Housing Round Up

Given our prior post, here is quick round up of what’s happening in the universe of Housing:

New-Home Sales Sank in January To Slowest Pace Since 1995 (WSJ)
New-home sales fall despite record price cuts  (MarketWatch)
Roubini: FHLB Lending “Reckless” (Real Time Economics)
January foreclosures up 57%
New Home Sales (Barron’s)
Cuomo Near Deal On Home Appraisals (Washington Post)
Fannie Mae, Freddie Mac Portfolio Caps Will Be Lifted
Ofheo Lifts Freddie, Fannie Limits; Fannie Posts Deep Quarterly Loss (WSJ)
Mortgage applications slide again (AP)
•  Home price plunge accelerates (CNN/Money.com)
Toll Brothers Swings to Loss
The ‘R’ Word (And Some Other Stuff) Hurting Home Sales (Real Time Economics)   
Nobody ‘talked’ housing into its recession
Foreclosure bill faces Senate test (CNN/Money.com)
Lehman begins coverage of home-builder stocks (MarketWatch)
MBIA Gets Top Rating — Should I Laugh or Cry?  (Thestreet.com)

Manic markets, US home
prices, consumer confidence, Michael Milken, the dollar

Jim Walker
Asianomics, Wednesday, 27 February 2008

Category: Financial Press, Real Estate

Detroit Housing = ~$0

Category: Economy, Real Estate, Web/Tech

Big Picture Demographic Survey

Category: Weblogs

Dollar Weakness

Category: Currency, Financial Press, Music

Declining Home Prices, Rising Mortgage Rates

Category: Credit, Federal Reserve, Fixed Income/Interest Rates, Inflation, Real Estate

Roubini: Recession May Last Up to Six Quarters

My pal Nouriel Roubini, of NYU and RGE talks with Bloomberg about the outlook for a U.S. recession and the housing market.

click for video


Roubini Says U.S. Recession May Last Up to Six Quarters
Bloomberg, February 26 2008

Category: Economy, Video

Diebold Accidentally Leaks Results Of 2008 Election Early

This is hysterical:

Diebold Accidentally Leaks Results Of 2008 Election Early

Category: Politics, Video

Online Ad Revs: $21B !

Category: Web/Tech, Weblogs

Screaming Hot Producer Prices

Category: Commodities, Energy, Inflation

Case Shiller Housing Composite Negative for 2007


That’s gonna leave a mark: Data through December 2007 for the Case-Shiller Home Price Index shows broad based declines in the prices of existing
single family homes across the United States. This marks 2007 as a full
year of declining home prices.

As the chart above shows, annual returns of the national home price indices declined -8.9% versus the 4th quarter of 2006. This is the largest decline in
the series’ 20-year history. Comparatively, during the 1990-91 housing recession, the
annual rate bottomed at -2.8%.


“We reached a somber year-end for the housing market in 2007,” says Robert J. Shiller, Professor at Yale University and Chief Economist at MacroMarkets LLC. “Home prices across the nation and in most metro areas are significantly lower than where they were a year ago. Wherever you look things look bleak, with 17 of the 20 metro areas reporting annual declines and the remaining three reporting flat or moderate growth rates. Looking closely at these negative returns, you will see that 14 of the metro areas are also reporting record lows and eight are in double digit decline. The monthly data paint a similar picture, with all metro areas now reporting at least four consecutive negative monthly returns.”

Damn that Shiller! He’s way too negative. All these professorial types, with their confounded data and confusing logic — they are so pessimistic! When are these academics gonna start being more balanced?


Existing Home Sales "Slipped" 23.4%
Monday, February 25, 2008 | 10:41 AM

Year End Numbers Mark Widespread Declines
S&P/Case-Shiller Home Price Indices, February 26, 2008

Home Depot Profit Drops on U.S. Housing Slowdown 
Mark Clothier
Bloomberg, Feb. 26 2008

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Category: Data Analysis, Economy, Psychology, Real Estate