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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Smiling Bob who wrote (179898)	1/27/2009 10:17:24 AM
From: Jim McMannis	Respond to of 306849

Fannie Mae Could Need $16 Billion From Government (you the taxpayer) Mortgage finance company Fannie Mae says it's likely to need up to $16 billion from the government as conditions in the U.S. housing market continue to deteriorate. cnbc.com Fannie Mae's need for $11 billion to $16 billion in taxpayer aid comes after sibling company Freddie Mac disclosed last week that it's likely to need as much as $35 billion in federal support on top of the $13.8 billion it received last year. Fannie, which has yet to receive any government aid, is still preparing its fourth-quarter financial statements and says the actual amount needed "may differ materially from this estimate." Fannie and Freddie were seized by federal regulators last fall. An agreement with the Treasury Department allows the government to invest up to $100 billion in each company.

To: Smiling Bob who wrote (179898)	1/27/2009 10:37:32 AM
From: Jim McMannis	Respond to of 306849

House Prices Dropped in 70% of U.S. States in 2008, Report Says Message 25357453 Jan. 26 (Bloomberg) -- Home prices fell in 34 U.S. states in 2008 as it became harder to get a mortgage and foreclosures hammered property values, First American CoreLogic said. Prices for single-family detached houses fell a record 10.6 percent nationally, the biggest annual decline in data that goes back to 1976, Santa Ana, California-based First American said today in its year-end report. ``The geographic breadth of the decline expanded in 2008,'' Mark Fleming, First American's chief economist, said in an interview. Even markets with few foreclosures ``are being drawn in by fundamental economic conditions.'' The U.S. economy is ``deteriorating rapidly'' after 2.6 million job losses in 2008, Christina Romer, President Barack Obama's pick to head the Council of Economic Advisors, said Jan. 15. First American, which sells mortgage data, reported defaults or foreclosures on 3.4 million properties in 2008, up 76 percent from 2007. U.S. home prices have dropped 18.5 percent from their peak in July 2006 and are now at May 2004 levels, First American said. California led last year's decline with a 27 percent drop, followed by Nevada at 23 percent, Arizona at 19 percent and Florida at 18 percent, First American said. Prices tumbled 14 percent in Rhode Island, 10 percent in Minnesota, 9 percent in Wyoming, New Hampshire and Maryland and 8 percent in New York. West Virginia Climbs Declines of 3 percent or more occurred in 24 states and the District of Columbia, according to First American. ``The magnitude of the declines is similar to what we experienced previously'' in regional recessions that hit Southern California and greater Boston in the early 1990s and eastern Texas and Oklahoma in the early 1980s, Fleming said. Before last year, the only annual price drop for U.S. houses in the last three decades was 2.9 percent in 2007, according to First American's data. Prices rose 4.2 percent last year in West Virginia and 3.6 percent in Texas and South Dakota. Montana prices rose 2.6 percent, Mississippi saw a 1.7 percent increase, Utah a 1.5 percent gain and New Mexico a rise of 1.3 percent, according to First American. To contact the reporter on this story: Dan Levy in San Francisco at dlevy13@bloomberg.net Last Updated: January 26, 2009 12:01 EST