PDX Outsider asked me to add San Francisco to the real Case-Shiller Index. According to Case-Shiller the San Francisco metro area consists of 5 counties covering San Francisco, Oakland, and Freemont so I don’t think this will really show the effects of restricting supply.
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Get it? Wholesale and wholesale? I kill me sometimes. Fifth Third, a large mid-western-based bank has made some significant changes to its wholesale programs. (h/t Chris) You may recognize Fifth Third as the employer of Tom, one of our erstwhile contributors and frequent commenter. These changes apply only to the wholesale channel, so I’m sure Tom can let us know if they’ve been made on the retail side of the game as well.
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John Mauldin writes: Where is the Bottom in Housing? (hat tips: many!) Mauldin provides a good overview of the housing market. His analysis is based on information from John Burns Real Estate Consulting and T2 Partners. Both Burns and T2 have made their presentations public….
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The Times Herald reports from California. “Most homes for sale in Solano County are classified as “distressed,” which likely means a change is coming to the area, real estate experts said Friday. ‘This is the first time in my 20 years in the industry that the distressed properties are driving the market,’ said Beth Brittenbach of Vallejo’s Century 21 Schutjer Realty. ‘They are putting downward pressure on prices and have created what seems like the beginning of an accelerated buyers’ market.’”
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The Times Herald reports from California. “Most homes for sale in Solano County are classified as “distressed,” which likely means a change is coming to the area, real estate experts said Friday. ‘This is the first time in my 20 years in the industry that the distressed properties are driving the market,’ said Beth Brittenbach of Vallejo’s Century 21 Schutjer Realty. ‘They are putting downward pressure on prices and have created what seems like the beginning of an accelerated buyers’ market.’”
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This will be my 6th update on 220 Bloomsbury Ave Catonville, MD 21228. Check out my last post on this property (click here).The listing & price history:Summer 2006: $900,000Fall 2006: $650,000Winter 2006: $625,000Relisted Fall 2007 for $700,000Put up for auction 12/6/08 with a unlisted reserver price of somewhere between $600-700K and the best bid was $430,000 (auctioneers give out to much information to anonymous people over the phone)…
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AMAZINGNew York City Housing Bubble - The BIG Picture…
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The Herald Tribune reports from Florida. “The crowd filed in to the large white tent behind the Bahia Mar resort for Friday’s real estate auction organized by Sotheby’s and Daniel DeCaro Auctions as a four-piece jazz band played a peppy rendition of ‘I Feel Good.’ Only a handful of the properties would be selling absolute, where any bid would be accepted. The rest carried a non-disclosed reserve, or minimum bid. The auction, which was anticipated to take four to five hours, wound up clocking in at barely two.”
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The Herald Tribune reports from Florida. “The crowd filed in to the large white tent behind the Bahia Mar resort for Friday’s real estate auction organized by Sotheby’s and Daniel DeCaro Auctions as a four-piece jazz band played a peppy rendition of ‘I Feel Good.’ Only a handful of the properties would be selling absolute, where any bid would be accepted. The rest carried a non-disclosed reserve, or minimum bid. The auction, which was anticipated to take four to five hours, wound up clocking in at barely two.”
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Taking notice of the endless silliness in the political blogosphere is no part of the mandate of this blog, and we normally try to carry on with our main mission while pretending that we can’t hear most of the background noise and cannot feel that terrier gnawing on our ankles. It has never, really, been that we’re stupid; it was mostly that we didn’t want them to come over here and ruin a perfectly good nerd blog. Political discourse in this country has been so poisoned for so long that we were quite attracted to the possibility of pretending that it wasn’t there in case it decided to go away while we weren’t looking….
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Carriage Heights is a 72 unit townhome complex off Poway Rd built in the mid 90’s. The 1,395 sqft, 3 beds, 2.5 baths units are our main focus today. These units went for roughly $130k back in 1995-1996, by 2001 these units appreciated to around $240k…
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Please post off-topic ideas, links and Craigslist finds here.
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Well, let’s see* The banks are failing* Millions of Americans have been financially destroyed* The last suckers in - women and minorities - got hurt the worst after being encouraged to buy at the top regardless of price…
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Success in the UK was always been recognized and rewarded, but what of failure? What happens when someone makes some really bad decisions and things fall apart? What is the price of failure?We received an answer to this question today. Last year, Adam Applegarth failed big time. As CEO of Northern Rock, he drove the bank into the ground. He gambled the bank on the housing market and lost. The Bank of England had to step in and cover the bet. It had to pump £32 billion of public money into the bank to ensure that it did not bring the entire UK financial system down. It also had to guarantee around £100 billion of bank liabilities. If Applegarth had won the bet, he and his shareholders would have become enormously wealthy. However, he lost and cost the country billions….
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This poll will be active and displayed on the sidebar through 04.05.2008.
From Reuters last Friday:
PHILADELPHIA (Reuters) - Authorities in Philadelphia will suspend foreclosure sales of homes whose owners have fallen behind on adjustable-rate subprime loan payments — potential relief for tens of thousands of struggling debtors.
Sheriff John Green said on Friday he would halt sales of foreclosed properties in April and would seek a court order extending a moratorium for an unspecified period….
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Back in December of 2006, we came across this innocent little article in the St. Louis Post Dispatch about an obvious case of mortgage fraud by a popular high school basketball coach Floyd Irons. Obvious to us, but not to the St. Louis Post Dispatch….
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Agreeing to pay a lender interest for the next 30 years, or 10,950 days, in order to live in a home that is not yours does not make you a homeowner. It makes you a homedebtor.Homeowners are not losing their homes. They weren’t their homes in the first place….
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Do you have any comprehension now about how ugly it’s getting out there?Thank you realtors. Thank you mortgage brokers. Thank you housing gamblers. Thank you Alan Greenspan. This mess is only gonna get messier now. The screwed sheeple are getting pissed.Buyers’ Revenge: Trash the House - After Foreclosure Banks Pay People Off To Deter Home Rage…
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Thanks Michael for the pic
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