3 reasons why California housing is about to go bust

Here's where expert economists think housing is going

Where will we be in 2019?

Washington is protecting buyers right out of homeownership

BPC Housing Commissioner: Give borrowers a chance to fail
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Investments

Initial jobless claims beat expectations, down to 280K

Weekly claims lowest since 2000
Trey Garrison
Initial jobless claims dropped to 280,000 for the week ending Sept. 13, dramatically better than expectations of 305,000, the lowest since 2000.
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Housing starts nosedive 14.4% in August

Below analyst expectations despite coming off a heated July
Trey Garrison
After a hot July print, housing starts were expected to slow a bit, but nothing like this.
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American mobility at historic low and not changing soon

People are staying in place longer and fewer are moving
Trey Garrison
The U.S. Census Bureau’s current population survey released on Tuesday shows that mobility is flat — at the same low level of 11.7% as the year before.
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FOMC: Tapering quickly coming to a close

Tapers another $10 billion
Brena Swanson
Tapering is likely to end at the next Federal Open Market Committee meeting, according the latest September minutes. In the latest meeting, the committee decided to taper another $10 billion.
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3 reasons why California housing is about to go bust

The money is drying up
California is perhaps one of the most important states in mortgage finance. So much of the mortgage finance world is based in California and, like Texas, the industry is a huge source of employment for workers of varying levels of education. But, trouble could be brewing.
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NAHB: Homebuilder confidence hits 9-year high

Builders optimistic even with mortgage apps at 14-year low
Trey Garrison
Mortgage applications and home sales figures aren't deterring homebuilders, who think they have some solid reasons to be confident in the market going forward — as confident as they were in 2005, no less.
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Mortgages don’t to make it on BofA’s priority list

New strategy pulls back from mortgages
Brena Swanson
With the majority of Bank of America’s lawsuits behind it, the Charlotte-based bank is refocusing its efforts and choosing to pull back from mortgages.
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New HUD Secretary outlines his vision for last years of Obama Administration

Focus ranges from accountability and transparency to progressive projects
Trey Garrison
The new Housing And Urban Development Secretary sees HUD as a department of opportunity, not just a department of housing.
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Treasury doesn’t want former Fannie CFO in GSE investor lawsuit

Claims despite his expertise Howard would be biased
Trey Garrison
A week ago HousingWire first reported that former Fannie Mae CFO J. Tim Howard was hired by Fairholme Funds in their lawsuit against the U.S. Treasury, and now the government is arguing against allowing Howard access to 800,000 pages of discovery documents.
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$478 million in subprime-boom bonds to hit market

Part of $727 million package scheduled to trade Tuesday
Ben Lane
Now, $477.8 million more in subprime debt is available, and at least two of the biggest names in subprime are represented. According to Interactive Data, bonds from both Countrywide and Bear Stearns are part of this package.
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