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coverage

Years of real-life, front-line experience, extensive on-the-ground research, and passion for real estate, mortgage & related sector data stockpiling & analytics make our housing, finance & credit sector insights, strategy and ideas almost always outside of the consensus box and months ahead of market moving events and headlines.  This has led to an extraordinarily large number of early and accurate predictions about the ‘great mortgage and housing meltdown’, the era following widely assumed to be a “recovery”, and company-specific events.

 

2016 Coverage Models

 

1) US Housing, Finance & Credit

  • Housing, finance, mortgage credit, mortgage credit indices, macro economic

2) Australia/New Zealand Macro Economy, Housing, Finance & Credit

David Llewellyn-Smith, lead analyst & strategist / Leith van Onselen, co-lead analyst & strategist

  • Macro economy, housing, finance, credit

3) Canada Macro Economy, Housing & Finance

Ben Rabidoux, lead analyst & strategist

  • Macro economy, housing, finance, credit

 

Client load is limited in order to ensure integrity and relevancy of themes and ideas.


6-27…Housing Bubble 2.0 in Pics

6-23…New Home Sales Perspective

6-21…Existing Sales

6-15…Animal Spirits / Late-Cycle Behavior (Home Builder Sentiment vs Sales vs ITB/XHB)

6-13…“SELLER’S MARKET”. Say What?

6-13…1% Down Mortgage’s Gaining Traction

6-11…Historical Housing UNAFFORDABILITY

6-2…WOW! BIG HOUSING/MORTGAGE NEWS

6-1…Home Builder Sent vs Sales vs ITB/XHB

5-30…Case-Shiller…IT’S DIFFERENT THIS TIME?

5-30…Home ATM Machine Has Been Operating at Full-Power

5-26…April Housing Recap- The Next Cycle Has Started

5-21…Housing Data on Tap

5-18…Pricing-Power Under Assault

5-17…“CAR-MAGEDDON”- UH-OH…Used Prices Didn’t Stabilize in April

5-17…“CAR-MAGEDDON”…Research, Data, Timing & Thoughtful Disagreement

5-15…HOME SALES UPSETS on Deck (Update 1) FW- 5-1 …House Sales Puked…Pig is…

5-9…“LACK OF SUPPLY” Narrative Tested

5-2…New Rental Trends Become Clear- Falling Sharply in Some Regions

5-1…House Sales Puked…Pig is Through the Python

4-27…Housing…OUCH! Offers Down 23%MM

4-21…Existing Home Sales FW- 4-20…“MARCH” WILD HOUSING DATA- One Beat, One Missg

4-20…CAD Mega-Housing Bubble Just Popped…

4-20…RENT-MAGEDDON…Rents Rise at Slowest Pace in Five Years / Bay Area Leading the Way Down

4-20…“MARCH” – WILD HOUSING DATA- One Beat, One Miss

4-14…Fed, Bonds, Housing Names FW- 3-28…Consumer Cooked / Housing & Related Names / Trump-Hope-Lift…

4-14…Car-Mageddon (Update 2) FW- 3-19…Auto-Mageddon (Udpate 1) RE- 3-17 AUTO SALES “HALT” From an…

4-12…Millennials & Housing…Not Much to See Here

4-11…House Prices Falling YY

4-11 …Bubble 2.0- VACATION HOME DEMAND PLUNGED 22%yy, 36% IN 2 YEARS

4-8…FW- 3-24…BUBBLE 2.0&NEVER MORE EXPENSIVE FOR END-USER&Good Luck This Spring

4-7…Amazing Cali Demand-Divergence & House-Price Compression FW- 4-3…March CA House Sales Results; Tech Trouble?

4-5…Year of the Haircut / “List-Price-Haircut Leapfrog”

4-4…So Flo-Mageddon

4-4…Housing Bubble 2.0 POPPING (Update 1) FW- 4-4…So Flo-Mageddon 2.0

4-3…March CA House Sales Results; Tech Trouble?

4-2…Luxury Apt Glut Misc

4-1…CRE- Edge on Risky Regionals & REITs

3-31…New, CRE Default & Loss Tracking Data Service (Update 2)…CRE, CMBX Default & Loss Tracking (Update 1) FW- 3-29…NEW, CRE &am; CMBX DEFAULT TRA

3-30…CRE, CMBX Default & Loss Tracking (Update 1) FW- 3-29…NEW, CRE & CMBX DEFAULT TRACKING Service / Prop CRE Loan Default Data Coming Soon

3-29…NEW, CMBX LOAN DEFAULT TRACKING Service / Prop CRE Loan Default Data Coming Soon

3-29…“Cash-Out”e Refi Alert…Important Indicator for 2017 Consumer Spend

3-28…Consumer Cooked / Housing & Related Names / Trump-Hope-Lift-Dump/FED DONE

3-24…BUBBLE 2.0…NEVER MORE EXPENSIVE FOR END-USER…Good Luck This Spring

3-23…MOST IMPORTANT Builder Chart FW- 3-23…New Home “Sales”; Be Careful Reading Headlines

3-23…New Home “Sales”; Be Careful Reading Headlines

3-22…Housing is a Retail Purchase

3-22…Existing Sales Summary- Weak Spring & Summer Shaping Up on Higher Rates

3-22…Builder, NEW HOME SALES Forecast for Tomorrow

3-22… Careful Trusting Housing Headlines RE- 3-22…Existing Sales Summary- Weak Spring & Summer Shaping Up on Higher Rates

3-21…The Week’s Housing Forecasts (Update 1) FW- 3-20…Existing Sales Miss for Wed, 10am EST

3-20…FLIPPING BACK TO 10-YEAR HIGH…Uh, But, “It’s Different this time”

3-19…Auto-Mageddon (Udpate 1) RE- 3-17 AUTO SALES “HALT”e- From an Insider

3-17…“Supply Shortage” is a Red-Herring- The Next “Foreclosure-Type” Cycle

3-17 AUTO SALES “HALT” From an Insider

3-16…Purchase Power SLAMMED Going Into Spring Busy Season

3-15…Mortgage Rates vs ITB & XHB- Lots of Downside vs Little Upside Based on Past Rate Surges

3-15…Builder Sentiment vs Builder Sales

3-14…Builder & Housing-Related Stocks

3-12…Treasury’s War on HIGHER-END REAL ESTATE will Continue/a>

3-10…Jobs, Wages- AVERAGE-JOE Housing Cycle Starts Now?

3-9…Seattle Rental Market Snafu

3-7…Builder & Related Housing Stocks

3-7…YEARS of Vacant Supply

3-2…Case Shiller Unpacked- DECELERATION

3-1…“Jan” Housing Data Wrap & Updated Outlook

2-27…Pendings MISS IS BIGGER Than Headlines Suggest

2-25…(Udpate 1) Builder New Home Sales Miss FW- 2-25…Weak New Home Sales (NAILED IT!) FW- 2-23…Existing Home Sales- Weakest Jan percent Gain in Years

2-25…Weak New Home Sales (NAILED IT!) FW- 2-23…Existing Home Sales- Weakest Jan percent Gain in Years

2-23…Existing Home Sales- Weakest Jan percent Gain in Years

2-21…The Weeks’ Housing Data Headline Forecasts (Update 1)

2-21…“Apartment-Mageddon”

2-20…Builders….Extremely “MISMATCHED MARKETS”

2-19…High-End OVER-VALUED BY A THIRD? (Update 1) FW- 2-18…Upper-Band Reacceleration Myth / “33% OVER-PRICED”

2-18…Upper-Band Reacceleration Myth / “33% OVER-PRICED”

2-10…“Mismatched Housing Market” / Faux HPI Gains

2-7…BUILDER SALES- Fall-Out Spike 1H’17

2-5…Builder Demand vs Prices

2-2…House Prices- Coast to Coast in Pictures

1-31…CASE SHILLER

1-30…Pendings- FAILED-PENDINGS SOARING

1-30…CASH-OUT REFI PLUNGE TO HIT CONSUMER SPEND

1-29…Miami/Dade Mess- Prices to be Rocked

1-28…PEAK Builder Prices (Update 1) FW- 1-27…PEAK Builder-Prices

1-27…PEAK Builder-Prices

1-26…WEAK WEEK for HOUSING…NAILED ‘EM! FW- 1-23…Existing &- New Home Sales Forecasts

1-23…REFI’S & Consumer Spend

1-23…Existing & New Home Sales Forecasts

1-23…Apartment CRASH- Conditions Back to 2009 Ugliness

1-20…Existing & New Home Sales Forecast

1-20…CASH-OUT REFI’S Plunging & Consumer Spend

1-19…Permits & Starts; Single-Fam Still Struggling

1-17… RATE-SURGE = Lower House Prices

1-14…Mortgage-Mageddon- PURCHASE APPS down sharply to start the year

1-10…Rents Down in Core Bay Area Markets

1-5…MORTGAGE-MAGEDDON (Update 1) FW- 1-3…2017 MORTGAGE-MAGEDDON Tape-Bombs

1-3…2017 MORTGAGE-MAGEDDON Tape-Bombs

12-29 … PENDINGS- “Housing Loves Surging Rates” Fable

12-23 …NEW HOME SALES; Uh-Oh…Pricing Power

12-20 …EXISTING HOME SALES Tomorrow

12-20 …RATE-SURGE CHANGES EVERYTHING for Home Buyers

12-19 …LEGACY MORTGAGE- Mod Recast Wave…Millions Impacted

12-16 …Starts & Permits; Midwest Builders Lovin’ It!

12-13 …HOUSE PRICE DECLINES (Update 1) RE- 12-12 … It’s On…Sharp YY Nov Price Declines in Cali Core Markets

12-12 …Sharp YY Nov Price Declines in Cali Core Markets

12-9 …2017 Deceleration Exaggerated

12-8 …WORST POSSBLE SET-UP FOR HOUSING in 1H’17 (UPDATE 4) 12-7 …WOW! HOUSING BLOW-OUT HEADLINE PORN! (UPDATE 2) FW- 12-7 … Housing Names/The Big Fade FW- 12-6 …ALERT- Dec Housing Data Could be Crazy

12-8 …CoreLogic Q3 Report- 20.9% Homeowners Effectively Underwater

12-7 … WOW! HOUSING BLOW-OUT HEADLINE PORN! (UPDATE 2) FW- 12-7 … Housing Names/The Big Fade/Jan 2016 Redux FW- 12-6 …ALERT- Dec Housing Data Could be Crazy

12-7 …Housing Names/The Big Fade/Jan 2016 Redux FW- 12-6 …ALERT- Dec Housing Data Could be Crazy

12-6 …ALERT- Dec Housing Data Could be Crazy

12-5 …Purchase & Refi Troubles

12-1 …Pending Sales- Demand Overdue for Meaningful Down-Cycle

12-1 …Rate-Surge…2013/14 Redux? Or Worse

11-30 …Housing Stocks Whistling Past the Mortgage-Seizure Graveyard

11-29 …Sharp House-Price Haircuts are Happening…

11-29 …Case Shiller’s Best Bubbles

11-28 ….House Purchase-Power Slammed (Going into Slow Season and then All-Important Spring)

11-25 …Massive Loss of Buying Power/HOUSES HAVE NEVER BEEN MORE EXPENSIVE

11-23 … (Update 1) Builder Pricing Power FW- 11-23 …New Home Sales; DECELERATION (Demand & Pricing Power) Continues

11-23 …New Home Sales; DECELERATION (Demand & Pricing Power) Continues

11-22 …Existing Sales Reality

11-21 …San Fran Bay Area…Bubbles & Busts; How Large Will This Bust Be?

11-19…Student Loan. Massive Defaults

11-18 …Housing Data Forecasts for Next Week- Look-Out for 2017

11-17…Oct Permits / Starts- A Fade

11-16…Miami 2.0; Gettin’ Real; And coming to a Core Market Near You

11-14…Rate Surge = Nothing Good for housing and related sectors

11-13…MIAMI-PANIC…40% CRASH COMING?

11-12…Condo-partment “BOOM!” or “KA-BOOM!”

11-12…Builder / Resale Fall-Out Spike

11-11…BUILDER PAST SALES FALL-OUT SPIKE on Tap

11-10…Trump’s Housing Market (Update 1)

11-2…Sharp House Price Cuts Make Mainstream Media

11-1…(Update 1) LOW, HD, RLGY

10-27…New Home “Sales”; Big Downward Revisions to “Paper House” Faux Sales

10-26…MBA Purch & Refi’s Dump / New Home Sales

10-20…Apartment Market Puke Accelerates

10-19… LOW, HD, RLGY

10-14…Higher End House Collapse; Assume the Position!

10-11 …So Beach Prices Finally Succumb; Down 37%yy

10-4 …Bloomberg- Manhattan Apt Sales “Plunge”, Supply Surges

10-3 …UNCLE!!! (2017 VERSION!) FW- 10-29 …UNCLE, UNCLE!!! I coulda bought a condo, 2 cars, remodeled my kitchen, or spent $50k more on a new primary residence!

9-28 …Model X

9-27 …(Update 1) Aug New Home “Sales”; Driven by “Paper Houses” FW- 9-26 …New Home Sales; More Sales at Lower Prices

9-26 …New Home Sales; More Sales at Lower Prices

9-22 …Existing Sales Miss FW- 9-19 …Existing, New & Pendings Forecasts; Mixed, Volatile, Actionable

9-21 …Purchase Apps Update FW- 9-1 …Purchase Apps Decel Sharply in Aug; Point to Weak Back Half vs Forecasts of Accelerationn

9-20 …Builder “Sales” Conundrum

9-19 …Homebuilder Hopium, Bad Math, etc.

9-19 …Existing, New & Pendings Forecasts; Mixed, Volatile, Actionable

9-12 …Nose-Dive…CA Mid-to-High End House Prices

9-1….Purchase Apps Decel Sharply in Aug; Point to Weak Back Half vs Forecasts of Acceleration

9-1…Construction Spend Decel…FOUR MONTHS Makes a Good Start to a New Trend

9-1… Another Sign Manhattan Real Estate Is Feeling the Pain

8-31…Pendings Trend-Change

8-28&jellip;Higher-End Housing Nosedive, Coast-to-Coast

8-26…Miami-Dade Housing Dump Gone Mainstream

8-24…Existing Home Sales Plunge 12%mm & 7%yy FW- 8-23…New Home Sales (Update 2)…the Fade in Pictures

8-23…New Home Sales – A Great Headline to Fade FW- 8-22…Housing Data Forecast Update FW- 8-22…This Week’s Top-Tier Housing Data

8-23…New Home Sales (Update 2)…the Fade in Pictures FW- 8-23…New Home Sales (Update 1) FW- 8-23…New Home Sales – A Great Headline to Fade

8-23…New Home Sales (Update 1) FW- 8-23….New Home Sales – A Great Headline to Fade

8-22…This Week’s Top-Tier Housing Data

8-22…“BEST TIME IN HISTORYZ” to Invest in Real Estate

8-22…Housing Data Forecast Update FW- 8-22…This Week’s Top-Tier Housing Data

8-22…House Sales Plunge

8-18…Condo Bust Deepens

8-17…MISS/MISS/MISS- New, Existing & Pending Sales Forecasts

8-16…July Starts& Permits; New Trends coming into focus

8-10…Vancouver….Geez

8-10…South Beach Panic

8-9…House Supply Surging; All-time Highs; Toxic Trend-Change Suddenly in Focus

8-5… Fannie Mae Goes Full-Countrywide 2.0, Chasing FHA (Sound Familiar) FW- 8-3…FHA = New Century…Gov’t Mortgages Have Never Been Easier

8-3…FHA= New Century…Gov’t Mortgages Have Never Been Easier

8-1…June Resi Construction Spend

7-28….Higher End Real Estate’s Coup De Grace…Heads-Up

7-27…EQR – San Fran & NYC….Bullseye

7-27…Pendings Confirmation

7-26….Case Shiller Drill Down

7-21…Existing Sales Summary FW- 7-19…June Existing, New & Pending Home Sales Forecasts

7-19…Starts/Permits…Double-Negative YY

7-19… June Existing, New & Pending Home Sales Forecasts

7-11…Housing Data / Stocks Update

7-5…House Prices; Are You Ready for This?

