Housing Market News

[Home Hunter]

The latest news on the US Housing Market.

[Home Hunter]

"It’s another record in the real estate market, and it’s not a good one. RealtyTrac, the online foreclosure sale site, which has also been tracking foreclosure activity since the beginning of 2005, reports the single largest one-month volume of foreclosure activity it’s ever seen."

Increasing Foreclosures, Declining Prices, and Sales are posting records in most markets!

CNBC Report.

[Home Hunter]

Home Price Erosion Will Continue

The chart in this article clearly tells the story. There is little doubt that this crisis is far from over.

//seekingalpha.com/article/77092-john-hussman-home-price-erosion-will-continue?source=patrick.net

[Home Hunter]

Sad Housing Story

Check out the front page of the USA Today, that is so sad.

[Home Hunter]

New readers should go to Patrick.net and read the article concerning buying a home.

Agree or Disagree, this article may change the way you approach buying a home in the future.

Stay informed!

Good Luck.

[Home Hunter]

Also read the page listed below:

//patrick.net/housing/prices.html

These articles provide good background material that will allow you to make a more informed decision concerning buying or renting a house.

[jamesww]

Give it a rest. I will save you time and tell you that foreclosures will continue to increase through September. We are running through subprime ARM resets where the buyer should never have gotten the loan. Alot of people are scared and comming in here and running off multiple posts isn't going to help people make an informed decision. So, please don't continue with your "the sky is falling" series of posts. If you are really trying to educate people on the housing market then a single post would be sufficient. If you are trying to induce a fire sale that you can take advantage of then don't spout your poison here.

[Home Hunter]

Jamesww,

Welcome to the thread!

Since you represent the real estate field, please tell us more.

I am just providing information, so readers can make informed decisions.

Educated buyers buy homes they can afford, thus limiting housing price bubbles.

Please tell us:

How much do yuo think prices must decline to bring buyers back into the market?

How long will it take to clear the glut of homes currently on the market?

What are your projections on when the housing market will hit a price bottom?

How long do you think it will take the housing market to return to a normal state?

We all know it is somewhat different from local market to local market, but generally speaking what are your thoughts?

We all look forward to your reply.

[Home Hunter]

For those who enjoy interactive media.

US Housing Price Roller Coaster:

http://www.dvorak.org/blog/?p=10758

[Home Hunter]

All home buyers should be requried to study this chart before signing the papers or take a ride on the roller coaster.

http://www.investingintelligently.com/wp-content/uploads/2006/08/a_history_of_home_values.png

You must do your homework!

[Home Hunter]

In this article the FL condo market is not the issue, but rather focus on the 'denial' of the highly-educated people in the room. Even when faced with overwhelming evidence, some were still in denial.

This will give you some insight into many home seller's state of mind.

No one ever said that it was going to be easy, we are talking about money!

I feel for the agents that have to deal with sellers in denial and buyers wanting to purchase near the historic norm.

Buying or renting home is simply a 'business transaction'. You must
analyze the financial risk before making a final decision.

Good Luck!

http://realestateandhousing2.blogspot.com/2008/05/were-at-bottom-it-cant-get-any-worse.html

[Home Hunter]

Surprise rebound in housing, outlook still shaky

By MARTIN CRUTSINGER, AP Economics Writer
2 HOURS AGO
WASHINGTON - Construction of new homes increased by the biggest percentage in more than two years in April, a rare spot of good news amid the worst downturn in housing in more than two decades.

Analysts, however, played down the increase, noting that all the strength came from the volatile apartment sector. They said the painful housing slump is far from over as a record flood of foreclosures continues to add to the sizable stockpile of unsold homes.

http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/05/16/964096.xml (http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/05/16/964096.xml)

Maybe next time.

