Decline in Real Estate Sales Much Greater Than Reported
Real Estate Sales
When the major services want the latest on real estate trends they almost inevitably report (verbatum) the news release from the National Association of Realtors. Personally, I’ve never seen any news service question the accurracy of the NAR Statistics, at least until now.
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Is it Inflation or Deflation?
Deflation is another case of how to lie with statistics, a scheme that this government and the fed has been particularly adept. One should understand that the inflation statistics include the cost of
San Diego housing market
which last month was down.7 of 1%. For most of the home owners and renters whose out of pocket costs did not decrease, this had no effect.
Bank of America To Resume Foreclosures
bank foreclosures
Bank of America announced it reviewed its process for resubmission of foreclosure affidavits in the 23 judicial states with key stakeholders and has begun the process of preparing foreclosure affidavits for submission in 102,000 foreclosure actions in which judgment is pending.
Bank of America also said it will continue to delay foreclosure sales in the remaining 27 states, including California where the vast majority of foreclosures are non-judicial and conducted without a court order, until its review is complete on a state by state basis.
The bank anticipates that over the course of the temporary moratorium, less than 30,000 foreclosure sales will have been delayed.
El Cajon real estate
Housing Market Bottom Illusion
housing market outlook
Remove all of the shenanigans going on to try an prop up the illusion housing has stabilized and we would fall off a cliff. To recap what has gotten us to “stabilization”.
1. 1.25 trillion in Fed purchases of MBS
2. Government paying people 6k to 8k to buy a home
3. Suspension of FASB 157 allowing banks to cook their books and hold a years worth of foreclosed homes off the market.
New Home Sales Down for February
The February new home sales were expected to be up by 1.9%. But, the just released numbers were actually down 2.2%!
This is not a good sign for the housing market.
Peter Shiff on Markets, AIG, Housing, Interest Only Loans & Health Care
Peter Shiff comments on market news, economy, housing, health care, interest only home loans and Freddie Mac.