Comments on: WSJ Quarterly Housing Survey: More Pain to Come http://www.ritholtz.com/blog/2009/10/wsj-quarterly-housing-survey-more-pain-to-come/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 23:17:23 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: Hantra http://www.ritholtz.com/blog/2009/10/wsj-quarterly-housing-survey-more-pain-to-come/comment-page-1/#comment-229879 Hantra Tue, 27 Oct 2009 15:40:15 +0000 http://www.ritholtz.com/blog/?p=42185#comment-229879 If the delinquency rates are as high as 26%, but foreclosure rates are 5% in the worst states, what does this tell us about the latest round of record-breaking bank profits? Thanks Barry, and happy birthday! If the delinquency rates are as high as 26%, but foreclosure rates are 5% in the worst states, what does this tell us about the latest round of record-breaking bank profits?

Thanks Barry, and happy birthday!

]]> By: karen http://www.ritholtz.com/blog/2009/10/wsj-quarterly-housing-survey-more-pain-to-come/comment-page-1/#comment-229844 karen Tue, 27 Oct 2009 14:13:06 +0000 http://www.ritholtz.com/blog/?p=42185#comment-229844 If people aren't paying their mortgages, do you think they are paying their property taxes? Hawaii has just declared a 4 day school week; I can't help but think CA will be next. If people aren’t paying their mortgages, do you think they are paying their property taxes? Hawaii has just declared a 4 day school week; I can’t help but think CA will be next.

]]> By: alfred e http://www.ritholtz.com/blog/2009/10/wsj-quarterly-housing-survey-more-pain-to-come/comment-page-1/#comment-229838 alfred e Tue, 27 Oct 2009 13:55:21 +0000 http://www.ritholtz.com/blog/?p=42185#comment-229838 Numerous houses are still being held off the market here. Tend to be above $250. Ones below seem to move. Rent vs buy. Houses below $200 go, others slow. Might help if there were jobs here. There are not. Numerous houses are still being held off the market here. Tend to be above $250. Ones below seem to move. Rent vs buy. Houses below $200 go, others slow.

Might help if there were jobs here. There are not.

]]> By: Mark E Hoffer http://www.ritholtz.com/blog/2009/10/wsj-quarterly-housing-survey-more-pain-to-come/comment-page-1/#comment-229823 Mark E Hoffer Tue, 27 Oct 2009 12:56:30 +0000 http://www.ritholtz.com/blog/?p=42185#comment-229823 "It's been almost a year since Horatio Bernard effectively lost his Baltimore row house to foreclosure and roughly 15 months since he last made a payment on his primary mortgage. And yet to his amazement and those following his story, Bernard continues living in the home with his ailing mother without any sign of an eviction notice or word from his lender, in this case JP Morgan Chase and then US Bank. "I haven't paid a dime," Bernard told me, sounding gleeful over the phone. Earlier this year, Bernard was defiant on staying in his home even though the bank had already tried selling it at auction last November. Bernard, a Liberian immigrant, took a shot at the American dream at a time in 2005 when that dream involved risky subprime loans. On top of that, he'd been victimized by a foreclosure prevention scam by New Hope Modifications, which the New Jersey attorney general since indicted on fraud charges. "We're as mystified by it as he is," said Joe Cox, a community organizer with the Association of Community Organizations for Reform Now in Baltimore. ACORN, under fire for unrelated allegations that two branches may have helped an activist posing as a pimp avoid taxes, actually spends considerable resources dealing with cases like Bernard's..." http://www.miller-mccune.com/business_economics/shadow-market-delays-recovery-helps-defiant-homeowners-1558 ~~ Detroit Attempts to Auction 9,000 Properties for as Little as $500; 80% Had No Bids October 26th, 2009 Via: Reuters: "In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded. After five hours of calling out a drumbeat of “no bid” for properties listed in an auction book as thick as a city phone directory, the energy of the county auctioneer began to flag. “OK,” he said. “We only have 300 more pages to go.”..." http://cryptogon.com/?p=11863 should be 'self-sustaining', any moment now.. “It’s been almost a year since Horatio Bernard effectively lost his Baltimore row house to foreclosure and roughly 15 months since he last made a payment on his primary mortgage.

And yet to his amazement and those following his story, Bernard continues living in the home with his ailing mother without any sign of an eviction notice or word from his lender, in this case JP Morgan Chase and then US Bank.
“I haven’t paid a dime,” Bernard told me, sounding gleeful over the phone.

Earlier this year, Bernard was defiant on staying in his home even though the bank had already tried selling it at auction last November. Bernard, a Liberian immigrant, took a shot at the American dream at a time in 2005 when that dream involved risky subprime loans. On top of that, he’d been victimized by a foreclosure prevention scam by New Hope Modifications, which the New Jersey attorney general since indicted on fraud charges.

“We’re as mystified by it as he is,” said Joe Cox, a community organizer with the Association of Community Organizations for Reform Now in Baltimore. ACORN, under fire for unrelated allegations that two branches may have helped an activist posing as a pimp avoid taxes, actually spends considerable resources dealing with cases like Bernard’s…”
http://www.miller-mccune.com/business_economics/shadow-market-delays-recovery-helps-defiant-homeowners-1558
~~
Detroit Attempts to Auction 9,000 Properties for as Little as $500; 80% Had No Bids
October 26th, 2009
Via: Reuters:
“In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded.
After five hours of calling out a drumbeat of “no bid” for properties listed in an auction book as thick as a city phone directory, the energy of the county auctioneer began to flag.
“OK,” he said. “We only have 300 more pages to go.”…”
http://cryptogon.com/?p=11863

should be ‘self-sustaining’, any moment now..

]]> By: Robespierre http://www.ritholtz.com/blog/2009/10/wsj-quarterly-housing-survey-more-pain-to-come/comment-page-1/#comment-229822 Robespierre Tue, 27 Oct 2009 12:56:12 +0000 http://www.ritholtz.com/blog/?p=42185#comment-229822 Another side effect of those foreclosures is that they reduce the demand side since these people will no longer qualify for loans. So double shock: extra supply; decreasing qualifying buyers. It will also affect car buyers. A friend of mine who did a short sale is no longer able to get a car loan from her bank (BAC) Another side effect of those foreclosures is that they reduce the demand side since these people will no longer qualify for loans. So double shock: extra supply; decreasing qualifying buyers. It will also affect car buyers. A friend of mine who did a short sale is no longer able to get a car loan from her bank (BAC)

]]> By: wally http://www.ritholtz.com/blog/2009/10/wsj-quarterly-housing-survey-more-pain-to-come/comment-page-1/#comment-229819 wally Tue, 27 Oct 2009 12:48:25 +0000 http://www.ritholtz.com/blog/?p=42185#comment-229819 Hey... happy birthday! (My birthday was last week, too). Hey… happy birthday! (My birthday was last week, too).

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