Tag Archives: chief economist

Home Prices Down 4% Over Past Twelve Months

The downward pressure on home prices is expected to continue through this year and few experts expect prices to increase substantially for the next three years. As long as unemployment and underemployment is high, there’s not going to be much … Continue reading

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After The Bank Foreclosure Deal, Now What?

The foreclosure market has been semi-frozen for the past year as banks negotiated with state and federal government to reach a deal over improper foreclosure paperwork processing. Now the banks have coughed up $26 billion to partially settle the claims … Continue reading

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For Underwater Borrowers, The Outlook Gets Worse And Worse

About a quarter of American mortgages are underwater. What is owed on the mortgage exceeds the value of the home. As homeowners get increasingly underwater, they have more incentive to default on their mortgage. As a result, foreclosures boom and … Continue reading

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What Housing Recovery?

I’m watching CNBC right now. A financial analyst said we are at least three years away from an appreciation in housing prices and a demand for new housing that causes new construction and a boost in construction jobs. Mortgage interest … Continue reading

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Mortgage Rates Fall

I expect mortgage interest rates to fall .5% over the next couple of months. There’s very little demand for mortgages. Ergo, the price of mortgages aka the interest rate, will feel pressure to drop. Overall, the economic news for America … Continue reading

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Credit Crunch Ending

Banks are now lending money to people who’ve defaulted on their homes. Loans for people with good credit scores are increasingly easy to obtain. Credit card offers are going out in the mail again. I’ve even received a few. In … Continue reading

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Pending Home Sales Fall

Why would you buy a home now when you could just hold on for a few months and in all likelihood get the home at a lower price? I know I’d wait if I had money right now. This is … Continue reading

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Banks Hold Almost A Million Foreclosures

The New York Times today features a long article on banks holding about 872,000 foreclosed properties. Banks are in the process of foreclosing on another million homes and analysts expect banks to foreclose on several million homes in the next … Continue reading

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Should You Buy Or Rent?

Rents have doubled as a ratio of home prices over the past couple of years in places such as the San Francisco Bay Area. Home prices are expected to drop another 5% in 2011 while rents will climb about 5%. … Continue reading

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Late On Your Mortgage Payment

The number of foreclosures is not increasing and neither are delinquencies in mortgage repayment. Let’s celebrate. The housing turnabout is here? Along with the rapture? Well, not quite. The WSJ reports: Thursday’s report on mortgage delinquencies from the Mortgage Bankers … Continue reading

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