Tuesday, March 04, 2014
According to a new report out from the Demand Institute, local housing markets, when coupled with income and employment, are often the strongest predictors of local and national economic outlook. John Guarisco is the executive manager at MDI Marketing in Spokane, Washington, and Mark Dolfini is the owner of June Palms Property Management, in Lafayette, Indiana, both cities considered to be "transitional." And joining The Takeaway is Louise Keely, chief research officer for The Demand Institute and co-author of the report.
Thursday, January 17, 2013
Housing industry analyst RealtyTrac released its 2012 Year-End Foreclosure Market Report today. In it is a bit of good news: There was a three percent drop in foreclosure filings in 2012 compared to 2011. So what can we expect for 2013? Daren Blomquist, president of RealtyTrac, explains what this year's report indicates for the future.
Monday, October 08, 2012
30 Issues in 30 Days is our election year series on the important issues facing the country this election year. Today: The state of post-bubble housing policy and federal government's role in the market. Visit the 30 Issue home page for all the conversations.
Friday, February 10, 2012
On Thursday the government approved a $26 billion settlement for homeowners who’ve been foreclosed upon or are currently at risk. Approximately two million Americans will get a $1,800 settlement check, which is a lot of people but not a whole lot of money: the Joint Economic Committee of Congress found that the average foreclosure in 2008 cost $7,200. This money also won't cover losses accrued by local governments who lost tax revenue, or neighbors whose own property values fell.
Saturday, January 28, 2012
By Beth Fertig
New York and New Jersey were able to avoid big cuts to instruction in their public schools thanks to the U.S. government's stimulus spending, according to a new report by the Federal Reserve Bank of New York.
Tuesday, December 27, 2011
Local governments across the country are only now starting to feel the worst effects of the now five-year-old housing crisis. As property assessments finally start to reflect falling home values, local tax revenues will take a hit. However, many experts agree that this is only the beginning for these burgeoning deficits, as home values will continue to decline into 2012 and 2013. Where local governments can make up this difference remains unclear.
Tuesday, December 20, 2011
A series of recent filings from the Securities and Exchange Commission bring new charges against executives at Fannie Mae and Freddie Mac. The SEC claims executives misled investors about Fannie and Freddie's exposure to subprime mortgages in the two years leading up to the housing market collapse. It is unusual to hear a defense of the mortgage giants — conventional wisdom holds that their risky loans were at the heart of the financial crisis from the beginning. But writing in his New York Times op-ed column, Joe Nocera argues that the SEC's latest complaint shows "how desperate the SEC has become to bring a crowd-pleasing case."
Friday, September 16, 2011
A report by RealtyTrac on Thursday revealed default notices filed by banks — which represent the first step in the foreclosure process —were up 33 percent in August from July. Many analysts believe this is due to banks beginning to clear backlogged filings caused by the robo-signing controversy of 2010, which created a de facto moratorium on foreclosures around the country. In California, filings were up even more than the average at 55 percent, and in New Jersey levels of default notices reached 42 percent.
Friday, August 26, 2011
Since the beginning of the year, Bank of America has lost more than half of its stock market value. Earlier this month, AIG sued the bank behemoth for alleged mortgage securities fraud, and just this past week the company laid off 3,500 workers. With more in mortgage holdings than any other bank, its future success is essentially tied to the state of the faltering housing market. But yesterday, Warren Buffett announced he's investing $5 billion in Bank of America. What's in store for the beleaguered company?
Thursday, August 18, 2011
As we learned last week the decisions of one rating agency can cause a lot of economic volatility. But according to an exclusive piece from our partner The New York Times this morning, the Justice Department is opening an investigation into Standard & Poor's to see if the agency improperly rated dozens of mortgage securities leading up to the financial crisis. The ratings being investigated came long before the downgrade of the U.S., but the probe does raise new questions about the credibility of the nation's largest credit agency and their secretive rating process.
Wednesday, June 29, 2011
By Alec Hamilton : Assistant Producer, WNYC News
— Nicole Gelinas, contributing editor of the Manhattan Institute's City Journal and author of After the Fall: Saving Capitalism from Wall Street and Washington, on The Brian Lehrer Show.
Monday, June 06, 2011
Housing prices have dropped to nine year lows in most major cities according to last weeks' S&P/Case-Shiller home price index. Over 2 million homes are in foreclosure. What do you think? Listener, Monty says: "We're on the verge of buying a house, but now we're really reluctant." Linda says, "I'm 64 years old and I have rented my whole life. If the hot water tank goes out, the landlady takes care of it, if a tree hits the roof, the landlady takes care of it, I like it like that."
Wednesday, June 01, 2011
Louise Story, Wall Street and finance reporter for The New York Times investigates the lawsuit against Fabrice Tourre, a young Goldman Sachs employee who is the sole person being sued by the S.E.C. for his role in selling bad mortgage deals. Louise Story and Gretchen Morgenson write, "How Mr. Tourre alone came to be the face of mortgage-securities fraud has raised questions among former prosecutors and Congressional officials about how aggressive and thorough the government’s investigations have been into Wall Street’s role in the mortgage crisis."
Tuesday, May 31, 2011
The S&P/ Case Shiller index shows that housing prices in 20 areas fell in March, reaching a new low. "the reality is that housing activity, broadly speaking, is pretty depressed," says Kelly Evans, "Ahead of the Tape" reporter for The Wall Street Journal. The worry for the economy is a deflationary mindset in the housing market, which keeps people from buying and keeps the economy from growing.
Wednesday, May 18, 2011
What is up with the housing market? On Wednesday, the government said new home construction fell nearly 11 percent in April. But Thursday, we expect the National Association of Realtors to tell us that existing home sales grew last month, albeit modestly.
Wednesday, April 13, 2011
David Min, associate director for financial markets policy at the Center for American Progress, and Michael Lea, director of the Corky McMillin Center for Real Estate College of Business Administration San Diego State University and the former chief economist at Freddie Mac, debate whether the 30-year fixed rate mortgage should be preserved or become a thing of the past.