Zero is good

Nothing new for us… but check out the latest from Zillow on underwater mortgages in the US by metro area: Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than Homes’ Worth

I believe it is showing we are by far the lowest incidence of ‘underwater’ mortgages, i.e. those whose home values are . . . → Read More: Zero is good

What 'up' is

So if you read this headline today: Pittsburgh leads nation in foreclosures in early part of 2012

Relax a bit.

If you get past the headline you will note that it is talking about how Pittsburgh had the biggest percentage increase in foreclosures. Biggest quarterly percentage increase more precisely.

If you read the actual . . . → Read More: What ‘up’ is

My proposal to Congressman Joe Heck

“The art of economics consists in looking not merely at the immediate, but at the longer effects of any act or policy; it consists in tracing consequences of that not merely for one group, but for all groups.” -Henry Hazlitt

Congressman Heck is trailing Mitt Romney in the valid solutions . . . → Read More: My proposal to Congressman Joe Heck

The Anti-Cleveburgh metric: Foreclosures

Awfully similar to the graphic I pointed out years ago in The Atlantic magazine… here is recent work by the Cleveland Fed with a map of foreclosure incidence by county (source).   Still a remarkable graphic in that you rarely see such state level geography show up so starkly.

If you really parse it. it is . . . → Read More: The Anti-Cleveburgh metric: Foreclosures

Yin and Yang of Pittsburgh Real Estate Ever Again

Yet another ranking showing the Pittsburgh region as just about the only place in the nation with increasing real estate prices year over year. See this press release: Summer’s Last Stand: Clear Capital(R) Reports U.S. Home Prices Increase 4.0%. The headline there is about some decent quarterly numbers for the nation and a lot . . . → Read More: Yin and Yang of Pittsburgh Real Estate Ever Again

Daily Ranking

Not quite sure if this is from data any different from what we have seen before, but here is a ranking of real estate markets nationally.  Year over year almost everyone is down.  Seems like this may be more of a source of this data.  If you read through it, there is a lot of . . . → Read More: Daily Ranking

When good policy is defunded

Oh man, this is bad. I mean, really bad. Like one of the worst ideas to flow out of Harrisburg in a long long time.   For those who follow these things, it remains true that Pennsylvania has fared at least relatively well (or how about ‘less bad’) in the vast foreclosure crisis that hit most everywhere in . . . → Read More: When good policy is defunded

foreclosures and then what?

Sam has an update on some new numbers about foreclosures in the region.  Something related that is not new, but a bigger and bigger issue for us is what happens to the homes as they move in and out of foreclosure and the role of banks in that process.  Just something we are spending . . . → Read More: Foreclosures and Then What?

How The Securitization Of Mortgages Impacts The Average Citizen

Trace: Welcome back to the Podcast. I have with us Aaron Krowne, who operates, the Mortgage-Lender-Implode-o’ Meter. Welcome, Aaron!

Aaron: Hey Trace, good to talk to you again.

Trace: Live from DC, it sounds like. So, we were talking about a little bit before the show about this foreclosure gig and . . . → Read More: How The Securitization Of Mortgages Impacts The Average Citizen

Fannie Mae & Freddie Mac in Trouble

Most people living in the US are fully aware that we are currently in the middle of a crisis. What kind of crisis is a more slippery sort of topic, but even the most optimistic (read: delusional) pundits tend to agree this crisis has something to do with money, and that it started a . . . → Read More: Fannie Mae & Freddie Mac in Trouble