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Tuesday, February 26, 2008

Housing/Subprime Roundup — Feb. 26, 2008

Items of interest:

The Big Picture:
Case Shiller Housing Composite Negative for 2007 -- That's gonna leave a mark: Data through December 2007 for the Case-Shiller Home Price Index shows broad based declines in the prices of existing single family homes across the United States. This marks 2007 as a full year of declining home prices.

As the chart above shows, annual returns of the national home price indices declined -8.9% versus the 4th quarter of 2006. This is the largest decline in the series' 20-year history. Comparatively, during the 1990-91 housing recession, the annual rate bottomed at -2.8%. [...]

Reuters / CNBC: US Home Prices Plunged At Record Pace Last Year
NY Times: New Data Show Rising Inflation and Slumping Home Values
Village Voice:
Subprime Mortgage Wasteland in the Bronx -- This is what the subprime meltdown looks like: block after block of brick one and two family homes in this working class neighborhood in the northeast Bronx are for sale, in foreclosure proceedings or simply abandoned, blank doors and windows gaping like open mouths. Fifteen lis pendens — notices of foreclosure — were filed for property in Williamsbridge since February 15. There were 86 during January; 54 in December. [...]

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia