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Mortgage 'Cram Down' Bill Clears House Panel
Tweet Share on Facebook January 28, 2009 Comment (147)Proponents of mortgage "cram downs" got a lift yesterday when a House committee voted to pass a measure that would allow bankruptcy judges to alter the terms of mortgages on primary residences. Supporters argue that giving bankruptcy judges this authority would help stem the foreclosure crisis.
From The Washington Post:
Debate on the measure fell mostly along partisan lines with several Republican amendments proposed to curb the impact of the bill, including limiting it to subprime mortgages or other types of risky loans. That amendment failed.
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Mortgage Rates Up, Refinancing Applications Down
Tweet Share on Facebook January 28, 2009 Comment (13)Refinancing applications hit their highest levels in years after mortgage rates plummeted to record lows several weeks back, according to the Mortgage Bankers Association. But now that 30-year fixed rates have pushed back above 5 percent--to still attractive levels--interest in refinancing appears to be retreating.
[See Low Mortgage Rates: 7 Things You Need to Know to Refinance.]
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 23, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 732.1, a decrease of 38.8 percent on a seasonally adjusted basis from 1195.3 one week earlier…
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Home Builders Fire Back at Peter Schiff
Tweet Share on Facebook January 27, 2009 Comment (18)Jerry Howard, the president and CEO of the National Association of Home Builders, sent me the following response to The Home Front's recent interview with Peter Schiff.
Very few people would be able to afford a home if the government ever adopted “notorious bear” Peter Schiff’s laissez-faire policies on the housing crisis [“Peter Schiff: Let the Housing Market Crash”] because most workers probably wouldn’t have a job. The confidence of consumers and the financial markets has been rocked hard enough by declining housing values. A further erosion in home prices would take an even greater toll on household worth, accelerate foreclosures and put the banks on even shakier ground than they are on today. It is worth noting that in the weakest housing markets, the going price for a typical home has sunk below its replacement costs. The current oversupply of housing is a direct result of rampant foreclosures, not housing production, which has slumped to a record low pace. Pulling the plug on an industry that in healthier times can be counted on to provide 15% of the gross national product is a prescription for a total economic meltdown. Mr. Schiff, apparently, wants to bring it on.
Jerry Howard
President and CEO
National Association of Home Builders
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Bernard Madoff's Home Gets Toilet Papered
Tweet Share on Facebook January 27, 2009 Comment (9)You may have lost hundreds of millions of dollars in an alleged ponzi scheme, but….
From The Palm Beach Post, via WSJ:
Tidbits of toilet paper twisted in the wind at Bernard Madoff's Palm Beach home Monday morning - possibly the work of some ticked off teens who lost their trust funds.
Some teenage boys called The Palm Beach Post newsroom Sunday evening to take credit for the prank - one they said was sanctioned by their parents. They said they were acting in retaliation after they lost their trust funds to the accused swindler.
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Home Price 'Freefall' Continued in November
Tweet Share on Facebook January 27, 2009 CommentYesterday's existing home sales report showed an increase in sales driven by sharply lower prices. Today's Case-Shiller report revealed similar trends, as real estate values continued plummeting.
Data through November 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, shows continued broad based declines in the prices of existing single family homes across the United States, with 11 of the 20 metro areas showing record rates of annual decline, and 14 reporting declines in excess of 10% versus November 2007…
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Housing Rebounds--or Does it? 4 Things to Know
Tweet Share on Facebook January 26, 2009 CommentEconomists and housing analysts got a jolt Monday when a key report on the real estate market came in much stronger than expected. The National Association of Realtors announced that December existing home sales jumped 7 percent from the previous month, although they remain 4 percent below their year-earlier levels. But don't uncork the champagne just yet; a closer look at the figures suggests the report isn't as optimistic as it first appears.
Here are four things you should know about the December existing sales report.
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Real Estate Trends in Washington, D.C.
Tweet Share on Facebook January 26, 2009 Comment (1)In the latest installment of a new regular feature at the Home Front—in cooperation with our partners over at Trulia—here's a look at some key housing trends and statistics for Washington, D.C. (Click here for more stats and trends on Washington, D.C.'s real estate market.)
[Check out stats and trends for New York City or Chicago.]
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Your Real Estate Budget in Washington, D.C.
Tweet Share on Facebook January 26, 2009 Comment (1)In cooperation with our partners over at Trulia, here's a look at what your real estate dollar will buy in Washington, D.C., these days:
[Check out New York City or Chicago.]
More info on this property here.
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Tumbling Asking Prices: Washington, D.C.
Tweet Share on Facebook January 26, 2009 CommentIn cooperation with our partners over at Trulia, here's a look at some Washington, D.C., properties that have been forced to reduce their asking prices:
[Check out New York City or Chicago.]
More info on this property here.
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Larry Summers Talks Bailout on Meet the Press
Tweet Share on Facebook January 26, 2009 Comment (3)Here's Larry Summers ducking the question about whether more bailout cash--that's on top of the $700 billion already dedicated--will be needed to stabilize the financial system. His evasive answer suggests that additional funds may in fact be required.
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