7-5…Big-News….Blackstone a Confirmed Seller…the first real seller. Now they all pile on. Just like on the way up

7-2…Pain Begins Now

6-23…New Home Sales; Denied

6-22…Builder Stocks

6-22…Existing Sales…weakest May price yy growth since 2011

6-14…Bubble 1.0 vs Bubble 2.0; “Green Shoots” and “Shadow Demand”

6-2…May CA Housing; Tech Ripple Effects Hitting. Amazing

6-01…EQR – recent underperformance in San Francisco portfolio

6-1…Bay Area, Tech-Centric Housing…Low-to-Mid End Demand Has Officially Imploded

5-27…Miami’s Condo Frenzy Ends With Inventory Piling Up in New Towers

5-19…So FL Condo Crash Looks Imminent

5-18…Housing…Silicon Valley Mansions Linger on Market in Real Estate Slowdown

5-13…Uh-Oh….Bay Area Tech Lay-Offs More Than Double

5-12…Miami & Dade Housing Train Wreck Data

5-6…San Fran Condo Chaos / Bay Area Trend-Change

4-29…Builders, REITs, Unicorn Corrals, Fresh Prop Data out in a Week

4-27…Pendings

4-25…The “First-Time Buyer Demand Surge”e / New Home Sales Forecast

4-20….Existing Sales; Boring Headlines, Fun Internals

4-19…San Fran Housing in the Headlines

4-19…Existing &- New Home Sales Forecasts for Tomorrow / Monday

4-19…Housing Pop-Quiz…Bubble 1.0 or Today?k

4-18…Uh-Oh…Oregon

4-18…Miami & Dade Housing Train Wreck Data

4-13…San Fran Condos…Geez

4-11…Miami has infected Dade County; San Fran Bay Area on the Ropes; Houston Region on the verge of real price declines

4-7…San Fran Housing Canary / Miami 2.0 (Update 1)

4-6…Unicorn Sentiment & Confidence in Spending Remains Very Weak

4-5…Real Estate, Tech, Biotech, Apartment Sectors

3-29…Unicorn Real Estate Dump in Leading-Indicating Cities

3-29…Case Shiller Snafu

3-28…Pendings Confirm Weak Spring Demand on Deck

3-24…NAR Home Sales; Negative Y/Y Prices on Deck

3-23…New Home Sales Review

3-21…Housing Stocks; Reload; Dash to Trash Over

3-18…Existing amp New Home Sales Forecasts for Next Week

3-17…San Fran Real Estate…Unicorns Fleeing for Greener Pastures

3-13…The Smoking App…“Unicorn Corral” Real Estate Seizing-Up

3-11…DYING UNICORNS still leave hoof-prints; you just have to know where to look

2-29…Dear PMs/Analysts…Time to go deeper than ever before

2-22…Existing & New Home Sales Forecasts

2-17…South Beach Bubble 2.0 Update…Bad Conditions Worsening Quickly

2-16…QE-H…“QE for Homeowners”e

2-11…San Francisco Bay Area Housing Bubble 2.0…Fitch

2-10…Long/Short Housing Name/Macro Forecast on yet another dramatic rate-plunge “just in time-” for spring season/a>

2-8 …Builder Segment…Builder Stocks Have it Right….Finally

2-5 …The “CRM of Housing”

2-2 …Housing Names & 2016 Scorecard/Forecast

1-28 …Pendings Support My Forecast of Weak Demand & Prices Going Forward

1-27 …New Home Sales…8 Straight Years in a Demand Depression

1-26 …MIAMI…ALL-OUT IMPLOSION…Demand and Prices

1-20 …Starts / Permits…Depression-level builder demand

1-20 …(Update 3) Housing names & potential upside on better data this week FW- 1-19 …(Update 2) Upside in Housing Names on this Month’s Housing Data

1-19 …(Update 2) Upside in Housing Names on this Month’s Housing Data FW- 1-15 …Housing Names…Potential Upside on Next Week’s Housing Data

1-15 …Housing Names…Potential Upside on Next Week’s Housing Data

1-13 …Housing Stocks…Targets & Key Event for this “Hangover”/Bear Market (Update 9)

1-11 …Housing Stocks; Downside Targets and Key Events (Update 8)

1-7 …Housing Stocks (Update 7) FW- 1-6 …Housing Names/Performance Update (Update 6)

1-6 …Housing Names/Performance Update (Update 6)

1-5 …South Florida – Ground Zero (Again)

1-4 …“The Housing Recovery” That Wasn’t

12-28 …RUN FAST From Miami Beach…IF YOU STILL CAN

12-24 …New Home Sales Depression Final Comment FW- 12-23 …Builder Blues…the Downtrend Continues to Firm FW- 11-30 …TROUBLE- Builder Home Sales / Pricing Power; NEW TREND; “Whistling past the Graveyard”

12-23 …Housing…Final, Final on TRID…Don’t Believe the Hype

12-23 …Builder Blues…the Downtrend Continues to Firm FW- 11-30 …TROUBLE- Builder Home Sales / Pricing Power; NEW TREND; Tipping-Point; “Whistling past the Graveyard”

12-22 …“Big Housing Miss” (Update 2) FW- 12-17 …Big Housing Miss on Deck…Existing Sales Plunge / Builders in the Wind

12-21 …“Houston” Housing…Ground Zero for Bubble 2.0

12-18 …Millennials and Housing / LEN

12-18 …LGIH (Update 5) FW- 12-11 …ELLI and LGIH

12-17 …Big Housing Miss on Deck…Existing Sales Plunge / Builders in the Wind

12-16 …Starts and Permits…A Fadeable Event?

12-15 …Housing Stocks pointing in my direction

12-14 …Mortgage Mod “Reset Wave”…YEARS of Exotic-Loan Rate-Hikes Ahead

12-14 …Bubble 2.0 – fun chart

12-11 …ELLI and LGIH

12-10 …Bubble 2.0…a 25% to 60% house price “reset”

12-9 …Full-Blown “Recovery”; Fraud back to 2006 highs

12-8 …Legacy HELOC “Hard-Recast”e Tsunami Hitting Right Now….Part of a trifecta of consumer headwinds

12-7 …Housing Bubble 2.0 “Affordability”; Makes 2006 Look Outright Cheap

12-4 …House Prices “ALWAYS GO UP…And ALWAYS WILL”

12-3 …Housing Bubble 2.0…Mortgage Default Risk Still Very Elevated

12-2 …Purchase App Crap; in the new-era, stimulus-goosed and hangover-plagued housing market, it’s NEVER what it seems

12-1 …Retail- My Adventures in Brick and Mortar “Retail” on Black Friday Weekend

11-30 …TROUBLE- Builder Home Sales / Pricing Power; NEW TREND; Tipping-Point; “Whistling past the Graveyard”

11-30 …Pendings…3rd Hangover in 5 years

11-30 …Pendings…3rd Hangover in 5 years (Update 1)

11-27 ….Subprime Auto Surging; Fed “Finally” Concerned

11-23 …Existing Home Sales / Builder Sales out on Wed

11-20 …(Update 1) Housing Forecasts for Next Week. 11-12 … Uh-Oh&hellip:“Something Happened” to Housing Demand in Oct; the 3rd stimulus-induced demand “hangover”e in 5-years is underway (right in front of a…)

11-20 ….(Update 1) Builder Sales Collapse, Supply Surges…“Prices too Damn High” FW- 11-19 …Housing Starts…“Not Enough Labor”; Hogwash

11-19 …Housing Starts…“Not Enough Labor”; Hogwash

11-18 …Starts and Permits…Oh-Oh, Blame Oil

11-12 …Uh-Oh…“Something Happened” to Housing Demand in Oct; the 3rd stimulus-induced demand “hangover” in 5-years is underway (right in front of a rate-hike cycle)

11-11 …South Beach Bubble Pop 2.0…THE BIG ONE!

11-10 …Homebuilders (Update 1.0) FW- 11-9 …Homebuilders…look out

11-9 …Homebuilders

11-9 …Cash-Out Refi’s Surge; Means Little Relative to Refi-Booms of the Past

11-6 …Housing & Mortgage on the Surge in Rates; the final nail

11-1 …MEGA-Housing Bubble…MUST-WATCH Video (Update 1) FW- 10-28 …CA Housing Mega-Bubble; It’s not different this time. Bubbles don’t exist in isolation

10-30 …Pending Sales Portend Very Weak Q4 in Housing — another “False-Start”e — and Hangover Phase Taking Shape

10-29 …UNCLE, UNCLE!!! I coulda bought a condo, 2 cars, remodeled my kitchen, or spent $50k more on a new primary residence!

10-28 …CA Housing Mega-Bubble; It’s not different this time. Bubbles don’t exist in isolation

10-28 …Builder Demand Flailing (Update 2) FW- 10-27 Builder Supply Surging RE- 10-26 Builder Sales- New Trend of Lower Demand

10-27 …Builder Supply Surging RE- 10-26 Builder Sales- New Trend of Lower Demand FW- 10-19 …Housing Data Forecasts for the next week

10-26 Hanson – Builder Sales- New Trend of Lower Demand FW- 10-19 Hanson…Housing Data Forecasts for the next week (Update-1) FW- 10-14 Hanson…Builder Home Sales Upgrade/Downgrade on Wells Fargo Earns + Shocking Purch Apps Nu

10-19 …Housing Data Forecasts for the next week (Update 1) FW- 10-14 …Builder Home Sales Upgrade/Downgrade on Wells Fargo Earns -plus- Shocking Purch Apps Number

10-14 …Uh-Oh…Purchase Apps Plunge 34%t w/w; down 1% y/y…“Dumb Money” finally at the party

10-14 …Builder Home Sales Upgrade/Downgrade on Wells Fargo Earns plus Shocking Purch Apps Number

10-6 …Doug Yearly- TOL & Craig Menear – HD

10-5 …Cash-Out Refi’s Surge…This isn’t your father’s cash-out refi-boom!

9-4 …Housing Bubble 2.0 vs 1.0…The Last and Cruelest False-Start of all

9-2 …Cars 2 FW- 8-26 …Cars

8-27 …Pending’s — More confirmation of no “durable recovery with escape velocity”

8-25 …New Home Sales…Fool me Thrice / Uh-Oh TOL

8-25 …Builders (Update 1) RE- 8-25 …New Home Sales…Fool me Thrice -/ Uh-Oh TOL

8-24 …Rate Plunge & Real Estate

8-20 …“July” Existing Sales…Long-Term Peak FW- 8-17 …Housing Data on Deck

8-19 …Purchase Apps Indicator Misnomer

8-18 …Starts Good on Transitory Weather Effect; Permits Weak on Higher Rates

8-17 …Housing Data on Deck

8-6 …HOV

7-30 …House Prices & Case Shiller

7-24 …New Homes…Prices down 14% from Oct peak (Update 1) FW- 7-24 …New Home Pricing Power continue to dump FW- 7-22 …Existing Sales Summary FW- 7-21 …This Week’s Housing Data

7-24 ….New Home Pricing Power continue to dump FW- 7-22 …Existing Sales Summary FW- 7-21 ….This Week’s Housing Data

7-23 …Housing Update…“Fooled by Stimulus” yet again

7-22 … Great Read…rents, inflation, the apartment/bubble, and the disconnect in Fed policy that can’t end well for the housing market

7-22 …Existing Sales Summary FW- 7-21 …This Week’s Housing Data

7-21 …This Week’s Housing Data

7-17 …Starts/Permits- Spec-Condo Nation!

7-17 …Condo Spec-Mania 2.0, Miami Beach Bear Market (Update 1) FW- 7-17 …Starts/Permits- Spec-Condo Nation!

7-2 …Full-Blown “Recovery” Fraud back to 2006 highs

6-30 …Case Shiller…on the way to y/y red, again

6-29 …Pendings- More evidence of pulled-forward demand with “another” demand hangover on deck

6-29 … Deja’ MBIA

6-25 …The “May” CA Real Estate Data You HAVEN’T Seen; That’s NOT being reported

6-23 … New Home Sales…What’s Really Going On

6-23 …Lever them up! Interest Only Loans on the comeback

6-22…Existing & New (Tomorrow) Home Sales

6-22…Housing Data (Update 1)…Data & Hype Divergence FW- 6-22…Existing and New (Tomorrow) Home Sales

6-16…Permits & Starts; Hold Off on the Party

6-16…Uh-Oh…CA House-Price “Recovery” about to get “Sunk”

6-14…Drought Finally “Just Beginning” to Hit CA Real Estate

6-10…Tracking Housing Bubble 2.0

6-10…Housing & Surging Rates; Don’t believe the hype

6-9…Legacy HELOC “HARD-RECAST” Wave (Update-1) FW- 2-3…HELOC Hard-Recast Wave Peaks 2015 to 2017. Delinquencies Surge

6-4….Rates

6-3…1) Housing Cycle Location, 2) Lennar Downgrade

5-27…CS House Price Data…Postpone the party a bit

5-26…Miami Condos…Bear Market in Demand, yet Prices Surge!

5-19…Permits & Starts…Headfake!

5-19…Existing & New Home Sales Data Release Outlook

5-11 …Housing Bubble 2.0 at peak Sphericity- The Kardashian’s are now Flippers-hellip

5-6 … “Affordability” Hit Hard the past month

5-3 …Housing Affordability Far Worse than Bubble 1.0 Peak

5-1 … Miami Beach Bubble 2.0

4-27 …March Housing Wrap (Divergences, Stimulus Losing Impact, Record Speculation, Prices Under Pressure)

4-25 …March New Home Sales

4-22 …End-User House Demand Flat Since 2008 FW- 4-17 …Next Week’s Housing Data

4-22 (Update 1) Fraud “Recovery” FW- 4-21 …Strong “Recovery”e in Housing/Mortgage…Fraud

4-21 …Strong “ecovery” in Housing/Mortgage…Fraud

4-17 …Next Week’s Housing Data

4-16 …Permits and Starts Confirm

3-30 …Pending Sales

3-27 …Silicon Valley Condo Demand -at- 7-Yr Lows

3-26 …Great Housing Quote

3-25 …Feb Builder Demand, Price, Margin Recap & Outlook

3-23 …Existing Home Sales Realty

3-19 …San Fran Feb House Sales Plunge too! FW- 3-16 …Miami Condo Demand Crash Update

3-17 …Permits/Starts (Update 1) FW- 3-17 …Starts / Permits – Bad Feb Weather for a Second Straight Year

3-17 …Starts / Permits – Bad Feb Weather for a Second Straight Year

3-16 …Miami Condo Demand Crash Update

3-16 …Ahead of the Housing Data FW- 2-18 …Selling the Rip (Update 2) FW- 2-5 …Housing Data for Feb / Builders (Update 1) FW- 1-20 …Home Sales, Data Releases on deck, Builder Carnage

3-11…That Bubble vs This Bubble

3-6 …Favorite January House-Price Bubble Charts

3-3 …On David Rosenberg’s 12-Point Bull Housing Thesis

2-27…A Sober look at the Builder segment; Houses have never been more unaffordable

2-25… New Home “Sales”…Real Numbers

2-24… Case-Shiller, earnings, etc

2-23… Existing Sales Demand Destruction in full-effect (Update 3) FW- 2-18… Selling the Rip (Update 2) FW- 2-5… Housing Data for Feb / Builders (Update 1) FW- 1-20… Home Sales / BUY the Builder C

2-19…Permits and Starts – Popular Forecasts of 20% to 30% 2015 Growth is Super-Kool-Aid Type of Stuff

2-18…Selling the Rip (Update 2) FW- 2-5…Housing Data for Feb / Builders (Update 1) FW- 1-20…Home Sales, Data Releases on deck, Builder Carnage

2-17-15…Canary in the Condo Complex (UH-OH, WHAT’S GOING ON IN THE MIAMI CONDO MARKET?)

