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 |
More Videos
- First Time Buyers Rescue Housing: Realtors
- Housing Recovery 'Still In Uncharted Territory': HUD Secretary
- Shadow Inventory Dwarfs Loan Mods
- The Battered Businesses Behind Housing
- Watch Foreclosures, Seriously
- Home Buyer Tax Credit Expansion Heads to Obama
- Congratulations America, We're All Landlords Now
- Wells Fargo Bets on Housing Recovery
- Home Buyer Tax Credit Done: Does it Matter?
- Better Times for Mortgage Banking
MOST SHARED
- U.S. May Wind Up Green With Envy
- Warren Buffett to CNBC: 'I Haven't Bought American Express In Years'
- Japan Third Quarter GDP Jumps; 2010 Growth May Slow
- Taking a Page from Obama's Asia Agenda in Investing
- Disaster Film '2012' Drowns Rivals at Box Office
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- Sustainability Indices Sprouting Up
- Dipping Into Green Investing
- The Cost of Thanksgiving Dinner 2009
- EADS Cautious on Full-Year Forecast after Earnings Dip
- Warren Buffett to CNBC: 'I Haven't Bought American Express In Years'
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- U.S. Stocks Rally for the Second Straight Week
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- Stronger Yuan Needed for Global Rebalancing: IMF Chief
- Washington Not Trying to Contain China: Obama
- Japan Third Quarter GDP Jumps; 2010 Growth May Slow
- Quiz: How Much Do You Know About Green?
- Citi Rejects Terra Firma's Latest Bid to Save EMI: Report
- Analysis: APEC Nations Back Face-Saving Climate Plan
- BlackRock: Central Banks To Be Net Buyers of Gold
- GM to Start Repaying $6.7 Billion US Government Loan
- Canon to Buy Dutch Oce in $2.2 Billion Deal
RSS FEED
Realty Check
Text Size 
 |
AP |
Okay, it wasn't exactly gone, but maybe just on hiatus thanks to a new state law that went into effect last fall. That law requires lenders to take additional steps to keep troubled borrowers in their homes. Then of course there were various bank and Fannie [FNM
Loading...
()
] / Freddie [FRE
Loading...
()
] moratoria on foreclosures.
Today DataQuick reports "lenders filed a record number of mortgage default notices against California during the first three months of this year, the result of the recession and of lenders playing catch-up after a temporary lull in foreclosure activity."
Default notices surged 80 percnet from 75,230 for the prior quarter to 135,431 notices in Q1 2009. That's also up 19 percent from the first quarter of 2008. This is a new all-time high for any quarter in DataQuick's statistics, which go back to 1992.
Now you may say, well, these are default notices, not foreclosures, and we've got that great Making Homes Affordable adminstration plan all ready to help all these folks. I'm wondering just how they're going to handle these folks, let alone help them. According to DataQuick, the bulk of the loans were originated in late 2006, at the very height and most desperate frenzy of the housing boom, when lenders were trying to get everyone and their brother into a new loan. I wonder how many of those loans are now so far underwater, given the huge home price declines in California, that no modification is going to help.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes