The Housing & Economic Recovery Act of 2008 was passed last August. It created the HOPE for Homeowners Program, which the Congressional Budget Office estimated would help 400,000 homeowners to refinance their loans and stay in their homes. Here's a stunning revelation: According to the Federal Housing Authority (FHA), in the first six months since the law was passed, exactly one (1) homeowner refinanced under the program! read more »
Here's a look at the monthly Office of Federal Housing Enterprise Oversight monthly housing price index by US Census Region. The OFHEO index gives us a little different geographic cut than the popular S&P Case-Shiller Housing Index. We can see the extreme fluctuations in the western US, especially in the Pacific states. These are seasonally adjusted numbers current as of October 2008. read more »
While the decline in housing prices in America has been making news for some time now, less attention has been paid on this side of the Atlantic to the downturn in European housing. The housing market in Europe, much like that of the United States, "soared during the first half of this decade, rising far beyond the levels that you'd expect, based on traditional economic factors." read more »
S&P released the July Case-Shiller Index today. Check out our line chart to follow the trend in each market. read more »
New home sales went down by a whopping 73 percent in the Windy City during the first six months of this year. But developers, anticipating high demand - especially for the condo market - have committed to keep building them. From the article in Crain's Chicago:
"Developers are building at a record pace, with 9,528 units scheduled to be finished by the end of next year, Appraisal Research says. Nearly 33% of those remain unsold, a high percentage but slightly better than the first quarter's 35%."