John Mulkey, Housing Guru

All those wishing for Congress to extend the Homebuyer Tax Credit are now onelegislative body closer to getting their wish. In a vote today the House of Representatives approved moving the closing date for those under contract to September 30, 2010. The next hurdle will be having the Senate pass ...

Since its inception, the Home Affordable Modification Program has been criticized as too little, too late; and the criticisms have come from all sides of the political spectrum. Put simply, HAMP doesn’t work, never could have, and should be abandoned. It’s time to forget modification and move ahe...

In a video entitled, Your Graceful Exit, the government is taking steps to encourage struggling homeowners to take action.  I suspect they are motivated by the sheer numbers of delinquent mortgages and are aware that the economy will not recover until the housing market is stabilized. Unfortunat...

While news stories may point to an improving economy, a growing number of economists and business leaders are questioning whether we are entering an economic recovery or a catastrophic debt crisis. The President says it’s a recovery, and following the May jobs report, said, “This report is a sign...

An article in the Washington Post describes how banks pursuing deficiency judgments may have something to fear. According to the article, some lenders are taking a more aggressive stance in dealing with distress sales that recoup significantly less than the original loan amount.   In the past, th...

Following the expiration of the Housing Tax Credit, single-family housing starts continue to fall, and are now 17.2 percent below the revised April number of 565,000. Seasonally adjusted starts for May were 468,000, the lowest level in the past year.   A decline in BUILDER CONFIDENCE seems to hav...

The latest report of builder confidence from the National Association of Home Builders/Wells Fargo Market Index shows that few builders see a near-term housing recovery.  And while politicians may have called a bottoming of the market, those in the business remain skeptical.    Click HERE for the...

A bill just introduced in the Senate would extend the deadline for the Housing Tax Credit by 90 days, according to an ARTICLE in The Washington Post. The bill, supported by the NAR, would grant those already under contract and extra three months to get their deal closed. Many lenders, suffering f...

The latest Fed “Beige Book” report is yet another indication that the early spring surge in home sales was only a temporary “blip” that has now come to an end. The report’s summary, which combines information from all Fed districts, seems to provide little hope for a sustained housing recovery.  ...

In a sign that the U.S. economy is still stalking an elusive recovery, private pay shrinks as debt increases. A recent article in USA TODAY reports that paychecks from private business experienced the largest drop in history. The report also shows that income from government programs such as, foo...