2-11…Uh Oh…Vegas Housing Canary in the Coal Mine / Condo Bubble 2.0 Just Popped

2-5…Housing Data for Feb / Builders (Update 1) FW- 1-20…Home Sales, Data Releases on deck, Builder Carnage

2-4… “Tapering” 2015 Construction Activity, Housing Supply Overage, Southern Region Volatility

2-3…HELOC Hard-Recast Wave Peaks 2015 to 2017- Delinquencies Surge

1-28…Case Shiller House Prices / 2015 “Consolidation” Trend Intact

1-27… New Home Sales… The Sober Look

1-26…A housing “Recovery” in price alone does not a durable market make. Just the opposite.

1-23… Existing Sales and Next Week’s Builder Sales / Oil Impact FW- 1-20…Home Sales, Data Releases on deck, Builder Carnage

1-22…Dec Permits and Starts…Downgrading Resi Investment for 2015 on energy & end-user demand

1-20…Home Sales, Data Releases on deck, Builder Carnage

1-16… Important on Home Sales Results next week, Existing and New

1-9…FHA Insurance Cut a Boon for Banks (BAC, C, JPM, STI WFC) Not so much for Housing

1-8…Permits & Starts back in the soup (Resend from 12-16) FW- 12-16…Single-Fam Starts/Permits back in serious contraction mode

1-7 — New Home Sales demand and price recession (Resend from 12-23) FW- 12-23…Builder Demand Remains Anemic & Prices Plunged

12-30…Case Shiller on Trend to Red YoY

12-23…Builder Demand Remains Anemic & Prices Plunged

12-22…Resale house prices must and are coming down

12-17…CA Home Sales back to 2007, Bubble-Peak, Lows

12-16… Single-Fam Starts/Permits back in serious contraction mode

12-15…74% of 2013 Mortgage’s Contained Fraud…HELLO Bubble-Years 2.0

12-12…Systemic Loan / Appraisal Fraud and Incompetence; Same conditions as in 2005-07; House Price Headwind

12-10…My Favorite Housing Charts of 2014-2015

12-5 — 2014 Year-end Housing Review & 2015 Forecast

12-4 — Pervasive Apprisal Fraud (Update 1) FW- 12-2…Pervasive Appraisal Fraud is Back. Get Ready for 2.0

12-2…Pervasive Appraisal Fraud is Back. Get Ready for 2.0

11-13…Phoenix Region Woes Deepen

11-12…Housing Status Update for Next 33 Trading Days

7-31 …KBH & “Small Cap Builders that build small price tag houses”

7-28 …Pendings Down YoY for 9-Straight Months

7-28 …Lack of Distressed; A Serious Housing, Macro & Consumer Spending Headwind

7-24 …New Home Sales in Perspective

7-23 …Existing Sales Recap…Trend Change Remains In-Place

7-17 …End-user Single-family Recession Drags-on

7-11 …Sac, CA Housing Demand Destruction, Supply Surge Leading to Lower Prices

7-10 …Phoenix House Price Upset

6-30 …Pendings Down YoY for 8-Straight Months

6-27 …Mortgage Mod Reset Wave…Retail Headwind

6-25 …Housing & Mortgage Headwinds

6-24 …New Home Sales in Perspective

6-23 …Existing Sales Sharp Trend Changes (UPDATE 1) RE- 6-23 …Existing Home Sales Demand Destruction Trend Change Continues

6-23 …Existing Home Sales Demand Destruction Trend Change Continues

6-18 …Fed and Housing

6-18 …CA Housing Demand Recession Persists

6-17 …Permits / Starts…Notable Trend Change Continues

6-11 FYI…Housing Correction Hedge

6-10…Phoenix…Leading Indicating Region in Full-Blown Stimulus Hangover Mode

6-8 …Housing, Mortgage, Consumer – The Trends, They Are A-Changin’…and Fast

5-28…Purchase Apps Tell the Real Story of a Long-Term Structural Failure

5-27…YoY House Price Declines on Deck; trending opposite from what CS implied this morning

5-23…New Home Sales…Worst report in years / “Triple-Dip”e indications

5-16…Permits / Starts (Permits the Focus)

5-13…GSE / FHA Buyback Rules Headlines…Not an easing of “credit”

5-5…Real Estate Related Short Round-Up

4-23 Uh-Oh, Ouch Housing RE- 4-23 …New Home Sales Noise / Long Trade

4-23 …New Home Sales Noise / Long Trade

4-21 …Mortgage Apps Always Peak in April / Apps at Recession Lows

4-10 …Phoenix Demand Destruciton Worsens in March / Investor Liquidation Cycle

4-7 …“Vacation” Home Demand “Surge”…More likely “loan fraud” is surging again

4-2 …Purchase Apps Down 17%,YoY, only up 1% WoW going into summer FW- 3-26 …Purchase Apps down 17% YoY point to heavy spring selling season

3-31 …Supply Surging, Demand Destruction & Investors Selling

3-27 …Pendings Demand Destruction Clear sign of “Stimulus Hangover” Cycle

3-26 …Purchase Apps down 19% YoY point to heavy spring selling season

3-24 …YoY House Price Decline Headline Timeline

3-20 …On Existing Sales…Uh-Oh Prices

3-18 …on KB Homes FW- KBH into earnings

3-18 …“Single-Fam” Starts & Permits down YoY

3-18 …CA Home Sales Demand Destruction Recap

3-13 (Update 1) Adds Sacramento, CA Demand Destruction FW- 3-12 …Phoenix & Las Vegas Extreme Demand Destruction Continued in Feb

3-12 …Phoenix & Las Vegas Extreme Demand Destruction Continued in Feb

3-6 …Housing Weakness Rationalization Becoming Extreme

3-5…Ouch…Builder Orders Crash

3-5 …Mortgage Apps…Purchases down 19% YoY

3-5 …Mortgage Apps…Purchases down 19% YoY

2-28 …2014 Housing…The Consensus “Hope” Trade

2-26 …This is what $4 trillion buys FW- Update-1 New Houses FW- 2-26 …New Home Sales Smoke and Rounding Mirrors

2-26 …New Home Sales Smoke and Rounding Mirrors

2-26 …CA Pending Sales down 18% YoY / Supply Up 53% MoM

2-26 – Update-1 New Houses FW- 2-26 …New Home Sales Smoke and Rounding Mirrors

2-21 …Existing Sales Highlights

2-20…Oh Man…Sac, CA Housing Implosion 2.0 (Jan Edition) FW- 1-15 .SacCA Housing Implosion 2.0 (Update-1) FW- 12-18 …Sac, CA Housing Bubble/Crash 2.0…Template for “Anytown (new-era speculators)”

2-19 …Starts Carried by “Northeast Surge” in Activity

2-18 …Homebuilder Sentiment. Western Region the Weakest MoM

2-14 …CA Home Sales Worst Since 2008 (Udpate-1) FW- 2-13 …Bay Area Home Sales Worst Since 2008

2-13 H…Bay Area Home Sales Worst Since 2008

2-12 …Scottsdale, AZ Housing Paralysis Break-out – (Update-1) FW- 2-11 …Fresh, Jan Phoenix Demand Abyss Data

2-11 …Fun Housing Data

2-11…Fresh, Jan Phoenix Demand Abyss Data
2-12…Vegas Housing Demand Abyss FW- 1-10&hellipVegas Housing Heart-Attack Persists…Bubble 2.0 Imploding in real-time

2-9…Household Formations Tumble back towards Historical Lows

2-4…Builders & Retail Focused (Update 1) FW- 1-15 Hanson…Builders should have another leg down in them

1-31…The 15 Most Common Misperceptions on US Housing

1-30 Update…Important on Pendings…Western Region Standout Crash

1-30…Important on Pendings…Western Region Standout Crash

1-29…CA Housing Demand Destruction

1-28…November Case-Shiller Show House Prices Turned Lower in July

1-27…Dec Housing (Update 1) FW- 1-27…On Dec Housing; Not a Supply Problem, Rather a Chronic Demand Problem

1-27…On Dec Housing; Not a Supply Problem, Rather a Chronic Demand Problem

1-26 Hanson…Uh-Oh Multi-Family Denver Edition (Update-1) FW- 1-23…Uh-Oh, Multi-Family Huge Yellow Canary…What Happens when the QE-Inspired Housing Trade Reverses

1-23 …Uh-Oh, Multi-Family Huge Yellow Canary…What Happens when the QE-Inspired Housing Trade Reverses

1-22 …California Housing…The Short of it

1-21 …HD

1-16 …RLGY

1-15 …So-Cal House Sales at 6-year Lows

1-15 …Sacramento CA Housing Implosion 2.0 (Update 1) FW- 12-18 …Sac, CA Housing Bubble/Crash 2.0…Template for “Anytown (new-era speculators rushed into), USA”

1-15 (Update 1) SF Bay Area House Sales ALSO at 6-Year Low FW- 1-15 …So-Cal House Sales at 6-year Lows

1-14 WFC 4Q13 EPS Instant Insight

1-11 …More on Bubble 2.0 Implosion…Folsom, CA Edition

1-10 …Vegas Housing Heart-Attack Persists…Bubble 2.0 Imploding in real-time

1-9 …For the WFC Short Flyer into earnings

1-8 …on the obvious

1-7 Santa Clara County – Silicon Valley — housing market woes worsen

1-2-2014 — The 10 Most Common Misperceptions on US Housing

12-30…endings; More Evidence that Investor Cohort is Leaving the Building

12-28…Finally, an Accurate Vegas Housing Headline

12-24…New Home Sales Reality

12-23…Mortgage Rates; 4.75% is “Nose-Bleed”…The Data Clearly Says So

12-18…Sac, CA Housing Bubble 2.0…Template for “Anytown (new-era speculators rushed into), USA”

12-18…Permits / Starts…Throw out window/fade

12-17…Housing Bubble 2.0; Same as Bubble 1.0, only different actors. This “reset” will be “another” one for the record books

12-13…Nov Housing Plunge…Phoenix Edition

12-11…Silicon Valley Nov Housing Plunge Edition

12-11…November “Existing Sales” Plunge…D.C. Edition

12-10…Vegas Housing Heart-Attack

12-6 …TOL Flyer

12-6 …Fresh, Nov Scottsdale House Sales Volume Implosion Data

12-5 …New Home Sales Depression Recap…The Builder Stocks were right all along!

12-4 …More Interesting Housing Data (Update-2) FW- 12-4 Builder Sales Data (Update-1) FW- 12-4 …Housing Data (URGENT)…They got it way wrong here…

12-4 …Housing Data (URGENT)…They got it way wrong here…

12-4 Builder Sales Data (Update-1) FW- 12-4 …Housing Data (URGENT)…They got it way wrong here…

12-2 …Fannie Housing Survey Goes “Bear-Haywire” (MoM!)

11-26 …Permits Key Points…SFR Stuck in the mud

11-25 Pendings…Western Region Plunges

11-25 …Builder, New Home Sales Preview…“Air-Pocket”

11-21 …Existing Sales Recap

11-20 …Lowe’s FW- 11-19 (10am) …Home Depot

11-19 …Home Depot

11-18 …Housing Data Week Drill Down…slight revision

11-17…Builders should have another leg down

11-15 (Update-2…“Double-Crap” Sacramento…Builder Peril) – “Oh-Crap”…Sacramento Edition Update

11-15 (Update-1…Wow) – “Oh-Crap”hellip;Sacramento Edition Update FW- 11-13…“Oh-Crap” – Key Sacramento Housing Market Hits Brick Wall

11-13…“Oh-Crap” – Key Sacramento Housing Market Hits Brick Wall

11-6…T -14 days until “Oh-Crap” Moment…when the “Demand Abyss” meets the “Supply Surge”

11-5…Scottsdale Housing Crashing in Real-Time Now (UPDATE 1) FW- 10-2…Short Scottsdale Housing Now

11-4 MHanson…RLGY

10-30…Mortgage Rate Drop and Housing. Contrary to what people may think…

10-29…Pending Sales Particularly Weak (UPDATE 1) FW- 10-28 (7-30am) …“Oh-Crap” moment on deck…Pendings down most since 9/2001

10-28…“Oh-Crap” moment on deck…Pendings down most since 9/2001

10-24…“New” Home Sales for Sept FW- 9-25…Aug New Home Sales Weak/Prices the outlier…headed lower

10-21…“Remodel/Rehab” Plunge…

10-21…House Sales

10-21…12-30pm EST…Home Sales “Oh-Crap” Timing (UPDATE 1) RE- 10-21…House Sales

10-18…Sacramento CA Leading Indicator Housing Market…A Nightmare

10-16…Housing…“Ewww, the Comps”

10-15…California Housing Bubble 2.0 in Pictures

10-15…AAMC / ASPS

10-14 …(WHR) Whirlpool- Appropriate name given stock price action Today

10-10 …Leading Indicating Phoenix Region Key Metrics Do a 180°

10-9 …AHM, Builder Stocks, Yellen, Confidence, Rates, Triple-Dip Etc

10-5 Good News on Mortgage for a change FW- 10-1 …Gov’t Shutdown…MAJOR PROBLEM for Mortgage Lending

10-3 …Short Scottsdale, AZ Housing…Now-exclamation

10-3 …Population to Inventory Ratio

10-2 …“Shadow Construction”…Say What_!_ (I coined a new one)

10-1 …Gov’t Shutdown…MAJOR PROBLEM for Mortgage Lending

9-30 …Quebec update & observations from the front lines

9-25 …Aug New Home Sales Weak/Prices the outlier…headed lower

9-23 …Yet, Another Housing-Related Economic Tailwind Turned into a Headwind on the “Surge”

9-23 …Uh-Oh…Howard Marks A Seller… FW- 8-19 …Housing’s Smoking Gun(s)…Howard Marks, Tom Barrack, and Wayne Hughes

9-19 …“3-day Window” Shutting Fast…Builders/Ancillary

9-19 …CandI Plunge_ FW- 9-18 …Refi’s Run the World…Taper Schmaper

9-18 …Refi’s Run the World…Taper Schmaper

9-18 …Housing Starts/Permits = Squeezed Margins

9-17 (UPDATE 1) Sac CA Region Housing Market Unraveling FW- 9-16 …Sacramento CA Market Imploding…Leading Indicator Market

9-17 (UPDATE 1) Housing Data/Stocks…Augusts-rsqout “3-day window” FW- 9-9 …Homebuilders, Rehab, Sentiment etc.

9-16 …Sacramento CA Market Imploding…Leading Indicator Market

9-9 …Homebuilders, Rehab, Sentiment etc.

