REwired

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Open commentary on everything impacting the U.S. housing economy. The opinions expressed here represent the author's alone.

Fires! Foreclosures! Court battles!

Earlier today we published a contributed piece from an attorney on the front lines of the foreclosure mess -- and he wrote about a Tennessee Supreme Court case pitting an insurer against a lender. The reason? The insured property went into foreclosure, and then burned to the ground. When the lender went back to the insurer for restitution, the insurer balked and said the lender had a duty to disclose the foreclosure to it.
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And the clue is A LOT

How about "what is the size of price declines from the top so far?" We obtained a report from Tradition Financial Services, Inc. that definitely deserves some attention. The firm located high points in each major market and then calculated just how far prices have fallen since then.
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We got some positive ink from Fortune, and we're sharing

Housing Wire was named to a list of five "Must-reads in a Web 2.0 world" by Fortune today, along with our favorite blog ever, DealBreaker. We're just humbled to be in such rarified company -- and it's motivating to see that the idea here of creating a financial news outlet for the mortgage industry has really caught on. Did we mention that Google News has also picked us up this week?
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What do lawn care and the mortgage meltdown have in common?

We swear we thought we'd seen it all. Every possible tie into the mortgage meltdown -- lumber sales slowing, Home Depot and Lowe's seeing profits dip, paper sales off. You know, the standard items tied to housing. But now we've seen it all. Because we found Rescue Rick. Leave it to our chum RR to tie the mortgage mess to a need for better lawn safety. Yes, lawn safety. His bottom line: Think before you invest. It hurts. Think before you cut. It hurts.
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Say what? NAR's Yun Named Among 'Most Accurate' by USA Today

Perhaps proving that the USA Today isn't really so much a newspaper as it is light reading for those whose delicate minds can't process actual news -- we dare you to find a story anywhere in the paper longer than 1,000 words -- the chart-toting daily named National Association of Realtors chief economist Lawrence Yun to its list of top 10 most accurate forecasters.
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How Did HUD Pull Home Prices?

Inquiring minds want to know. In an upcoming story, we'll be looking at how the U.S. Department of Housing and Urban Development pulled its housing price values. Want to know why? Because we can't quite figure out why some areas in Idaho saw their lending limits raised, while a place like Las Vegas was passed over. There's also the itty-bitty problem of the new lending limits in the Golden State often not even being in the same ZIP code as the median prices published by the California Association of Realtors.
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