More solid information on the housing market from Michael David White ... and it's not good news. After all the price incentives, initial foreclosures, government guarantees, low % refis, HAMP modifications, etc. the supply of existing homes for sale is now larger than it was at the height of the market collapse.
While prices for residential real estate have been flat since August 2009 (they've fallen 34% from their peak in summer 2006), the number of foreclosures in progress are at a record level. About 14% of all mortgages are delinquent, which represents about 7.7 million borrowers (or one in seven mortgages).
As Michael David White points out, the key here is that no one's been talking about any of these trends at a level that they deserve ... which helps to illustrate the absurdity of spending media time focusing on Terror Babies, the pointless "mosque" fear-mongering, and Glenn Beck's tribute to himself this afternoon in front of the Lincoln Memorial. This probably explains why nothing's really being done to help the American mortgage holder. No one sees the mess, so the banks get to drive the process.
Check out White's review of our housing mess here. It's a good one.
Addendum: For a solid and concise review of our impending housing market collapse, check this link out. It has the 15 signs that our housing market is in trouble (and, FYI, it has some of the same graphs from Michael David White that I've linked to here in the past).