Posted on 06/29/2009 1:36:34 PM PDT by FromLori
No, the housing market isn't getting better.
Some folks out there still seem to think the housing market is bottoming or even turning around. It's not.
Freddie Mac is out with its latest housing market update, with a wealth of data on the housing market from its perch. One graph that stuck out for us: total delinquencies near 2.5% are way beyond the GSE's historical norms.
When the numbers for things like delinquencies or foreclosures start to flatten or turn around, we can start talking about a turnaround. Granted, like the Case-Shiller series, some will say this particular chart is 3-months old, though nothing we've heard since the end of March suggests things are much different.
(Excerpt) Read more at businessinsider.com ...
This isn’t anything more legislation can’t fix...
eh...what’s 24 seconds among FRiends!?!
Thank you woollyone one day I will master how to do that!
O is the Greatest! The rate of delinquencies is oviously less than when the Evil Bush was in office. Things are turning around. The death spiral is slowing. ... * choke, choke *
There can't be a recovery with unemployment numbers this high and getting higher.
Also, many people aren't paying because not paying has become an option.
ARMS. They took time. But they happened under Bush.
jes’ wait until interest rates spike.
The vast majority of the delinquencies are in 5 or 6 states, all with very high illegal population. If illegals and speculators (flippers) are removed from the mix, what is the delinquency rate? And what is the rate in the remaining 45-46 states?
and this government does not have the stomach for mass evictions...so, welcome to your free house!
Why have mortgage insurance if not for these situations?
What is better for our Society:
A. Socialism for Homeowners: Since most homes will require months or years to get back to the previous value, why not let the homeowners stay in their existing homes? People are not demanding the homes according to sales figures. Local governments are also losing money over empty homes and derelict homes would be reduced.
B. Socialism for Banks: Some houses are being sold which is good for the new owners, but banks are holding most of these houses off the market with OUR tax dollars. In my neighborhood short sales have been canceled at the last minute for price equal to those of similar homes. Don’t the banks want to sell these troubled assets?
True! No one mentions that the big default states are loaded with illegals. Some states like GA and NC have a lot more illegals then most people realize.
Fannie portfolio jumps 35 pct, delinquencies mount
Joy. The fire is gaining power. Let's add some more fuel with higher unemployment and taxes.
ARMS have been around for years and they have their place in the industry ... Their abuse is not Bush's fault. The blame should lay at the foot of the Dem Congress in 2006. Bush just turned a blind eye to their incompetence. (IMHO)
Sure, they have been around. Also, his Fed kept interest rates so slow they it created a bubble.
Things happen. R’s and D’s make a great tag team in destroying our country.
ARMs have happened under multiple administrations. I had an ARM before I was in a position to get a fixed rate loan.
The problem is the requirement that banks loan to unqualified borrowers on stated income. I worked for a title company that insured the transactions for one of the worst predatory lenders and I can tell you that it was all about the money. Who was in the white house had nothing to do with it.
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