Matt Gerchow's Blog – January 2011 Archive (3)

Finally a little bit of good news in the housing sector.  Bloomberg is posting that closings on "existing homes" (leaves out new construction) are up 12 percent.  That is higher than expected.  Get the full scoop here.

http://www.bloomberg.com/news/2011-01-20/existing-u-s-home-sales-jump-to-seven-month-high-as-buyers-lock-in-rates.html

From sources deep inside Fannie Mae, it appears that there are internal investigations going on regarding the signing of documents, without home-owers awareness. While investigations continue, MarketWatch has released the following.

WASHINGTON (MarketWatch) — The White House is unsure about how to go about reforming troubled housing giants Fannie Mae and Freddie Mac and a soon-to-be-released Obama administration report will reflect that uncertainty, regulatory observers were…

Seems after everything is said and done, there are more homes available than there are qualified buyers.

That makes sense, considering the banks were giving $400k loans to supermarket workers just 4 years ago.

I have seen people that are admin assistants buy $600k homes... all in order to keep up with the Jone'ses.

Here is a link to the detailed list of states that are running out of buyers. …