Weekly Real Estate Footnotes

This is where I keep all previous footnotes. They're like snapshots in a time-line that will enable us to all look at the progression of the market in...well - footnotes. It will also allow us to review who said what, when they said it and if it was accurate or not.

Weekly Real Estate Footnote: February 1, 2008 Fannie CEO Daniel Mudd forecast "a very tough 2008" and said he expects the housing slump to continue into 2009. "The correction will begin to turn into recovery in late '09, when we start to see credit clear and liquidity restored."

Weekly Real Estate Footnote: February 15, 2008 According to Mark Smith, spokesperson for Suffolk County Executive Steve Levy, the county could expect to see an increase in foreclosures. "We haven't seen the effects yet, but we will probably see an increase in the county within the next few years." Smith reported that the county has seen an estimated $30 million increase in the non-collection of taxes over the last two years. Suffolk Life Aiding First-Time Homebuyers

Weekly Real Estate Footnote: February 22, 2008 "Clearly, housing continues to underperform. But as long as demand keeps growing, it's just a matter of time before the housing market turns around and becomes an engine for, rather than a drag on, the economy." Lawrence Yun, Chief Economist of the National Association of Realtors(R).

Weekly Real Estate Footnote: March 9, 2008 Federal Reserve Chairman Ben Bernanke told lawmakers Tuesday he expects the downtrodden U.S. housing sector to improve by the end of the year, a senator who participated in the closed-door meeting said. “He let us believe that the housing situation should begin to ameliorate by the end of the year,” said Sen. Pete Domenici, a New Mexico Republican. Source: Reuters (2/12/08)

Weekly Real Estate Footnote: March 25, 2008 “We are in an historic housing bust right now,” says creator of the S&P/Case-Shiller Home Price Index Robert J. Shiller, the chief economist at MacroMarkets and a professor at Yale. Source: Reuters, Al Yoon

Weekly Real Estate Footnote: April 2, 2008 "If you have to sell, cut your prices aggressively now." Source: BusinessWeek

Weekly Real Estate Footnote: April 15, 2008 "As a result, the only way for some borrowers -- especially those with marginal credit and little money for a down payment -- to get a mortgage to get a mortgage at a relatively low rate is to apply for an FHA-backed mortgage." Wall Street Journal

Weekly Real Estate Footnote: April 30, 2008 "Housing valuations are almost back to long-term norms. Current affordability is the best in the past four years.” - Richard DeKaser, National City's chief economist CNNMoney.com

Weekly Real Estate Footnote: May 8, 2008 "Even though every nook and cranny of the housing market is draped in doom and gloom, it may be a good time for potential buyers to take a contrarian look." Suze Orman, Host of The Suze Orman Show on CNBC

Weekly Real Estate Footnote: May 16, 2008 Since April 2007, the median home price in Suffolk County has fallen approximately 13 percent to $362,000 and 10 percent in Nassau County falling to $440,000. Source: Multiple Listing Service Of Long Island.

Weekly Real Estate Footnote: June 1, 2008 "Our panel anticipates an improvement in credit markets and a bottoming out in housing this year." Ellen Hughes-Cromwick, President National Association for Business Ecomonics

Weekly Real Estate Footnote: June 10, 2008 “Waiting for the absolute bottom to hit before buying puts you at risk of missing it and getting caught up in a market on the upswing. Plus, for some first-time home buyers, owning simply makes better economic sense than renting.” Medlinda Fulmer, MSN Real Estate

Weekly Real Estate Footnote: July 1, 2008 “We are having some liquidation now, it will accelerate, but it will not be until early 2009 that we will get close to having eliminated most of the excess home inventory.” Alan Greenspan at Deutsche Bank Conference in Singapore

Weekly Real Estate Footnote: July 14, 2008 “Home prices may fall 25 percent to 30 percent from their peak in 2006 and not hit bottom until 2010, with greater drops still in subprime mortgage debt markets.” Peter Acciavatti, credit analyst and managing director at JP Morgan Securities Inc

Weekly Real Estate Footnote: July 31, 2008 “We are at the beginning of the end of the downturn. It will be a long painful ending, but this is the first step in bringing the downturn to a close.” Mark Zandi, chief economist at Moody's Economy.com

Weekly Real Estate Footnote: August 14, 2008 “Home prices may fall 25 percent to 30 percent from their peak in 2006 and not hit bottom until 2010, with greater drops still in subprime mortgage debt markets.” Peter Acciavatti, credit analyst and managing director at JP Morgan Securities Inc Reuters 6/08

Weekly Real Estate Footnote: September 1, 2008 “Existing home sales have likely stabilized.” Michelle Meyer, an economist at Lehman Brothers Bloomberg 8/08

Weekly Real Estate Footnote: September 5, 2008 “The biggest declines, they’re all behind us now.” Nigel Gault, chief domestic economist at Global Insight, a research firm Bloomberg 8/08

Weekly Real Estate Footnote: October 31, 2008 "Fitch Ratings believes that most of the additional 10% decline, which will bring prices back to levels seen in 2003, will occur over the next eighteen months, with prices exhibiting more stability in 2010.” Fitch Ratings 10/20/08

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