9-5(pm) …Mortgage-mageddon. “Rising NIM” = Crashing mortgage banking revenue & consumer balance sheet free cash flow

9-5 …Aug “Auto Strength” Signals Weak “Housing”

9-4 …House Price Headed Much Lower / Bubbles Everywhere to Pop

9-4 …Forecasts for “August” Existing & New Home Sales

8-28 …Rarely More Bearish Housing, Fundamentally Speaking. The “longs” and “shorts” of it…

8-27 …Case-Shiller 7 Months Backward Looking at the Tail

8-26 …Housing Sector…The Next 2 Quarters

8-23 …New Home “Sales” Rundown…Kick-off to the “Triple-Dip”

8-23 … Mortgage Rates/Housing “Affordability” Lost

8-23 …Housing…What Next – Jobs Shedding, 2% 10s, more bad housing data thru year end

8-23 …BOOM!

8-23 …(BN) American Homes 4 Rent Said to Terminate Workers After Loss

8-22 …Toronto house sales plunge, Quebec retail sales fall as EI claims jump, and more

8-21 …Housing…That was the top FW- 8-19(am) …Housing – The Big Week of Data…Risk/Reward…“As good as it gets for a long time”

8-21 …Housing Top (UPDATE 1) RE- 8-21 …Housing…That was the top

8-20 …Home Depot&hellipQ2, a peak sales quarter

8-19 …Housing – The Big Week of Data…Risk/Reward…“As good as it gets for a long time”

8-18 … Housing’s Smoking Gun(s)…Howard Marks, Tom Barrack, and Wayne Hughes

8-14 …Housing Data Trade Timing (UPDATE 2) FW- 8-6 “July” Housing Data Hitting Wires (UPDATE 1) FW- 8-5 …Housing…“Adventures” in the Field

8-14 …HD, RLGY, SHW, WHR, Builders Full Break Down…BAC, JPM. TOL, BBBY etc on deck (UPDATE 1) FW- 7-25 …Builders = BAC, HD, RLGY etc

8-7 …Silicon Valley Housing Bubble has Popped…Pendings Down 38% YoY

8-7 “July“ Housing Data Hitting Wires (Update 1) FW- 8-5 …Housing…“Adventures” in the Field

8-5 …Housing…“Adventures&5dquo; in the Field

8-2 &hellp;Housing…Supply Flood

8-1 &hellp;Timing the Housing Market Turn (Stocks/Bonds)

7-31 &hellp;Las Vegas BACK TO ’06 PEAK-BUBBLE HOUSING COST / Not that different “this” time

7-30 &hellp;On Case-Shiller/When House Prices Will Head Lower/The Dreaded “Triple-Dip”

7-29 Hanson…Pending Sales (The Missing Detail)

7-25 …Builder Fall-Out (UPDATE 1) FW- 7-5 (6am) …Builder to be Hit by Additional 19% Fall-Out on Surge in Rates

7-25 …Builders = BAC, HD, RLGY etc

7-24 …Home Sales (UPDATE 1)…Low-End Houses 100% of Sales “Increase” FW- 7-24 …New Home “Sales”…messy, noisy, garbage

7-24 …New Home “Sales“…messy, noisy, garbage

7-23 (pm)- Weekly Wrap- Toronto new home sales plunge, retail sales bounce on new car sales, anecdote of the week, and more…

7-22 …Important on Housing…Existing Sales not reflecting the “Surge”

7-22 …Housing (UPDATE 1) FW- 7-22 …Important on Housing…Existing Sales not reflecting the “Surge”

7-21 …On this weeks’ “disappointing” housing data

7-19 …Weekend Reading…Las Vegas Housing Market Leading Indicator

7-19 …SHW vs WHR…SHW is the “leading indicator”

7-18 …SF Bay Area “June” House Sales Tumble…MoM and YoY

7-18 …Housing Misses on Deck Next Week (UPDATE 1) FW- 7-15 (7am) …June Housing “Misses” on Deck Next Week

7-18 (UPDATE 1) RLGY, SHW FW- 6-3 …HD, LOW, SHW, WHR, AOS, AWI

7-18 – On House Prices&hellipo;Next Phase Much Lower FW- 7-18 …SF Bay Area “June” House Sales Tumble…MoM and YoY

7-17 (UPDATE 1) Permits “Smoking Gun” FW- 7-17 (am) …Housing Starts…My Take (Rates DID have an impact)

7-17 …Housing Starts…My Take (Rates DID have an impact)

7-15 …June Housing “Misses” on Deck Next Week

7-12 …Banks – Careful of the “Mortgage Spin”

7-11 …Housing Fear & Uncertainty Timeline

7-8 …Housing Credit Event…A “Comparable” to Examine

7-5 …Housing Bubble Reblown…Surge in Rates “the” Catalyst for Second Crash in 5-years

7-5 …Real Rates Through the Roof

7-5 …Rates Carnage Summary – Housing & Mortgage Dramatically Impacted

7-5 …Builder to be Hit by Additional 19% Fall-Out on Surge in Rates

7-3 …Mortgage Refi Collapse / ARM loans turn sharply lower…negative purchases

7-2 …NO DOC / NINJA Refi’s are Back! FW- 6-15 …The “Great Loan Mod Bubble” Finally Popping per SIGTARP

6-26 …Very Imporant on May New Home “Sales”

6-24 – (UPDATE 1) RATES NOW AT 5% FW- 6-20 (7am) …Rates and Housing/Mortgage

6-24 – FYI…FW- Housing Starts Likely to Increase to 1.1m by 4Q Versus Our Previous Estimate of 1.3m

6-21 – How Much House Can I Buy???…Now that rates are up 36% MoM

6-21 …on China Interbank Markets’ Impact on Australia/Banks

6-20 …Existing Home Sales…What is Not being reported

6-20 …Rates and Housing/Mortgage

6-18 …Housing Starts…Still Bouncing along the “bottom”

6-16 – Weekly Wrap- Bank of Canada on the condo market, CMHC under fire, mortgage rates rising, and more…

6-14 …Australian Recession Risks are High

6-10 …HD, LOW, SHW, WHR, AOS, AWI, LLI

6-5 …Canada Weekly Wrap- Trouble at the monolines, CMHC shakes up management, homes as ATMs…and more

6-5 …Refi-mageddon (Apps down 47%t from recent highs) RE- 6-4 …Refi-mageddon…The Job Lay-Off Phase FW- 5-28 – “Refi-mageddon”…Next 3 Weeks Apps Down 50% to 70% / Housing in the Crosshairs

6-4 “Refi-mageddon”…The Job Lay-Off Phase FW- 5-29 M Hanson – Refi-mageddon…Next 3 Weeks Apps Down 50%t to 70% / Housing in the Crosshairs

6-4 – (AUS) Australia- Positioning for the Great Adjustment

6-3…CA House Price Bubble is Back…Houses as “Expensive” as in 2006

6-2…Canada Weekly Wrap & Awesome Bill/Receiver Trade Set-Up

5-31 &hellp;Foreclosure Are the SOLUTION…Not the Problem…Still Headwinds from the lack of “Distressed”

5-30 …Per Zillow…> 44% of US Homeowners are Zombified; Over 60% when including income / credit restrictions

5-29 – Refi-mageddon…Next 3 Weeks Apps Down 50% to 70% / Housing in the Crosshairs

5-28 …Canada Weekly wrap

5-28 …Canada Weekly Wrap- More on “soft fraud”, Toronto new sales plunge, credit growth hits stall speed…and more

5-28 – M Hanson CS-10 & 20 Finally Back to 2010 Homebuyer Tax Credit Levels

5-23 …Existing Sales…Important Trend Change

5-23 – New Home Sales Internals…Things Becoming Clear

5-16 …House Price Parabola Phase

5-15 …Quebec resale market update- Deterioration continues/names to watch

5-9 – Canada Weekly Wrap- April sales in key metros, housing starts, vacant condos, weak SSS in restaurant space

5-8 Weekly wrap

5-7 …Home Improvement Dive

5-6 – TORONTO CONDO CRASH …DOWN 55% YoY FW- FOR IMMEDIATE RELEASE- Urbanation Q1-2013 Press Release

5-3 …Canada…Weekly Wrap / Gov’t Condones Mortgage Fraud

5-2 Weekly wrap

4-16 …Starts (UPDATE 1)- March Resi Investment Stunningly Weak… FW- 4-16 …Housing Starts…Careful of headlines

4-16 …Housing Starts…Careful of headlines

4-11 MOST AMAZING CHARTS IN REAL ESTATE…EVER

4-10 RGLY Short Update FW- 4-2 …RLGY Short…A 31 PE Real Estate Sales & “Broker“ Franchise Company

4-10 Las Vegas Housing Slump (UPDATE 1) FW- 4-9 …Las Vegas Home Sales DOWN 12.1% YoY in March

4-10 …Sacramento Mar House Sales TUMBLE 17% YoY / Pendings Down 32&% YoY

4-9 …Las Vegas Home Sales DOWN 12.1% YoY in March

4-8 &hellipCANADA Weekly Wrap&hellipJobs Collapse; Housing; HELOCs

4-3 …The “Phoenix Phenomenon”…Spreading to a town near you

4-2 …RLGY Short…A 31 PE Real Estate Sales & “Broker” Franchise Company

4-2 – Lumber

3-28 …Quebec Real Estate Dead in Water…Who Holds the Bag…?

3-25 Canadian housing round-up

3-22 -…Canada Weekly Wrap 

3-20 – Important Observations in AZ

3-14 – (Canada) Weekly Wrap

3-12 -…US Housing- Seizure in Sacramento, CA…V. Important

3-7 -…Canada Weekly Wrap; Housing Ugliness Coast-to-Coast

3-4 -…Phoenix Rental Supply Glut…“Rent Price Cutting Wars”

3-4 – (Australia)…Mining/Real Estate…Setting the Scene for the Remainder of 2013

2-25 …Canada Condo Nightmare Chart

2-20 …Housing Starts; More of the Same…Stuck in the Mud

2-17 …Pendings

2-13 Update…Sacramento CA Housing Slump Continues into Jan FW- 2-12 Hanson…Vegas Sales Collapse Data. FW- 2-12 – Las Vegas Jan Sales Volume Collapse…Not what consensus thinks it is

2-8 – (CAD) Montreal Housing Collapsing; Starts / Permits Plunge Nationally

2-7 Hanson (Canada) Weekly Wrap

2-7 – Big Bank Legal Heat (legacy MBS) Cranks to High (JPM in the hot seat. BAC, C, WFC right behind them)

2-6 – Mortgage Apps – “Refi-mageddon” on hold for a week RE- 2-5 -….Mortgage App Collapse Tomorrow (ELLI, a leading indicator)

2-5 – …Mortgage App Collapse Tomorrow (ELLI, a leading indicator)

1-30 – Refi’s Plunge 20% Wk-o-Wk / Yet, Another Q1 Headwind FW- 1-28 Hanson…Refi Window Slammed Shut / Mortgage Chaos to Ensue

1-25 – (Canada) Weekly Wrap- “The Housing Reset Phase”

1-23- (Canada) 2013…The Game’s Afoot

1-8 – (Part-2) Canada…V. Important on Mortgage/Housing Trade FW- 12-26-…VERY Important on Canada Mortgage/Housing Trade

1-4 -…Refi Obliteration – The Ultimate Headwind

1-2 – (Canada) Mortgage Fraud- “Widespread & Unreported”

12-16 – Hanson (Australia) Weekly Wrap

12-16 – Hanson (Australia) Weekly Wrap

12-5 – …Negative Homebuilders/HD/LOW…Year End

11-29 – Pendings…Northeast the Stand-Out

11-19 Housing Update (Not as Good as I Forecasted) RE- 11-14 M Hanson – Long/Short Homebuilder Trade

11-15 -…US Housing – Data on the Year’s of De-leveraging Ahead

11-14 – Long/Short Homebuilder Trade

11-13 -…PrimeX Short – Free Put

11-13 -…Oz Banks CBA & WBC – Jaw Dropping

11-13 -…Bulk Real Estate Sales & Pissed Realtors

11-1 – Canada Condo Crash ———FW- Urbanation Press Release Q3-2012 ~ Toronto Condo Market Results

10-25 – (Canada)- Housing Crash Weekly Wrap

10-22 – (Canada) – Mo Housing Crash Roundup- The DEAD CANARY edition

10-19 – Sept Existing Sales TUMBLED/Sales Volume at the Precipice (Update 1)

10-17 – Weaker than Expected Housing Data for the Next Week

10-3 – …RMBS Lawsuit Tape-Bomb Hit List

10-1 – (Australia) Weekly Wrap

9-19 -…Housing Starts Weak…Multi-Family BUBBLE…As Good as it Gets

9-19 -…August Existing Sales…DEMAND CLIFF is Here

9-17 – (US Housing) Important…Upgrade, Downgrade, Demand Cliff, Bush 2007 Mortgage Relief Act “Fiscal Cliff”

9-11 – (Canada) Housing Starts Soar as Sales Crash

9-9 – (Australia) Weekly Wrap (Resource Investment & Gov’t Finances; GDP/Employment/Retail; Non-Mining Economy

9-6 …Canada Housing in PLUNGE Mode

9-4 – (Canada) Weekly Wrap (Rising Losses, Bank Earnings, Condos, Vancouver Crash)

9-4 – (Australia) Weekly Wrap – China, Rents v Buy, New & Existing Home Sales

9-4 – Campground Indicator

8-30 – “Pendings Disappontment” (Update 2) FW- 8-29 …(V. IMPORTANT) Pendings Confirm “Triple Dip” Happening Now

8-29 -…(V. IMPORTANT) Pendings Confirm “Triple Dip” Happening Now

8-29 – (Update 1) Case-Shiller “Weakness” Decomposed FW- 8-28 &heelip;On Case Shiller Disappointment

8-28 …On Case Shiller

8-24 – (Australia) Weekly Wrap (China, Mining, Ore, Housing, Mortgage, Jobs)

8-23(am) – Canada Weekly Wrap…The Quickening

8-22 – Existing Home Sales Trade Over for at least a Year

8-21 – (Canada) Monthly Housing Round-Up

8-21 – Refi Plunge…Next 3 Weeks Apps Down 50% to 70%

8-20 – (Australia) Weekly Wrap / China, Banks, Subprime Mortgages, Consumer, Real Estate

8-20 – Canadian housing round-up

8-16 – Housing Upset Trade Set-Up for Next Week

8-15 – Canadian home owner equity

8-15 – (Canada) Homeowner Equity — Ugly as US at Peak

8-14 -…Home Depot…Major Macro Headwinds Going Forward

8-13(AM) -…July Housing Disappointment Trade

8-13 – (Canada) Weekly Wrap…“the Quickening”

8-13 – (Australia) Weekly Wrap…China, Jobs, and Aussie Subprime

8-9 – Arizona Housing (UPDATE-1) FW- 8-9 Arizona Housing Market Seizure…Market Falling Apart…Right on Schedule

8-9 – Arizona Housing Market Seizure…Market Falling Apart…Right on Schedule

8-8 – …Housing, MUCH Higher Rates, Consumer, Home Improvement

8-6 – (Australia) Weekly Wrap…China, Mining, House Prices, Builders, Manufacturing, Unemployment

8-3 -…US Housing, Jobs and the Lack of a Fed Put

8-2 – Toronto Condo Market…Now an Orphan

7-31 – …Principal Balance Reduction BS

7-31 – (Canada) Housing Update / Ontario Leading Indicator

7-30 – (Australia) Weekly Wrap

7-30 – Canada Weekly Wrap…Bank Downgrades

7-25 – US Housing

7-24 -…PrimeX Short

7-24 – (Canada)…Weekly Housing, Finance & Credit Wrap

7-24 – PrimeX Short (UPDATE 1) RE- 7-24 – …PrimeX Short

7-24 – …Non-Consensus US Housing View FW- May 2012 RPX Monthly Housing Market Report

