Monthly Archives: November 2011

Only New York condo prices did not weaken as the third quarter ended

September 2011 data for the S&P/Case-Shiller Home Price Indices were released on Tuesday November 29th and we saw declines in condo prices in four of the metro areas – Boston, Chicago, Los Angeles and San Francisco. The Boston index reported the largest decline in September versus August, down 1.4%; but, San Francisco was not far […]

How the Cities Did in the Latest Release

The city by city numbers reveal three new lows and the largest peak to trough decline seen so far at 60% in Las Vegas.  Phoenix down 55.9% and Miami down 51.2% are both close behind. Atlanta, the third city along with Las Vegas and Phoenix to see new lows this time is only about 30% […]

Home Prices Weaken as the Third Quarter of 2011 Ends According to the S&P/Case-Shiller Home Price Indices

Data through September 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that nationally home prices did not register a significant change in the third quarter of 2011, with the U.S. National Home Price Index up by only 0.1% from its second quarter level. […]

New Home Sales Plus Foreclosure Data

October New Home Sales were 307,000 units, up from the revised 303,000 in September but a bit lower than the figure reported last month.  Over the last 13 months new home sales averaged about the same 303,000 units. The inventory represents 6.3 months supply at current sales rates.  The market is, at best, flat and […]

Looking Ahead, Trying to See Housing Amidst Deficits and Euro Worries

News in the run-up to the Thanksgiving holiday was dominated by on-going worries about the euro, Italy, Greece  and then in the last three days about the Super Committee’s failure to offer a deficit solution.   While none of these are likely to be resolved next week, we will have more news and possibly a clearer picture […]

U.S. Home Mortgage Delinquencies Declined, But New Foreclosures Increased In The Third Quarter

U.S. residential mortgage delinquencies declined this quarter following two back-to-back quarterly increases, while foreclosures started this quarter increased after declining for three straight periods, according to the Mortgage Bankers Association (MBA). We believe declining delinquencies represent a slightly positive trend for the underlying collateral performance of U.S. RMBS and the housing market. While serious delinquencies […]


October existing home sales rose 1.4% m/m to an annualzed 4.96 million units, which was much stronger than the 4.8 milllion units expected by consensus. Sales are up 13.5% from the 4.38 million units seen in October 2010. Most regions saw gains, with only the Northeast reporting a 5.1% decline over September. The Northeast was […]

Second consecutive increase in first mortgage default rates

On November 15, S&P Indices and Experian released October data for the S&P/Experian Consumer Credit Default Indices, which measure changes in consumer credit defaults. The data showed an increase in the composite index, led by an increase in first mortgage default rates. Auto loan, second mortgages and especially bank cards all saw pretty significant drops […]

Housing Starts Off Slightly, Permits Rise

October Housing Starts were down 0.3% from September but up 16.5% from October last year.  Despite the slight drop, starts were better than most analysts expected. Permits for new construction saw strong gains, up 10.9% from September and 17.7% from October, 2010.  Single family home starts were up 3.9% from September but down 0.9% from […]

NAHB Index Rises to Start Month’s Housing Data Reports

The National Association of Home Builders market index rose in its November report to 20, the highest level since May 2010 and the third consecutive monthly gain, beating market expectations.  This may get November’s round of statistics off to a good start — housing starts for October will be reported tomorrow (November 17th) along with […]

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