Forums: Housing Cooperative

The unexpectedly deep plunge in home sales this summer is likely to force the Obama administration to choose between future homeowners and current ones, a predicament officials had been eager to avoid. Over the last 18 months, the administration has rolled out just about every program it could think of to prop up the ailing housing market, using tax credits, mortgage modification programs, low interest rates, government-backed loans and other assistance intended to keep values up and delinquent borrowers out of foreclosure. The goal was to stabilize the market until a resurgent economy created new households that demanded places to...

If you've recently had your house reappraised for sale or refinancing, and wonder where the equity went, consider this:Since the real estate boom ground to a painful close about 31/2 years ago, the nation's housing stock has shed from about $4 trillion to $7.1 trillion in value.The amount depends on who's counting. A study by Equifax Inc. and Moody's Analytics Inc. says the downturn began in early 2007 and cost $4 trillion through March. The Federal Reserve says the downturn began in the fourth quarter of 2006 and cost $7.1 trillion through March.

You can't force someone to buy a house. But as a society we've long tried to make homeownership an offer you couldn't refuse. And since the real estate mega-bubble burst three years ago, the government has tried even more tricks to get people to sign home purchase contracts. Now, a grim reality has set in: Despite the still-rich basket of tax breaks for residential property owners, and the lowest mortgage rates in a generation, the pool of willing or able buyers is dwindling.

Georgia investigators started arresting about 80 people around the state Wednesday for allegedly lying their way into federally funded Section 8 housing. Georgia Bureau of Investigation Director Vernon Keenan said 63 people were arrested by Wednesday evening and more will follow in coming weeks. The announcement of further arrests was intended as a threat toward Section 8 cheaters across the state. Keenan invited those who have erred on their Section 8 forms to come forward, since they could receive leniency. Those found cheating would have to leave the housing and pay back what they owe, but they might not face...

Housing Numbers - Are They Being Cooked?September 1,2010 The Market Ticker Karl Denninger I have a very disturbing email that came in this evening. It alleges out-and-out fraudulent reporting of home sales in one of the regional MLS systems. That is, prices paid that are in fact much lower than the "sold" prices reported in the MLS. The person in question claims to have seen over 100 of these in his area. I have copies of two, and it appears, from the evidence that I have, that at least for those two the claim is accurate. One in particular I...

The numbers: A 4.2% gain in June (and 4.4% gain in Q2) is better than expected, but as S&P is noting, there's likely a major impact from the tax credit, which has since expired. Home price gains were seen in 17 of the 30 cities. Stocks are coming back a bit, though are still looking towards a lower open. Here's the year-over-year chart from the release (See Chart 1): And here's a look the index (See Chart 2)

New RealtyTrac numbers show that in April there were well over 300,000 foreclosures and the figure in on track to be higher in 2010 than in 2009. Several research firms say that underwater mortgages have moved above 11 million. The National Association of Realtors found that “in the first quarter, 91 out of 152 metropolitan statistical areas showed higher median existing single-family home prices in comparison with the first quarter of 2009.” But some cities posted double-digit drops for the period. 24/7 Wall St. reviewed the NAR data for the first quarter along with Bureau of Labor Statistics unemployment levels...

MOKENA -- The foreclosure crisis has hit home for the Triezenbergs of Manhattan Township. Mark and Tia Triezenberg and their five young children, including one with severe disabilities due to autism, must leave their home by Aug. 29. The foreclosure, one of many nationwide and locally (see sidebar), caps a troubled couple of years for a family that saw its income soar with the home-building boom and plummet with the recession. "This is like Pearl Harbor," Mark said during an interview at a Mokena restaurant. "Only a few people saw this coming." The Triezenbergs still don't know where they will...

After a very long search I have been offered a job in southern CT. I'm nowin the process of finding a place to live down there but I am arguing with members of my family about the merits of buying a large house from a distressed buyer at a discount price (more than we need but they argue "a good investment") or a smaller house for very short money perhaps even for cash to reduce housing cost as much as possible. The argument seems to come down to the following: a large house will sell for more than a small...