2012 Lifts Hope for Housing
Marketwatch had this headline up on their site for hours today. This is after existing home sales DECLINED in February. Not only did they decline, they were seasonally adjusted, so we know they were overstated by a mile because of the mild winter weather. The MSM storyline is recovery no matter what the actual data shows. Does the chart below of existing home sales show a recovery? Existing home sales are down 36% from the peak. They are currently running at the same level they were in 1998. This is with mortgage rates at historic lows. This is with Obama forcing Fannie, Freddie and the FHA to guarantee loans to more deadbeats.
Below the graph are some more facts. There are 2 million homes in foreclosure. There are another 3.8 million headed into foreclosure. There are millions of vacant houses. Home prices are still falling. And now mortgage rates are going up. Mortgage applications are plunging.
And the MSM declares HOPE and RECOVERY for the housing market.
I understand Larry Yun thinks it’s the BEST TIME TO BUY!!!!
The following table shows the LPS numbers for February 2012, and also for last month (Jan 2012) and one year ago (Feb 2012).
| LPS: Loans Delinquent and in Foreclosure | |||
|---|---|---|---|
| Feb-12 | Jan-12 | Feb-11 | |
| Delinquent | 7.57% | 7.97% | 8.80% |
| In Foreclosure | 4.13% | 4.15% | 4.15% |
| Less than 90 days | 2,059,000 | 2,226,000 | 2,495,000 |
| More than 90 days | 1,722,000 | 1,772,000 | 2,165,000 |
| In foreclosure | 2,065,000 | 2,084,000 | 2,196,000 |
| Total | 5,846,000 | 6,082,000 | 6,856,000 |
Note that the number of loans in the foreclosure process has only declined slightly year-over-year. This remains far above the “normal” level of around 0.5%.
Obama's hemorrhoids says:
Just goes to show, Obama needs to pump more taxpayer money into the housing market. Free money so people can buy a house, a house they’re entitled to. We need to end section 8 housing by giving recipients their own homes to own. We need more stimulus spending. Mrs. Obama agrees.
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21st March 2012 at 3:52 pm
matt says:
The fundamental problem with housing, student loans, credit cards and debt in general is that many Americans think they deserve material possesions that they cannot possibly pay for. And the government compounds the issue by promising to “help” the poor bastards that were unrealistic in their decisions to borrow. We could get back to basics if the White House would just say “we cannot help you, you are on your own, run for the exits because it’s over”. There will be no recovery in housing until you unclog the drain of government meddling in the marketplace. It’s amazing to me how many people think the government owes them something, but that’s only because this is what they are told by these criminal fucking politician thieves. Buy land, build your own energy efficient adobe with sniper positions and a moat.
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21st March 2012 at 4:37 pm
Muck About says:
@Matt: Right on. Especially the part about building it yourself. .. I’m too damn old to dig a moat that a squad of night crawlers could cross in a rubber boat but the rest is fine.
MA
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21st March 2012 at 5:45 pm
Stucky says:
Buy your next home with a SNAP card.
Now that’s some funny shit.
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21st March 2012 at 6:48 pm
Ron says:
Trip wires and tangle foot.
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21st March 2012 at 6:59 pm
Mary Malone says:
NJ has the lowest housing starts and one of the highest foreclosure rates in the U S.
What is our public officials solution?
The state senate committee passed a bill that speeds up foreclosures and gives state gov taxpayer funds to purchase the foreclosed homes and turn them into rentals – to increase affordable housing.
These properties will be given a special deed – they will not be approved for sale for 30 freak’in years.
Well, this solves the clouded title issue’ doesn’t it? Now these foreclosed properties will be purchased with taxpayer money we do not have – they plan to float a bond. The properties will relieve the REO’s that stole the home from the homeowner with the burden of sitting on their stolen property.
The Dems, who never let a good crisis go to waste will be sure to rent those homes in solid republican neighborhoods to under-privileged HIV+, drug addict recovering single moms with 5 children by 6 different fathers.
Yeah, that outta work out.
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21st March 2012 at 8:28 pm
matt says:
Muck,
You may not need a moat anyway, just something to tip over the scooter brigade that AWD is so fond of. Some trip wires like Ron mentioned, maybe some land mines as well.
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21st March 2012 at 8:31 pm
Novista says:
Mary Malone
Always nice to see further inconvenient truths on the housing debacle.
Yesterday, I was reading an article of L Randall Wray over on EconoMonitor. Sheesh, some of the elite commenters there are dumb as a box of rocks. Uncharacteristically polite, I did rebut with some facts about MERS and my comment vanished via stealth moderation.
Maybe it was the TBP URL …
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21st March 2012 at 9:10 pm
KG says:
Pungi stakes, fiddy cals, drones, flame throwers, manpower.
Come get some, bitches!
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21st March 2012 at 10:12 pm
mary malone says:
@Novista you gave it the old college try. Maybe someone saw your comment before it disappeared and it got the word out.
We’ve been to Wall Street Journal, NBC, FNC,Reuters, AP, and local media. You’re right – they are morons. Alt media is our best and last hope.
BTW – we identified a very interesting angle on MERS where TBTF are very vulnerable. Hasn’t been tried yet – but we have a good guy in NJ who actually believes it’s his job to recover tax payer funds from TBTF.
I think we found their Achillies Heel – there is no defense and the evidence is sitting in county registries in plain sight.
We’re buttoning it up this week – I’ll tell you about it on TBP as soon as we file the complaints.
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21st March 2012 at 10:32 pm