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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AP Ed McMahon |
Apparently the community groups running this effort to save local borrowers didn't have the bodies to handle the call volume, so Fannie [FNM
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] volunteered to help.
I know I've been reporting this forever but in eavesdropping just in the room, I'm once again amazed at what's going on out there in loan land.
One guy who called in is in trouble on five mortgages. Yes he's one of those speculative investors we're always bashing, but that's still a lot. Some callers don't seem to understand the questions from the Fannie counselors, like, "Do you have a second lien on the property?" or "Who is your lender?"
I know everyone is gasping today over news that Ed McMahon is over a half a million dollars behind on his mortgage, but he's really not all that different from these callers, give or take a few million dollars in income. Ed needed to sell his home in order to pay off his loan, but nobody's buying. Same story everywhere.
What's really amazing is that despite all these unprecedented efforts to help, the foreclosures mount.
Stay tuned in tomorrow. The Mortgage Bankers Association releases its big quarterly delinquency report. It likely won't be good.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes