Investors Pushing to Buy Housing Other Than Foreclosed Properties

By: Tuesday December 18, 2012 9:10 am

Tom Lawler pulls out an interesting piece of data from the latest housing statistics. Foreclosures have been dropping in 2012, mainly because of the rise of short sales as a foreclosure alternative. This appears to be changing – the repossession rate in November was 11% above that of October and even up 5% year-over-year – [...]

NYT Reports on Investor Purchases of Foreclosed Homes for Rental Conversion

By: Tuesday December 11, 2012 9:15 am

I touched on this before, but this New York Times piece exposing the next bubble, the bulk purchase of foreclosed homes by private equity firms and hedge funds for rental units, is really critical. Basically the same people who were present at the creation of the original bubble are driving the boat in this second [...]

Hedge Fund Blackstone Buying $100 Million in Foreclosed Homes Every Week

By: Thursday November 15, 2012 9:15 am

Speaking of housing, we’re supposed to forget about the fact that the banks committed the largest consumer fraud in history and then paid the meager penalties for it with other people’s money, because we’re in a housing “recovery” now. Let’s forget the past, and look forward, and check out this housing boom, ay? It’s tiring [...]

Existing Home Sales Data Reinforces Artificial Supply Constraint

By: Friday October 19, 2012 9:15 am

Existing home sales fell last month, but prices continued to rise year-over-year regardless (prices actually fell month-to-month by 0.5%). And this data point reinforces the story of the housing market, which is “recovering” based on constrained supply, in some cases artificially constrained supply. Total housing inventory fell 20% year-over-year, and now stands at 5.9 months [...]

Housing’s Bounce Off the Bottom May Not Signal Boom Times

By: Thursday October 18, 2012 7:00 am

Yesterday’s housing starts number has pushed the mainstream press over the edge in declaring a housing recovery. I would argue that housing starts could maybe get over the low point of housing collapses of the last 50 years before we sound the all-clear, but it’s clear enough to me that, with Americans producing more people [...]

Investor Purchases of Foreclosed Properties Continue

By: Wednesday October 3, 2012 11:00 am

Yestreday, Fannie Mae sold off another chunk of its foreclosed properties as part of a pilot program to process bulk sales to investors who will rent them out in the short term. The beneficiary was a private equity firm. The Cogsville Group, a New York-based firm led by former professional soccer player Donald Cogsville, reached [...]

Mark Zandi Doesn’t Understand Housing Very Well

By: Monday October 1, 2012 8:32 am

Court jester economist for power Mark Zandi tried to pull a fast one by readers of the Washington Post, by actually making the argument, in the face of all evidence to the contrary, that the Obama Administration successfully fixed the foreclosure crisis. He has to make a mental leap in order to do this, claiming [...]

New Home Sales, Home Price Statistics Continue to Fuel Optimism on Housing

By: Wednesday September 26, 2012 10:59 am

New home sales stayed flat in August, a modest miss from expectations. Still, new home sales are on track for a 16% increase year-over-year. This still puts annual sales at the third-lowest on record, but it’s a boost from the bottomed-out years of 2010 and 2011. The recovery is sluggish, but it’s moving in an upward direction.

More Positive Stats for Housing Ignores Realities on the Ground

By: Wednesday September 19, 2012 11:36 am

The housing analyst community is enthralled again today by good topline news reports. Housing starts increased according to the Census Bureau, though there’s substantial margin for error in that report, plus or minus 10%. The estimate of 750,000 seasonally adjusted annual housing starts was actually below expectations of 768,000, but up year over year. Then [...]

Big Banks Increasing Spread on Mortgage Profits, Not Funneling Cheaper Rates to Customers

By: Wednesday September 19, 2012 8:25 am

Banks are making more off mortgages than ever before, refusing to pass on lowered interest rates from federal policy, including the purchase of trillions in mortgage-backed securities by the Federal Reserve, to consumers. This isn’t really the enigma that the New York Times’ Dealbook makes it out to be. It’s simple collusion. Nobody offers 2.8% mortgage rates, so nobody gets them. As a result, the spread that banks capture on their mortgages widens.

The Investor-Purchase Housing Bubble Inflates Some More

By: Monday September 17, 2012 10:27 am

Analysts have tried to parcel out whether QE3 will really help the economy. I’ve done the same thing myself. The way almost everyone looks at this is about the impact on housing, specifically mortgage prices. But mortgage rates haven’t changed at all since the announcement of QE3, and if the Fed was trying to influence [...]

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