by Calculated Risk on 6/16/2005 02:57:00 AM

UPDATE: I've been notified that "Housing Links" will not be continued. He recommends these two sites:

Patrick's Housing Links

RGEMonitor Housing Market Bubble?


I've been directed to a new housing resource: Housing Links. This site is a running compendium of stories, commentary and analysis on all aspects of the housing market. Here are some recent examples:

UPDATE2: In the comments, Stephane Grenier directs us to his interesting article "Is There Really a Real Estate Bubble?". He references me!

UPDATE: Two new stories in The Economist about the perils of the housing boom / pending bust: In come the waves (Great Graphs) and After the fall.

The Trillion-Dollar Bet - The NY Times looks at the widespread use of Adjustable Rate Mortgages:

This year, only about $80 billion, or 1 percent, of mortgage debt will switch to an adjustable rate based largely on prevailing interest rates, according to an analysis by Deutsche Bank in New York. Next year, some $300 billion of mortgage debt will be similarly adjusted.

But in 2007, the portion will soar, with $1 trillion of the nation's mortgage debt - or about 12 percent of it - switching to adjustable payments, according to the analysis.

The Mortgage Trap - BusinessWeek "Lenders are cranking out an ever-growing array of financing schemes and lowering standards to keep the housing boom going":

All those innovative mortgage products are a sure sign that lenders are doing everything they can to keep the housing boom going and to capitalize on yet another round of falling interest rates that no one expected. There are plenty of other signs of frenzy as well. Home appraisers complain that mortgage originators are demanding the optimistic appraisals needed to close on loans. "They started warning me to 'be a team player' and to 'hit the number' they needed to seal the deal," says Robert Burnitt, an appraiser in Midlothian, Tex.

And some positive stories:

Purchase Activity at Record High; Refinance Volume Jumps In Latest Application Survey - The Mortgage Bankers Association reports their "seasonally-adjusted Purchase Index increased by 10.4 percent to 529.3, a record high":

"This week there was a combination of record-setting purchase activity as well as a substantial pickup in refinance applications, with the refinance index at its highest level since April 2004," said Michael Fratantoni, senior director of single-family research and economics.

Builder Confidence Hits New High For 2005 - According to a survey by the National Association of Home Builders and Wells Fargo, "single-family home builders are more confident this June than they’ve been all year".

The most optimistic builders are in the West, where an HMI reading of 88 far outpaces that of builders in all other regions. Moreover, the 88 reading reflected a solid four-point gain from last month. Southern builders were also a bit more confident this time around, posting a one-point gain in their regional confidence gauge to 76 in June. Builders in the Northeast maintained a healthy, 70-point reading on the confidence scale, while builders in the Midwest registered a two-point confidence boost, to 52.

Check it out. Enjoy!