Steadfast FinancesSteadfast Finances - Real Estate bubble
19 June 2011

Delaying Foreclosure: 62 Years to Repossess New York Homes at Current Pace

  More troubling data on real estate and foreclosures as a whole from the NYT: In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a [...]

31 May 2011

Case Shiller: Confirmation of the Double-Dip in Home Prices

As if we had any real doubt that U.S. real estate was FUBAR, but the March Case Shiller Index numbers did us a favor and confirmed what the smart money already knew. Too bad the Case Shiller model doesn’t take condos, bank owned real estate, short term prices, etc. Wouldn’t want to show chartology for [...]

24 May 2011

Chartporn: Number of Days Foreclosed Homeowners Not Paying Their Mortgage

Legendary chartporn of this quality would almost make me ill had I not been so prepared for the smell of Castor Oil. From the article: This chart is really astounding. It shows the average number of days that homeowners with defaulted loans (NOD) have not made a mortgage payment. For New York, one of the [...]

4 April 2011

60 Minutes on the Housing Crash & Foreclosure Fraud

 Real Estate         2 comments

A few of us knew the double dip in real estate was a no brainer, but what I didn’t expect, and for some inexplicable reason no one from the financial establishments is facing criminal charges for, is the outright fraud in an attempt to cover up (e.g. paper over) their incompetence. If you or I [...]

23 March 2011

Housing Double Dip Data Can No Longer Be Downplayed

 Real Estate         7 comments

It’s ironic that regardless of all the hype around “green shoots” and hopium filled speeches to inspire investor confidence that real estate — when left to a solely organic recovery without any sort of government induced steroid-like stimulus program — will likely take years, if not decades, to get to 2006 real estate bubble prices. [...]

11 March 2011

Real Estate vs. Gold Ratio: Getting Closer to 1980s Low

Image Credit: Chart of the Day Being a chartporn aficionado, it’s hard to not to look at such a chart and wonder if precious metals and real estate markets from the late 1970s/early 1980s will do an encore. Real estate still has a long way to fall, in my opinion as well as many others [...]

28 February 2011

Michael Lewis on GPS: A Remarkable Return to ‘Normalcy’

 Financial Crisis         No comments

Well said by Michael Lewis on Fareed Zakaria’s GPS… If you had told me in early 2009 that all these big Wall Street firms would be back even bigger and paying big bonuses and essentially socializing their losses but their gains privatized and that the American people put up with it — that’s the incredible [...]

22 February 2011

Overstated Home Sales Data: Housing Crash Worse than Expected?

As if we needed more reason question the National Association of Realtor’s financial advice, who profited greatly from the credit bubble and resulting real estate bubble, now we learn they may have been fudging the numbers using the wrong economic model once the housing crash began in 2007. The housing crash may have been more [...]

17 February 2011

MERS Fallout: 50% of All Mortgages in U.S. Now in Question

The Mortgage Electronic Registration System, known as “MERS”, fallout just keeps getting better. In recent months legal challenges have arisen regarding alleged inadequacies and improprieties in the foreclosure process including allegations of insufficient or incorrect supporting documentation and challenges to the legal capacity of parties right to foreclose. Consistent with the Membership Rules there will [...]

6 February 2011

The Irish Bubble: Can’t Spell ‘Confidence’ without ‘Con’

I speak quite a bit about the dark side of investor “confidence”, and no where is there a better example on the fallout from manipulating investor psychology than the latest Vanity Fair piece by Michael Lewis on the Irish financial crisis. The endless flow of cheap foreign money had teased a new trait out of [...]

28 January 2011

72% of U.S. Cities Saw Foreclosures Increase in 2010

 Economy,Real Estate         No comments

In the end, it all comes down to jobs, jobs, jobs. 72% of the nation’s metro markets are saw an increase in foreclosure activity in 2010. Cities like Houston (up 26%), Seattle (up 23%), and Atlanta (up 21%) do to unemployment. Why make a 15 to 30 year commitment, where the bank will insist on [...]

26 January 2011

Visualizing the Double Dip in U.S. Real Estate

One of the better interactive infographics I’ve seen visualizing what happens to overpriced assets — U.S. real estate — when the Feds takes away the incentives to buy. click to enlarge chart I would suggest tinkering with the graphic, not only because it’s cool, but if you live in, live around, or plan on making [...]

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