Spain: housing prices down

Housing prices in Spain fell 3.2 percent in 2008 in the first such drop in 15 years, the government reported Thursday.

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China Housing Prices Jump 10.5 Percent

China's already record-high housing prices jumped 10.5 percent in December despite authorities' efforts to cool the boom, but the growth rate slowed slightly, the government said Thursday.

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Clarification: Market Spotlight Story

In a June 12 story, The Associated Press reported that the National Association of Realtors expects housing prices to rise 0.8 percent in 2006. The story should have specified that the figure refers to prices for new homes. NAR also expects prices for existing homes to rise 5.3 percent for the year.

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On April 30th, the Senate voted down a proposal by Sen. Dick Durbin a top Democrat to allow bankruptcy judges to lower the monthly mortgage payments of homeowners trapped by exploding interest rates.

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Love him or hate him....This is a very interesting segment.

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excerpt: "" Peppy real estate agents and gloomy stock-market traders alike eagerly embrace that supposition. Wall Street is so hungry for good news that stocks rallied at the barest hint of upbeat indicators several times this month.

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House prices in the largest US cities tumbled further in February but for the first time in 16 months the rate of decline eased from the prior month, lifting consumer confidence and offering a glimmer of hope that the stricken market could be beginning to bottom out.

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Surprisingly, or not so surprisingly, most of these metro areas are clustered in the economically hard-hit areas in the industrial Midwest like MI and OH.

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European Banks "Ran for Cover" Back in Spring, 2008

Three European banks forecast back in spring of 2008 that the world economy would suffer a sharp decline. The banks Barclays, Fortis, and RBS all sought large infusions of funds to cover their investments, all in the spring months of May-June-July.

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The Washington policy debates of the last week would almost make a casual observer believe that the nation's political leadership is in fact nostalgic for the good old days of the Great Depression when the country suffered double-digit unemployment for a decade.

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The December Case Shiller data shows that the rate of decline in home prices is stabilizing at just under 20%. This doesn't sound like good news, but it is. Before house price declines can start decelerating, they have to stop accelerating, and it seems we're finally there.

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The average British home has seen almost £30,000 wiped from its value since the market peaked this time last year, according to a survey from the Nationwide Building Society.

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We are in a vicious cycle: falling housing values cause losses on securities, which reduce bank capital, thereby tightening lending and causing house prices to fall further. The cycle has spread beyond housing, but housing is the place to fix it.

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What's clear is that every US taxpayer is now tethered directly to the troubled housing market. And the stakes are much higher than the $30 billion federal intervention to stave off bankruptcy at Bear Stearns earlier this year.

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Study Details Erosion of Housing Wealth; Some Home Values Dip to 1989 Level

Assuming your house is paid for, the decline in the housing market does not affect your life. But for everyone else, taking stock of your home's lower valuation tends to bring a change in lifestyle.

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Bloomberg reports: Home prices in 20 U.S. metropolitan areas fell at a faster pace in May, and consumer confidence stayed near a 16-year low this month, posing a threat to household spending.

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WASHINGTON - Congress passed the most significant housing legislation in decades Saturday, offering help to struggling homeowners and seeking to stabilize a troubled housing market that has dragged down the economy.

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A man upset about a property transaction fatally shot a real estate agent in the head during a meeting Tuesday morning in the victim's office, authorities said.

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Real Recession and Statistical Recession

Recent reports of significant declines in auto sales and home sales gave further evidence of an economy in serious trouble.

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The No. 2 market for appreciation was 80212 in northwest Denver, which showed an 18.5 percent rise. It includes neighborhoods such as Sloan's Lake, West Highland and Berkeley.

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The rapid decline in housing prices is distorting the normal workings of the American labor market. Mobility opens up job opportunities, allowing workers to go where they are most needed.

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Okay, let's dig in. The third paragraph is the first place that really caught my eye.

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Today's Seattle Times leads off with a shocking -- and implausible -- article about a study purporting to show that land-use regulations have added $200,000 to Seattle's housing prices.

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ZipRealty, a San Francisco-based real estate tracking firm that aggregates multiple listing service data, provided us with the number of homes on the market that have been relisted below their initial asking prices.

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Signposts to economic recovery, or at least that the slowdown is bottoming. Business Week expects housing prices to dip some more.

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For months, the American economy has been assailed by a wave of troubling news, from plunging housing prices to the soaring cost of oil, provoking gloomy talk of a possible recession. Yet so far the economy has found a way to shrug it all off and keep growing.

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With fewer buyers and a bulging supply of newly built houses, residential sale prices fell nationwide in October for the 10th consecutive month, posting the biggest monthly decline since these numbers were first compiled in 1988, according to the Standard & Poor's/Case-Shiller ho …

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Until yesterday's rally on Wall Street, the news on the business pages has sounded pretty grim lately. Stocks are still down 6 percent from their peak this year, and oil is near a record high. The dollar, incredibly, is worth only 96 Canadian cents.

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