Sunday, April 29, 2007

APP Article on Hov

BY DAVID P. WILLIS
BUSINESS WRITER

During its nearly 50-year history, Hovnanian Enterprises has seen ups and downs in the housing market.

You can count this as one of those down times for New Jersey's largest home builder.

The company has lost money for two consecutive quarters and last month said it anticipated a loss in its next quarter as well. Wall Street has pummeled Hovnanian shares, which have dropped more than 35 percent over the last year.


Full article...

97 Comments:

Anonymous House of cards said...

Special Report: Foreclosing on the American Dream

http://www.denverpost.com/foreclosures

Colorado leads a national wave of foreclosures that is leaving neighborhoods blighted and forcing many homeowners into financial ruin. In an ongoing series, The Denver Post examines why the state's foreclosure rate leads the nation and how it is affecting Coloradans, their communities and the economy. Aggressive building and lending practices, lax regulation and a high rate of mortgage fraud, among other factors, are pushing thousands of homeowners into foreclosure.

» Read about the series' impact

Sunday, April 29, 2007 11:13:00 PM  
Anonymous House of Cards said...

Flippers flop as housing market cools
By Ryan Nakashima, Associated Press
USATODAY.COM

LAS VEGAS — In the rampant real estate speculation of the Las Vegas valley three years ago, people lined up outside Pulte Homes sales offices overnight as if they were waiting for the release of the latest video game console or hot new movie.
Having seen his house in an upscale part of suburban Henderson, Nev. jump $200,000 in value in 18 months, Sam Schwartz felt he couldn't miss any part of the boom.

He spent the night in the parking lot with TV, snacks and drinks, along with about a hundred other people.

Schwartz intended to buy a new home and then quickly sell it within the year — for a huge profit. Most people waiting were flippers just like him, he said.

"We had seen real evidence of what was possible in this crazy, inflated market, and we just wanted to get a piece of that investment equity," Schwartz said.

But when home prices unexpectedly took a backward step, many investors seeking to cash in quickly were left "upside-down," or owing more on their mortgages than what their homes were worth.

The result was a glut of homes in the marketplace, communities spotted with empty houses and for sale signs — and a foreclosure rate in Nevada that leads the nation as owners unable to sell became saddled with unbearable debt payments.

Foreclosure filings across the United States rose 47% last month from a year ago to 149,150 — one for every 775 households, according to statistics from Realty Trac Inc., a foreclosure listing service. And for the third straight month, Nevada's foreclosure rate led the nation when it rose 220% from a year earlier to 4,738 filings, or one in every 183 households.

In Clark County, which encompasses Las Vegas, one of every 30 homes began the process toward foreclosure last year.

The day Schwartz reserved his home, the sales staff was raising prices $20,000 after every fifth buyer came inside. The $500,000 house he and his wife were eyeing had shot up to $540,000 by the time they sat down. Somehow, it still seemed like a good deal.

"Everybody was thinking, 'Hey it's not the end of the world, because the homes across town are selling for $720,000. We have almost $200,000 in equity in the house and it isn't even built yet,'" Schwartz said.

He and his wife put down $5,000 on a home that would end up costing $560,000 with upgrades.

While the Schwartzes were able to cancel before closing on a property that suddenly was worth only $490,000 — and recoup their deposit on a legal technicality — others were less fortunate.

MORE ... http://www.usatoday.com/money/economy/housing/2007-04-29-flippers_N.htm

Sunday, April 29, 2007 11:15:00 PM  
Anonymous Anonymous said...

Centex 4Q Profit Falls 49 Percent
Monday April 30, 4:29 pm ET
Centex 4Q Profit Drops on Sluggish Home Closings in Soft Housing Market

http://biz.yahoo.com/ap/070430/earns_centex.html?.v=1

DALLAS (AP) -- Homebuilder Centex Corp. said Monday its fiscal fourth-quarter profit fell 49 percent due to a drop in home closings, in what the company called one of the most difficult housing markets in 25 years.
ADVERTISEMENT





For the quarter ended March 31, net income fell to $198.9 million, or $1.60 per share, from $391.8 million, or $3.04 per share, in the prior-year quarter.

The company reported a loss from continuing operations of $22.3 million, or 18 cents per share.

Analysts polled by Thomson Financial expected a loss of 3 cents per share.

Revenue dropped 11 percent to $3.67 billion from $4.13 billion in the fourth quarter of 2006. Analysts expected revenue of $3.34 billion.

Revenue from homebuilding fell 12 percent to $3.52 billion. The company said the revenue drop was a result of a 14 percent year-over-year decline in home closings.

For the year, profit fell 79 percent to $268.4 million, or $2.16 per share, from $1.29 billion, or $9.71 per share, in 2006. Revenue dipped 7 percent to $12.01 billion from $12.85 billion.

Centex shares dipped $1.25, or 2.7 percent, to close at $44.77 on the New York Stock Exchange.

Monday, April 30, 2007 6:21:00 PM  
Anonymous House of Cards said...

fyi: Here's Motley Fool's Seth Jayson on The Corrupt David Lereah

His column looks straight from HP today (come on Seth - at least give us a link) but nice to see the knives come out against The Corrupt David Lereah...

http://housingpanic.blogspot.com/

Quick Take: Housing's Biggest Cheerleader Moves
By Seth Jayson



I've written over and over again about the housing-market pumping in which National Association of Realtors Chief Economist David Lereah has engaged. His ability to make bad predictions was, to my mind, only surpassed by the magnitude of his bombast, or perhaps his ill timing.



