The Blog of Author Mark MacKenzie: It's The Housing Market, Stupid!

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Real Estate Broker/Owner
RECENT BLOG POSTS
CNNMoney.com is reporting that the mortgage giant Fannie Mae needs another $10.7 billion from the Treasury in the wake of a $14.8 billion quarterly loss. This $14.8 billion quarterly loss is an improvement from the previous quarter in which the company lost $23.2 billion. Fannie Mae's non-perform...
08/09/2009
According to a recent CNBC article by Albert Bozzo, participation by banks in the governments$75 billion program to modify home loans has been off to a slower start than expected. Interestingly, Wells Fargo and Bank of America, both of whom have had significant increases in their non-performing a...
08/09/2009
For those of you who read my last post and disagreed with Deutsche Bank's report that nearly 50% of all mortgages will be underwater by 2011, a recent AP report may be more up your alley, so long as you don't think a rising tide of foreclosures will negatively impact property values. The AP write...
08/08/2009
The AP is reporting that government tax receipts are on pace to decline by 18% this year, the most significant decline since 1932 during great depression. According to the article, "Individual income tax receipts are down 22 percent from a year ago. Corporate income taxes are down 57 percent. Soc...
08/08/2009
According to a new report put out by Deutsche Bank, half, or approximately 25 million homeowners will be underwater with their mortgage by 2011, the year in which Deutsche Bank expects home prices to finally stabilize. Les Christie and CNNMoney.com are reporting that the Deutsche Bank forecast go...
08/06/2009
Wells Fargo reported earnings on July 22nd which showed a surge in non-performing assets, not unlike the earnings report that Bank of America reported. According to a Reuters article, non-performing assets soared 45% from the first quarter. Non-performing assets typically are loans that the borro...
08/06/2009
The Mortgage Bankers Association announced on Wednesday that the mortgage purchase application index rose just 0.9% from the previous week to 264.4. This is the fourth consecutive week in which the index has remained below 265, a signal that demand for real estate continues to face a headwind. Th...
08/06/2009
According to the NAR, housing affordability fell again in June to a reading of 159.2.  This is the lowest reading since December when we saw 159.1. The decline in housing affordability is due to a trend of rising mortgage rates, an increase in the median home value which is driven by seasonal var...
08/05/2009
The NAR announced on Tuesday that pending home sales rose for the fifth consecutive month to a reading of 94.6, this represents a 6.7% year over year increase and a 3.6% month over month increase, all good things. What remains to be seen is just how many of these pending contracts will actually t...
08/05/2009
Peter S. Goodman wrote an article in the New York Times on July 30th making the case as to why loan servicers may be financially benefiting from homeowners defaulting on their loans which could explain the reluctance of these loan servicers to modify loans and make them more affordable. Goodman w...
08/04/2009
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