7-23 – …Canada June Housing Round-Up…Negative Price Comps on Tap

7-23 – Home Builders

7-23 – Australia June Housing Round-Up

7-19 – Existing Sales Recap/Update…The “Reality“ of it all.docx…

7-18 – (Canada)…Weekly Wrap

7-16 – (Canada) Toronto Condo Update- The Northern Vegas/Western Dubai

7-15 -…US Housing Disappointment…The Denominator Effect&hellip(Neg-Equity, 2nd Liens, Impaired Credit)

7-13 – (Australia) Weekly Wrap…“The Quickening”

7-11 – BAC, JPM, PNC, WFC Resi Credit (UPDATE 1) FW- 7-10 M Hanson…Q2 BAC, JPM, C, PNC, WFC 2nd Lien Loss Risk

7-10 -…Q2 BAC, JPM, C, PNC, WFC 2nd Lien Loss Risk

7-10 -…Home Improvement Retail Spend Disappointment

7-10 – Uh-Oh…AZ Housing “Recovery” Spoiler…Bulls eye

7-9 – Canada – Major Credit Catalysts Update Fw- 7-1 M Hanson (Canada) Major Credit Catalysts

7-6 (Australia) Down Under Wrap: The Quickening

7-6 – Canada – UPDATE 1 FW- 7-6 M Hanson – (CAD Banks)- Put Buying…Interesting

7-6 – (CAD Banks)- Put Buying…Interesting

7-4 – (Canada) Weekly Wrap…It’s All Coming Undone

7-2 – (Australia) Mo Housing Credit Update/a>

6-22 – (Australia) Weekly Wrap; “When it Rains, it Pours”

6-20 – Existing and New Home Sales Forecasts

6-19 -…Canada…“Heartbeat Lending”

6-18 – (Uh-Oh!) Canada

6-18 – Canada Weekly Wrap

6-15 – (Australia) Weekly Wrap…“The Quickening”

6-14 M – (Canada) Vancouver Housing Correction Update

6-13 -…PNC Legacy Risk (Update 1)

6-12 -…Banks Stick it to AZ Housing “Investors” in May

6-12 – “Facebook” Effect on CA Housing

6-7 – (Australia) Weekly Wrap…“The Quickening”

6-7 – (Australia) Report- “The Great Investment Housing Ponzi”(Revisited)

6-6 -(Uh-Oh!) Canada…Credit Tightening

6-5 -(Canada) Weekly Wrap…“The Quickening”

6-4 – (Canada) “Affordability” Myth

6-4 – (Australia) Weekly Wrap…“The Quickening”

5-29 – (Uh-Oh!) Canada…The Unraveling

5-24 -(Canada) May Housing

5-22 -…Housing

5-22 – (Australia) May Mo. Housing Credit Update

5-22 – Existing Sales Recap…“ANEMIC” FW- 5-21(am) – HOME SALES “REVISION to MISS” FW- 5-15 -…“BETTER” US HOUSING DATA on Tap Next Week

5-18 – …China “Hard-Landing” – Housing Turmoil (UPDATE 1) FW- 5-14 – Australia’s China Conundrum

5-18 – HOME SALES “REVISION to MISS” FW- 5-15 -…“BETTER”US HOUSING DATA on Tap Next Week

5-18 – (Canada) – The “Secret” Bank Bailout

5-18 – Chase – More “Not Known’s”

5-17 – (Australia) China “HARD-LANDING” set to punish Australia

5-16 -…AZ Foreclosure Investors ‘Beware’

5-16 – (Canada) CMHC Makes Fan-Fred Look Tight

5-15 -…“BETTER” US HOUSING DATA on Tap Next Week

5-15 – Canadian HELOC Frenzy…“Home ATM Machine Spewing Billions”

5-14 – Australia’s China Conundrum

5-11 – (Australia) Weekly Wrap…the “Quickening”

5-10 – Denver High End House Sales “Fell Off a Cliff” in April

5-10 – (Canada) Weekly Wrap…Housing & Mortgage Volatility Bubbling Up

5-8 -(Canada) Toronto “Ghost City” Phenomenon

5-7 – Genworth Australia Update

5-7 – (Canada)- Monthly Credit Monitor / Home Equity Withdrawal Risk

5-4 – April Foreclosures (UPDATE 1) FW- 5-3 – April Foreclosure Activity at Cycle Lows

5-4 – April Foreclosure Activity at Cycle Lows

5-3 – M Hanson…Nevada Housing Not Acting Right…April Foreclosure Report (UPDATE 2) FW: 5-2 …Foreclosures Technically &ldquoEradicated&rdquo…April CA Foreclosures @ 5-YEAR+ LOW (UPDATE 1) FW: 5-2 – AZ Foreclosure Bubble – WOW!!!

5-3 – (Australia) The “Minsky Moment”

5-2 – AZ Foreclosure Bubble – WOW!!! In April, Investors Paid a 25% PREMIUM for Foreclosures

5-2 – Foreclosures Technically _Eradicated_…April CA Foreclosures @ 5-YEAR+ LOW (UPDATE-1) FW- 5-2 – AZ Foreclosure Bubble – WOW!!! In April, Investors Paid a 25% PREMIUM for Foreclosures

5-1 – (Canada) Weekly Housing, Fin & Credit Wrap…“The Quickening”

4-28 – House Bidding Wars! That’s so 2010

4-27 – (Australia) Weekly Wrap…“The Quickening”

4-26 -…House Prices at “a” Bottom; Again!!!

4-26 – Pendings Recap

4-25 – (Canada) Mo Housing Round-Up

4-25 – Canadian Mortgage/Housing/Bank Implosion

4-24 -…March New Home Sales Internals (No “Durable Recovery”) Yet

4-23 -…Recap…Trade Ideas (US Housing, Fin & Credit)

4-22 – Canadian “Alt-A & Subprime” Grabbing Market Share

4-19 -…Important/Builders…Compelling March NAR Datapoint

4-19 -…Home Improvement/Rehab Theme in Trouble

4-19 – (Australia) Weekly Wrap…“The Quickening”

4-19 – CA Housing Markets Seizing-Up (More Evidence)

4-18 -…March Housing “Bottoms” Always Occur…Year in, Year out

4-18 -…March Existing Sales Front-Run

4-18 – (Canada) A Subprime Party…Everybody’s Invited / Few Will Leave Sober

4-18 – (Australia) April Mo Housing Credit Update…“The Quickening”

4-18 – Notable March CandI Bank / CMBS Specific Defaults

4-17- Vancouver BC in Trouble

4-17 -…CA Real Estate About to Seize Up

4-15 -(Canada) Toronto Condo Mania Update

4-15 – (Australia) Weekly Wrap…“The Quickening”

4-13 -…JPM & WFC Q1 Bank-Specific NPA…Resi Reserves Have to Increase

4-12 -…Housing “Triple-Dip” Almost Here…NV Housing Case Study

4-12 – Bank Earnings – “The Last Refi Boom”

4-10 – …“Must Read” US Housing Mind-Blower (UPDATE 1) FW- 4-5 M …Urgent on US Housing…Mind Blowing Numbers

4-10 – (Australia) Melbourne at the Precipice…

4-5 – (Canada) R/E Correction Would Gut Tax Base

4-5 -…Urgent on US Housing…Mind Blowing Numbers

4-4 – (Canada) Weekly Wrap…“the Quickening”

4-3 -…Most Common Things I Hear on Housing

4-3 – (Canada) Credit Tightening&helip;Bank Earnings & Mortgage Credit

4-2 – (v. Important) MARCH Foreclosure Mess…CA near FIVE YEAR LOW

3-29 – US Housing…NAR PR – Negative Builders/Macro Housing

3-21 -…Canadian Real Estate Assoc Running Scared

3-28 – Australia Weekly Wrap…“The Quickening” is quickening

3-27 -…Housing – 2009/10 vs 2012

3-27 – Canada Mo Credit monitor

3-26 -…Uh-Oh…Pending Sales Internals

3-25 – (Canada) Consumer Credit Tightening- Major Changes Proposed

3-25 – (Australia) Important- Monthly Housing Credit Monitor

3-23 -…New Home Sales Conclusion

3-22 -…Existing Home Sales Internals…No “Durability” or “Escape Velocity”

3-21 -…Canadian Real Estate Assoc Running Scared

3-21 – Toronto High-Rise Condo Plunge (UPDATE 1) FW- 3-20 – Toronto Condo Sales Plunge Continues

3-20 – (Uh!) Owe Canada…The Quickening

3-20 – M Hanson (Australia) Weekly Wrap “The Quickening”

3-20 – Toronto Condo Sales Plunge Continues

3-19 – Negative PrimeX (Repeat YoY, Worse Fundamentals)

3-16 -…Dash-to-Trash…Arizona Style / Supply Conundrum

3-15 – (Uh!) Owe Canada…Vancouver “Land Constraints”, Population and Prices

3-15 – Housing – Feb SoCal House Sales Internals…Disappointment Theme on Track

3-14 – Housing – Rates Update (Housing, Banks, Disappointment) FW- 2-29 – Housing Upset…Rates Better Stay at Historic Lows

3-13 – Housing – Mid-to-High End Train-Wreck / PrimeX

3-13 – (Australia) – Weekly Wrap…The Quickening

3-11 – M Hanson…(AZ) Epicenter of Housings’ “Dash-to-Trash” Movement

3-9 – Canada – (BN) Ghost of Fannie Mae Haunts Canada as Exposure Worsens- Mortgages

3-8 – (Uh!) Owe Canada…BoC Flawed Affordability Indexing

3-8 (Canada) – Weekly Wrap…“the Quickening”

3-7 – …Fitch Gets It…Why Mods (and Principal Mods) are Doomed to Fail

3-6 – …(Ugly) US Housing Charts of the Day From LPS

3-6 – Housing Stat of the Day (Where have all the buyers gone?)

3-6 – Canada…Low Hanging Fruit

3-5 …BAC/CFC Foreclosure Speeds Flatten Out after Blast Quicker

3-1 -…MBA Mortgage Apps Point to Early Buyer Burn-Out

2-29 – Toronto Condo Market Crash Happening Right Now?

2-29 – Housing Upset…Rates Better Stay at Historic Lows

2-29 – Aussie New House Sales Hard-Stop (UPDATE 1) FW- 12-1(am) – Melbourne – Epicenter of a Housing Bust

2-28 – (Uh!) Owe Canada – Weekly Wrap… “the Quickening”

2-27 – (Australia)…Weekly Down Under Wrap…the Quickening

2-23 – 1) True Existing Home Supply Huge 2) Goldman Light bulb Comes On

2-22 – UPDATE-1 (Existing Home Sales) Internals FW- 2-22 – Existing Home Sales Internals Confirm

2-22 – Existing Home Sales Internals Confirm

2-21 – Houston TX Jan House Sales Case Study

2-21 – (Aussie) – Weekly Housing, Finance & Credit Wrap

2-21 – Getting V. Bearish US Housing Sooner than Expected

2-18 – Canada- This is US 2007

2-17 – Fun, Winter Week Reading

2-17 – Housing Caution

2-17 – (Uh!) Owe Canada…Jan National Housing Round-Up

2-16 – Jan All Cal House Sales/Prices Disappoint

2-16 – Housing Disappointment – Jan SoCal House Sales & Prices…Negative Price Band Divergence Heats Up

2-16 – Housing Caution

2-16 – Housing – Silicon Valley Woes Case Study

2-13 – (Australia)…Weekly Down Under Wrap

2-9 – The “All-Powerful” Housing Recovery Theme Final Innings

2-9 – AUS 10s FW- 2-3 – 10yr Futures – Technical damage near term (2.12, 10s)…long term unchanged

2-8 – …Mid-to-High End Housing (& Jumbo Loan) Pain Dead Ahead

2-8 – Canada Weekly (Credit Tightening) Very Important Observations

2-7 – (Australia) Weekly Down Under Media Wrap vol. 1.2

2-7 – “V” Shaped Housing Recovery…in INVENTORY FW- 2-6 – M Hanson…US Housing Lagging Investor Sentiment…by a wide margin (11am EST)

2-6 -…US Housing Lagging Investor Sentiment…by a wide margin

2-6 -…Rental Market Bust?

2-3 – (uh!) Owe Canada – Canada Credit Monthly “As Goes Credit”

2-3 – Golf Courses, Car Washes, Construction Sites, Landscapers, City Parks, Ice Cream Shops…

2-2 – (Uh!) Owe Canada – Things are coming into Focus

1-31 – Canada Weekly Housing, Fin & Credit Headline Recap

1-28 – ABX, CMBX, PrimeX Struggling (window into risk?)

1-26 – Australian Banks – Their “Dirty Little Secret” / & Debunking Consensus Opinion

1-26 – New Home Sales (Depression) Internals

1-25 – Pending Sales Internals Confirm

1-25 – Canada – A 50%+ House Price Correction on Deck?

1-25 – Australian Housing End-Game Schemes…“BUY A HOUSE GET A $60K LAND ROVER FOR FREE!”

1-24 – (Uh!) O Canada – Challenging the Consensus “Soft Landing”

1-23 – (Uh!) O Canada – Dec Monthly Canadian Housing Round-Up

1-19 – Dec Housing Starts/Building Permits – Where’s the Beef?

