What can you say?
- Homes See Biggest Price Gain in Years, Propelling Stocks (New York Times, May 28, 2013):
Americans are in a buying mood, thanks largely to the housing recovery.
The latest sign emerged Tuesday as the Standard & Poor’s Case-Shiller home price index posted the biggest gains in seven years. Housing prices rose in every one of the 20 cities tracked, continuing a trend that began three months ago. Similar strength has appeared in new and existing home sales and in building permits, as rising home prices are encouraging construction firms to accelerate building and hiring.
The broad-based housing improvements appear to be buoying consumer confidence and spending, countering fears earlier this year that many consumers would pull back in response to government austerity measures.
- Keeping The ‘Recovery’ Dream Alive; 3 Big Banks Halt Foreclosures In May (ZeroHedge, May 28, 2013):
What is the only thing better than Foreclosure Stuffing to provide an artificial supply-side subsidy to the housing market? How about completely clogging the foreclosure pipeline, by halting all foreclosure sales, which is just what the three TBTF megabanks: Wells Fargo, JPMorgan and Citi have done in recent weeks. Under the guise of ‘ensuring late-stage foreclosure procedures were in accordance with guidelines’, the LA Times reports that these three banks paused sales on May 6th and all but halted foreclosures. Perfectly organic housing recovery – as we noted earlier… and guess what states the greatest number of ‘halts’ are in from these banks – California, Nevada, Arizona – exactly where the surges in price have occurred.
Sales of homes in foreclosure by Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. ground nearly to a halt after regulators revised their orders on treatment of troubled borrowers during the 60 days before they lose their homes. Continue reading »