Economy « HomeBuyerPower®

House Prices Are Still 10% Too High, Says Barry Ritholtz

Well, while Barry may be overly optimistic with a forecast of current prices being only 10 percent overpriced, I do think he is dead-on right about something very big that is profoundly affecting the stalemate in the current real estate marketplace: Homes Are Being Priced Too High By Sellers With Unreasonable “Bubble-Era” Expectations.

From Yahoo Finance:

“Widespread Fear Freezes Housing Market,” and New York Times Asks “You Have To Wonder Sometimes What They’re Smoking Over There At The National Association of Realtors”

Rarely do you see a mainstream “establishment” media source speak so frankly, but the New York Times did just that yesterday with an excellent article worth reading. Well written, and most importantly, very honest reporting about the reality of where we are:

“You have to wonder sometimes what they’re smoking over there at the [...]

Procrastination on Foreclosures, Now ‘Blatant,’ May Backfire

American Banker.com posed the question today that many observers have been asking for awhile now: where the heck are all of the foreclosures?

“Ever since the housing collapse began, market seers have warned of a coming wave of foreclosures that would make the already heightened activity look like a trickle.

The [...]

Ron Paul Says “Let the Housing Market Normalize!”

Ron Paul had an interesting editorial today which makes sense and rings true:

“The combined policies of loose credit and government backing increased the demand for housing and drove prices sky high. When the housing market heated up to the breaking point everything came crashing down. Those suddenly [...]

Treasury Secretary Timothy F. Geithner Announces “Welcome to the Recovery”

I post this excerpt and link only because of it’s monumental and historic cluelessness. Treasury Secretary Timothy F. Geithner wrote a New York Times piece several weeks ago entitled, incredibly, “Welcome to the Recovery,” in which he says, among other things:

“The devastation wrought by the great recession is still all too real [...]

FHA Rolls Out Principal Reducing Refis for Underwater Borrowers

There has been a lot of buzz as of late about a new refinancing initiative that promises to “reduce principal.” While there are many conditions on eligibility, and while as proposed it would only be available to “primary home” borrowers (thus excluding the second home and investment property owners here in the Ocean City Maryland [...]

Banks Can’t Hold Back Highend Mortgage Foreclosures For Long

Business Insider is reporting what many believe is happening nationwide and what could have a profound impact on Ocean City Maryland’s future real estate inventory of homes and condominiums for sale:

“With the expiration of the first-time buyer tax credit on April 30, there are now two main props keeping the housing [...]

Max Spann to Auction 30 Makai Bayfront Condos in Ocean City, Maryland

Back in November of last year we discussed how the Makai Condominium in Ocean City Maryland was planning a condominium unit auction sale of “at least 15… auctioned to the highest bidder regardless of price.”

That sale apparently went well enough that they are planning another big one on July 31st:

“Max Spann [...]

Housing Market Sees Widespread Price-Cutting

Time.com is reporting another incredible bit of housing news yesterday. Bad news for home sellers, but good news certainly for prospective home buyers with patience:

“In a sign that the housing market has taken another turn for the worse, a new report shows almost a quarter of all home listings in the [...]

Mortgage Banker’s Association Reports That Mortgage Purchase Applications Are The Lowest Since December 1996

This one is so predicable to many that follow the housing market that it may not qualify as news– but we will report it anyway:

“The Refinance Index decreased 2.9 percent from the previous week and the seasonally adjusted Purchase Index decreased 3.1 percent from one week earlier. This was the lowest Purchase [...]

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