Some headlines from Random Lengths:
Mortgage applications climb [comes under classification of “Duh!”]
The Mortgage Bankers Association’s Index of Mortgage Applications for the week ending May 20 increased 1.1% from the previous week. The refinance component of the index increased 0.9% compared with the previous week, while the purchase component increased 1.5%. The refinance share of mortgage activity increased to 66.8% of total applications, from 66.7% the previous week.
Housing affordability hits record level
U.S. home prices declined 5.5% in first quarter
Plus, don’t forget to keep checking Dr. Housing Bubble from the Blog Roll.
And, finally, to get a bird’s-eye view of foreclosures, see this Dec. 2010 post from The Big Picture. Since IFO doesn’t check this blog very often any more, she missed this startling visual presentation of the foreclosure mess in the U.S.
NOTE: it is advisable to read the comments, which indicate that the data is not reliable. Also, IFO’s Google Map does not include that feature – perhaps she should update it?
So, three years after the big financial bomb got dropped on us, we are still in a world of hurt. Even though the number of foreclosures is somewhere under 2 percent, the situation has kept the real estate market in a more or less permanent funk.
Most observers thought the RE bubble would pop in a few years and by now – 2011 – we’d be back on our way to stability. But thanks to government/politician’s clumsy efforts to “help,” we’re still deep, deep in the weeds. Be patient, grasshopper. Don’t believe the “Now’s the time to buy” guys – it’s not time yet.
[IFO hopes potential buyers of her house are NOT reading this blog!!!]