The Blog of Author Mark MacKenzie: It's The Housing Market, Stupid!

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Real Estate Broker/Owner

ARCHIVED BLOG POSTS

2009 

About three months ago the Mortgage Bankers Association published their quarterly national delinquency survey which showed that a record 11.18% of mortgages were at least 30 days late. Now, here we are 90 days later and we have a new record, 12.07% of mortgages were either at least one payment pa...
05/31/2009
I wrote a blog yesterday detailing my concerns about the "new" monetized $8,000 first time home buyer tax credit and how not only will it not have any meaningful impact on demand, but it is likely to cause a lot of confusion as well, understandably. And while we may need to wait several weeks to ...
05/30/2009
The FHA announced today that the $8,000 first time home buyer tax credit can now be received by the buyer at the closing table in the form of a loan so that they can use the credit to pay for some of their closing costs or decorating expenses. This $8,000 first time home buyer tax credit/loan, ca...
05/29/2009
The Census Bureau is reporting that new home sales in April rose 0.3% from last month to a seasonally adjusted annual rate of 352,000, but are still down -34% from last year. While the new home market remains over shadowed by the existing home sales market in terms of sales and supply volume, it ...
05/29/2009
According to the Mortgage Bankers Association and their weekly mortgage application index, the 30-year fixed rate mortgage jumped from 4.69% last week to 4.81% this week, a new 9-week high. While this modest rise in mortgage rates off of their recent historic lows will negatively impact housing a...
05/28/2009
According to the NAR, home value declines in April fell by -15.4% when compared to last year.  The -15.4% decline is just off the record decline that was set in February of 2009 at -15.5%.  The latest data is yet another sign that not only is the housing market not at a bottom, but home values de...
05/28/2009
The NAR announced their April existing home sales data yesterday which showed that while existing home sales were up 2.9% from last month, the supply of homes were up even more by 8.8% to 3.968 million. The result of this disproportionate change between the supply and demand was that the month's ...
05/28/2009
Despite historically low mortgage rates, a first time home buyer tax credit, record housing affordability, and a significant but albeit skeptical surge in consumer confidence (if consumer confidence is so high, why aren't more people applying to purchase a home?) yesterday, the mortgage purchase ...
05/27/2009
Consumer confidence jumped from 40.8 in April to 54.9 in May, the largest one-month jump since April of 2003, according to Reuters. In light of May's surge in consumer confidence as well as a deteriorating job market and housing market, it begs the question, is the tail wagging? What I mean by th...
05/26/2009
According to Case-Shiller, home prices dropped -19.1% in the first quarter and are now down -32.2% since peaking in the second quarter of 2006. While we can debate the accuracy in terms of the percentage changewith the Case-Shiller index as there are a couple of other indexes that track home valu...
05/26/2009
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