This is a guy who looked at dwindling numbers from the likes of Hovnanian Enterprises and KB Home, saw subprimes melt down at New Century Financial, watched Alt-A get worse for the likes of Indymac and Motley Fool Income Investor pick Washington Mutual, yet consistently told the press that all was well.


I still have no idea how self-respecting business journalists anywhere could have parroted his biased misinformation for so long.



For those of us who simultaneously looked forward to and loathed his monthly trade-group propaganda, today is a day of mixed emotions. Apparently, Lereah is moving on to Move.


Move runs Internet real estate sites, something I think is a pretty bad business to be in, unless you're The Google and can throw something together that just might up-end the entire apple cart.


According to an NAR press release, Lereah will be in charge of a new venture. Note to self: Look at Move and get ready to short.

Tuesday, May 01, 2007 9:36:00 AM  
Anonymous Anonymous said...

Looks like this place is dead when Kara is not in the news!!

Wednesday, May 09, 2007 12:23:00 AM  
Anonymous house of cards said...

>Housing Recession Taking its Toll on Toll Brothers

watch http://www.paperdinero.com/BNN.aspx?id=177

CNBC segment recounts the truly ugly preliminary results from Toll Brothers for Q2 2007. Spotlights the $90 - $130 million in additional write-downs for Q2 pushing the current year total exceptionally far beyond Toll’s expectations as well as easily surpassing the full year 2006 total.

Originally aired on: 5/9/2007 on CNBC

Running Time: 2 minutes 12 seconds

Friday, May 11, 2007 6:44:00 AM  
Anonymous Anonymous said...

WHERE IS ALL THE KARA NEWS?? Any insiders know what is going on?? What is the mood? Inquiring minds want to know

Friday, May 18, 2007 1:29:00 PM  
Anonymous Anonymous said...

And what of the APP article yesterday, that house prices on the Jersey shore are headed into the toilet?

http://njrereport.com/index.php/2007/05/17/nj-shore-prices-dip-housing-market-is-still-unwinding/

Friday, May 18, 2007 3:39:00 PM  
Blogger Dave said...

Hello,
We got a site through real estate web design and we are now doing SEO. Are there any good article submission companies that someone can recommend? Please help.
Thank you

Monday, May 21, 2007 12:21:00 AM  
Anonymous Anonymous said...

Dave, you may want to try PRWeb, they are pretty good.

Monday, May 21, 2007 1:48:00 AM  
Anonymous Anonymous said...

I thought there were supposed to be hearings on Kara this week... Is that true?? I love how the judge decides to give them weeks to do whatever they think they are doing and leaves everyone else in the lurch...

Wednesday, May 23, 2007 2:21:00 PM  
Anonymous Anonymous said...

www.karahomescreditors.blogspot.com

This is updated semi-regularly & gives details of the ongoing scam/fraud. More money, more time, seems like nothing's too good for Kara Homes.

Friday, May 25, 2007 1:48:00 AM  
Anonymous Anonymous said...

Kara works on changes in its plan

Creditors balk at statement
Posted by the Asbury Park Press on 05/25/07

DOW JONES NEWS SERVICE
AND THE ASSOCIATED PRESS

WASHINGTON — Home builder Kara Homes Inc. is working on making changes to its Chapter 11 plan as a result of "ongoing extensive negotiations" with its creditors and lenders.

Dozens of creditors, as well as the U.S. trustee, have voiced opposition to the East Brunswick, N.J.-based company's disclosure statement, the document describing the terms of Kara Homes' Chapter 11 plan in nonlegal language.

In a court filing Wednesday, the company said that it's in the process of amending its plan, as well as the disclosure statement, to reflect its talks with different classes of creditors. Those creditors include the Connecticut-based hedge fund, Plainfield Specialty Holdings II — that provided the company with $5 million in bankruptcy funding — the unsecured creditor committee and senior lenders.

While making "significant progress" in its attempt to win the approval and support of each creditor class, the company said that the process has been "protracted" due to the complexity of the case, the multitude of creditors and the sometimes divergent interests among creditors within the same classes.

As a result, Kara Homes is asking the U.S. Bankruptcy Court in Newark, N.J., to extend by 60 days its exclusive right to solicit creditor votes for its Chapter 11 plan.

Extending the exclusive plan voting period, currently set to expire June 11, will allow it to finish negotiating with creditors, Kara Homes said.

Exclusive periods prevent other parties from filing competing plans, enabling the company to retain control of its reorganization process.

The court will consider the company's request at a June 5 hearing. A hearing on the adequacy of the company's plan-disclosure statement is set for June 13.

Kara Homes filed for Chapter 11 protection in October because of slowing sales, loss of liquidity and delays in the field that put off closings.

Friday, May 25, 2007 11:31:00 AM  
Anonymous Anonymous said...

Kara Homes filed for Chapter 11 protection in October because of slowing sales, loss of liquidity and delays in the field that put off closings.

This line should read, "Kara Homes filed for Chapter 11 protection in October because their sack of shit owner and his incompetent, bumbling friends and family had an entirely different agenda and were too busy to be bothered with actually running a business correctly."

Friday, May 25, 2007 12:19:00 PM  
Anonymous Anonymous said...

greetings,

Thank You Very Much! Your posted was too nice and very knowlegeable to me as well as
informative. Thanks for sharing this and Keep up the good work..


More power,
Freddie Aguilar
Real Estate Investment

Friday, May 25, 2007 2:17:00 PM  
Anonymous Anonymous said...

Bernanke Warned by Real Estate Analysts:
Housing Collapse Is Much Worse Than You Say

http://www.larouchepub.com/pr/2007/070522warn_bernanke.html

May 22, 2007 (EIRNS)—A real estate investment and analysis firm, John Burns Real Estate Consulting, said on May 21 that it is "going public with our concerns" that the national sales information for both new and existing homes, is misleading and covering up a deep plunge of the housing sector. "The housing market has softened much more than is being reported" by the Fed, and the National Association of Realtors (NAR), says JBREC.

The firm reports that having purchased and compiled actual home sale closing data for 55% of the country, it finds existing-home sales down, not 9% as NAR reports, but: 22% in May 2006-April 2007, compared to May 2005-April 2006; and much more than that on a simple year-to-year comparison of the past couple of months. It found that existing-home sales have fallen every bit as much as the new-home sales of the biggest homebuilders D.R. Horton and Lennar, which are down 37% and 27%. It found that home brokerage transactions by Realogy Corp., the nation's biggest realtor company which owns Century 21, Coldwell Banker, and ERA, fell 18% from 2005 to 2006. And that mortgage applications for home purchase have fallen 18%, even though many buyers now have to fill out several applications in order to get a mortgage.

Taking the states with the worst housing sales/foreclosures crises, JBREC found Florida home sales down 34%, not 28% as NAR reported; Arizona sales down 38%, not 28%; and California's down 37%, not 24% as NAR reports. This strong underreporting of the collapse by NAR, the firm says, only dates from the middle of 2006; it doesn't claim any intentional misrepresentation by NAR.

As for new-home sales, JBREC reports the Census Bureau is continuing not to subtract cancellations from reported sales, giving sales figures which are much rosier than the grim reality, and are reported publicly by the Federal Reserve.

"In summary, we believe that the Fed should know that the housing market correction has been quite steep, and is also not showing signs of bottoming out," concludes JBREC.

Separately, a Wall Street firm reported May 18 that the foreclosure "shock cone" is widening: While total foreclosures, at all stages, are up 60-70% over last year so far, foreclosure notices—the front end of the process, when a mortgage is typically 90 days delinquent—are 127% higher so far than in 2006. It said that foreclosed homes being resold by banks or lenders, are hitting the housing market with an average price drop of 30% nationally.

Saturday, May 26, 2007 3:19:00 AM  
Anonymous Anonymous said...

PBS:) Housing in the United States is taking a big hit .....

Housing in the United States is taking a big hit as "too-good-to-be-true" home loans fail, refinancing dries up, and foreclosures surge. How did the market plummet so quickly -- and are current homeowners paying the price? NOW revisits a California town whose real estate fortunes have taken a hard turn for the worse.

Video: http://www.pbs.org/now/shows/317/video.html
Past Due and Pay Day

http://www.pbs.org/now/shows/317/index.html

The real estate reality kicks in !!!

Friday, June 01, 2007 9:37:00 AM  
Anonymous Anonymous said...

It's a shame that such a good site in the past remains stale and dead since April 29th. "Silver" should let someone else update this site or just close it down. Thanks for all the great articles and comments of the past. R.I.P.

Monday, June 04, 2007 11:59:00 PM  
Anonymous Louisville Real Estate said...

Great site, I hope to see more posts in the future!

Friday, June 08, 2007 2:47:00 PM  
Anonymous Anonymous said...

From my RE advisor---
The housing market has softened much more than is being reported. We have been advising our retainer clients for more than one year about misleading national sales information, both with the Existing Home Sales and New Home Sales data. We are now going public with our concerns because we are concerned that policy makers are relying on national data to conclude that the housing market correction has not been severe.


Here is our support:
Closing Data: We purchase and compile actual home closing data for approximately 181 counties across the country, which captures the counties where about 55% of the U.S. population lives and a significant percentage of all of the counties where the large home builders are active. This data shows that sales have fallen 22% if you compare sales over the last 12 months to the prior 12 months. On a straight year over year comparison, the decline is much more.
Mortgage Bankers Association (MBA) Data: The MBA Seasonally Adjusted Purchase Application Index, which is a measure of the number of people filling out loan applications to buy a home, is down 18% from its peak in September 2005.1 With presumably more applications being filled out by borrowers who now have to shop around for a loan, how could sales have fallen by less than 18%?
Builder Data: The nation's two largest homebuilders, D.R. Horton and Lennar, are reporting that orders have declined 27% to 37%, year-over-year. 2 3 D.R. Horton and Lennar have dropped prices significantly in many markets to generate sales, while the resale market has not. How could their sales have fallen more than the resale market, even if new home communities tend to be in fringe areas?
Realogy Corporation Data: Realogy, which is the parent company of Century 21, Coldwell Banker, and ERA, participated in roughly 1.9 million brokerage related transactions in 2006 compared to 2.3 million in 2005, representing a year-over-year decline of 18% nationwide.4
2005-2006 NAR State Data: The National Association of Realtors state data does show sharp year-over-year corrections in major states: 28% drop in Florida, 24% drop in California, and a 28% drop in Arizona. Our data, however, shows the sales have probably dropped by 34%, 27% and 38%, respectively. The national numbers include some large states where sales volumes have not corrected substantially, such as in Texas and Ohio, but we believe these markets are not very healthy for other reasons. Interestingly, our calculations were tracking very closely with NAR data through 2005, as illustrated above. We did investigate NAR methodology and have found absolutely no reason to believe that the NAR is intentionally misleading anyone, as some have suggested.
New Home Data: The Census Bureau calculation of new home data does not calculate sales net of cancellations, and cancellations are running much higher than normal right now, which is why the sales numbers overestimate actual sales.


