Current Housing Indicators |
| CURRENT | PREVIOUS | ||
| Existing Home Sales | 4.49m | ▼ | 4.74m |
| New Home Sales | 309,000 | ▼ | 344,000 |
| Housing Starts | 583,000 | ▲ | 477,000 |
| Building Permits | 547,000 | ▲ | 531,000 |
| HMI | 9 | UNCH | 9 |
| Existing Home Prices | $170,300 | ▼ (annually) | $199,800 |
| New Home Prices | $201,100 | ▼ (annually) | $232,400 |
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CNBC.com |
The headline of course is that 43 percent of all new foreclosures are subprime adjustable rate loans, but that means that 57 percent are not. They're prime and Alt-A loans, and all the bailout plans we're hearing seem to have nothing to do with them.
In a little while we're going to hear from President Bush and Treasury Secretary Henry Paulson. They're going to outline their "subprime" plan...the teaser freezer as we're all now calling it. But as you listen to all the ways in which the government and industry are going to save all those subprime borrowers, keep in mind that prime loans are not a part of it.
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Alt-A's are not a part of it (Alt-A's are the low-doc, no-doc loans often used by those who are self-employed). And what about all the home equity loans, most of which are adjustable?? During the housing boom, and the accompanying sky-high price appreciation, Americans were using their homes like ATMs, and the interest rate adjustments are now coming home to bite them.
This fix today, the one we're all hyped about, may do some good, but there is far far more work to be done to set this ship right again. I'll check in again later after we get the details, so check back.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes