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‚ÄúWith the housing market still reeling, buyer confidence is not what it used to be. Houses idle on the market longer as buyers wait for some sign that we’ve hit bottom. As lenders tighten their credit guidelines, homebuyers are finding it harder to qualify for loans.‚Äù
‚ÄúThe housing market is one of two main factors hindering an economic recovery, Ben Bernanke told a luncheon audience in Arlington, Va., today. The Federal Reserve chairman said, “In some areas, for example, high foreclosure rates have produced significant numbers of vacant properties, depressing surrounding home prices, attracting crime, and creating financial burdens for local governments….‚Äù
“Walking away from your underwater home, even temporarily, can have serious consequences. Just ask Willard and Holly Brown, who lost $116,000 by walking away from their house in Clarkston, Wash.”
“We have troubling economic headwinds that are being felt on the shoulders of many American families. Over a decade of stagnant wage growth is taking a toll on the psyche of many. Many large cities still have inflated home prices yet these bubbles are slowly deflating just like the rest of housing in America.”
‚ÄúHome vacancies and the nation’s homeownership rate were roughly flat in the first quarter of 2011 compared to the same quarter last year, according to U.S. Census data released this week.‚Äù
‚ÄúSeveral of the nation’s largest public home builders reported earnings this week, and I was struck by the way their CEOs spoke of the current state of housing, especially in what I’m sure were some very carefully crafted written earnings statements.‚Äù
“This just in from the front lines of the housing meltdown:
“Recently there was some controversy when a judge ordered a crane being used to build a six-story office tower in downtown Riverside taken down. The judge ruled the crane, which was adjacent to Highway 91, presented a safety risk to motorists.”
“DataQuick’s freshest homebuying stats show these trends in Surf City for the 22 business days ending April 12:
‚ÄúSome highlights from Dataquick’s latest foreclosure numbers:
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