Click here for Massachusetts home sales remain sluggish.

An AP report summarizes the finding of a congressional watchdog report on the Obama administration’s central anti-foreclosure effort (HAMP). The Congressional Oversight Panel doesn’t mince words, and says the Treasury, which is overseeing the program, has failed to bother to measure program results, making it “nearly impossible” to measure success (or failure) of the program. [...]

Boston real estate outlook

The Boston Business Journal interviewed economist Karl ’Chip’ Case on a range of issues.  The following excerpts are Karl Case’s thoughts on the U.S. housing market:
‘I’m not real optimistic’
It’s nearly impossible to meet with Case and not somehow discuss the housing market. The subject of wine is a close second, in terms of his [...]

Click on real estate chart to enlarge.
Zillow home values comparing 10/1/08 with 10/1/10:
Boston average home value 10/1/08 – $359,000
Boston average home value 10/1/10 – $379,000
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Boston South End average home value 10/1/08 – $609,000
Boston South End average home value 10/1/10 – $549,000
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Boston Beacon Hill average home value 10/1/08 – $653,000
Boston Beacon Hill average home value 10/1/10 – $749,000
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Boston Back Bay average home value 10/1/08 – [...]

The Mortgage Bankers Association defaulted on its own real estate loan, after shaming homeowners who did the same.

The Daily Show With Jon Stewart
Mon – Thurs 11p / 10c

Steve Pearlstein at the Washington Post has some interesting points on foreclosures and how to sort this mess, both banks and borrowers must do the right thing
Listening to the fiery rhetoric about the mortgage mess emanating from politicians this week, you’d think that big bad banks were trying to foreclose on hundreds of thousands [...]

Looking for a place to live and want to really want to leverage the “buyer’s market” advantage? Think Beijing or Shanghai.
According to an article in the Business Insider today, about 64 million units (houses and apartments) now sit empty throughout China — enough housing for 200 million people or more than half the US population.
Apparently it’s [...]

The quotes below are from a review of a new book by Raghuram Rajan, former chief economist at the International Monetary Fund, called “Fault Lines: How Hidden Fractures Still Threaten the World Economy.” A sample:
The credit market—at least as regards to housing—was distorted by government policy, not by a sudden and mysterious escalation in “greed.” [...]

Economist Karl Case was interviewed by BusinessWeek regarding housing starts, which he says is “dead flat in the mud.” Here’s an excerpt on why Case thinks housing starts are slow:
Case attributed this disconnect to fewer immigrants and more emigrants, as well as the “doubling-up phenomenon” where more people choose to live together or reside with [...]

You gotta love a real estate story with the headline: “Where a Greedy Wall Street Villain Would Feel Right at Home.”
The 6,250-square-foot Manhattan duplex is featured in the upcoming “Wall Street: Money Never Sleeps,” Oliver Stone’s sequel to his hit movie “Wall Street.”
It’s definitely a high-end bachelor’s pad: heavy oak, leather, “Taxi Driver” DVD and [...]