Local reports indicate that homelessness is on the rise and this report [Foreclosure to Homelessness] gives us insight into the role that foreclosures may be having on that increase, said Nan Roman, president of the National Alliance to End Homelessness.The Foreclosure to Homelessness: The Forgotten Victims of the Foreclosure Crisis report released last week provides … [Read more...] about New Report Links Foreclosures and Homelessness
The best that can be said about S&P/Case-Schiller numbers out today is maybe home prices can't fall any faster. Prices for Q1 of this year dropped at 19.1%, .9% more than they dropped in the last quarter of '08. The 20-city index dropped 18.7% year-over-year, also a record. It fell 18.5% during the last three months of 2008. This index has plummeted 32.2% from its July 2006 … [Read more...] about Is drop in home values nearing terminal velocity?
Multi-family homes (apartments) seem to be behind the comparatively big increase.BBC: US new homes increase by quarter "The rate of construction of new homes in the US soared by almost a quarter in February compared with the previous month, official figures show."AP: Housing starts surge; wholesale prices edge up "Housing construction posted a surprisingly large … [Read more...] about Housing starts go up in February and no one knows why
I suppose it works in my favor that I've never been a big fan of home ownership. While many consumers (and experts) like to tout the advantages of owning your home as opposed to renting, the numbers in many cases (and again this is my own personal experience) don't always add up. With that in mind, I've looked to a number of role models who have taken a path other than … [Read more...] about Housing Problems? Time To Rent
Last week, average 30-year mortgage rates jumped 0.35 percentage points to 5.24%. Not coincidentally, that same week the Mortgage Bankers Association's index of mortgage applications dropped nearly 10%. (This came on the heels of the incredibly-not-surprising news about December's nearly 11% drop in new housing permits from November. Starts were down 15.5%.)Apparently 5% … [Read more...] about Mortgage applications tank as interest rate goes over 5%