The preponderance of evidence shows that the housing market in vibrant areas where home building is prevalent has corrected much more than some people believe it has.


In summary, we believe that the Fed should know that the housing market correction has been quite steep and is also not showing signs of bottoming out, as evidenced by all of the above information, as well as significant additional research we have conducted. While the Fed has far more to consider than housing, they should know that the housing market could sure use some lower interest rates to help achieve stability soon.


U.S. HOUSING MARKET STATISTICS
Data Current Through April 30, 2007

Grade*
Overall Grade C

Statistic Grade*
Economic Growth C
These are the best indicators of how the economy is currently performing.
Real GDP (annual rate) 1.3% C-
Employment Growth (1-year Change)
- Non-ag Payroll, NSA 1,866,000 C
Employment Growth Rate
- Non-ag Payroll, NSA 1.4% C
Unemployment Rate 4.5% B-
Productivity 1.7% C
Retail Sales 3.7% D+
Inflation (core CPI) 2.5% B
Personal Income Growth, nominal 5.7% D+
Federal Deficit (last 12 mos., $mil curr.) -$203,956 C


Statistic Grade*
Leading Indicators C-
These have all proven to be predictable early indicators of the direction of economic growth.
Leading Indicators Annual Growth Rate over Last Six Months
Leading Econ. Index -0.3% C
ECRI Leading Index 3.8% C
Manpower Net Employment Outlook 18% C
Corporate Profits (pre-tax) 18.3% C+
Interest Rate Spread
10-year Treasury 4.67%
2-year Treasury 4.63%
Interest Rate Spread 0.04% C-
Stock Market (Return over last 12 months)
Dow Jones 15% C
S&P 500 13% C
NASDAQ 9% C
Wilshire 5000 13% C
S&P Super Homebuilding -23% D-
Crude Oil Price (Current $) $63.97 D
Inst. of Supply Managers Index 54.7 C


Statistic Grade*
Mortgage Rates B
These statistics are probably the most important indicators of short-term housing market performance.
Conforming Mortgage Rates (contract rate; an additional 0.6 - 1.0 points are also paid up front by the borrower)
Mortgage Rates, fixed 6.16% A-
Mortgage Rates, adjustable 5.43% B-
Fixed/Adjustable Spread 0.73% F
Fixed/10-year Spread 1.49% C-
Fed Funds Rate 5.25%
Percentage of Adjust. Loans 18.3% C
Subprime Index (ABX.HE.BBB-.06-02) 73.4 D-


Statistic Grade*
Consumer Behavior C+
Consumer attitudes correlate well with short-term housing sales performance. Consumer income growth, debt levels and job prospects affect the long-term outlook for housing sales.
Consumer Confidence Index 104.0 C
Consumer Sentiment Index 87.1 C
Consumer Comfort Index -5.8 C
Equity/Owned Home (2003$) $144,466 A+
Median Household Income $46,326
- Growth Rate, nominal 4.5% C
Revolving Cons. Credit per Household $7,622
- Growth Rate 6.4% B-


Statistic Grade*
Existing Home Market C
Sales volumes correlate well with the Housing Cycle calculations, and boost the trade up New Home sales market.
NAR Single-Family Median Home Price $215,300 A
NAR Single-Family Annual Price Appreciation -0.9% D-
Freddie Mac Annual Price Appreciation 6.1% C
Annual Sales Volume, SA 6,120,000 B+
Months Supply of Unsold Homes, SA 7.3 C
Purchase Mort. App. Index, SA 411.0 B
Pending Home Sales Index, SA 104.3 D+
Homeownership Rate 68.4% A-
Homeowner Vacancy Rate 2.8% F


Statistic Grade*
New Home Market C-
High appreciation and low inventory would mean an excellent short-term outlook for the new home industry.
Housing Market Index 33 D-
Median Price, NSA $254,000 A+
Annual Appreciation Rate 6.4% C
Sales Volume, SA 858,000 C+
Months Supply of Unsold Homes, SA 7.8 D+
Months of Homes Completed, SA 2.5 D+
Months of Homes Under Const., SA 3.8 C-
Months of Homes Not Started, SA 1.2 D+


Statistic Grade*
Housing Supply D+
High construction levels are good for the economy. However, if new supply exceeds demand, prices could fall.
Housing Starts, SA 1,518,000 C
Single-family Permits, SA 1,114,000 C+
Multifamily Permits, SA 430,000 C-
Total Permits, SA 1,544,000 C
Manuf. Housing Placements, SA 88,000 F
Total Supply, SA 1,632,000 C

Sunday, June 10, 2007 10:09:00 AM  
Anonymous Anonymous said...

