The housing market is headed on a dangerous path. I’ll have more on this in the coming days, but if you think that an investor-heavy market of house-flippers, with little recourse for those underwater but to sit tight and hope, and a nation of absentee slumlords redlining neighborhoods is something healthy, well you’re in luck, because that’s what we’re getting.
|By: David Dayen Friday August 24, 2012 6:00 am|
We’re supposed to turn away from some of the underlying problems in the housing market, because the fundamentals are strong, and a combination of private equity house-flipping and deliberate blight will bring the market back into positive territory. But the truth is that there are still between 11 and 16 million underwater homeowners in America. This includes half of all borrowers under the age of 40.
|By: David Dayen Wednesday March 28, 2012 7:16 pm|
The deep investment in the notion of a housing recovery took another hit today, as home prices fell to a 10-year low. And real home prices and price-to-rent ratios are down to late 1990s levels.
|By: David Dayen Thursday March 8, 2012 4:48 pm|
The New York Times editorial board has an appropriate take today on the barrage of housing-related spin coming from all corners lately. If you follow these issues, you would have to be willfully blind not to notice a concerted effort to paint the housing recovery as just around the corner, the bottom reached, the best yet to come. But the NYT, to their credit, doesn’t buy the spin.
|By: David Dayen Monday February 13, 2012 1:00 pm|
We’re going to have to endure this misguided lines of argument from those savvy business reporters, and CNBC’s Diana Olick is at the head of the pack. So we might as well take on her poor arguments about the foreclosure fraud settlement directly.
|By: David Dayen Friday January 27, 2012 7:50 am|
Somebody really wants this foreclosure fraud settlement to go through. So much so that California was offered a sum to participate in the settlement sure to piss off the other 49 AGs across the country. Only California was guaranteed earmarked funds from the settlement. Earlier we heard they would get $8 billion out of the $25 billion pot, or 32% of the total (California has roughly 10% of the population). Now, Shahien Nasiripour says they were in line for $15 billion, or a whopping 60%.
|By: David Dayen Thursday January 19, 2012 6:10 am|
Shaun Donovan, the Secretary of Housing and Urban Development, made some news today at the US Conference of Mayors, by saying that a foreclosure fraud settlement was imminent and that it would include principal write-downs for up to one million borrowers.
|By: David Dayen Monday October 24, 2011 7:45 am|
The White House will announce that millions more underwater homeowners can take advantage of a refinancing program if their loan is owned or guaranteed by Fannie Mae or Freddie Mac. This is a plan the President announced as part of his American Jobs Act speech It will open up the Home Affordable Refinancing Program to everyone who’s current on their loan, regardless of how far underwater they are.