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The Top 10 Foreclosure States (as of January)
Tweet Share on Facebook February 12, 2009 Comment (3)RealtyTrac has released its U.S. Foreclosure Market Report for January:
Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 274,399 U.S. properties during the month, a 10 percent decrease from the previous month but still up 18 percent from January 2008. The report also shows one in every 466 U.S. housing units received a foreclosure filing in January.
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Foreclosures Pull Home Prices Down 12% in Q4
Tweet Share on Facebook February 12, 2009 Comment (1)The National Association of Realtors said Thursday that distressed sales--such as foreclosures--triggered a sharp decline in fourth-quarter median home prices:
Distressed sales – foreclosures and short sales – accounted for 45 percent of transactions in the fourth quarter, dragging down the national median existing single-family price to $180,100, which is 12.4 percent below the fourth quarter of 2007 when conditions were more balanced; the median is where half sold for more and half sold for less.
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John Stewart on the New Bailout
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5 Things to Know About the Bank Bailout
Tweet Share on Facebook February 10, 2009 Comment (20)After putting his embarrassing tax situation behind him, Treasury Secretary Tim Geithner on Tuesday moved on to his next headache: selling a bailout-weary American public on a plan to hand out more cash to bankers, help financial firms make new investments, and rescue home owners who can't pay their mortgages. So how did it go? Well, the Dow Jones Industrial Average plummeted nearly 400 points, as investors criticized the plan's lack of details and economists worried it might not be enough to heal the battered credit markets. "There have been any number of [press] leaks over the last month that had more detail than what we got today," says Stephen Stanley, chief economist at RBS Greenwich Capital. "[The lack of clarity is] obviously very disconcerting to the markets." With that in mind, here are five things you need to know about the Obama administration's new bailout plan:
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The $15,000 Home Buyer Tax Credit and House Prices
Tweet Share on Facebook February 9, 2009 Comment (30)In a post over at Econobrowser, Kash Mansori, a senior economist at Jefferson Wells International, argues that the proposed $15,000 home-buyer tax credit would not have a "noticeable impact" on home prices:
Myself, I have a suspicion that in most of the markets that are foundering right now many sellers still need to drop their sales price expectations by $50 thousand, $100 thousand, or more.
If my hunch is correct, then all the house purchase tax credit will do is to modestly increase the number of houses sold each month... with no noticeable impact on house prices.
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Meet the Press: Congressmen on the Bailout
Tweet Share on Facebook February 9, 2009 Comment (1)Visit msnbc.com for Breaking News, World News, and News about the Economy
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Sen. Richard Shelby Slams Stimulus, Bailout
Tweet Share on Facebook February 9, 2009 Comment (3)As the Democrats look to build GOP support for their efforts to revive the struggling economy, Sen. Richard Shelby, the top Republican on the Senate Banking Committee, offered his thoughts on the plan.
From CNN:
Leading Republicans warned Sunday that the Obama administration's $800 billion-plus economic stimulus effort will lead to what one called a "financial disaster."
"Everybody on the street in America understands that," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee. "This is not the right road to go. We'll pay dearly."
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Mark Zandi: Home Prices to Stabilize This Year
Tweet Share on Facebook February 9, 2009 Comment (3)The Moody's Economy.com team, headlined by Chief Economist Mark Zandi, has issued a new report titled, Housing in Crisis: When Will Metro Markets Recover? Here's a look at their key findings:
1. House prices will stabilize by the end of this year.
2. The national Case-Shiller house price index will decline by another 11% from the fourth quarter of last year for a total peak-to-trough decline of 36%.
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Real Estate Trends in Boston
Tweet Share on Facebook February 6, 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 Boston. (Click here for more stats and trends on Boston's real estate market.)
[Check out stats and trends for New York City, Chicago, Washington, and Los Angeles.]
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Your Real Estate Budget in Boston
Tweet Share on Facebook February 6, 2009 CommentIn cooperation with our partners over at Trulia, here's a look at what your real estate dollar will buy you in Boston these days:
[Check out New York City, Chicago, Washington, and Los Angeles.]