[Home Hunter]

Another interesting article. I am not sure that I fully agree that we are going to have another Depression, but based on the US Housing Market price history and the history of other housing bubbles such as Japan, the housing market is far from a price bottom.

http://realestateandhousing2.blogspot.com/2008/05/decession-or-depression.html?ref=patrick.net

[Home Hunter]

No Bottom in Sight: Home Prices to Fall Another 10-15 Percent, Says NYU Prof

Posted May 19, 2008 07:30am EDT by Aaron Task (http://finance.yahoo.com/tech-ticker/author/Aaron-Task)
Related: CFC (http://finance.yahoo.com/q?s=CFC), WM (http://finance.yahoo.com/q?s=WM)

http://finance.yahoo.com/tech-ticker/article/17662/No-Bottom-in-Sight%3A-Home-Prices-to-Fall-Another-10-15%2C-Says-NYU-Prof?ref=patrick.net

[Home Hunter]

Interesting Website
Checkout the website below.

http://patrick.net/housing/crash.html

Everyone should read the article:

US Housing Crash Continues "It's A Terrible Time To Buy"

Agree or disagree, it is very informative and rather interesting. It very well may change the way you look at your next home purchase.

[Home Hunter]

Housing Prices Return to Historic Norms
What does Regression to the Mean Look Like? (See Below)

Are you ready to sign on the dotted line?

http://seekingalpha.com/article/6914...t#comment_form (http://seekingalpha.com/article/69141-housing-us-vs-japan?source=patrick.net#comment_form)

[Home Hunter]

Jamesww,

You are right on the money!

More Falling Home Prices?
Will home prices continue to fall?

Take a look at the future ARM reset chart and decide for yourself.

http://www.ponderthis.net/2007/05/10/adjustable-rate-mortgage-reset-chart/ (http://www.ponderthis.net/2007/05/10/adjustable-rate-mortgage-reset-chart/)

[Home Hunter]

Prices need to return to the historic norm
Shiller at BAAS: Housing Will Continue to Fall

As everyone knows, housing prices are still falling. Shiller expects them to keep falling for quite some time since the monthly year-over-year declines are still accelerating. Actions taken by government officials may slow these price declines, but eventually the market will have to find its equilibrium. In fact, it would probably be better for our economy if the government did not intervene and allowed this process to proceed as quickly as possible.

http://seekingalpha.com/article/7202...ce=patrick.net (http://seekingalpha.com/article/72028-shiller-at-baas-housing-will-continue-to-fall?source=patrick.net)


Before you buy, you need to watch this video!

Is housing an investment? Maybe not!

http://cosmos.bcst.yahoo.com/up/play...ef=patrick.net (http://cosmos.bcst.yahoo.com/up/player/popup/?cl=7333181&ref=patrick.net)

[jamesww]

Home prices will fall in any community that has 9 months or greater inventory. And these prices will continue to fall until PITI is 115% of monthly rent or the inventory decreases below the 6 month mark.

[Home Hunter]

Jamesww,

I appreciate your insight into the housing market.

It seems that in most markets I have studied (mostly Augusta, GA) renting is a must better financial option when compared to buying. Yes, that market has 12(+) months of inventory on the market.

[Home Hunter]

Gov't home price index posts largest drop in 17-year history

By ALAN ZIBEL, AP Business Writer
1 HOUR AGO
WASHINGTON - U.S. home prices posted their sharpest first-quarter decline since the government began tracking the data 17 years ago.
The Gov’t estimates seem to be very conservative. It is very likely that the decline is much worse.
http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/05/22/968343.xml (http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/05/22/968343.xml)

[Home Hunter]

Existing home sales drop in April by 1 percent

By MARTIN CRUTSINGER, AP Economics Writer
13 HOURS AGO

WASHINGTON - Existing home sales fell for the eighth time in the past nine months, a string of weakness expected to continue as the housing industry, mired in its worst slump in decades, battles falling home prices, tight lending conditions and a weak economy
http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/05/23/969495.xml (http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/05/23/969495.xml)

[Home Hunter]

Market Bottoms to Hit in 2009

By Mike Colpitts
Editor
The bottom of the real estate market will hit the over-whelming majority of housing markets in mid-2009, according to the newly issued Housing Predictor forecast.
http://www.housingpredictor.com/hitbottom.html

[Home Hunter]

Housing's False Bottom (May 22, 2008)


There's been a sort of ghoulish fascination in watching house values ebb from bubblicious heights.

http://www.oftwominds.com/blogmay08/false-bottom5-08.html?ref=patrick.net (http://www.oftwominds.com/blogmay08/false-bottom5-08.html?ref=patrick.net)


Interesting article.

