A Look at Case-Shiller, by Metro Area – WSJ
On a year-to-year basis, which eliminates some of the seasonal variations, prices were down in seven cities, though three cities — Minneapolis, San Diego and San Francisco — posted annual increases over 10%.
Seeing vs. Doing – NYT
Rather than stopping practices of profligate originators like New Century, Fremont and Ameriquest, Wall Street financiers, which held the purse strings for these companies, apparently decided to simply look the other way.
Supply of Homes Set to Grow – WSJ
The number of finished vacant lots, or parcels of land that have been developed and readied for building, stands at about 1.2 million nationwide, according to Metrostudy, or just 5% below the peak in late 2008.
Extend and Pretend: The Russian doll version – The Automatic Earth
If the government had any sense left, it would get out of the mortgage market by, let’s say, yesterday morning. Take apart Freddie, Fannie and Ginnie Mae, along with the Federal Housing Administration, sell off all of their assets at whatever price is being offered (if any), and be done with it already.
Rent may no longer be a four letter word – SF Gate
Renters made a wise decision in the past few years, regardless if it was by choice or not. With less emphasis on homeownership from the White House, would your perspective on owning vs. renting change?
CONDITIONS DETERIORATING RAPIDLY – James Quinn
The consumer confidence index dropped to 50.4 in July. After 18 months on Keynesian stimulus and $2 trillion added to the National Debt, consumers are less confident than they were in May 2009 at the height of the crisis. It appears that the only people who are confident about the future are the criminals on Wall Street and the criminals in Washington DC.
Homeownership Rate Lowest Since 1999 – Calculated Risk
The homeownership rate declined to 66.9%. This is the lowest level since 1999.
The Threat of ‘Sidelined’ Home Sellers – WSJ
How many homeowners have been sitting on the sidelines during the housing downturn, waiting for massive price plunges to pass?
Debating the Securitization of Mortgages – NYT
Lots of lenders, borrowers and home buyers did, or would have done, foolish things without the aid of securitization.
Aussie Housing Bubble Blues – Zero Hedge
The Australian government ran conservative fiscal policies during the commodity boom, resulting in a government debt level among the lowest in the industrialized world. More recently, the commodity exporter largely escaped the jaws of the Great Contraction. But now, after one of the longest economic booms in the developed world – virtually “recessionless” for nearly two decades – households appear to have caught a nasty case of what BCA Research calls, “Anglo-Saxon Disease.” Household debt levels in Australia has surged past both the US and the UK, reaching more than 110% of GDP, as consumers have continued to spend right through the crisis.