1-19 – Australia – Detailed Update on Housing Credit

1-18 – PNC Miss – (Nice Correlation with our 1-10 Pre-Earnings Report) FW- 1-10 – Q4 Bank Resi NPA Preview (BAC, JPM, C, CVBF, CYN, EWBC, FHN, PACW, PNC, STSA, STI, UMPQ, USN, WFC, ZION)

1-18 – NAR Existing Home Sales Preview

1-18 – Foreclosure Surge is Coming in Q1

1-17 – Dec SoCal Housing Market Metrics

1-13 – Mid-to-High End Housing UPSET Case-Study

1-13 – JPM Resi Loan “SIV” / Biggest Can-Kicker of all the Big Banks

1-12 – Trade Idea

1-12 – Bulk REO-to-Rent Scheme a Clear Negative for Housing

1-12 – (UPDATE 1) – Bulk REO-to-Rental FINAL-FINAL FW- 1-12 M Hanson – Bulk REO-to-Rent Scheme a Clear Negative for Housing

1-11 – NEWS OUT – QBE Insurance Halted (BAC related) / US Subsidiary Balboa (Forced Place Insurance) Under Investigation / US BANKS INVOLVED TOO

1-11 – Real Estate/Builder Recovery Trade – The Perfect Storm before the Calm Before the Storm

1-11 – (Uh!) Owe Canada – How Overbuilt is this Market? A US Analog

1-10 – Q4 Bank Resi NPA Preview (BAC, JPM, C, CVBF, CYN, EWBC, FHN, PACW, PNC, STSA, STI, UMPQ, USN, WFC, ZION)

1-10 – Q4 Bank Legacy Balance Sheet & Putback Risk

1-9 – Closing Out Dec Subprime ABX Long Trades

1-9 – BAC, JPM & Other Big Bank Q4 Resi NPA Activity

1-5 – (Uh!) Owe Canada – 2012 Themes & Outlook- “The End of the Canadian Miracle”

1-5 – 2012 Australia Themes & Outlook- “A Long Delayed Waterloo”

1-4 – Long Builders…Long in the Tooth

12-26 – Happy Holidays and New Year from Mark Hanson

12-23 – New Home Sales Depression Internals

12-22 – (UPDATE 1) Shadow Inventory After NAR Rebalancing FW- 12-21 – – Existing Home Sales – NAR Re-Benchmarking IS Significant

12-22 – (Uh!) Owe Canada – High-Frequency Data & Other Random Bubble Musings

12-21 – Existing Home Sales – NAR Re-Benchmarking IS Significant

12-20 – Nov Building Permits…Nothing to See Here

12-20 – JPM (BSC) MBS Fraud (UPDATE 1) FW- 12-18 – JPM = BAC

12-19 – (Uh!) Owe Canada – Quebec Provincial Bubble Report

12-19 – Australia – A Nation of Loss Making Landlords…Housing Incentive Run Amok

12-18 – JPM = BAC

12-16 – …Sov CDS Update / Long Some Subprime Mortgage Credit FW- 12-12 (UPDATE 1) Sov CDS Implied Calling Out Italy and Belgium FW- 12-9 – M Hanson – Moodys Sov/Bank CDS vs Implied Update

12-16 – News Out – JPM…$95 BILLION MBS Buyback Problem

12-16 – NAR Existing Sales Restatement – A Preview

12-16 – Aussie Bank Surprise Publicity Stunt (Stress Test Due in a Week)

12-14 – Aussie MI Co Warning – Same Story, Different Continent

12-13 – CA House Price/Sales Compression in Full-Effect

12-13 – 2nd Lien Implosion Happening Right Now – The Turning Point

12-12 – Australian Rate Cuts, Banks, Funding…New Data, Old Problem

12-12 – (UPDATE 1) Sov CDS Implied Calling Out Italy & Belgium FW- Moody’s Sov/Bank CDS vs Implied Update

12-9 – Moody’s Sov/Bank CDS vs Implied Update

12-8 – Big PrimeX Threat

12-8 – BAC/JPM/WFC (Foreclosure) Liquidation Speeds go Haywire

12-6 – Australia Calls – 4pm to 2am EST Only

12-6 – (UPDATE 1) Mid-to-High End FW- 12-6- Mid-to-High End Real Estate…An Example of ‘Not a Good Sign’

12-6 – Mid-to-High End Real Estate…An Example of ‘Not a Good Sign’

12-5 – Australian Banks- S&P Caps Banks Wholesale Funding

12-5 – FW- Wild S&P Move – Rewriting the Manual as they go…

12-2 – Post Swap News CDS Implied Spreads Widening (UPDATE 1) FW- 12-1 – Sov CDS Implied Response to Central Bank Gang Bang

12-2 – (Uh!) Owe Canada – HF Econ Data Recap

12-1 – Melbourne: Epicenter of a Housing Bust

12-1 – Subprime Implosion 2.0

12-1 – Sov CDS Implied Response to Central Bank Gang Bang

11-29 (UPDATE 1) Mid-to-High End Housing, Consumer, Building / Jumbo Loans / PrimeX FW- 11-4 (am) – U.S. Jumbo Defaults, Foreclosures, and Can-Kicking and House Sales/Prices/Compression

11-29 – (Uh!) Owe Canada – Household Balance Sheets Not as Pristine as Believed

11-28 – Australia Inaugural Report- “Bubbles Girt by Pricks”

11-28 – New Home Sales Depression Recap

11-27 – (Uh!) Owe Canada – Bank Earnings Observation

11-21 – Oct Existing Sales Internals – Important (UPDATE-1) FW- 11-17 M Hanson – Oct Existing Home Sales Front-Run

11-17 – Oct Existing Home Sales Front-Run

11-15 – Bank, MBS & MI Co Disappointment / US Housing Debt to Equity Ratio Highest on Record

11-10 – (Uh!) O Canada – Mortgage Unaffordability / HELOC Craze

11-9 – Canada – Houston, We Have a Problem; Game On

11-7 – Jumbo Defaults, Foreclosures, & Can-Kicking & House Sales/Prices/Compression

11-4 – Canadian Banks vs US Banks

11-4 – (Uh!) O Canada – Vancouver Area Housing Trouble Update / Oct Jobs Market Bomb

10-31 – REITS (UPDATE 1) FW- 10-26 – EQR and AVB Short Flyers on Earnings

10-30 – Sept Home Builder & Sales Recap (not pretty especially at mid-to-high end)

10-27 – Oct PrimeX Remit Summary

10-27 – (Uh!) O Canada…GDP Drivers & Misplaced Perceptions

10-26 – (Uh!) O Canada – Ontario Bubble

10-26 – EQR & AVB Short Flyers on Earnings

10-24 – On HARP Underwater Refi Expansion

10-24 – (Uh!) O Canada – B.C. / Vancouver Mega-Bubble

10 – Canada – Houses for Everybody for Nothin’ Down

10-22 – PMI Seized – Interesting Potential Snowball Effect

10-22 – ESFS into AMBAC

10-21 – Low-End Builders FW- 10-20 – (UPDATE 1) Existing Home Sales Hot Points FW- 10-18 – Existing & New Home Sales Front-Run

10-18 – Existing & New Home Sales Front-Run

10-18 – (Uh!) O Canada Inagural Report

10-16 – PrimeX – Top 30 Risks

10-13 – PrimeX Thoughts (a.m.)

10-12 – (BTI) Bank of Queensland profit falls on bad debt surge

10-12 – Sept PrimeX Remit Summary & Jumbo-Prime / Mid-to-High End Housing Overview

10-11 – PrimeX Update FW- 10-11 – PrimeX – Two Things

10-11 – PrimeX – Two Things

10-10 – (Uh) O Canada!

10-10 – Insta-Refi Program Update – BAC Ate Most of the Benefit

10-9 – Sov Downgrade Forecasts…Spain-fslash-France on Deck at Moody’s

10-9 – Sept Legal Default & FC Activity – Jumbo in Focus

10-7 – PrimeX Data Refresh & Risk Update

10-6 – (UPDATE 1) – Prime Credit Short FW- 10-5 – Prime Credit Short…Repo Issues etc

10-6 – Bank Short Trades off PrimeX Carnage FW – Update PrimeX Carnage – Houston, We Have a Problem

10-6 – Update PrimeX Carnage – Houston, We Have a Problem

10-6 – (UPDATE 2) Fitch Prime Credit Sweep re- PrimeX Short – Important FW- 10-6 (UPDATE 1) Prime Credit Short FW- 10-5 – Prime Credit Short… Repo Issues etc

10-5 – REIT Underperformance

10-5 – Prime Credit Short… Repo Issues etc

10-4 – Urgent – Non-Agency RMBS Repo Issues

10-4 – GENWORTH – Mi Co’s (UPDATE 1) RE- 10-3 – Keep an Eye on the MI Companies

10-4 – FW- Moody’s Sovereign Rating VS CDS Implied

10-4 – Italy Downgrade – Record Notcher (France and Spain Up) FW- Moody’s Sovereign Rating VS CDS Implied

10-3 – Housing Market Stance Summary Into Year-End

10-3 – Canada & Oz Housing and Banks – The Jig is Up

10-3 – Keep an Eye on the MI Companies

10-1 …Banks/MERS/49 AG Settlement

9-28 – US Bank on Mortgage Trustee Liability

9-26 – (UPDATE 1) Long/Short Builder Trade Update FW- 9-22 – Housing Long/Short Trade Idea – On New Home Sales Data Release at 7am EST on Monday 9-26

9-23 – Banks Not Wanting to Lend MYTH / Rates at Historic Lows

9-22 – Housing Long / Short Trade Idea – On New Home Sales Data Release at 7am EST on Monday 9-26

9-22 – West Coast House Price Crash / Compression Happening Right Now

9-21 – MBS Fraud/Putback Suits – JPM’s Very Own “Countrywide”

9-21 – (UPDATE 1) Existing Sales Trade Update RE- 9-15 – Home Builder Long Trade on August Existing Home Sales Beat Next Week

9-15 – Home Builder Long Trade on August Existing Home Sales Beat Next Week

9-9 – Resi, CandI, Ag, Apt & Land Bank Risk — History / Future of Default, Foreclosure & Mod BUBBLE

9-9 – (UPDATE 1) – LPS Flyer 9-8 – BAC Goes Postal (August NOD Surge in Perspective)

9-9 – (UPDATE 1) – Auto-Superduper-Insta-Mega Refi 9-2 – Auto-Mega-Insta Obama Refi Plan

9-8 – BAC Goes Postal (August NOD Surge in Perspective)

9-8 – August PrimeX Remit Summary & Jumbo-Prime / Mid-to-High End Housing Overview

9-7 – (#3) – Wachovia Liquidations Heating Up

9-7 – (#2) – Bank 2nd Lien Assets Evaporating at Record Highs in August

9-7 – BAC – Off the Hook AUGUST Resi Liquidations

9-6 – JPM, WFC, COF – Extreme Legacy Loan/MBS Exposure

9-2 – Auto-Mega-Insta Obama Refi Plan

8-31 – (UPDATE 3) – “Refi’s Will Save the Economy” / Auto-Refi’s / Obama Speech FW- 8-21 “Refi’s Will Save the Economy” – (UPDATE 2) FW- 8-10 – Mortgage Rate Plunge, Refi’s, Banks Etc

8-30 – New Home Sales, Pending Sales, CS

8-30 – (UPDATE 2) – Big Bank Mortgage Trustees on the Mind FW- 6-28 BAC…US Bank on the Mind FW ** 6-14 – Mortgage Trust Banks Finally Under Investigation…Interesting

8-29 – BAC Cranks up the Foreclosure Furnace…Record Highs are Back

8-29 – 49 AG Mortgage Settlement Hopes FW- 8-24(am) Two Critical Things – Mortgage, Banks, Housing, Consumer

8-25 – (UPDATE 2) Insta Refi and Reps and Warrants RE- (UPDATE 1) Insta-Refi Long-Term Devastation Impact FW- 8-25 Boxer Insta-Refi Calcs

8-25 – (UPDATE-1) Insta-Refi Long-Term Devastation – Impact FW- 8-25 Boxer Insta-Refi Calcs

8-25 – Boxer Insta-Refi Calcs

8-24 – Two Critical Things – Mortgage, Banks, Housing, Consumer

8-23 – PMI Downgrade

8-22 – Housing & Mortgage Swan – (UPDATE-2) – 8-22 – Housing & Mortgage Swan of Another Color Circling… MI Failure – Bank, MBS, GSE & Housing Market Risk

8-22 – Housing & Mortgage Swan of Another Color Circling & MI Failure – Bank, MBS, GSE & Housing Market Risk

8-21 – “Refi’s Will Save the Economy” (UPDATE-2) 8-10 – Mortgage Rate Plunge, Refi’s, Bank’s Etc

8-19 – (UPDATE-2) – Existing Home Sales – Mid-to-High End Consumer Pain FW- 8-18 – Existing Home Sales – Summary – Abysmal FW- 8-16 Mark Hanson – Housing Miss on Tap for Thursday

8-18 – Existing Home Sales – Summary – Abysmal 8-16 – Housing Miss on Tap for Thursday

8-16 – Housing Miss on Tap for Thursday

8-15 – The Mod & Robo Infection Points — The Distress is Still Out There…Festering

8-13 – Amherst Goes After Banks – “ Waterfall ” of Plaintiffs

8-12 – Real Estate Appraisals (Process) Weigh on House Prices

8-11 – July Default & Foreclosure Activity (Banks, Servicers, ABX, PrimeX) / RealtyTrac Front-Run

8-10 – Mortgage Rate Plunge, Refi’s, Banks Etc

8-8 – ABX Buy (One Tranche – Watch List)

8-8 – RE- MI Failure – Bank, MBS & GSE Risk

8-8 – MI Failure – Bank, MBS & GSE Risk

8-7 – Downgrade – Housing & Finance

8-5 – PrimeX & 10s, 30s, 2s

8-2 – LPS / July Proprietary Foreclosure Data

7-30 – More Oz Housing / The Builders & Retail FW- Oz House Prices – V. Important for Those Following Oz Housing

7-29 – Oz House Prices – V. Important for Those Following Oz Housing

7-25 – E-Trade

7-22 – Mortgage Interest Deduction Chop-Chop

7-20 – Existing Home Sales (Final) RE- 7-19 – Forecast Change (important)…Existing Home Sales FW- 7-17 – Bullish Housing Trade on “Transitory” Better Week/Quarter Ahead for Housing and Finance

7-14 – Rates vs Mortgage Applications & Boxer’s Refi Bill

7-12 – (UPDATE 1) – RealtyTrac On-Deck FW- 7-6 – First Look – June Legal Default & Foreclosure Update

7-12 – Q2 JPM, Citi, FHN & ZION NPA Results

7-12 – Big Bank Q2 2nd Lien Distress Results

7-6 – (UPDATE 1) – ABX & CMBX Retreat & Divergence FW- 7-2 – ABX, CMBX, PRIMEX

7-6 – First Look – June Legal Default & Foreclosure Update

7-6 – Jumbo Loan Amt Roll-Down, QRM Rules, 50-AG $60 BILLION Settelment = House Price Compression (among other things)

7-4 – Bank’s & Their HELOC Mess Featuring PNC

7-2 – ABX, CMBX, PRIMEX

6-29 – Pending Sales Front-Run and Short Sale Gaming

6-29 – (UPDATE 1) – BAC… There WAS a Catch RE- BAC – There has to be a Catch FW- BofA Nears $8.5 Billion Settlement on Mortgage-Securities Claims

6-28 – On Case-Shiller (Not Covered by Sellside or Media) RE- 6-26 – Important on Case-Shiller/ABX, CMBX, PrimeX

6-28 – BAC… US Bank on the Mind FW – Mortgage Trust Banks Finally Under Investigation… Interesting

6-28 – BAC – There has to be a Catch FW- BofA Nears $8.5 Billion Settlement on Mortgage-Securities Claims

6-26 – Barron’s Trashes the MI Co’s

6-26 – Important on Case-Shiller/ABX, CMBX, PrimeX

6-24 – Mortgage Refi’s and 2.5% 10-year Notes

6-23 – (UPDATE 1) – New Home Sales Take… FW- 6-22 – Builder Trade Update & Two House Sales Jaw-Droppers

6-22 – Builder Trade Update & Two House Sales Jaw-Droppers

6-21 – (UPDATE 1) – Anemic Housing Data Breakdown & Trade Update… RE – Housing Update & Trade Idea on Housing Reports This Week

6-20 – Housing Update & Trade Idea on Housing Reports This Week FW- 6-15 – May NAR Existing Home Sales Precap – Records Broken (Again)

6-17 – May Defaults & Foreclosures/Stealth Liquidation Event

6-15- May NAR Existing Home Sales Precap – Records Broken (Again)

6-14 – Mortgage Trust Banks Finally Under Investigation… Interesting

6-24 – Mortgage Refi’s and 2.5% 10-year Notes

6-23 – (UPDATE 1) – New Home Sales Take… FW- 6-22 – Builder Trade Update & Two House Sales Jaw-Droppers

6-22 – Builder Trade Update & Two House Sales Jaw-Droppers

6-21 – (UPDATE 1) – Anemic Housing Data Breakdown & Trade Update… RE – Housing Update & Trade Idea on Housing Reports This Week

6-17 – May Defaults & Foreclosures/Stealth Liquidation Event

6-15- May NAR Existing Home Sales Precap – Records Broken (Again)

6-13 – May Resi Default & Foreclosure Report/RealtyTrac Front-Run

6-12 – (UPDATE 2) – The End of Resi Can-Kicking

6-9 – Crash in Mortgage Rates of Little Benefit

6-8 – Housing’s Bomb in Waiting – QRM Rules – Federal Proposal Would Toughen Debt Restrictions

6-8 – Housing’s Bomb in Waiting – QRM Rules – Federal Proposal Would Toughen Debt Restrictions

6-7 – Auto Credit & Sales Off a Cliff

6-7 – (UPDATE 1) – Extreme Negative Equty & Second Liens – Merrill on Housing – Extreme Negative Equity

6-06 – Merrill on Housing – Extreme Negative Equity

6-03 – Yet Another Big Housing Risk Nobody Talks About

6-2 – Alt-A, Subprime, Jumbo Prime Collateral More Alike than Most Think

5-31 – ABX Getting Pummeled on CS – PrimeX on Deck

5-27 – April Pendings Quick Recap

5-26 – Mortgage Can-Kicking Era is Over

5-25 – Mortgage Servicer Paradigm Shift

5-24 – April New Home Sales

5-19 – (UPDATE 1) – House Sales –> April NAR Existing Home Sales Pre-cap

5-17 – April CA House Sales – 11th Month into Double Dip

5-10- Top Bank- Servicer April Foreclosure Detail

5-10 – LPS – Wow!

