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Monday, June 9, 2008

Housing/Subprime/Credit Roundup — June 9, 2008

Items of Interest:

Reuters / CNBC:
Housing Market Is Showing Signs of a Turnaround -- Pending sales of previously owned U.S. homes unexpectedly rose in April to the highest level in six months as foreclosed properties flooded the market and drove prices sharply lower, a real estate trade group report showed.

The National Association of Realtors Pending Home Sales Index, based on contracts signed in April and seen as a key barometer of future housing activity, increased 6.3 percent to 88.2 from an unrevised 83.0 in March.

Despite the uptick, sales were 13.1 percent lower than a year ago.

"Bargain hunters have entered the market en masse, especially in areas that have seen double-digit price declines," said the association's chief economist, Lawrence Yun...

"We are seeing an acceleration in foreclosures. As foreclosures have taken off, they put pressure on prices. Banks have become more aggressive with sales on homes they have foreclosed," said Christopher Low, chief economist at FTN Financial in New York...

Housing Prices Improve in May, But Rising Inventory Looms - Housing Wire
Pending Home Sales Index - The Big Picture
Pending home sales moved higher in April - AP / MSNBC:
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CNN Money:
FHA chief balks at taking on more bad loans -- Federal Housing Administration Commissioner Brian Montgomery said a plan for his agency to take on two million at-risk loans could make the housing crisis worse.

A Bush administration official warned Monday that a proposal to have the government back more bad loans would hurt taxpayers and could make the housing crisis even worse.

Federal Housing Administration Commissioner Brian Montgomery told the National Press Club that Congress legislation proposing that the FHA back up to $300 billion worth of troubled mortgages - or about two million loans - would weaken the agency...
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zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

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