[Home Hunter]

Plenty of 'For Sale' signs but actual sales lagging

By MARTIN CRUTSINGER, AP Economics Writer
3 HOURS AGO

WASHINGTON - Like spring flowers, the "For Sale" signs are sprouting in front yards all over the country. But anxious sellers are facing the most brutal environment in decades, with a slumping economy, falling home prices and rising mortgage foreclosures.

http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/05/26/970705.xml

[Home Hunter]

Home prices down and unsold listings way up (http://www.businessweek.com/the_thread/hotproperty/archives/2008/05/home_prices_dow.html)

Posted by: Prashant Gopal on May 23

The big news in the April existing home price report released today (http://www.realtor.org/press_room/news_releases/2008/ehs_april08_ease) by the National Association of Realtors wasn’t the 8% drop in median home prices or the better-than-expected 1% decline in sales.
It was the eye-popping 10.5% jump in the inventory of unsold homes. The number of homes available for sale jumped to 4.55 million at the end of April, representing an 11.2-month supply at the current sales pace. There was a 10-month supply of homes at the end of March.
http://www.businessweek.com/the_thread/hotproperty/archives/2008/05/home_prices_dow.html?chan=patrick.net (http://www.businessweek.com/the_thread/hotproperty/archives/2008/05/home_prices_dow.html?chan=patrick.net)

The big issue is inventory and Augusta has historic levels of unsold homes, especially a glut of new homes.

[Home Hunter]

S&P: US home prices tumble a record 14.1 pct in 1Q

By J.W. ELPHINSTONE, AP Business Writer
1 HOUR AGO
NEW YORK - U.S. home prices dropped at the sharpest rate in two decades during the first quarter, a closely watched index showed Tuesday, a somber indication that the housing slump continues to deepen.

http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/05/27/971403.xml

[Home Hunter]

Home sales post unexpected April increase

By MARTIN CRUTSINGER, AP Economics Writer
1 HOUR AGO
WASHINGTON - Sales of new homes rose in April for the first time in six months although the unexpected increase still left activity near the lowest level in 17 years.

http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/05/27/971386.xml

The more prices decline, then more buying activity will be generated.

[Home Hunter]

http://njrereport.com/index.php/2008/04/09/tracking-realtor-spin/?ref=patrick.net

How many have lost or will lose thousands (of dollars) with this advice?

The world will never know!

[Home Hunter]

Why It's a Bad Time to Buy a House: High 'Real' Mortgage Rates, Record Inventories

Posted May 22, 2008 12:45pm EDT by Aaron Task (http://finance.yahoo.com/tech-ticker/author/Aaron-Task) Related: XLB (http://finance.yahoo.com/q?s=XLB), WM (http://finance.yahoo.com/q?s=WM), COF (http://finance.yahoo.com/q?s=COF), CFC (http://finance.yahoo.com/q?s=CFC), FNM (http://finance.yahoo.com/q?s=FNM), FRE (http://finance.yahoo.com/q?s=FRE)

Good Video!

http://finance.yahoo.com/tech-ticker/article/19186/Why-Its-a-Bad-Time-to-Buy-a-House:-High-Real-Mortgage-Rates,-Record-Inventories;_ylt=Amyv5MalOW7iag9QmZDhNI1l7ot4?ref= patrick.net&comment_start=21#comments

[Home Hunter]

S&P: US home prices tumble a record 14.1 pct in 1Q

Tuesday May 27, 10:57 am ET
By J.W. Elphinstone, AP Business Writer

Widely watched housing index says US home prices fell at steepest rate in 20 years in 1st qtr.

http://biz.yahoo.com/ap/080527/home_prices.html?ref=patrick.net

[Home Hunter]

The housing market
Dropping a brick

May 29th 2008
From The Economist print edition
House prices are falling even faster than during the Great Depression

http://www.economist.com/displaystory.cfm?story_id=11453745&ref=patrick.net

It is not getting any better!

[Home Hunter]

Realtors, Prepare to Lose Your 6 Percent

http://seekingalpha.com/article/79166-realtors-prepare-to-lose-your-6-percent?source=patrick.net

This is a very interesting article. Only time will tell if this ruling fundamentally changes the business. If everyone had access to all the MLS data (Pricing History, Seller Incentives, DOM, and other important information), it may change how we purchase homes in the future.

[Home Hunter]

http://patrick.net/housing/contrib/JSurridge.pdf

All you need to know about the US housing market in one PDF.

