The May issue of Realtor magazine is out. It includes an "economic report" by the National Association of Realtor’s chief economist, David Lereah. I thought I would share just a bit of his "Subprime Reckoning" article:
Now, about one in eight adjustable-rate loans (a quarter of which are subprime) totaling some $325 billion are [...]
If you were looking for good news out of the residential construction world, today is the day to go out and play golf. Quarterly results for some of the major homebuilders were released today and they were down right ugly. Take a look:
Beazer: Net loss for the three months ended March 31 was $43.1 million, [...]
Bank of America is purchasing Seattle Mortgage Co. from Seattle Financial Group for an undisclosed amount. Seattle Mortgage had been doing business as Reverse Mortgage of America since 1995 having written over 40,000 reverse mortgages and over 4 billion in outstanding balances.
Is this another example of the big boys moving in during a slowdown, [...]