Market Trends and Condition

Since the Mortgage Crisis began, this is the third Mortgage Insurance company to cease doing business. In the future, Conventional financing is going to be even more difficult with less than 20% down payment.

Foreclosure filings, defined as a default notice, auction sale notice, or bank repossession show a 4 percent decrease in July from June, and a 35 percent decrease from the same period a year ago, according to RealtyTrac's July 2011 Foreclosure Market Report.

One in every 611 U.S. housing units, had a foreclosure filing during the month of July, RealtyTrac said.

To view the slideshow and see the top ten states, view the entire story here:

http://www.cnbc.com/id/29655038

Morgan Stanley slashed its global growth forecast for 2011 and 2012, saying the U.S. and the euro zone were "dangerously close to a recession," and criticized policymakers in Washington and Europe for not acting more decisively to contain the sovereign debt crisis.

Read the whole story here:

http://www.msnbc.msn.com/id/44187526/ns/business/

Average rate on 30-year-fixed loan is 4.15 percent, but many can't take advantage.

Read the whole story here:

http://www.msnbc.msn.com/id/38770102/ns/business-real_estate/

Existing-home sales fell in July from already-low levels as the housing market showed no signs of emerging from its long slump.

Total existing-home sales fell 3.5 percent to a seasonally adjusted annual rate of 4.67 million in July from 4.84 million in June, the National Association of Realtors said Thursday. The median price for homes sold in July was $174,000, down 4.4 percent from a year earlier.

The rate was well below the consensus estimate of 4.9 million.

You can read the whole story here:

http://www.msnbc.msn.com/id/44188398/ns/business-real_estate/

A person that I correspond with, Steve Hoffacker, published this interesting tidbit about my favorite state. If it becomes law, what do you think the chances are of any bank writing new mortgages in CA?

Voters in California are trying to collect enough signatures to get a measure on next year's ballot that would make foreclosures a thing of the past. While the language of the measure doesn't specifically mention foreclosures, it also does not provide any rememdy for a lien holder. Essentially all the rights are vested in the homeowner.

The percentage of people who own a home dropped to 65.9 percent during the second quarter — the lowest since the first quarter of 1998. That was down from a peak of 69.2 percent reached in late 2004, according to the U.S. Census Bureau, when lax lending standards were fueling home sales.

The change appears to be gaining momentum.

Read the whole story here:

http://www.msnbc.msn.com/id/44164691/ns/business-personal_finance/

Phoenix and Atlanta Will Be Best New-Home Markets in U.S., Barclays Says

By John Gittelsohn - Aug 12, 2011

Phoenix, where foreclosures have surged and prices plummeted since the U.S. housing bubble burst, and Atlanta are the best potential markets for the sale of newly built homes, Barclays Capital said in a report today.

Atlanta has the potential for 47,317 new houses a year, followed by Phoenix with 46,485 and Dallas with 33,997, Jeff Meli, Vincent Foley, Cedric Morris and Robert Tayon, analysts with Barclays, wrote in the study. Phoenix leads 16 metro areas examined for potential revenue with $4.45 billion in new home sales. It's followed by Washington with $3.94 billion and San Diego with $3.31 billion.

read more here from CNNMoney

http://cnnmoney.mobi/primary/_FMZ53u-i52kfFUHBY

According to CNN Money here we go again,and no recovery in sight...read more here

http://money.cnn.com/2011/08/09/real_estate/home_price_recovery/