5-9 – 28.4% Neg Equity – Not Even Close to Real-Life

5-9 – (HRB) (BN) Mortgage-Bond Investors to Seek H-and-R Block Unit Repurchases (2)

5-8 – April Foreclosure Results – RaltyTrac Front-run – Careful

5-3 – CA Gas Prices

5-2 – Interim Housing Bottom / Refi Capital Flows to Resume / House Sales Break Down / Big Banks Paying Big Bucks for Walk Aways

4-27 – (UPDATE 1) Case-Shiller Stand-Outs (NY, OR, WA, MA, CO, CA) – On Case Shiller

4-26 – On Case Shiller

4-25 – New Home Sales Recap

4-22 – (Added Santa Clara Co – Silicon Valley) – Jumbo Distress & WFC, JPM, BAC, C

4-22 – Jumbo Distress & WFC, JPM, BAC, C

4-20 – (UPDATE 1) – Existing House Sales 4-15 – Very Important – March Existing & New Home Sales Precap

4-19 – Mid-to-High End Housing Case Study

4-15 – Very Important – March Existing and New Home Sales Precap

4-14 – Citi Q1 NPA Activity

4-14 – USB Q1 NPA Activity / Trustee & Servicer Wars

4-14 – (UPDATE 1) RealtyTrac Foreclosure Results— 4-12 – (Another) Foreclosure Upset Coming Wed Night – March RealtyTrac Front-Run

4-13 – There Goes LPS

4-13 – STI & FHN Q1 NPA Activity

4-13 – WFC Q1 NPA Results

4-12 – Select Regional Bank Q1 NPA Results

4-12 – BAC Q1 NPA – The Liquidation Machine

4-12 – (Another) Foreclosure Upset Coming Wed Night – March RealtyTrac Front Run

4-11 – JPM Q1 Resi NPA Activity – Out of Control

4-11 – (UPDATE 1) – CVBF & WIBC Unusual C & I Default Activity

4-9 – (UPDATE 1) – March Foreclosure Activity — Very Important – March Foreclosures SURGE – Look Out

4-7 – Builders / New Home Sales / Existing Sales

4-6 – The Housing “Affordability” Myth

3-30 – On Pending Sales – Nothing to See Here

3-29 – On Case-Shiller – More to Come

3-25 – BAC JPM WFC Resi Loan & REO Craziness

3-25 – Important – Servicer Housing Liquidation Wave Validated

3-24 – Housing – Grim Un-fundamentals

3-23 – (UPDATE 3) – Final-Final Important Point on New Home Sales

3-23 – (UPDATE 2) “The Weather” Spin New Home Sales

3-23 – (UPDATE 1) – Direct Hit – New Home_Sales – Final Numbers

3-21 – March MTD Foreclosures Surge / BAC Leads the Way / Front-Running the Robo-Settlement

3-21 – CA February House Sales – “Double-Dip” (Continues) Report

3-21 – (UPDATE 1) – Existing Sales (Housing Depression) 3-16 – Existing Home Sales Precap

3-18 – Bank Dividend Hype

3-17 – Ouch – San Fran Bay Area YoY Feb House Prices

3-17 – New Home Sales Precap… Another Record Low

3-16 – Existing Home Sales Precap

3-15 – Housing Timeline / Big Bank Foreclosure Completions Mid-March Update

3-7 – Foreclosure Upset Coming Wed Night

3-4 – On Q1 “Mortgage Banking” & The Banks

3-4 – Feb Mo. Foreclosure Preview – Sickly Market

3-3 – CVBF & WIBC Unusual C & I Default Activity

3-3 – (UPDATE 1) Banks- The Great Loan Mod Bubble… PNC 10k & “The Great Modification Bubble Implosion”

3-2 – BAC, C, JPM, MERS, PNC, STI, WM, WB, WFC – Clear Trends

3-1 – Banks- PNC 10k & “The Great Modification Bubble Implosion”

3-1 – QRM Rule – Near Worst Case Scenario Floated

2-24 – …House Prices – The Quickening – Adjust your HPI Lower

2-24 – Oh My – New Home Sales Recap…Another Record Low

2-24 – On Admin’s Robo Settlement in WSJ this morning

2-23 – House Sales & Prices – NAR Over-Estimating Scandal Brewing

2-23 – (UPDATE 3) Existing Sales – Direct Hit – Reminder – Jan Existing Home Sales (Underweight Housing (UPDATE 2) – Underweight Housing & Related Sectors

2-22 – Important – On Case-Shiller

2-18 – Dis-inflation (UPDATE 1) – Double-Dippin – Jan CA House Sales…Official Volume & Price Double Dip

2-19 – Double-Dippin – Jan CA House Sales_…Official Volume & Price Double Dip

2-17 – (UPDATE 1) Underweight Housing & Related Sectors

2-16 – (UPDATE 2) MERS Being Wound Down – Wells Fargo Foreclosure Volume Anomaly (Atkins Correlation?)

2-16 – (UPDATE 1) Wells Fargo Foreclosure Volume Anomaly (Atkins Correlation?)

2-14 – (UPDATE 1) WFC / PNC/ JPM

2-10 – (UPDATE 2) RealtyTrac Lagged Data Mis-Reporting – January Foreclosure Completions Surge

2-9 – Wells Fargo Foreclosure Volume Anomaly (Atkins Correlation?)

2-8 – (UPDATE 1) Housing Upset…“The Set-Up”

2-8 – Housing Upset…“The Set-Up”

2-3 – Robo-West (BAC, PNC, FNMA, IBM) Study

2-1 – January Foreclosure Completions Surge

1-28 – Reminder FW- 1-19 – EWBC, UMPQ, ZION Q4 Loan Performance

1-28 – Shadow Inventory

1-27 – Pendings – Notable Trouble

1-27 – Reminder – Pending Home Sales Beat @ 10am EST

1-26 – New Home Sales Recap

1-26 – Mortgage Sector Implosion Gets Real Serious

1-25 – PNC & RoboWest (Update-1)

1-25 – BAC Uh-Oh – Robo-West (Update-2)

1-25 – BAC & RoboWest…Most Interesting Findings

1-21 – (Urgent) Validation of Foreclosure Process Breakdown

1-20 – A Breakdown in the US Foreclosure Process

1-19 – House Prices Forward

1-19 – Existing Home Sales Recap

1-19 – Reminder FW- 1-18 – Dec Existing Home Sales Precap

1-19 – EWBC, UMPQ, ZION Q4 Loan Performance

1-18 – Dec Existing Home Sales Precap

1-16 – WFC Q4 Resi Loan Performance

1-16 – USB Q4 Resi Loan Performance

1-16 – STI Q4 Resi Loan Performance

1-16 – PNC Q4 Resi Loan Performance

1-16 – FHN Q4 Resi Loan Performance

1-16 – CYN Q4 Loan Performance

1-16 – Citi Q4 Resi Loan Performance

1-16 – BAC Q4 Resi Loan Performance

1-15 – Goldman – JPM Residential “Credit_Metrics” More Negative

1-14 – JPM – Other Banks Q4 Residential Performance

1-13 – Initial Claims (Mortgage Jobs)

1-12 – JPM (Update 1)

1-11(pm) – STI – Q4 NPA’s

1-11 – The Banks… Q4 Resi NPA’s

1-8 – (Important) Foreclosure Verdict Detail – A Swan of Another Color

1-7 – (BN) Foreclosures May Be Undone by State Ruling on Mortgage

1-5 – In Remembrance of the Mortgage Sector & Related Jobs/Spending

1-4 – BAC (Update-2)

1-3 – BAC (Update-1)

1-2 – The Catalysts

12-30 – Pending Sales Recap

12-29 – Bank NPA’s (Update-1)

12-29 – Subprime Implosion 2.0 on Deck in 2011

12-28 – GMAC/Ally/Rescap and Fannie

12-23 – LOWEST ABSOLUTE NEW HOME SALES VOLUME EVER

12-22 – Existing Home Sales – Reality

12-21 – (PNC, BAC) RoboPutbackDirtyMBSMortgage-Gate Update

12-20 – National Existing Home Sales Precap — CA November House Sales – Volume & Price Double-Dip Trend Continues

12-17 – Quick Recap – Single Family Housing Starts – Permits Also Double-Dipping

12-15 – Housing – Wealth-Effect & Higher Rates Good For Housing???

12-14 – Rates/BAC/Banks/Lending

12-14 – Epidemic Levels_of “Effective” Negative Equity

12-13 – Interest Rate YoY Deja-Vu

12-13 – Housing & Finance…2010 Ending with a Bang (or explosion)!

12-10 – Banks/Servicers/Foreclosures…Complete Disarray

12-9 – Mortgage & Housing Paralysis

12-9 – MBS Buyback News – Huge FHLB MBS Buyback Suit Given Green Light – JPM, MCO, MHP

12-9 – BAC, COF, GMAC, GSE, JPM, MERS, PNC, STI, USB, WFC Daily Foreclosure Activity

12-8 – Oh My 3.31%/ Principal Reductions

12-8 – (Important Update) Foreclosure-Freeze Daily / De facto Rate Hike

12-7- (Update-1) Bonds

12-7 – Mortgage & Housing Suddenly in a lot of Trouble

12-7 – Foreclosure-Freeze Daily

12-6 – (Urgent) Reuters Special Report on LPS

12-5 – It’s Looking Systemic (BAC, C, COF, GMAC, JPM, PNC, STI, WFC, USB)

12-2 – (UPDATE-1) – Pendings RE 12-2 Pendings

12-2 – Mortgage Rates / Jobs / Housing Negative Wealth Effect Resumes FW-12-2 Pendings

12-2 – Pendings

11-30 – Big-Bank Foreclosure-Freeze Weekly Update / Case Shiller

11-24 – Oct New Home Sales Catastrophe

11-24 – Existing Sales Drill-Down

11-24 – (UPDATE 1) BAC, C, GMAC, JPM, MERS, PNC, USB, WFC

11-23 – BAC, C, GMAC, JPM, MERS, PNC, USB, WFC

11-18 – October CA House Sales Report

11-17 – Mortgage-Banking Destruction / Existing Home Sales / House Price Mark-Downs / Chase Finally Capitulates on Principal Mods

11-15 – Mortgage Sector & Mortgage-Gate Round-Up

11-7 – Don’t Discount GSE Putbacks

11-5 – (UPDATE 1) 10q’s, Pending Sales, Bank Revisionist History

11-5 – (UPDATE 1) Rates – Ouch

11-5 – Mortgage-Gate / Bank Update

11-3 – Mortgage-Gate, 2nd Mortgage Cheating, CA Bond Defaults, Builders

11-3 – USB, PNC (Affidavit-Gate) & The Builders

11-2 – (UPDATE 2) CA Housing (Un)fundamentals

11-2 – (UPDATE 1) Lost Vegas Housing (Un)fundamentals

11-1 – High-End Houses – Las Vegas

11-1 – (Banks – 1 JPMorgan lowers Putback Loss Estimate 2) BAC Lowers Estimate 3) Q3 Bank Earnings Restatements?

10-31 – Affidavit-Gate & Putback-Gate Round-Up

10-29 – Foreclosures, Housing, Home Improvement Retailers, Banks, Title Companies, Builders

10-28 – WFC & WB (Update-1)

10-28 – WFC & WB Put-Back & Whole Loan Loss Risk

10-27 – New Home Sales Recap

10-26 – CITI Best-Case Put-Back Risk Quantified

10-26 – (UPDATE 2) Existing Home Sales RE

10-25 – BAC Best-Case Put-Back Risk Quantified

10-25 – (UPDATE 1) Existing Home Sales

10-24 – Mortgage-Gate Miscellaneous

10-22 – (UPDATE 1) BAC Put-Backs

10-22 – Existing Home Sales Precap

10-21 – (High-Importance) BAC & All Banks

10-20 – PNC, STI, CYN, UMPQ Q3 Resi NPA Detail

10-20 – Top Private Label Securitizers & M-Gate Derivative Plays

10-20 – BAC Lawsuit Consortium

10-19 – Put-Back Gate Loss Estimate Far Too Low

10-19 – WFC, USB, M&I Q3 Resi NPA Activity

10-19 – Mortgage-Gate Spin Jobs / Put-Back Threat Heats Up

10-18 – HRB – Put-Back Risk Quantified

10-18 – Mortgage-Gate Risks Going Forward

10-15 – Goldman PLS & GSE MBS Exposure

10-15 – Citi – Q3 Resi NPA Activity

10-15 – Mortgage-Gate & The Financials

10-14 – The Financials/Mortgage-Gate/Capital Deficit Threat

10-13 – September FORECLOSURE BLOWOUT

10-12 – MERS – The Big Daddy

10-12 – Amherst Chimes in on Mortgage-Gate

10-11 (pm) – Mortgage-Gate – Note From a Bull

10-11 – TROUBLE – Mortgage-Gate

10-11 – (URGENT 2) CITI CALL “Foreclosures Gone Wild- Understanding Legal Issues from the Recent Foreclosure Freezes and Investigations” ***

10-10 – BAC & JPM Q310 Resi Default & Foreclosure Activity

10-8 – Wells Fargo Doubles Wachovia Pay Option Foreclosure Volume

10-7 – (UPDATE 2) ‘Mortgage-Gate’

10-7 – ‘Mortgage-Gate’ Long/Short Plays

10-6 – Lowest 30-year Fixed Mortgage Rates Ever Today

10-5 – Pending Sales – Nothing to See Here

10-4 – (UPDATE 2) Affidavit Gate

10-3 – (UPDATE 1) Robo Signer RE 10-3 – Robo-Signer Scandal…Potential to get out of Control

10-3 – Robo-Signer Scandal…Potential to get out of Control

10-1 – Builder Put-Back Risk at Record Levels

9-29 – More Micro – Phoenix Home Sales Proxy

9-29 – Early Innings of Second Mortgage Losses

9-27 – Housing…Let’s Get Micro (Not for the Faint of Heart)

9-27 – Tomorrow’s Case-Shiller

9-24 – Worst August New Home Sales Volume in History

9-23 – Existing Home Sales

9-22 – House Prices Expectations

9-21 – GMAC & Housing Starts

9-17 – CA August Home Sales Double Dippin’

9-16 – WFC & JPM Aug Pay Option ARM Detail / RealtyTrac Aug Breakdown

9-14 – “V”Shaped Default & Foreclosure Recovery – The Tide has Changed

9-13 – Interesting “Non-Headline” Mortgage & Housing News

9-13 – (BN) BofA May Owe $20 Billion in Mortgage Buybacks, Insurers Say

9-9 – Builders – Interesting Note

9-8 – BAC, C, JPM, USB, WFC – The Foreclosure “Quickening”

9-6 – Pending Sales Actually Lower in July

9-5 – Obama’s “Major Mortgage Aid” Plan

9-5 – Update to 3-3 – Bottom Line – Principal HAMP Mod

9-2 – August Bank, Servicer & MERS Specific Default & Foreclosure Activity

9-1 – August Foreclosure Blow-Out

8-26 – Existing & New Home Sales Recap

8-23 – July CA Home Sales Bode ill For Tomorrow’s Big Report

8-19 – (UPDATE 3) July Existing Home Sales

8-12 – Housing Tax-Credit Extension Means Little to Sales

8-11 – Treasury & HUD (Housing) Support

8-11 – RealtyTrac Foreclosure Report Tomorrow

8-7 – Wide-Scale Principal Reductions are Coming Near-Term

8-5 – More Rumors of Aug GSE Surprise

8-4 – The Ultimate Put-Back

8-3 – STI, CMA & JPM — NPA_Update

8-2 – The August Housing Surprise

8-1 – I Was Wrong About the Extent to Which Modification Redefaults Will Impact Housing & House Prices

7-30 – (UPDATE 3) GSE Instant Refi

7-29 – (Update 2) GSE_Refi-Button

7-28 – (Update 1) Careful…QE1.99 Might be on Tap

7-28 – Careful…QE1.99 Might be on Tap

7-26 – JUNE NEW HOME SALES LOWEST ON RECORD FOR ANY JUNE

7-22 – July 2010 Home Price Expectations Survey Results

7-22 – (Important) June Existing Home Sales Surge

7-21 – WFC/WB Resi Credit – The NPA’s are There if You Know Where to Look

7-21 – …USB & DSL Q2 Default & Foreclosure Results.