HOV:US
Hovnanian Enterprises Inc
U.S. Home Construction Bust May Last Until 2011 (Update1)

By Bob Ivry and Brian Louis

May 29 (Bloomberg) -- New home construction in the U.S. may take until 2011 to return to last year's level, said David Seiders, chief economist for the National Association of Home Builders in Washington.

Monthly construction starts would need to jump by 21 percent to reach Seiders's benchmark for full recovery, which is 1.85 million. There were 1.53 million in April, the Commerce Department said. At the height of the five-year housing boom in January 2006, construction began on 2.29 million homes.

``We've fallen way below trend because we soared way above trend during boom times,'' Seiders said in an interview. ``The upswing will be relatively slow, unlike earlier cycles.''

The inventory of unsold homes is the largest since the Chicago-based National Association of Realtors started counting them in 1999 and house prices have suffered the steepest drop since the Great Depression, according to the realtors' group. Defaults and foreclosures also may rise as about $650 billion of loans to subprime borrowers, those with poor or limited credit histories, reset at higher interest rates by 2009.

``We're still being hit pretty hard by the subprime-related mortgage market problem,'' Seiders said. ``One of the biggest unknowns right now is how serious the change on the mortgages side will be on home sales.''

Sales of new homes rose 16 percent in April, the highest increase since 1993, the Commerce Department said last week.

`The Champagne'

The biggest gain in new-home sales in 14 years was made possible by homebuilders who cut prices more in April than in any month since 1970. The median new-home price fell 11 percent to $229,100 from $257,600 a year earlier, the reported showed.

Declines in home prices in 20 U.S. metropolitan areas accelerated in the 12 months ended in March as the supply of homes exceeded demand, a private survey showed today. Home values dropped 1.4 percent from March 2006, after declining 0.8 percent in the year ended February, according to a report today by S&P/Case-Shiller.

Sales of previously owned U.S. homes fell in April to the lowest level in almost four years, the National Association of Realtors said last week.

``I'll break out the champagne a year from now after the resetting of the mortgage rates and defaults come in less than what we're fearful about,'' said Susan Wachter, a real estate professor at the Wharton School at the University of Pennsylvania in Philadelphia. ``For now, for the sake of the wider U.S. economy, the homebuilders have to start clearing out their inventory.''

Cutting Prices

Atlanta-based Beazer Homes USA Inc. was offering houses in the first quarter at a development about 44 miles outside Phoenix, Arizona, for $136,990, down 36 percent from the year- earlier price of $215,490, said Samantha Morris, senior consultant in Houston-based Metrostudy's Mesa, Arizona, office.

Builders ``have written off any hope'' of 2007 being a good year, said John Burns, president of John Burns Real Estate Consulting in Irvine, California. ``When you start offering consumers a good deal, you start selling homes.''

Larry Zacks, president of closely held Putnam County Builders Inc. in Mahopac, New York, said he put a 3,150-square- foot house on the market in February for $799,000 and had to reduce the price, first to $749,000, then to $699,000 and then to $659,000.

``We finally sold it for $649,000,'' Zacks said. ``Things are moving, it's just a question of finding the right price. In a glutted market, buyers have a huge selection, so they don't have to be forgiving. If they don't like one thing about it, they can go down the street.''

Price Slashing

Prime Home Builders, a closely held company in Fort Lauderdale, Florida, is advertising a 23 percent discount on a new four-bedroom townhouse with two and half bathrooms in Naples, Florida. The price was slashed to $344,169 from $449,258 in a development where about half the units have been sold, said Keith Thompson, a marketing consultant with Prime Home Builders.

``It was under contract and the buyer forfeited the deposit, which is pretty common in this market,'' Thompson said. ``We're putting it out at a much lower price by rolling the deposit over to the next buyer.''

Horsham, Pennsylvania-based Toll Brothers Inc., the largest U.S. luxury home builder, reported that fiscal second-quarter profit slid 79 percent. Chief Executive Officer Robert Toll said on May 24 he was ``a little more confident'' about the market, adding: ``I would emphasize a little.''

Stocks Fall

Toll Brothers' stock fell 7 percent this year through May 25, compared with the 25 percent slide of Hovnanian Enterprises Inc. of Red Bank, New Jersey. Shares of Pulte Homes Inc. in Bloomfield Hills, Michigan, declined 17 percent, Dallas-based Centex Corp. dropped 14 percent, Miami-based Lennar Corp. fell 13 percent and D.R. Horton Inc., based in Fort Worth, Texas, declined 11 percent.

Subprime loans are given to borrowers with bad or incomplete credit histories. About eight in 10 subprime mortgages made in 2005 and 2006 had adjustable rates, according to Credit Suisse Group, meaning that borrowers will have to pay higher monthly interest rates after a pre-determined period, usually two years.

To contact the reporters on this story: Bob Ivry in New York at bivry@bloomberg.net ; Brian Louis in Chicago at blouis1@bloomberg.net .

