In the big financial mess that started in 2008 how many houses with a 60% loan to value or less were foreclosed upon? How many borrowers with at least a quarter of a million dollars in liquid assets lost their house? Keep these questions in mind as we will touch upon them soon.
There is plenty of evidence that traces the housing bubble to CRA, reenergized by Bill Clinton and enjoyed by George Bush who watched homeownership reach all-time record levels. By forcing banks to come up with "flexible" and "innovative" lending the government provided the lifeline to the ultimate Frankenstein's monster.
The stand out number from the ADP report for everyone told of the great housing recovery by the Columbia regurgitators, is the number of construction jobs added in March; 0. That’s right, the great housing recovery added a whopping zero construction jobs in March.
Investors snapped up the available properties for sale in these states at a very rapid clip in the early stages of the first U.S. housing bubble, sending house prices skyrocketing in the places they coveted.
All the great news about rising home prices creating a wealth effect is an overstatement, because consumer debt remains double that of 2001.
Unfortunately, the apparently robust growth of housing prices in the last several months is suggestive of something other than fundamental factors at work.
Pent up demand is finite. After a certain period of time that demand becomes satisfied. Any sudden increase in interest rates and that demand disappears.
On Tuesday, President Obama and the first lady used the State of the Union spotlight to pay tribute to an innocent teenage girl shot and killed by Chicago gang thugs. On Friday, Obama will travel to the Windy City to decry violence and crusade for more gun laws in the town with the strictest gun laws and bloodiest gun-related death tolls in America.</P><P>Does the White House really want to open up a national conversation about the state of Chicago? OK, let's talk.
From 1994 until 1999 there was little difference in the rate of change of rent vs. housing prices. That changed in 2000 with the dot.com crash and accelerated when Greenspan started cutting rates.
There's a natural human impulse to help people who need a hand. In the political world, that often translates to an impulse to have government help people who need a hand. Who wants to argue with that?
Well, Obama's victory means that Federal Reserve Chairman Ben Bernanke will keep his job, at least until the end of his term in 2014.
Since the beginning of the long-anticipated new round, QE 3.0, 30 year mortgage rates have fallen to 3.49%, an all-time low.
Of course the reality is simply that the media is once again hyping a non-existent recovery. The news isn't that the housing market is doing well or recovering but rather that the media is trying to spin generally bad data into good news just weeks ahead of a presidential election.
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