Items of interest:
S&P/Case-Shiller U.S. Home-Price Index Fell 12.7% -- Home prices in 20 U.S. metropolitan areas fell in February by the most on record, pointing to an imbalance between supply and demand that shows no sign of ending.
The S&P/Case-Shiller home-price index dropped 12.7 percent from a year earlier, more than forecast and the most since the figures were first published in 2001. The gauge has fallen every month since January 2007.
Prices will probably keep sliding as foreclosures push even more properties onto the market just as stricter lending rules limit the number of qualified buyers. Shrinking home values have contributed to a slowdown in consumer spending that may already have tipped the economy into a recession...
Nineteen of the 20 cities in the index showed a year-over- year decrease in prices for February, led by a 23 percent slump in Las Vegas and a 22 percent decline in Miami. Charlotte was the only area showing a gain with a 1.5 percent increase.
Compared with January, homes in all 20 areas covered dropped in value...
Standard & Poors:
Steep Declines in Home Prices Continued [pdf]
Housing prices post record declines
Home Foreclosures Jump for 7th Straight Quarter -- U.S. home foreclosure filings jumped 23 percent in the first quarter from the prior quarter, and more than doubled from a year earlier, as more overextended borrowers failed to make timely payments, real estate data firm RealtyTrac said Tuesday.
One of every 194 households received a notice of default, auction sale or bank repossession between January and March, for the seventh straight quarter of rising foreclosure activity, RealtyTrac said.Foreclosure filings were far-reaching, rising on an annual basis in 46 states and in 90 of the 100 largest metropolitan areas, to a total of 649,917 properties. The first quarter filings surged 112 percent from the same period last year...
Home Foreclosures And Banks: Here's A Real Disturbing Number - Realty Check / CNBC
- KB Home's Broad: Nowhere Near Bottom In Housing - Bloomberg
- Junk Bonds, Mortgages & Milken - NY Times
- Wake up and smell the recession - MarketWatch
- How to Revive Securitization Markets - Robert Pozen, Wall Street Journal
- The Binge Culture of Banking Must Be Changed - Abigail Hofman, FT
- Bernanke Has Made Some Impressive Moves - Randall Forsyth, Barron
- Consumer confidence hits five-year low - MarketWatch
- Tampa condo is a tower of solitude - TampaBay.com