Posts Tagged ‘housing crisis’

U.S. New Home Sales Collapse in May

June 24th, 2010 Comments off

The U.S. Census Bureau has released the new home sales figures for May, and to say they were dismal would be an extreme understatement. May is the first month reflecting new home sales since the expiration of the Obama administration’s tax credit for first time home buyers, so a decline was expected by economists. However, what was not expected was the collapse of the new home housing market in the United States, which is what the data just released indicated.

In May new home sales in the U.S.A. declined by 32.7 %, which reflects a seasonally adjusted rate of 300,000 home sale per year, a level not witnessed in America since the 1960s. Add in the also dismal used home sales in the U.S. and there you have Fed Chairman Bernanke’s  “green shoots” of economic recovery from the global economic and financial crisis.

Double dip recession, anybody?

More Americans Fall Behind On Mortgage Payments

December 2nd, 2008 Comments off

In a sign that the mortgage crisis in the United States is getting worse, it is being reported that defaults on privately insured mortgages rose by a staggering 35 percent in October, topping 80,000 for the first time. This is a clear sign that more homeowners are falling behind on their house payments as the American economy continues to deteriorate.

The distressing statistics were released by the Mortgage Insurance Companies of America. The figures indicated that 80,071 insured borrowers were at least 60 days late on payments, up from 59,308 a year earlier, and surpassed the previous record of 76,776 set in September. The numbers present a stark picture as the initial troubles with U.S. mortgage payment precipitated what is now a severe global economic crisis.