Housing Index Hits Lowest Level Since 1991

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Millionaire Now! by Larry Nusbaum

This blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth".

Housing Index Hits Lowest Level Since 1991

Posted on 06/20/2007 05:43:51 | Link | Post Comment

Subprime storm winds will keep blowing from the USA TODAY, reports that the Mortgage Bankers Association predicts that adjustable-rate subprime foreclosures, already at a record, will rise into 2008, affecting borrowers, lenders and such Wall Street firms as Goldman Sachs and Bear Stearns, which packaged subprime loans into bonds. Hundreds of billions of dollars' worth of adjustable-rate loans reset to higher rates in coming months. While the Fed doesn't expect the foreclosures-- about 2% of the total mortgage market-- to derail the economy, they could have far-reaching consequences: tighter oversight of Wall Street firms, more stringent rules for lending that affect borrowers at all income levels, and loss of wealth in low-income and minority neighborhoods.

Housing index hits lowest level since 1991 from MSNBC.com, reports that National Association of Homebuilders (NAHB) housing market index, which tracks builders' perceptions of current market conditions and expectations for home sales over the next six months, fell to 28, the lowest reading since February 1991. Ratings higher than 50 indicate positive sentiment about the market. The index had been sliding since March as demand for new housing slumped amid the rise in defaults for borrowers with weak, or subprime credit. "It's clear that the crisis in the subprime sector has prompted tighter lending standards in much of the mortgage market," David Seiders, NAHB's chief economist said in a statement, adding rising interest rates have also eroded demand.

I WANT THIS HOME!: 3460 Baker: a spectacular "Venetian" style house remodeled at the end of the last century out of an existing 1927 one. Head-on views of the Palace of Fine Arts, Maybeck's stucco burlap and plaster confection (originally intended to become an instant ruin.)

Laws bloggers should know from Inman News Blog
As more real estate practitioners delve deeper into blogging, this list of "12 Important U.S. Laws Every Blogger Needs to Know" serves as a nice guideline to issues that may come up along the way. Things like: how do you protect yourself from people stealing your content? Who owns the user comments on your site? Who's liable if a reader tells a lie about another reader? When is it OK to take images?

PMI Releases Summer 2007 Risk Index

Housing Bubble and Real Estate Market Tracker from SA for 6/19

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