recession - Articles

Home Values in Big Cities Took Biggest Hit in Recession, Study Says

The Associated Press By Christine DiGangi Median home values took a hit across the U.S. following the recession, particularly in the most populated areas of the country. In fact, only 4 of the 50 least populous counties saw significant slides in median home values in the years following the recession, compared to 43... Continue Reading »

Fed Sticks to Stimulus, Worried About Growth Soft Spots

Charles Dharapak/APFederal Reserve Chairman Ben Bernanke By Pedro da Costa and Alister Bull WASHINGTON -- The U.S. Federal Reserve said Wednesday that it would continue buying bonds at an $85 billion monthly pace for now, expressing concerns that a sharp rise in borrowing costs in recent months could weigh on the... Continue Reading »

Why Real Estate Investors Have the Edge in Housing Market

#fivemin-widget-blogsmith-image-862236{display:none;} .cke_show_borders #fivemin-widget-blogsmith-image-862236, #postcontentcontainer #fivemin-widget-blogsmith-image-862236{width:570px;height:411px;display:block;} Prospective homebuyers are entering some markets today to find it rife with competition and the pickings... Continue Reading »

Slowest-Growing Cities in the Past 20 Years

By Joshua Berlinger Some cities still haven't recovered from the 2008 economic meltdown. And others have been suffering for decades. New data in Brookings' 2012 Global MetroMonitor allows us to rank 300 major metro areas by change in GDP per capita and employment from 1993 to 2012. The best cities for economic growth... Continue Reading »

Home Asking Prices Log Biggest Year-Over-Year Jump Since Recession

By Jed Kolko In August, home asking prices rose 2.3 percent year over year, the largest annual jump reported yet by online listing service Trulia's Price Monitor and the largest year-over-year increase since before the recession. Excluding foreclosures, asking prices rose nationally 3.8 percent year over year. The... Continue Reading »

A Tale of Two Housing Markets

In America, it's starting to feel as if there are two housing markets. One for the rich and one for everyone else. Consider foreclosure-ravaged Detroit. In the historic Green Acres district, a haven for hipsters, a pristine, three-bedroom brick Tudor recently sold for $6,000 -- about what a buyer would have paid during... Continue Reading »

Viewpoint: Hey Mr. President, How About Housing?

President Obama devoted exactly 57 words to the housing crisis in his 34-minute speech about jobs. Yes, we understand that the speech was intended to be about jobs -- pass this bill -- and that the lack of jobs -- pass this bill -- has pushed Americans to the brink. Still, watching the president's speech were millions... Continue Reading »

One in Four Renters' Choice: Food or Shelter

The recession has forced many Americans to make some hard choices, but none as stark as this: food or shelter. One in every four families that rent their homes could have to choose between paying rent, buying groceries or staying current on bills, according to a report released Tuesday. Yepoka Yeebo at Huffington Post... Continue Reading »

Double-Dip Recession? 1-in-4 Chance for House Market

How do you like these odds? A new report from Moody's Economy.com predicts a one-in-four chance of the national housing market lapsing into a double-dip recession. The author of the report, economist Andrew Gledhill, identifies 22 cities that are most likely to take another nosedive. While the cities are spread across the... Continue Reading »

Colorado Luxury Home Sales Climb as Wealthy Bargain-Hunt

An uptick in sales of high-end mountain real estate in Colorado has prompted a critical question: Are the rich really returning to the real estate market and buying luxury homes? Or are they still hoarding their wealth after getting burned in the crash? Mixed signals about what the wealthy are doing with their money are... Continue Reading »

Meredith Whitney Predicts Double Dip in Housing Market: Is She Right?

Could a double dip in the housing market be on the way? That's what influential banking analyst Meredith Whitney told CNBC's Squawk Box yesterday. And while the news is not all gloom and doom, Whitney -- one of Wall Street's best-known bears -- sees what she calls some "scary" behaviors by consumers that will continue to... Continue Reading »

Low Mortgage Rates: Protection Against Double-Dip Recession?

