The collapse in U.S. home prices over the next few years could be the worst since the Great Depression, with trillions of dollars in home equity evaporating, according to Robert Shiller, a Yale economist who helped create a much-watched home price index.In testimony before the House/Senate Joint Economic Committee, Mr. Shiller said the nation's housing stock is valued at $28 trillion. He estimated that values have already fallen 6.5% from their peak and stand to lose another 7%-13% by next summer. "This amounts to a real loss of home value on the order of trillions of dollars by August 2008," he said, adding that "home price recessions tend to last years." Mr. Shiller, co-founder of MacroMarkets LLC, helped develop the Case-Shiller Home Price Index.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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