Note that the slight decline in homeowners with negative equity was mostly due to foreclosures. First American CoreLogic released the Q2 2010 negative equity report today. CoreLogic reports that 11 million, or 23 percent, of all residential properties with mortgages were in negative equity at the end of the second…

Here is some data from a recent congressional briefing by Mark Zandi, Chief Economist of Moody’s Economy.com, and Yale Professor Robert Shiller. I believe all of this negative equity data was presented by Zandi. A few key points, as of Q1 2010: There is almost $2.4 trillion mortgage debt for…

This is one of several industry specific indexes I track each month. Click on graph for larger image in new window. Same store sales and customer traffic both declined in June (on a year-over-year basis). This is the third consecutive month of declines. Unfortunately the data for this index only…

Note: this is an unofficial list of Problem Banks compiled only from public sources. Here is the unofficial problem bank list for July 30, 2010. Changes and comments from surferdude808: FDIC actions this week led to many changes in the Unofficial Problem Bank List as they closed five institutions and…

First American CoreLogic released the Q1 2010 negative equity report today. CoreLogic reported today that more than 11.2 million, or 24 percent, of all residential properties with mortgages, were in negative equity at the end of the f irst quarter of 2010, down slightly from 11.3 million and 24 percent…

For a EU / ECB summary, please see previous post: Euro Summary From Fannie Mae: Fannie Mae (FNM/NYSE) reported a net loss of $11.5 billion in the first quarter of 2010, compared with a net loss of $15.2 billion in the fourth quarter of 2009. Including $1.5 billion of dividends…

A couple of quotes from an article by James Hagerty in the WSJ: Is Slashing Mortgage Principal the Answer? … Assistant Treasury Secretary Michael Barr … suggested that there would be a risk that such a [principal] program would change a lot of borrowers’ behavior. “Most people, most of the…

Note: See earlier post for a weekly summary and a look ahead . From Eric Dash at the NY Times: Wall St. Weighs a Constitutional Challenge to a Proposed Tax In an e-mail message sent last week to the heads of Wall Street legal departments, executives of the lobbying group,…

I’ve excerpted below from a paper by New York Fed Researchers Andrew Haughwout, Ebiere Okah, and Joseph Tracy: Second Chances: Subprime Mortgage Modification and Re-Default Although the paper uses subprime data, the general results are applicable to all mortgages. The researchers point out that principal reductions lead to much lower…

From David Streitfeld in the NY Times: Rates Are Low, but Banks Balk at Refinancing (ht Dave) First some history on mortgage rates: It is highly unusual for mortgage money to be available below 5 percent. Average rates fell as low as 4.7 percent in the 1940s, as the government…