7-15 – June Foreclosure Breakdown

7-14 – Q2 Wachovia Pay Option Default & Foreclosure Performance Notably Worse

7-14 (UPDATE 1) WaMu (JPM) Pay Option Default & Foreclosure Performance

7-13 – MI Bank Q2 NPA Activity

7-13 – A V SHAPED BOTTOM! …In Housing Inventory Levels

7-12 – Q2 Bank-Specific Resi/Non-Resi NPA_Guide

7-10 – CYN Q2 NPA Activity

7-10 – CMA Q2 NPA Activity

7-10 – EWBC Q2 NPA Activity

7-10 – CVFB Q2 NPA Activity

7-8 – Q2 Big-Bank Default & Foreclosure Activity Summary

7-8 – ALERT – New H&R Block SEC Filing

7-8 – Q2 Big-Bank Default & Foreclosure Activity Summary

7-7 (#2) – Interesting Q2 Early-Stage Delinquency Data

7-6 – Capital One’s Forgotton Subprime Alt-A Mega-Exposure

7-5 (UPDATE 1) Chase Cries “Uncle”

7-4 – Pending Home Sales – Great Stat

7-1 – M&I Bank — Interesting Default

6-30 – (UPDATE 1) JPM & WFC Pay Option ARMs

6-29 – Chase Cries “Uncle”

6-25 – (PRN) Fannie Mae Increases Penalties for Borrowers Who Walk

6-25 – Very Interesting May HAMP Data

6-22 – (UPDATE 1) House Sales

6-21(pm) – Existing & New Home Sales Update

6-20 – Shadow Inventory House Price Roll-Over Timeline

6-18 – June Housing Review & Preview

6-14 – American Banker Mortgage & Housing Piece

6-14 – Alarming Home Sales Data

6-9 – (UPDATE 1) Added Update & Wells Fargo Pay Option Data

6-2 – May Forclosure Preview & Review

5-26 – New Home Sales Reality

5-25 – EverBank Notice – 95% Financing on Foreclosures

5-24 – April Existing Home Sales Notables

5-21 – CA House Sales Disappoint…Again

5-19 – April Housing Preview – Prices – The Builders

5-18 – HAMP Principal Reduction Misdirection Campaign to Begin Soon

5-18 – April HAMP Disaster

5-13 – (UPDATE 1) April Foreclosures

5-12 – Morphing Credit

5-12 – April National Foreclosure Release Preview

5-11 – April Bank-Servicer Foreclosure Stats – All Prop Types

5-10 – April Foreclosure Stats Across Various Loan & Prop Types

5-8 – April Foreclosure Results

5-3 – April Defaults, Foreclosures & Workouts – All Loan Types

4-28 – Part 2 This Ain’t Credit You’re Lookin At

4-27 – New Vintage Subprime Lending Gone Awry (Again)

4-26 -March Modification Bubble Breakdown

4-26 – New Vintage Subprime Lending Gone Awry (Again)

4-25 – BofA’s HELOC Indicator

4-23 – New Home Sales – Gimme a Break

4-23 – New Loan Modifications Decline Sharply While Distressed Liquidations Rise Sharply

4-22 – This Ain’t Credit You’re Lookin At

4-21 – March House Sales Review & Preview

4-20 – Foreclosures Forever

4-19 – STI…Q1 NPA Activity Most Interesting

4-18 – Q1 Bank NPA Data (CMA, CYN, WB, WFC, UMPQ, ZION, FHN)

4-16 – WB CDOs

4-15 – Record High Foreclosures – Beneath the Headlines

4-15 – Preview – National Foreclosure News Tomorrow

4-14 – WFC’s Pay Option ARM NPA Activity in Q1

4-14 – UMPQ, CYN, STI Q1 NPA’s

4-14 – CMA and FHN – Two Interesting Q1 Cases

4-13 – Q1 C&I Tracking

4-13 – First Horizon

4-11 – LPS Delinquency Report – Say What?!?

4-11 – Banks in Asset Liquidation Mode Suddenly

4-11 – Bank Originator March NPA Data 2

4-10 – Small-Cap TARP Banks – Time to Pay the Piper

4-9 – Defaults & Foreclosures…Let the (Liquidation) Games Begin!

4-8 – Consumer Spending & Savings From Missed Mortgage Payments

4-8 – City National Bank

4-6 – March Foreclosures – Whoa – Record Highs

4-1 – The Banks – Notable March and Q1 Foreclosure Activity

3-31 – Bottom Line – Principal HAMP Mod (Update 1 )

3-30 – DHI – Builder Put-Back Pain – First Signs

3-29 – Bank NPA’s Continue Unusual Move into Q-end

3-29 – HAMP Principal Mod – A Step Backward

3-26 – BofA’s New Principal Mod – SORRY, NO CIGAR

3-25 – Big News Coming Tomorrow From Treasury on Mortgage Space

3-24 – New & Existing Home Sales Quick Recaps

3-23 – MGIC vs BofA — And Soon to Be…’vs. Everybody Else’

3-22 – BAC, WFC, JPM & 2nd Lien Mods/Liquidations

3-22 – 2010 Mortgage Lending Double-Dip

3-20 – More on Put-Backs and Lawsuits

3-19 – CA HOUSE SALES DOUBLE-DIPPING

3-18 – 2010 YTD and FY Mortgage Volume Plunge

3-17 – Banks/Lack of Guidance/Downgrades/Cap Raising/Earnings/NPA’s

3-16 – CA House Sales – Lots of Foreclosures Needed Right Now

3-15 – HAMP is Getting Very Interesting

3-14 – No Bid for High End Houses

3-13 – Feb National Foreclosure Breakdown

3-12 – Writing Down/Off Second Mortgages

3-9 – Feb BAC & WFC Originator & Servicer NPA Reports

3-7 – Feb Wachovia Pay Option Portfolio Defaults & Foreclosures

3-5 – GSE – Big Bank Put Backs

3-5 – Builder Loan Put-Backs on Deck

3-4 – BAC, WFC Making Their Foreclosure Move!

3-3 – Small-Cap Bank Loan Performance

3-2 – Fannie Mega-Delinquency and Buyback Data

2-28 – MI Companies Join the Put-Back Frenzy

2-26 – New Obama 60-Day Late/HAMP/Foreclosure Proposal – Not What Most Think it is

2-25 – New Home Sales Tragedy

2-25 – Big Banks Preparing the Sector

2-24 – Subprime & Alt-A Implosion 2.0

2-23 – Put-Backs – the 2010 Wildcard Threat

2-19 – Jan New and Existing House Sales Preview & Forecast (CA and National)

2-18 – HAMP Stats – What to Focus on

2-17 – “Half of All Mortgages Sill Above 6%” (They Can’t Refi)

2-13 – Shadow Inventory Update

2-12 – GSE buyout policy change 2010

2-10 – Projected 50% 2010 Mortgage Origination Haircut

2-8 – GSE Put-backs and SunTrust

2-4 – Checkmate! Treasury Confirms (significant HAMP changes)

2-4 – Banks, Insurers, Investors Going to War (with each other)

2-3 – Asset Liquidation Phase Begins

2-1 – Big HAMP Changes Coming – What Does This Mean? Not What You Think

2-1 – Financial’s to Eat Their Own Cooking

1-30 – Wiped-out 2nd Mortgages

1-29 – In-Depth Look into Bank of America’s Resi Pipes

1-28 – In-Depth Look into Chase’s Resi Pipes

1-27 – In-Depth Look into Wells Fargo’s Resi Pipes

1-26 – In-Depth Top Resi Mortgage Servicer Review

1-21 – Existing Home Sales Preview and Estimate

1-21 – Banks – The Rest of Them

1-20 – 2010– Foreclosure & Short Sale Flush

1-18 – HAMP Update – What to Focus On

1-15 – WFC – Pay Option ARM/Earnings

1-12 – FHA – The Gov’t Gets it Right…for a change

1-11 – Dec Default & Foreclosure Review/Jan Foreclosure Update/BAC Drill Down

1-7 – Q4 Agency Loan Margins

1-5 – Pending Home Sales

1-4 – WFC (WB), COFI and Pay Option ARMs

12-23 – Garbage Man Indicator

12-23 – IT’S PRIME TIME

12-22 – (UPDATE 1) Existing Home Sales Reality

12-20 – Existing Home Sales Reality

12-15 – Nov Existing Home Sales Preview & Review

12-10 -HAMP – Bottom Line…Goose Egg

12-8 – Very Early Look – Nov CA House Sales

12-3 – MILLIONS More at Risk of Default Than Most Think

11-30 – Deep Thoughts on the Big Banks

11-30 – “Flip-Adjusted” House Sales Revelation

11-27 – RATES! But…

11-23 – Inside, Existing Home Sales

11-20 – Buying Distressed Props in the Primary & Secondary Markets

11-19 – Oct CA House Sales — YoY Troubles

11-19 – RATES ARE GREAT! Perhaps for a Long Time Contrary to Popular Opinion

11-18 – Mid-to-High End Foreclosure Case-Study

11-16 – Uh-Oh – CA House Sales – Back to Back Lower YoY Comps

11-13 – YEARS of Mid-to-High End Supply

11 -12 – Mid-to-High End Housing & Borrower Reality

11-6 – Mid-to-High End Short Sale fraud (and bank loss) Case Study

11-4 – Wells / Wachovia Drill-Down

10-28 – Inside New Home Sales

10-23 – WTF? NAR’s Voodoo – Actually Home Sales Down MoM

10-22 – Existing Home Sales Update – “Flip-Adjusted” Sales

10-19 – CA Sept Home Sales Down YoY

10-13 – Preview of CA & National Home Sales

10-11 – Q3 Delinquency, Default & Foreclosure Action – Surprise Worsening

10-8 – Housing Update, It’s Refi-Time, Negative Equity, More on Shadow Inventory, The Real Housing Market

10-2 – High End Housing Languishing

9-30 – Sept Housing Preview — Here We Go Again

9-29 – More Housing Unintended Consequences

9-25 – Inside Aug New Home Sales

9-24 – Inside August Existing Home Sales

9-22 – Existing Home Sales, Tax Credit, HAMP Consequences, Affordability Charade

9-18 – CA House Sales DID Plunge

9-16 – End of Season Mid-to-High End Price Dump

9-13 – New Definition of “Shadow Inventory”, Foreclosures, The Wave Update, HAMP Moratorium, Option ARM Recasts

9-12 – August CA House Sales Look to Have Tumbled

9-4 – Ominous Mid-to-High End Housing Data Point

9-3 – Mortgage Insurance Volume Plunges

9-2 – National Pending Sales Plunge

9-1 – Pay Option ARM Implosion Still on Track

8-30 – CA July Housing Starts Fall Off Cliff — Leading Indicator?

8-29 – July SF Bay House Prices up 146.4% Annualized – Now, That’s is a Bottom!

8-26 – New Home Sales Reality

8-25 – DataQuick Confirms Ultimate in False Bottoms

8-21 – July House Sales Uncovered

8-19 – Part 2 – Housing Market Hell Week

8-18 – Part 1 – Housing Market Hell Week

8-13 – Foreclosure Wave — Now a Tsunami of Sorts

8-11 – ‘Affordability’…Housing’s Red Herring

8-10 – ACORNs Vision of the Future of Loan Mods – Look Out

8-7 – Mortgage Rates, Real Bank-Portfolio Jumbos, Mortgage Apps

8-6 – House Sales Math Problem/Appraisal Red-Lining/Neg-Equity/CA Tax Base Factoid

8-5 – Taylor Bean & Colonial – Another Significant Mortgage & Housing Market Blow

8-4 – Pending Sales in Context

8-1 – Refi-Boomlet & Mortgage Mod Fizzle

7-28 – HOUSE PRICES – The Next Leg Down

7-27 – Wachovia & Wells Fargo

7-27 – New Home Sales Reality

7-23 – Existing Home Sales…Something to see here

7-22 – NO CREDIT FOR YOU!

7-21 “57% Credit Card Default Rate”

7-20 – “Leveling-Out” at the Peak

7-19 – CA June Home Sales Rpt – Headlines Say ‘Sales & Prices Up’

7-15 – Mortgage & Housing Hype, in Context

7-13 – The CA Default & Foreclosure Wave

7-11 – Meredith Whitney on Financials/Mods/Losses (I disagree)

7-7 – High-End Housing (Psychology of it all/default surging/end of season price slashing)

7-2 – We Can’t Modify our Way out of This…Nor do we want to

7-1 – Freddie Mac…We Own These Guys for Good

6-30 – Credit Scores “Past Performance Does Guaranty Future Results”

6-27 – HVCC Hell

6-26 – Mid-to-High End Housing, Jumbo Prime RMBS, Condos

6-24 – Mortgage Insurance Becoming Scarce

6-22 – Obama 105% and New 125% Loans — Becoming Messy

6-19 – Careful…Bay Area House Prices Surge (volume precedes price – lower)

6-18 – “BUY THE BANKS – Defaults Have Peaked & Housing Has Bottomed” – Not!

6-17 – Mortgage Apps & Rates Plunge

6-15 – New CA Foreclosure Law…More Can-Kicking and Re-Levering

6-12 – The Next Foreclosure Wave is Here – What to Look out For in the Near-Term

6-10 – CA May Foreclosure Drill-down – The Numbers Beneath the Numbers

6-8 – Real-time Mortgage Rate Update – Chaos

6-7 – It’s You Move Ben – the Next ‘Shock and Awe’

6-5 – Current Negative-Equity Figures at the Foreclosure Stage — Average CA Foreclosure is more than 50% Underwater

6-4 – The Age of Real Estate False Bottoms

6-3 – Pending, Shmending — Pending Home Sales a Bad Gauge of Future Total Sales

6-2 – Foreclosure Surge at Some Servicers in May

 

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