Looking Ahead . . .
Home Sales May Fall, Durable Orders Rise: U.S. Economy Preview – The real-estate recession will worsen as stricter lending rules and higher mortgage rates make it more difficult for potential buyers to get financing. The economy will avoid recession as businesses, led by growing demand from overseas, continue to invest and hire.
“The credit tightening is having a significant impact on home sales,” said Dean Maki, chief U.S. economist at Barclays Capital in New York. “The rest of the economy continues to grow at a solid pace.” Bloomberg
News for Renters
Default crisis is evicting renters; Tenants forced out by foreclosures – Hundreds of tenants in foreclosed buildings have been evicted or are facing eviction by mortgage companies that do not want to be landlords . . . Tomorrow, US Representative Barney Frank said he plans to introduce federal legislation on foreclosures that includes a provision that tenant leases remain in effect after foreclosure, and that tenants without leases must receive 90 days notice before eviction. Boston.com
National Association of Realtor (NAR) Tidbits: Opinion
DOJ sues the corrupt and monkey-run National Association of realtors for antitrust. Goodbye realtors, and good riddance. – I guess the NAR can’t buy off everyone. Just Congress, your local goverments, and the Bush Administration. Here’s the anti-trust complaint (pdf). I’m truly amazed to see the DOJ go after the NAR. Government doing its job? Amazing. Someone deserves a raise. And here’s the DOJ’s new anti-NAR website. Enjoy! HousingPanic
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Thanks Josh for the updates.
Even with the FED changing the percent and another one coming? i have been hearing of 6 – 8 months before the housing industry changes for the better and I just can’t believe that. I think that we will start to see a decrease in foreclosures and increase in home sales by January. What do you think.
I’m not American and don’t really keep up with all the financial news but from what I’m hearing this might be the big one. Analysts now are saying that the question isn’t whether there will be a depression but rather when will it happen.