An apple a day keeps the doctor away, while a low mortgage rate ... keeps recession at bay? That's the thinking at Morgan Stanley, where economists have published research arguing, among others things, that rock-bottom mortgage rates are helping the US economy avoid a double-dip recession. In the report, Richard Berner... Continue Reading »

Homebuilders Scale Down as Homebuyers Think Smaller

The recession has taken a bite out of the McMansion, and experts don't expect homeowners will be supersizing their homes again anytime soon. The U.S. Census Bureau released new figures, based on homes completed in 2009, which show that the average square footage of a new, single-family home completed in 2009 was 2,438;... Continue Reading »

Greenspan's 'No Housing Bubble' Prediction, 5 Years Later

This week marks the fifth anniversary of then-Federal Reserve Chairman Alan Greenspan's observation that there was no housing bubble to worry about: "Although a 'bubble' in home prices for the nation as a whole does not appear likely, there do appear to be, at a minimum, signs of froth in some local markets where home... Continue Reading »

Mortgage Rates Down? Greece, Portugal Might Explain Why

Interest rates dropped again last week as economists argued about the financial crisis in Europe and how bad it might get. As HousingWatch reported, Greece and Portugal's bad news could be the American homebuyers' gain. But how does such faraway news directly affect the U.S.? Average interest rates for 30-year,... Continue Reading »

Tahoe Ritz Carlton Checks Out, Defaults

As the first step towards possible foreclosure, the new Ritz Carlton Hotel in Lake Tahoe has gone into default. This is not so much a reflection on the Ritz Carlton, but on what's going on in the entire Tahoe region. The luxury hotel opened in December and charges anywhere from $249 to $4,000 a night--perhaps a bit steep... Continue Reading »

The Recession's Most Ridiculous Luxuries

We all have too much stuff we don't need and never use because as modern day consumers in a land of abundance we're programmed to swipe the card and think (and pay) later. So as the Great Recession and real estate market slump sap our buying power, and we all take stock of what's really important in our lives, let's take a... Continue Reading »

Years Into Downturn, Homeowners Accept Declining Value

Homeowners are often a sunny (we won't say "irrational") lot that tend to believe their homes are more valuable than they really are. Year after year, in survey after survey, they make it clear that they regard a two-room shack as a Swiss chalet, their mini-McMansion a bottomless piggy bank, and their remodeling spend as... Continue Reading »

The Incredible Shrinking Home: The Trend is Small

The Great Recession continues to sap so much of what we Americans hold dear -- our jobs, homes, retirement savings, and optimism. Now comes another low blow: if you do manage to buy a home nowadays, it's likely to be smaller than your neighbor's. Homes being built now are actually shrinking in size, suggesting that the... Continue Reading »

Commercial Real Estate Still a Drag on Economy

The second, third, or maybe Nth shoe to fall in the ongoing real estate crisis is commercial real estate -- offices, factories and to a certain extent rental apartments -- which tend to trail the owner-occupied housing market as leases end, jobs are lost, and businesses close (or recover). Alas, commercial real estate... Continue Reading »

A Recession Guide to Holiday Tipping

In 21st-century New York, you can ask someone if she's having a threesome or using Botox, but it feels oddly off-limits to inquire about the dollar amounts being given to the super. One brave neighbor in my building recently weighed in on the subject, offering a view I used to subscribe to for several years: Take the... Continue Reading »

Are You a Single or a Double Dipper?

Walking down Fifth Avenue recently, I couldn't help but be struck by the number of empty storefronts, particularly at this time of year. So much for those green shoots. Talk of an economic double dip is rising, as typically happens at the tail end of every recession. What backs up the argument for a double dip? Let's have... Continue Reading »

A Bad Deal for Bachelors?

The New York Times recently wrote of the "decline and fall of the bachelor pad." Specifically, the article noted the economy's effect on single men, and their retreat from pimped-out residents due to a reported average of 7.4 percent unemployment in the 20 to 34-year-old age range. (Goodbye, flush, flash days of the... Continue Reading »

Errbody on the Block Gettin' Thrifty

You now have more competition for that vintage sofa you've been eying at Goodwill. According to Brandweek, a recent study revealed the recession's causing a rise in popularity of second-hand goods. Sixty-seven percent of the National Association of Resale & Thrift Shops' members polled said their sales increased an... Continue Reading »

Borrowing: The New Buying

Whose got room for six extra folding chairs, a ladder or a full set of tools? If you're a renter, probably not you. But every now and then you've got to hang a picture or have 12 friends over for dinner. Now, instead of heading to Target or Idea and adding to your clutter, a few new sites are leading a recession-friendly... Continue Reading »

Roommate Listings Nearly Double in Downturn

Whether you are a retiree with a cracked nest egg or an upside-down homeowner with a room to spare, many people are looking to a roommate situation to either supplement their income or to find a cheaper living arrangement of their own. According to a Craigslist spokesperson, roommate listings are up 160 percent over the... Continue Reading »

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