Tag Archives: geithner

This old-new house

While not everyone has $15 million lying around to snag Frank Lloyd Wright’s recently available Ennis House in Los Angeles, the housing market may be looking up, at least according to the latest figures, which show new home sales up 11% in June.

Patchwork Nation reminds readers to keep the national numbers in perspective.

“Housing markets are very localized,” Patchwork Nation’s Dante Chinni writes. “National numbers are interesting (maybe even promising) but may have little to do with the reality in your community.”

In the ‘monied burbs’ foreclosures were up in June, compared with May, Chinni explains.

“In a lot of ways, that’s the better measure because it gives an understanding for what the average ‘Monied ’Burb’ experienced. More of those communities were experiencing rising foreclosures. In fact, you could argue foreclosures are spreading.”

A Wall Street journal blog post today reiterates that national numbers might not tell the whole story.

“In Seattle sales of existing homes rose by nearly 8% from a year ago, to around 2,800, marking the highest level in nearly two years and the first year-over-year increase since the housing downturn began. However, banks foreclosed on 863 homes and condos in June, the highest month since the bubble burst and a 37% increase from May.”

Foreclosures are still the name of the game in places like St. Louis, where KETC’s Facing the Mortgage Crisis reported on crime waves and how to stay safe when houses around yours are being abandoned.

On a lighter note, but just as jarring, The Daily Show found that even Treasury Secretary Timothy Geithner is feeling the housing crunch. And that can’t mean the housing numbers are all good news.