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Anatomy of a Housing Crisis

By: Sol Palha “Freddie and Fannie certainly had a large role to play in the housing crisis and many may claim that they were the main contributors of the housing crisis which eventually resulted in a market meltdown.

Surge in Foreclosures is Predicted

By: Harold Bubil America’s real estate horror story is about to get worse; Realty Trac Senior Vice-President Rick Sharga says that another wave of toxic loan foreclosures is about to rock the market. It will be as bad as the peak of the subprime mortgage foreclosure spike in the winter of 2007-2008. By the fall of 2012, foreclosures will have returned to a normal level, making for six years of real estate hell in the US.

Ten Important Real Estate Charts

By: Dr. Housing Bubble The US housing market has been turned upside down thanks to unprecedented amounts of government intervention; there has been so much interference that even the seasonal pattern has changed.

Real Estate Will Lead Economy Into Depression

By: Simon Maiehofer Investors want to believe that the worst is over. Even though the data indicates a recession or depression, the general consensus is that ‘this time is different.’

Massive Supply, Faltering Demand

By: Charles Hugh Smith The fundamentals of the US housing market are simple: massive supply, falling demand. Pending home sales have dropped, hitting two records:

Ten Important Real Estate Charts

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By: Dr. Housing Bubble

The US housing market has been turned upside down thanks to unprecedented amounts of government intervention; there has been so much interference that even the seasonal pattern has changed.

Spring and summer, usually the best selling times, will not likely enjoy that distinction in 2010 with the tax credit gone and the Fed done with buying mortgage-backed securities. It is unlikely that market conditions will improve any time soon, with unemployment in the top housing bubble states at peak levels. In California, unemployment remains at 12.6% and there are over 100,000 unemployed Californians that have now exhausted a stunning 99 weeks of unemployment benefits.

All over the US, a similar story is playing out. Ten charts (housing starts, single family home sales, household debt service, Texas ratio at big banks, home price to median income, construction spending, pending home sales, mortgage applications, nationwide foreclosures and homeowner equity) paint a dismal picture of America’s housing market. From Alt-A and option ARMs to strategic defaults, unprecedented trends are showing up. In short, homeowners are tapped out. And with one-third of mortgage holders underwater, there is no home equity to borrow against, a phenomenon that supported the US economy for the entire bubble decade. While the tax credit did provide some momentum, that has petered out with little effect on the overall megatrend. Unfortunately, the US is a long way from any kind of recovery.