Sunday, June 10, 2007 10:42:00 AM  
Anonymous Anonymous said...

re: Monday, June 04, 2007 11:59:00 PM

The reason Silver is not blogging is he probably lost his job or was kicked out finally by his parents. Maybe he is really Zuhdi, who knows?

Sunday, June 10, 2007 10:45:00 AM  
Anonymous Anonymous said...

The reason Silver is not blogging is he probably lost his job or was kicked out finally by his parents. Maybe he is really Zuhdi, who knows?

Not only is this comment unnecessarily snarky but also defies reason.

Ask yourself, if someone looses his job, does he have more or less time on his hands?

You sir, are an idiot. Grow up.

Monday, June 11, 2007 3:39:00 PM  
Anonymous Anonymous said...

I think Silver is pissed that he has lost most of the revenue that he was making from online ads when the Kara debacle was driving so much traffic to his site.

Also, is it true that Plainfield has backed out of the Kara deal???

What does that mean to the plan?

Monday, June 11, 2007 4:00:00 PM  
Anonymous Anonymous said...

Great article on rising forclosures. Paste this into your browser.
http://realestate.msn.com/buying/Article_bankrate.aspx?cp-documentid=4946646

Monday, June 11, 2007 11:46:00 PM  
Anonymous Anonymous said...

Condos selling for 50% off in Ft. Myers Florida, Desperate Homedebtors freaking out

Watch this video.

http://housingpanic.blogspot.com/2007/06/condos-selling-for-50-off-in-ft-myers.html


Condo appraised for $310,000, sold for $185,000.


Recent buyers screwed and outraged.


50% off firesale.


Yup, this is what a housing crash looks like.


Homedebtors, lesson #1 in a housing crash: You'll always lose to the builders.


Always.


Lesson #2: You should have listened to HousingPANIC.

Wednesday, June 13, 2007 3:31:00 PM  
Anonymous Anonymous said...

Before commenting on littlesilver, remember that in the past he/she has had personal issues that limited the updating. Something might really be wrong and I would feel bad if people got nasty and this was the case. Just something to think about

Wednesday, June 13, 2007 4:49:00 PM  
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Thursday, September 20, 2007 3:02:00 PM  
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Blogger mark said...

Great article on the real estate happenings, I really enjoy reading your posts. Just for your information, Donald Trump is in big trouble right now with his real estate empire. I hope everyone can pull through this slump!!

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Tuesday, January 01, 2008 2:17:00 PM  
Blogger UniFersal.com said...

Buying International Real Estate
Andrew C. Weitnauer
1-2-2008

Have you ever thought about buying a second home in a foreign country? Most of us have spent a few minutes online drooling over some of these properties. However, most of us quickly let the dream fade away when we realize how complicated and risky this venture can be.

The hardest part about buying property abroad is that every country, state, and city has different rules and conventions. So to be smart about it we usually start by researching foreign ownership restrictions, tax ramifications, currency issues, etc. This can be very time consuming, costly, and may even lead to out dated and incorrect answers. Along with this, doubt usually sets in; what if the property is over priced and I’m the only idiot in the world who doesn’t know it?

The best way to purchase real estate in foreign places is to contact a trustworthy, local, real estate professional. A local real estate agent will be familiar with the market value of properties in the area you are searching, and they understand the local laws. Your next question is probably; how do I find a trustworthy local real estate agent?

There is a website called UniFersal.com,
http://www.unifersal.com/index.php . You can find properties, look at property pictures, and even chat, call, or message a pre-screened, local real estate professional who speaks your language and specializes in the particular city you are searching in.

UniFersal.com does a background check on all of the real estate professionals that would love to help you buy real estate in their city. They confirm the professional’s real estate expertise in that city, and even ask for references.
If you are serious about buying a property in a foreign country, don’t try to do it alone. Use the internet to drool over properties, then get serious and contact a local professional.

Monday, January 07, 2008 11:13:00 AM  
Blogger Andy said...

Hey Everyone,

Here is a real estate tip for the new year. Don't pay for advertising. Check out sites like UniFersal.com and CraigsList.org.

UniFersal.com is an international real estate marketplace that lets people list properties/listings that are for sale or rent, for free. You can chat, message, or email buyers and sellers. You can also make and receive offers electronically.

I sell real estate in Minneapolis, MN. I have found UniFersal and CraigsList to be a great source of leads and the best part is they are both free.

Andy Weitnauer

Tuesday, January 08, 2008 10:07:00 AM  
Blogger mike said...

Irish owned real estate ready for crash in Portugal
News Type: Event — Thu Dec 27, 2007 6:59 AM EST
world-news
Irishinfo

Yesterday boxing day the owners of Oceanico developements in Portugal where summoned to appear before the local courts , concerning the close knit relationship with another irish held company Kendar Properties , it is believed by the relevant authorities that the Oceanico and kendar owners had set up a cartel of Price fixing and a very complex financial structure where several mortgages where given on the same piece of land , the owner of Kendar Properties has absconded bail and is actively being sought by the Irish authorities , the local courts have been given authorisation to investigate Oceanico developements in Portugal , given that the loans where granted by Irish banks , this is a very worrying situation for all the future buyers of real estate in Portugal given the size and nature of the fraud relating already to Kendar Properties .

