Video Update: New Home Sales Figures Released….

Video Update: CNBC Diana Olick on Deeds in Lieu of Foreclosure increases (jingle mail) and David Faber earlier this month on pending ‘wave’ of foreclosures:

both clips courtesy of RealDealNews:

CNBC’s Diana Olick, Susan Wachter of Wharton Business School, Carl Horowitz of the National Legal and Policy Center and CNBC’s Tyler Mathisen last week discussed the fact that banks and homeowners are increasingly choosing not to go through the foreclosure process. Instead, homeowners are voluntarily giving their homes to the bank. Horowitz said that allowing homeowners to avoid the foreclosure process implies that there are no negative consequences to not paying a mortgage. Wachter said mortgage servicers receive incentives for allowing some mortgages to fall into foreclosure

On CNBC this week, housing analyst Ivy Zelman, CEO of Zelman and Associates, said there is a “tsunami of foreclosures and short sales still to come” over the next several years because of Alt-A and Option ARM loans. Zelman said that the housing market in 2009 will be worse than 2008 because of an oversupply of distressed inventory with home values dropping between 20 and 30 percent

And the beat beating in housing goes on….AWFUL NUMBERS!

CNBC Diana Olick reporting…read her excellent blog here on the housing beat…

New Home Sales PLUNGED 14.7% in December compared to a drop of 4.4% in November…a record low

Inventory-14.7 12.9 months supply, up from 12 months supply in November..

December Median New Home Sale Price $206,500 DOWN 9.3% FROM $227,000 A YEAR EARLIER!!!!! see the drop-off is escalating …WE NEED HOLC!!

Diana sums up PRICES GOING DOWN, INVENTORY GOING UP..why can’t they sell the homes, she asks..FORECLOSURES she says, WORD DIANA WORD!

PS new jobless claims came out and we are now averaging a loss of over a half million jobs a week..but don’t worry Congress is going to RAISE OUR UTILITY PRICES to help us, maroons!

housinginyourhands

January 29, 2009. Tags: , , , , , , , , , , . Hillary Clinton, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St.

2 Comments

  1. Schumacher Homes replied:

    We are reaching record lows and I don’t see an end in sight. It might not be until late next year that we climb out of this mess.

    Like

    • ginaswo replied:

      agree, I think we are looking at late 2010 early 2011, and that assumes we get some housing action in TARP TWO….

      Like

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