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housing market: Half of all U.S. Mortgages Underwater by 2011? - 08/06/09 09:12 AM
Reuters reports that Deutche Bank projects that about half of all U.S. mortgages will exceed the value of the collateral - homes - securing those loans by 2011. Half.
That is a shocking projection that has some pretty terrible implications for our economy. First, if you think that there are a lot of foreclosures now, just wait until half of American homeowners wake up and realize that they owe more on their homes than their home is worth. Couple that with high unemployment and you have a recipe for a Super Tsunami of foreclosures.
Throw another news item in the mix … (0 comments)
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housing market: September Resale Numbers - Is it a trend? - 10/24/08 10:41 AM
Last week I wrote about the August pending contracts resale numbers. They were up year over year and month over month, with standing inventory going down to 10.1 months.
Well, NAR published the September numbers this morning. Go to http://www.bloomberg.com/apps/news?pid=20601087&sid=auh3iRzkjrUw&refer=home. September resales are up year over year and month over month. More importantly, Resale inventory numbers went down to 9.9 months. The percentage of resales that were REO or foreclosures was about a third of the total. Remember, we are trying to work down to about six months of resale inventory.
In my mind (an often scary place), it seems that … (0 comments)
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