Tuesday, January 08, 2008 6:45:00 PM  
Blogger Ryan said...

Very depressing time for the market and for everyone. Good article!

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http://www.lindasellsphx.com

Saturday, January 12, 2008 11:59:00 AM  
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Wednesday, April 16, 2008 9:07:00 AM  
Blogger ErikJ said...

Hey everyone, I am 26 and currently a first time home buyer in the market to buy a home in New Jersey around the shore area. With student loans still needing to be paid for and how expensive things are today, its a bit of relief to see the housing market fall to a level that some of us can afford. Personally, I am glad to see its a buyer’s market. My realtor Dan Kurland of Weichert in Ocean, NJ helped me out alot and guided me through the process. He is really great and knows how to take advantage of the buyer’s market for home buyer’s in NJ. Check out his website if your interested, NJ Real Estate Website.

Friday, June 20, 2008 10:35:00 PM  
Blogger Iffpf Media said...

There isn’t one day that passes that you don’t see bad financial news in the newspaper or on the television or radio. Well that’s all going to change now, especially if you live in the New Jersey Shore towns of Avon, Belmar, Spring Lake, Sea Girt, Manasquan, Point Pleasant, Bay Head, Mantoloking, Normandy Beach, Chadwick, Lavalette, Ortley Beach, or Seaside Park. According to Paul R Hauke, a Realtor Associate with Prudential Zack Shore Properties with 11 offices along the Jersey Shore, a specialist in Ocean Front, Waterfront and Resort Properties along the New Jersey Shore prices are holding steady and in many areas increasing. The reason is that people are buying along the Jersey Shore and the demand is strong. For instance many buyers who have large amounts of cash sitting in bank accounts that are earning very, very low interest have been buying Jersey Shore Resort Homes for cash. They are figuring on getting the rental money and the appreciation on the property. They figure the return will absolutely beat whatever they are earning in the bank and they also have the use of the property when not rented. Smart buyers.

On the other hand are the sellers. Sellers in such great Jersey Shore towns are reaping the benefits. There prices have been holding and they are reaping the gains. There are properties from the mid $200,000.00 range up to multi millions. Along the price range there are new and converted condos and new and completely renovated houses and of course one of a kind mansions and estates.

On the waterfront at the Jersey Shore prices are still climbing. Paul R Hauke, a Realtor Associate with Pruzack, studies and tracks the real estate values along the Jersey Shore and has found that Waterfront properties prices have been escalating. Properties with docks for boats and easy access to the Bays and Ocean are still high on demand. Small homes in such areas as Ocean Beach , with docks , can still be had for $300,000.00 to $400,000.00 with a moderately priced waterfront home with deep water docks and easy fishing access still bringing $1,000,000.00 plus. In towns like Point Pleasant Boro. Ocean front homes, both on the beach and across the street from the beaches, in such towns as Spring Lake, Sea Girt, Bay Head, and Mantoloking bring three, four and five million.

Many Jersey Shore Real Estate buyers are looking for second homes now that they can make year round homes later. Such houses between $900,000.00 and $2,000,000.00 have seen a 25 % increase in pricing. Some Jersey Shore Realtors have reported their sales up as much as 26% over last year.

Whatever your desire the Jersey Shore offers great Real Estate and great family memories and great pricing. There never has been a better time to buy and invest in real estate at the Jersey Shore.

T o view properties for sale at the Jersey Shore from Atlantic Highlands to Long Beach Island go to www.asburyparklife.com/jerseyshorerealestate.html , the # 1 source for activities, events, and real estate along the Jersey Shore.

Friday, June 20, 2008 11:51:00 PM  
Blogger Walt said...

To iff pff media, quit preach'n the bull. At best, you'll have a quick spike in sales due to summer activity coupled with low rates. Most people who have money got it through smart investing and know the current market and economic climate. With an expected increase in interest rates due to oil and other pressures, people should buying a home now more out of necessity than want.

Sunday, June 22, 2008 11:09:00 AM  
Blogger Iffpf Media said...

There isn’t one day that passes that you don’t see bad financial news in the newspaper or on the television or radio. Well that’s all going to change now, especially if you live in the New Jersey Shore towns of Avon, Belmar, Spring Lake, Sea Girt, Manasquan, Point Pleasant, Bay Head, Mantoloking, Normandy Beach, Chadwick, Lavalette, Ortley Beach, or Seaside Park. According to Paul R Hauke, a Realtor Associate with Prudential Zack Shore Properties with 11 offices along the Jersey Shore, a specialist in Ocean Front, Waterfront and Resort Properties along the New Jersey Shore prices are holding steady and in many areas increasing. The reason is that people are buying along the Jersey Shore and the demand is strong. For instance many buyers who have large amounts of cash sitting in bank accounts that are earning very, very low interest have been buying Jersey Shore Resort Homes for cash. They are figuring on getting the rental money and the appreciation on the property. They figure the return will absolutely beat whatever they are earning in the bank and they also have the use of the property when not rented. Smart buyers.

On the other hand are the sellers. Sellers in such great Jersey Shore towns are reaping the benefits. There prices have been holding and they are reaping the gains. There are properties from the mid $200,000.00 range up to multi millions. Along the price range there are new and converted condos and new and completely renovated houses and of course one of a kind mansions and estates.

