Housing Trends


Home Builder WCI Communities Files for Chapter 11


WCI Home Builders could not obtain the necessary funding to maitain a healthy cash flow.  With $2.18 billion in assets and $1.92 billion in debts WCI had to file for Chapter 11.   WCI Home builders focus on the luxary real estate market where most of its business is centered out of Florida (one the top states for declining real estate prices).   A week ago its stock went from 99c to 2c.  This is a far cry from the ~$20 it was trading for about a year ago.   This is yet another plea for help in our declining real estate market. 

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Could 500 Billion turn into a Trillion Dollars in Write Downs?


With all the financial turmoil our economy is facing right now it is no surprise that there has already been 500 billion dollars in losses and asset write downs by our financial institutions.  According to Money Morning, this is forecasted to continue with an expected total of 1 TRILLION dollars in write downs! With so many people waiting on the sidelines to buy, it is not a far stretched theory.  Some feel that there is hope with the new bill that the US House of Representatives just passed:

  • Allowing the government to insure up to $300 billion in refinanced mortgages.
    • This is a preview of Could 500 Billion turn into a Trillion Dollars in Write Downs?. Read the full post (196 words, estimated 47 secs reading time)

    Home prices fall in 100 major metro areas in first half


    Home prices fall in 100 major metro areas in the first half of 2008.

    Median national home prices down 7.7% in Q1 to $196,300.

    Biggest Losers:

    • Sacramento, CA down 29.2%
    • Riverside, CA down 27.7%
    • Lansing,MI down 26.9%

    Biggest Gainers:

    • Binghamton, NY up 11.8%
    • Peoria, IL up 10.4%
    • Spartanburg, SC up 10.1%

    See the full video from CNBC.

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