Monday, May 9, 2011

Economy - #2883 - Housing Crash is Getting Worse Report - Wall Street Journal (2) National Home Prices Double Dip - CNBC (3) Jobless Claims Hit 8 Month High - Yahoo News

If you thought the housing crisis was bad, think again.It’s worse. New data just out from Zillow, the real-estate information company, show house prices are falling at their fastest rate since the Lehman collapse. Average home prices are down 8% from a year ago, 3% over the quarter, and are falling at about 1% every month, according to Zillow. And the percentage of homeowners in negative-equity positions — with a home worth less than its mortgage — has rocketed to 28%, a new crisis high. Zillow now predicts prices will fall about 8% this year and says it no longer expects the market to bottom before 2012.  Read more.......

National Home Prices Double-dip - CNBC - Home prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital.  It was inevitable, and it was predicted (by me for sure) that a surge in sales of foreclosed properties and a big push by banks to facilitate short sales would force home prices down dramatically.  Sales of bank-owned (REO) properties hit 34.5 percent of the market, according to the survey, resulting in a national price drop of 4.9 percent quarterly and 5 percent year-over-year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008. Add short sales, where the bank allows the borrower to sell for less than the value of the mortgage, and prices have nowhere to go but down.  Read more........

Jobless Claims Hit 8 Month High - Yahoo News - The number of Americans filing for jobless benefits rose to an eight-month high last week and productivity growth slowed in the first quarter, clouding the outlook for an economy that is struggling to gain speed.  Initial claims for state unemployment benefits rose 43,000 to a seasonally adjusted 474,000, the highest since mid-August, the Labor Department said on Thursday.  Claims were pushed up by factors ranging from spring break layoffs to the introduction of an emergency benefits program.  Economists had expected claims to fall to 410,000.  A second report from the department showed nonfarm productivity increased at a 1.6 percent annual rate, braking from a 2.9 percent pace in the fourth quarter. The growth pace was above economists' expectations for 1 percent. Read more........

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