[Home Hunter]

It's Only Going to Get Worse
Everything you always wanted to know about the housing crash, but were afraid to ask.
by Lawrence B. Lindsey
06/09/2008, Volume 013, Issue 37

http://www.weeklystandard.com/Content/Public/Articles/000/000/015/170jdcim.asp?pg=1

[Home Hunter]

Homes in foreclosure top 1 million

Mortgage bankers report hits grim a benchmark in first quarter, showing a record number of homes in jeopardy.

http://money.cnn.com/2008/06/05/news/economy/foreclosure/index.htm?postversion=2008060511

[Home Hunter]

Housing downturn is a boon for some renters

‘Shadow’ market thrives as investors can’t sell off houses, condos

http://www.msnbc.msn.com/id/24972314/?ref=patrick.net

I am seeing great deals on rentals.

[Home Hunter]

The Next Real Estate Crisis

By April, 2009, hundreds of thousands of option ARM mortgages will begin resetting, bringing on a fresh wave of foreclosures

http://www.businessweek.com/lifestyle/content/jun2008/bw2008065_526168.htm?ref=patrick.net

For the short to mid-term, housing prices will continue to decline.

Yesterday, the NAR stated that April sales had increased somewhat (Good New?). Well, when you compare these numbers to last year's sales numbers the results were very poor. (Just False Hope)!

[Home Hunter]

Zillow Banned in Arizona (http://mashable.com/2007/04/16/zillow-ban/)


April 16, 2007 — 12:03 PM PDT — by Kristen Nicole (http://mashable.com/author/kristen-nicole/) —



http://mashable.com/2007/04/16/zillow-ban/?ref=patrick.net



As more information becomes available to buyers, the real estate community will need to retool.

I understand that it is estimated that the lack of available property information (transaction info from the MLS), Broker Fees, and Agent Fees add 15-20% (most likely more) to the overall cost of a home.

There must be a better way!

[Home Hunter]

What are the numbers telling us?

http://realestateandhousing2.blogspot.com/2008/06/pending-homes-sales-misleading-tease.html?ref=patrick.net

[Home Hunter]

CORRECTED - US home prices may dip 30 pct, junk bonds weaken-JPM
http://www.reuters.com/article/marketsNews/idINN1145292020080611?rpc=44&ref=patrick.net

More price declines, and no price bottom until 2010!

[Home Hunter]

Why Real Estate Market Is Nowhere Near a Bottom: Caroline Baum


http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_baum&sid=aBKdlmKloSBQ&ref=patrick.net

[Home Hunter]

Reuters
Home slump harder to reverse than usual: Harvard
Monday June 23, 10:48 am ET
By Lynn Adler

http://biz.yahoo.com/rb/080623/usa_housing_harvard_study.html?ref=patrick.net

It is not a matter if we are in a housing decline, but rather how far will it fall? A return to 2000 price levels would be in line with other corrections.

It looks like we are in for a period of a long, slow adjustment period. Once the summer selling season is over, prices will once again decline at a much faster rate.

[Home Hunter]

Home prices post record 15.3% drop

Prices in 20 cities fall for 21st month in a row. One sign of hope: Pace of decline eased in many areas.

By Les Christie, CNNMoney.com staff writer
Last Updated: June 24, 2008: 1:16 PM EDT

http://money.cnn.com/2008/06/24/real_estate/home_prices_CaseShiller_April/index.htm?cnn=yes

[Home Hunter]

Consumer confidence tumbles to 16-year low

Conference Board's measure is the fifth lowest ever as consumers fret jobs and the business outlook.

http://money.cnn.com/2008/06/24/news/economy/consumer_confidence/?postversion=patrick.net

If the job market goes, well there goes the neighborhood!

[Home Hunter]

New home sales and prices both drop in May

By MARTIN CRUTSINGER, AP Economics Writer
3 HOURS AGO
WASHINGTON - Sales of new homes tumbled for the sixth time in seven months in May while median prices kept plunging, underscoring the depth of the nation's housing woes.
http://finance.comcast.net/www/news.html?x=http://absorigins.comcast.net/data/news/2008/06/25/993995.xml

[Home Hunter]

Will Housing Bottom in 2010 or 2012?

by: Michael Shedlock posted on: June 26, 2008 | about stocks: DIA (http://seekingalpha.com/symbol/dia) / QQQQ (http://seekingalpha.com/symbol/qqqq) / SPY (http://seekingalpha.com/symbol/spy)

http://seekingalpha.com/article/82724-will-housing-bottom-in-2010-or-2012?source=patrick.net

[Home Hunter]

A Primer on the True Cost of Real Estate Ownership

http://patrick.net/housing/contrib/truecost.html

Do not forget the financing costs!

