
The Associated Press
WASHINGTON (AP) — Home foreclosures
will keep rising next year no matter who is elected
president in November. Even the optimism that surrounds a
new ...
Fed to Clamp Down on Exotic and Subprime Loans
New York Times, United
States
With no end in sight to the turbulence
in the housing and financial markets, the chairman of the
Federal Reserve said on ...
Foreclosures to rise whoever wins White House
Danville News, PA
Even the optimism that surrounds a new
president taking office can't resurrect home values overnight,
and presidents have no direct ability to reduce rising ...
Subprime's hottest spinoff: arson
National Post, Canada
The subprime housing meltdown in the
United States is triggering fears of a hot spin-off: arson.
Mortgage defaults are growing at their fastest rate in ...
More HOA Pitfalls!
"The homeowner that pays their monthly, quarterly, their annual dues
gets stuck picking up the slack for those homeowners who haven't
paid," said Sheri Scarborough of Prime Management Group. "They also
get stuck with the bills of maintaining the homes, in some cases
boarding up the homes. So it's the good homeowner who suffers." Homeowners
Absorb Debt From Foreclosures
WPBF.TV
Tell others about your bad neighbor
Middletown Journal, OH
Area foreclosures are marked with yellow
houses. It is recommended that users do not post specific
addresses, but streets, Walker said. ...
Ohio Housing Market Sees Red
ConnieTalk, Ohio
Foreclosures have hit Ohio hard, and
employment is falling: Ohio has the second worst job market
out of 16 politically charged states. ...
1 house plus 2 owners equals big mess
Boston Herald, United
States
As foreclosures mount statewide, the
courtroom conflict about Morris’ former home offers a cautionary
tale to distressed homeowners and to prospective ...
Home values fed spiraling card debt
Indianapolis Star, United
States
At the peak of the housing boom, April
Lewis-Parks' three-bedroom house in Fort Lauderdale doubled in
value. ...
May home values down 14%, value drops 15%
(FL)
Bizjournals.com, NC
Orlando homes sales and prices continued to
fall in May, with a 14 percent decline in sales and 15 percent slide
in home values from the same month a year ...
Tax bills going up, home values going down
Indianapolis Star, United
States
The problem is that, while assessed
values are increasing, actual home values are declining. There
are both short-term and longer-term reasons for that ...
Home buyers waiting as rates rise, prices fall (MN)
Minneapolis Star
Tribune, MN
With home prices falling in many
communities -- the median home sale price in the Twin Cities
metro area fell almost 10 percent in May -- many borrowers are
...
Connecticut Home Prices See Steepest Drop In 16 Years
Hartford Business
Even more troubling were the median
prices, which for homes sold in May were down 10.8 percent from
May 2007. It was the first time prices fell by ...
Foreclosures on pace to double
Orlando Sentinel, FL
They were caught with property they
couldn't afford when the housing bubble burst. But more
recently, people receiving foreclosure notices are victims of
...
Housing Bust Hurts Once-Immune Cities
(NY)
The average price for a Manhattan apartment fell 2 percent in the
second quarter to $1.66 million, according to Halstead Property, a
New York real estate firm that tracked 2,988 apartment sales.
ABC News
Monday, June 30, 2008
Freefall: California median home prices down 35% in
May
Los Angeles Times, CA
The median price paid for a single-family
home in the state dropped by almost $200000, from $594530 in May
2007 to $384840 in May 2008, the association ...
Home-price cuts open doors for some
San Bernardino Sun, CA
The increased number of foreclosures and
bank-owned properties is also adding to the number of homes
available to home buyers. Ramirez said there have been ...
Falling Home Values May Trigger Lower Property Tax
Bill
Bell Gardens Sun, CA
Assessments on 128000 Los Angeles County
homes and condominiums purchased between July 1, 2004 and June 30,
2007 will be reduced by an average of $73000, ...
Home Not-So-Sweet Home
New York Times, United
States by Paul Krugman
While homeownership rose as the housing
bubble inflated, temporarily giving Mr. Bush something to boast
about, it plunged — especially for African-Americans ...
