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Plunge in Home Sales Stokes Economy Fears
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The National Association of Realtors reports that sales of previously owned homes dropped by 27.2% from June, to seasonally adjusted annual rate of 3.83 million homes. House prices gained ameasure of stability in 2009, after dropping since 2006. Now that measure of stability may be lost as house prices weaken. The expiry of a home-buyer tax credit was expected to dampen sales but not by this much. Paul Dales of Capital Economics expects a further drop of 5% in house prices. Combine this with sluggish consumer spending and prospects of deflation in 2011, a weak Obama administration HAMP homeowner relief program, fading stimulus and the likelihood of no further stimulus because of deficit fears; and the picture shows serious problems. The underlying picture of housing is not changing. One in four homeowners with mortgages owe more than their house is worth. Banks are handling over 5 million loans that are delinquent, if these loans are modified or short sales are permitted by banks, there would be support for housing prices. HAMP has failed in this regard, see the link to this.
Home Affordable Modification program (HAMP) of the Obama Administration
06/12/2009
The large failure of a program launched by the Obama administration to reduce home foreclosures in the U.S. Only $1 billion of the $75 billion estimated for the program when it was launched in 2009 has been spent. Only 680,000 of the 2.7 million homeowners seeking to participate received loan modifications with lower monthly payments.
Grouped Articles
New York Times 07/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Prospects for Recovery in the U.S. housing market 2010-2013
06/18/2009
The prospects of recovery in the housing market, regional differences, and the uncertainty arising from changes that are occurring in the American economy. The changes range from consumer frugality, lower levels of consumer spending, aging of the population, and uncertainty about economic growth.
Grouped Articles
Wall Street Journal 05/02/2013
The economic performance of cities: Following the sun
Economist 05/16/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
Housing Recovery Increasingly Prices Out First-Time Buyers
Wall Street Journal 07/22/2013
Economic Casualties: 'Missing Households'
Wall Street Journal 07/22/2013
Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
The U.S. housing market in 2010-2013
05/27/2010
According to Karl Case its basically flat in 2010 and quite fragile, with a lot of inventory out there. By 2012 the situation had not changed much, except for Washington D.C. with growth in employment, and a small spurt in 2011 in Phoenix from out of state and Canadian buyers. Prices in Las Vegas and other cities continued to decline and there were fears of more homes being released by banks from foreclosed properties in judicial states such as Florida.
Grouped Articles
Housing Rebound Grows as Prices Climb Sharply
Wall Street Journal 05/09/2013
The economic performance of cities: Following the sun
Economist 05/16/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
Housing Recovery Increasingly Prices Out First-Time Buyers
Wall Street Journal 07/22/2013
Economic Casualties: 'Missing Households'
Wall Street Journal 07/22/2013
Home Prices Jump, but Headwinds Build
Wall Street Journal 07/31/2013
Krugman on the Obama Administration, banks, settlements and the U.S. foreclosure crisis in 2011
01/02/2009
Failure of the Obama administration to reduce foreclosures and help homeowners. A worsening foreclosure situation leads to a continuing decline in housing prices and hampers an economic recovery in the U.S. This is something Martin Feldstein grasped very early during the 2008 financial crisis and made proposals for helping homeowners under water.
Grouped Articles
Washington Post 09/06/2011
Book portrays dysfunction in Obama White House - The Washington Post
Washington Post 09/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
Martin Feldstein on the risks for the American Economy after failures in the Obama Economic plan.
09/12/2007
Failures to address problems on the housing front, especialy the problems for 15 million homeowners under water- see the links to opeds by Feldstein suggesting focus on these issues throughout 2008-2009. And the focus on health care which diverted attention from this problem and the problem facing bad loans in commercial real estate. Other problems are failure to get bank lending up for businesses. And the failure of Obama health care plans to control the increase in the nation's surging health care spending, instead increasing the deficit to unsustainable levels. Public sentiment as shown in WSJ/NBC polls confirm Feldstein's sense of the situation.
Grouped Articles
New York Times 12/08/2013
From President Obama, Economic Clarity but Little Courage
Washington Post 04/15/2009
Wall Street Journal 09/12/2007
How to Stop the Mortgage Crisis
Wall Street Journal 03/07/2008
Wall Street Journal 02/20/2008
Enough With the Interest Rate Cuts
Wall Street Journal 04/15/2008
The American economy in 2010-2012: Looking ahead the risks and possibilities.
10/01/2009
Housing, hiring, the strength of the stimulus and capital spending will determine what 2010-2012 looks like for the U.S. economy.
Grouped Articles
Michelin Issues Cautious Outlook
Wall Street Journal 10/01/2009
2010 Looks 'Highly Uncertain,' Zoellick Says
Wall Street Journal 10/02/2009
Economist 10/01/2009
Economist 10/01/2009
Economist 10/01/2009
Hiring, Business Investment and Other Big Variables That Will Drive 2010 Economy
Wall Street Journal 12/28/2009
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