Today, RealtyTrac reported foreclosure and home-sale information for September and the third quarter of the year, showing an extraordinarily weak housing market. Here are just a few data points:
This weekend, Shaun Donovan, the secretary of Housing and Urban Development, said that “it was too soon to say” whether the Obama administration might revive its $8,000 tax credit for first-time home buyers or $6,500 credit for other home buyers.
This week, the National Association of Realtors announced that home sales in July slumped 27 percent to a 15-year low. The annual pace of sales for existing homes fell to 3.83 million, the lowest rate since May 1995. The housing group also revised sales for June lower. The severe More…
With exactly two weeks left before the Colorado state primary, Democratic insurgent challenger and former Speaker of the House in Colorado, Andrew Romanoff, has officially gone all-in … by selling his house:
Economists expected home sales to drop once the Obama administration’s homebuyer tax credits ended at the end of April. Most said homes sales would decrease around 15 percent — with March and April stealing purchases from May and June. Few anticipated such a sharp drop. Today, the National Association of More…
Today, the Commerce Department reported that sales of new homes, well, went off a cliff after the expiry of the Obama administration homebuyer tax credits. In May, sales were at a rate of 300,000 a year. That is 33 percent lower than in April, when the rate was 446,000, More…
As foreclosures continue at a record pace, homeowners in trouble have watched the government devise a $700-billion rescue plan for Wall Street, buy shares in nine major banks and extend credit to insurance companies like AIG. What they haven’t seen is much of anything coming their way.
Now the Treasury More…
Subprime mortgages have ruined banks and insurance companies and brought the global economy to its knees. Now it looks like they’re also causing the spread of deadly West Nile disease.
In a weird new wrinkle in the story of the exploding mortgage crisis, the housing market in Bakersfield, Calif., was tied More…
As Jerry Garcia put it, “Every silver lining’s got a touch of grey.”
Finally, home sales have begun to rebound. But as Mary Kane points out in an insightful analysis, the rising sales of foreclosed homes are more a sign of the housing market’s troubles than a harbinger of More…
For the first time in more than a year, the nation’s decimated housing market is showing a spark of life. But like everything else that’s been turned upside down by the credit crunch, it’s not clear whether foreclosed homes selling at fire-sale prices are an encouraging sign — or just More…
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