On the waterfront at the Jersey Shore prices are still climbing. Paul R Hauke, a Realtor Associate with Pruzack, studies and tracks the real estate values along the Jersey Shore and has found that Waterfront properties prices have been escalating. Properties with docks for boats and easy access to the Bays and Ocean are still high on demand. Small homes in such areas as Ocean Beach , with docks , can still be had for $300,000.00 to $400,000.00 with a moderately priced waterfront home with deep water docks and easy fishing access still bringing $1,000,000.00 plus. In towns like Point Pleasant Boro. Ocean front homes, both on the beach and across the street from the beaches, in such towns as Spring Lake, Sea Girt, Bay Head, and Mantoloking bring three, four and five million.

Many Jersey Shore Real Estate buyers are looking for second homes now that they can make year round homes later. Such houses between $900,000.00 and $2,000,000.00 have seen a 25 % increase in pricing. Some Jersey Shore Realtors have reported their sales up as much as 26% over last year.

Whatever your desire the Jersey Shore offers great Real Estate and great family memories and great pricing. There never has been a better time to buy and invest in real estate at the Jersey Shore.

T o view properties for sale at the Jersey Shore from Atlantic Highlands to Long Beach Island go to www.asburyparklife.com/jerseyshorerealestate.html , the # 1 source for activities, events, and real estate along the Jersey Shore.

Wednesday, June 25, 2008 10:32:00 AM  
Blogger Walt said...

To iff pff media, quit preach'n the bull. At best, you'll have a quick spike in sales due to summer activity coupled with low rates. Most people who have money got it through smart investing and know the current market and economic climate. With an expected increase in interest rates due to oil and other pressures, people should be buying a home now more out of necessity than want.

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Blogger galejones said...

This comment has been removed by the author.

Thursday, April 23, 2009 1:10:00 PM  
Blogger galejones said...

Goes to show you can't count on new construction. When a builder is going under who knows what shortcuts they might take. Here is a great resource to make sure you looking at something that is quality made. Now more than ever it’s important to buy a home that will be a good investment.
http://AccurateInspections.com/nj-home

Thursday, April 23, 2009 1:20:00 PM  
Blogger galejones said...

**I'm reposting this for you all becasue there was an error in the link! Sorry it happens the website is
http://accurateinspections.com/

****
Goes to show you can't count on new construction. When a builder is going under who knows what shortcuts they might take. Here is a great resource to make sure you looking at something that is quality made. Now more than ever it’s important to buy a home that will be a good investment.
http://AccurateInspections.com

Thursday, April 23, 2009 3:04:00 PM  
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Sunday, June 28, 2009 1:50:00 PM  
Blogger H said...

I have a friend who is facing foreclosure due to job loss. He found a website that has given him great information on how to know his position in the foreclosure time line and how to get through it. The website is http://getforeclosurereliefnow.com/. This may be something to do an article or research on.

Sunday, July 26, 2009 7:50:00 PM  
Blogger Traveling Costa Rica said...

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Tuesday, September 01, 2009 4:43:00 PM  
Blogger Mc said...

This blog tells us about the collapse of the New Jersey real estate market! I know of a great website which introduces people to a real estate business. People can buy and sell US property here. This company has highly profitable foreclosure homes which are sold for a cheap price. You can buy and sell high-end houses and condominiums here. You can also invest money in this business.

Thursday, September 10, 2009 2:07:00 AM  
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شركة عزل اسطح بالدمام
تنظيف بيارات بالدمام
شركة نقل اثاث بالدمام
شركة تنظيف خزانات بالدمام

Thursday, November 27, 2014 11:38:00 AM  
Blogger Mero Demo said...

شركة تسليك مجاري بالدمام
شركة رش مبيدات بالدمام
شركة مكافحة حشرات بالدمام
شركة تنظيف شقق بالدمام
شركة تنظيف منازل بالدمام
شركة تنظيف فلل بالدمام
شركة تنظيف موكيت بالدمام
شركة تخزين اثاث بالدمام
شركة كشف تسربات المياة بالدمام
شركة عزل اسطح بالدمام
تنظيف بيارات بالدمام
شركة نقل اثاث بالدمام

Thursday, November 27, 2014 11:39:00 AM  
Blogger Mero Demo said...

شركة تنظيف خزانات بالدمام
شركة تسليك مجاري بالدمام
شركة رش مبيدات بالدمام
شركة مكافحة حشرات بالدمام
شركة تنظيف شقق بالدمام
شركة تنظيف منازل بالدمام
شركة تنظيف فلل بالدمام
شركة تنظيف موكيت بالدمام
شركة تخزين اثاث بالدمام
شركة كشف تسربات المياة بالدمام
شركة عزل اسطح بالدمام

Thursday, November 27, 2014 11:43:00 AM  
Blogger Mero Demo said...

تنظيف بيارات بالدمام
شركة نقل اثاث بالدمام
شركة تنظيف خزانات بالدمام
شركة تسليك مجاري بالدمام
شركة رش مبيدات بالدمام
شركة مكافحة حشرات بالدمام
شركة تنظيف شقق بالدمام
شركة تنظيف منازل بالدمام
شركة تنظيف فلل بالدمام
شركة تنظيف موكيت بالدمام

Thursday, November 27, 2014 11:44:00 AM  

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