Housing Bubble Central

New York’s Impending Real Estate Doom

hb — Fri, 05 Dec 2008 01:32:04 +0000

A hastily drafted moratorium on foreclosures has kept many New Yorkers in their homes. It’s about to change. New York City has been the big holdout in the U.S. housing meltdown. Wealthy foreigners flush with weak dollars and a finite supply of pricey Manhattan condominiums have kept the market moving. But the New York hiatus from a [...]

Beazer loss widens on housing market deterioration

hb — Wed, 03 Dec 2008 21:21:33 +0000

Reuters - Beazer Homes USA posted a wider quarterly loss on Tuesday, citing a further deterioration of the U.S. housing market due to lower consumer confidence levels and reduced access to mortgage financing. Article Source

Don’t Blame Bush For Subprime Mess: Report

hb — Wed, 03 Dec 2008 21:21:27 +0000

Investor’s Business Daily - Housing Crisis: A new report from the Associated Press claims that the mortgage meltdown is due largely to President Bush’s failure to act in 2005. Sounds plausible — until you actually look at the facts. Article Source

Miami activist moves people into foreclosed houses

hb — Wed, 03 Dec 2008 21:20:57 +0000

AP - Max Rameau delivers his sales pitch like a pro. “All tile floor!” he says during a recent showing. “And the living room, wow! It has great blinds.” Article Source

Insured mortgage defaults top 80,000 in October

hb — Wed, 03 Dec 2008 21:20:41 +0000

Reuters - Defaults on privately insured U.S. mortgages rose 35 percent in October, and topped 80,000 for the first time, as the troubled economy caused more homeowners to fall behind on payments. Article Source

Obama says reviewing TARP, eyeing homeowner relief

hb — Wed, 03 Dec 2008 17:36:33 +0000

Reuters - President-elect Barack Obama said on Wednesday he is reviewing whether taxpayers are getting maximum bang for the buck from a $700 billion government financial rescue package and indicated particular interest in helping prevent mortgage foreclosures. Article Source

Russia to buy out mortgages from banks

hb — Wed, 03 Dec 2008 17:14:57 +0000

AP - Russia’s government pledged a mortgage buyout Wednesday and announced more aid for major airlines and other companies beyond an existing $200 billion financial rescue package, Russian news agencies reported. Article Source

Northern Rock extends repossessions grace period

hb — Wed, 03 Dec 2008 12:29:31 +0000

AP - Northern Rock, the nationalized mortgage lender, said Wednesday it would wait at least six months before moving to repossess homes when payments fall behind. Article Source

Ex-AIG exec under probe by U.S. prosecutors: report

hb — Sun, 30 Nov 2008 02:51:05 +0000

Reuters - Former American International Group Inc executive Joseph Cassano is under investigation by U.S. prosecutors for possibly misleading auditors and investors about subprime mortgage-related losses, according to a Bloomberg report citing people familiar with the probe. Article Source

DR Horton swings to $800 million loss

hb — Sun, 30 Nov 2008 02:50:57 +0000

AP - D.R. Horton Inc.’s chief executive said Tuesday he expects this fiscal year to be even more challenging than 2008, which ended with a nearly $800 million quarterly loss on slower home sales and more than $1 billion in charges. Article Source