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Home resales up 9.4% in September, prices fall

Posted Oct 24th 2009 3:10PM by Tom Johansmeyer (RSS feed)
Filed under: Economic Data, Housing

Existing homes are starting to move again. Last month, home resales hit their highest level in more than two years, thrashing expectations. The 9.4% increase in home resales -- which entails a seasonally adjusted rate of 5.57 million -- is attributed largely to the deadline for the first-time home buyer tax credit.

According to the National Association of Realtors, the annualized, seasonally adjusted rate is up from the 5.1 million in August and far ahead of the 5.35 million expected for September (based on economists surveyed by Thomson Reuters).

Continue reading Home resales up 9.4% in September, prices fall

Half of all mortgages to be underwater by 2011

Posted Aug 6th 2009 12:00PM by Tom Johansmeyer (RSS feed)
Filed under: Personal Finance, Housing, Recession, Financial Crisis

Deutsche Bank (NYSE: DB) expects almost half of all U.S. homeowners to be underwater -- figuratively, of course -- by 2011.

Declines in home prices and the fact that some of those difficult mortgages just aren't going away put 26% of homeowners in this situation by the end of last March, and it seems the situation is only going to get worse. Unlike the early stages of the credit crisis, which were driven by subprime mortgages, the next iteration will have a greater effect on prime mortgage borrowers, which comprise two-thirds of the loans outstanding.

Continue reading Half of all mortgages to be underwater by 2011