"The peak spring home-selling season is off to a slow start, builder D.R. Horton Inc. said Tuesday, another sign that bad times in the housing market may last longer than expected. Horton, the nation's largest homebuilder by deliveries, said Tuesday that its sales order in the most recent quarter fell 37 percent, led by even steeper declines in California and the Southwest."
CNN - "Home builder: Spring hasn't sprung" (4-10-07)
"D.R. Horton reports sharp drops in sales value, volume in three months ending in March; weakness is widespread across nation."
Bloomberg - "Growth Prospects in U.S. Dim on Subprime Crisis (Update2)" (4-10-07)
"Prospects for stronger U.S. growth in the second half of 2007 have dimmed as the housing recession deepens and businesses cut spending, according to economists surveyed this month by Bloomberg News. The economy grew at an annual pace of 2 percent last quarter, compared with a 2.4 percent pace forecast last month, according to the median estimate of 29 economists surveyed. Growth estimates for the last half of the year were trimmed for the first time since November. "
Market Watch - "Subprime crisis shines light on mortgage brokers" (4-10-07)
"The subprime mortgage crisis has re-ignited scrutiny of the industry and people who broker home loans, with some critics arguing that hidden fees and other dubious practices have contributed to the surge in delinquencies."
Yahoo! - "Risky loans - alive and well" (4-10-07)
"Option ARMs remain an option. Despite problems in the mortgage market, brokers say lenders are still willing to make risky loans - including those that allow borrowers to make monthly payments that don't even cover the interest (so-called 'option ARMs')."
News 10 - "Condo Conversion Suffers from Bad Timing" (4-10-07)
"At least 150 units in a Sacramento-area condominium complex are headed into foreclosure in an ambitious conversion project stung by the market slowdown. A development company operating under the name Rollingwood North LLC purchased the former Rollingwood Commons apartment complex in Fair Oaks and Orangevale in 2004 when the housing market was near an all-time high."
Daily News - "Reality bites real estate market" (4-10-07)
"Inland Empire among most overvalued"
Bloomberg - "Mortgage Bondholders May Bear Subprime Loan Risk (Update3)" (4-10-07)
"The top Democrat and Republican on the House Financial Services Committee said investors in mortgage bonds should be liable for deceptive loans made by banks. Democratic Chairman Barney Frank of Massachusetts and Spencer Bachus of Alabama, the committee's highest-ranking Republican, said such legislation would discourage lenders from extending loans to people with poor credit histories by making it more difficult and expensive for the banks to sell the mortgages."
Yahoo! - "Six Steps to Avoiding Foreclosure" (4-10-07)
"If you're a homeowner and are having trouble paying your mortgage, this article could save your house and your family's finances. As I write this, several million Americans are in jeopardy of losing their greatest investment to foreclosure within the next 18 months. But help is available, and there are ways to work with your lender to help keep your home."
Market Watch - "Subprime crisis shines light on mortgage brokers" (4-10-07)
"The subprime mortgage crisis has re-ignited scrutiny of the industry and people who broker home loans, with some critics arguing that hidden fees and other dubious practices have contributed to the surge in delinquencies."
Charles Hughs Smith - "The Mortgage Mess: The Soft Underbelly Beyond Subprime" (4-10-07)
Business Week - "Fannie, Freddie are regulatory 'concern'" (4-10-07)
"Government-sponsored mortgage giants Fannie Mae and Freddie Mac 'remain a significant supervisory concern' despite progress in fixing financial control issues that resulted in multibillion-dollar earnings restatements, according to a federal regulatory report released Tuesday."
"The Office of Federal Housing Enterprise Oversight's annual report to Congress notes that 'while both enterprises made progress in correcting their problems, especially in systems, controls and financial reporting, it has taken much more time and money to correct than ... expected.'"
MSN - "D.R. Horton orders down, spring sales weak" (4-10-07)
"D.R. Horton Inc. , the largest U.S. home builder, said on Tuesday orders for new homes tumbled 37 percent last quarter and the spring selling season has been slower than usual, suggesting the U.S. housing market has not yet hit bottom."
"While the Fort Worth, Texas-based company saw orders fall in all regions, the biggest decline was in California, where they fell 59 percent to 1,107 homes. California was also the market that saw the biggest dip in dollar value of orders, down about 57 percent to $533.5 million."
MSNBC - "Mortgage woes could be 'tip of the iceberg'" (4-10-07)
"Fraud, abusive lending crushes dreams for millions of home owners"
Market Watch - "End of housing bubble should have been obvious to everyone" (4-10-07)
"Why are so many people so surprised that the housing market has weakened and that a growing number of loans are in default? It should have been as plain as the noses on their faces."
Posts
No comments:
Post a Comment