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Bernanke warns on long-term unemployment

November 30, 2010

Federal Reserve chairman Ben Bernanke on Tuesday warned current high levels of unemployment could become entrenched and have a “very long-term effect” on the US economy. Describing job creation as “probably the most important economic issue facing America today,” Bernanke cautioned on the risks of long-term unemployment during a debate in Ohio. With nearly 40 […]

Foreclosure Crisis Worsens in Most U.S. Metros

October 28, 2010

The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Chicago and Seattle — cities outside of the states that have shouldered the worst of the housing downturn — seeing a sharp increase in foreclosure warnings. The trend is the latest sign that the nation’s foreclosure crisis is worsening as […]

Bernanke: Economy growing too slowly to reduce unemployment…

October 15, 2010

Federal Reserve Chairman Ben Bernanke made a case for new steps by the central bank to boost economic growth, saying inflation was running below the Fed’s objective of 2% and that the economy was on a course to grow too slowly to reduce unemployment. The Fed chairman’s economic outlook was generally gloomy. Business spending has […]

September home foreclosures top 100,000 for first time

October 14, 2010

The number of homes taken over by banks topped 100,000 for the first time in September, though foreclosures are expected to slow in coming months as lenders work through questionable paperwork. Banks foreclosed on 102,134 properties in September, the first single month above the century mark, RealtyTrac said. There were 347,420 total foreclosure filings in […]

President Obama and Democrats in Congress haven’t moved to stop subprime lending — they’ve just taken it over

September 28, 2010

President Obama and Democrats in Congress haven’t moved to stop subprime lending — they’ve just taken it over. They’ve created a federal subprime-lending monopoly by seizing control of the financial apparatus — Fannie Mae, Freddie Mac and the Federal Housing Administration — and lending 100 percent of the home price to borrowers who can’t afford […]

The American Dream of Home Ownership Has Become a Nightmare

September 23, 2010

These days the American dream of home ownership has turned into a nightmare for millions of families. They wake every day to the reality of a horrible decline in the value of the home that has meant so much to them. The pressure to meet mortgage payments on homes that have lost value has been […]

Home Price Double Dip Begins

September 15, 2010

The trouble with many of the “indicators” we report is that some are pretty current and others are severely lagging. Home sales are generally the former and home prices the latter. That’s why, given the combination of the expiration of the home buyer tax credit and the increasing number of loans moving to final foreclosure, […]

Bank Repossession of Homes Sets New Record in August

September 15, 2010

The nation’s banks repossessed a record number of homes in August. RealtyTrac will release its monthly numbers on Thursday, but sources there confirm the number of repossessions will come in just shy of 100,000 for the month. via Bank Repossession of Homes Sets New Record in August – Yahoo! Finance.

Dum Dum De Dum Harry Reid says economy isn’t his fault – POLITICO.com

September 8, 2010

Senate Majority Leader Harry Reid insists that despite his powerful post he had “nothing to do” with the economic downturn. via Harry Reid says economy isn’t his fault – Andy Barr – POLITICO.com.

Nation’s Housing: Fannie Mae tries to stimulate market for foreclosed homes – latimes.com

September 5, 2010

If you\’re a buyer with little cash or a small-scale investor looking for a deal on a foreclosed house, a little-publicized national lending program could be just what you need this fall. via Nation’s Housing: Fannie Mae tries to stimulate market for foreclosed homes – latimes.com.