Most people do not truly understand the cost of ownership!

[Home Hunter]

See How U.S. Home Prices Have Changed

Published Jun 26, 2008

http://efinancedirectory.com/articles/See_How_US_Home_Prices_Have_Changed.html?ref=patri ck.net

[rainier]

"US Housing Crash Continues"


check this out....
(http://patrick.net/housing/crash.html)

[jvcus17]

Sad Housing Story

Check out the front page of the USA Today, that is so sad.
I have to agree..this one is so sad..I just hope I can do something about it..thanks for sharing..

[Home Hunter]

Financial markets have finally internalized the brutal fact that house prices still have a long way to fall. The full-year price drop in 2007 was 8.5 percent. From January through April of this year, the most recent data available, prices fell by another 8.2 percent -- a remarkable rate of acceleration.

http://www.washingtonindependent.com/view/when-free-marketers?ref=patrick.net

We have a long way to go!!!

[Home Hunter]

US foreclosure filings surge 53 percent in June

By ALAN ZIBEL, AP Business Writer
2 HOURS AGO

http://finance.comcast.net/www/news.html?x=http://www.origin.comcast.akadns.net/data/news/2008/07/10/1005660.xml

It will only get worse. A friend in the business (for over 20 years) told me that normally people rent for a few years and in their mid to late twenties purchase a home. With sub prime, many of these people purchased homes in their early twenties, thus the housing market has borrowed buyers from the future to fuel the last bubble. He predicts a long ride to the bottom with an extended period of no growth in the housing market. WOW!

[Home Hunter]

http://www.thestreet.com/s/housing-bubbles-pop-could-doom-boomers/funds/life-lessons-one-zero-one-dummy/10425741.html?puc=_patrick.net

[Home Hunter]

http://bigpicture.typepad.com/comments/2008/07/barrons-cover-g.html?ref=patrick.net

The evidence still points to more price declines!

[Home Hunter]

http://seekingalpha.com/article/86870-why-the-housing-bill-won-t-help-the-housing-market?ref=patrick.net

[Home Hunter]

http://money.cnn.com/news/newsfeeds/articles/djf500/200807251433DOWJONESDJONLINE000746_FORTUNE5.htm?re f=patrick.net

[Home Hunter]

http://www.realestateforum.com/newreply.php?do=newreply&noquote=1&p=35951

[Home Hunter]

http://seekingalpha.com/article/87565-why-the-2008-housing-relief-bill-is-no-relief?source=patrick.net

[Home Hunter]

We need to relook the entire RE market. There are too many middlemen, fees, etc... that do nothing to increase the value of RE.

http://www.newsweek.com/id/149008?ref=patrick.net

[Home Hunter]

I am not sure I would go that far, but this is interesting reading.

Bottomline: Based on the numbers, this will be a long-decline.

http://www.oftwominds.com/blogjuly08/70K-median7-08.html?ref=patrick.net

[Home Hunter]

http://www.rgemonitor.com/us-monitor/253126/10_things_to_understand_about_the_housing_bubble_a nd_the_debt_crisis?ref=patrick.net

[rainier]

very nice information and indeed it is worth to read.

[Home Hunter]

25% of home sales result in loss

Values have fallen so far in many cities that sale prices don't cover what sellers originally paid. That means more hard times before markets recover.

http://money.cnn.com/2008/08/13/real_estate/sellers_suffering_huge_losses/index.htm?cnn=yes

[Home Hunter]

http://seekingalpha.com/article/90775-what-s-wrong-with-the-nar-affordability-index?source=patrick.net

[Home Hunter]

http://www.safehaven.com/attachments/ARM_timebomb.gif

[Home Hunter]

Housing hasn't bottomed yet

Don't bother chilling the Champagne

http://www.marketwatch.com/news/story/housing-bottom-isnt-even-around/story.aspx?guid=%7B520875B6-BB4E-431C-A9D7-B6DD072B8E3B%7D&ref=patrick.net

[abhelle15]

Thanks for the link sir!