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The Case for House Foreclosures

Written by Gary North on February 15, 2012

Real foreclosures that take place on the courthouse steps are a benefit to the community. They get homes occupied. They get paying people shelter. There is enormous hostility to foreclosures. Lenders hate them, because they must write off the losses. People who stopped paying but who live in the houses rent-free hate them. They like […]

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Housing Prices Still Favor Heartland America

Written by Gary North on February 14, 2012

The Federal Reserve Bank of Cleveland has published a pair of charts that sow where housing costs have risen nationally. There is little doubt that the heartland missed out on the big bubble of the 2001-2006 period. It still retains an advantage over the coastal regions. The losses in the coastal regions have been substantial. […]

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Housing Prices Continue to Fall. Opportunities Appear.

Written by Gary North on February 1, 2012

I have warned against any optimism with respect to housing prices. The Case-Shiller index keeps coming to my rescue. It’s down again. Note: it’s an average of three months. There is the usual chatter about buyers entering. “Relentless” pressure from foreclosures could soon send the S&P Case-Shiller index of home prices to a new low […]

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Loss of Faith in the Federal Reserve Is Spreading

Written by Gary North on January 16, 2012

For almost a century, the Federal Reserve has been given the benefit of the doubt by Congress. The voters had not heard about it. Today, this is changing. Most voters don’t have an opinion, but literate voters do. This view is turning negative. Alan Greenspan resigned just five years ago. Those were the good old […]

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Housing in 2012: Distressed Sellers’ Last Gasp

Written by Gary North on January 9, 2012

The news is bad. The most recent S&P/Case-Shiller housing-price data show a second month of seasonally adjusted price declines. The overall 20-city index dropped about 3.4 percent from October 2010 to October 2011, after falling less than one percentage point during the previous year. In nominal terms, the 20-city index is at the lowest point […]

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Free Rent for Millions of Americans

Written by Gary North on December 30, 2011

So, you think “a contract is a contract, a deal’s a deal.” Not in housing, it isn’t.  Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they’re willing to put up a fight. Among the tactics: Challenging the bank’s actions, waiting to file paperwork right up […]

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Few Signs of Housing Recovery — St. Louis FED

Written by Gary North on December 30, 2011

The Federal Reserve Bank of St. Louis provides the most comprehensive statistics and analyses of the Federal Reserve System. The latest report on housing offers little hope. Higher delinquencies and foreclosures have been a consistent feature of the mortgage market since 2005. Figure 1 shows the increasing foreclosure rates for the past two years. As […]

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