Housing Blogs

From the WSJ: Starbucks to Cut U.S. Store Growth But Plans to Accelerate Overseas Starbucks Corp. plans to drastically reduce the number of stores it builds in the U.S. over the next three years …Starbucks said Wednesday that this year, it plans to open 1,020 locations in the U.S., down from the 1,175 that it had planned for as of January. But over the next three years, Starbucks plans to cut that number by more than half, opening less than 400 net new locations per year in the U.S. …
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The Record Searchlight reports from California. “The severity of the housing downturn hit home Tuesday with the release of North Valley Bancorp’s first-quarter earnings. The Redding bank’s nonperforming loans went from $459,000 in the first quarter a year ago to $25.7 million in 2008. The bank reported $1.6 million in nonperforming loans on Dec. 31. The dramatic spike is centered in four real estate projects, including three in Shasta County, with loans totaling a little over $24 million.”
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1) Taos Regional Water Plan – including Public Welfare Statement – moving toward resolution May 6th before the County; May 20th before the Town.
2) Due to a variety of factors, County and Town each passed a formal r…
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* Home values crashing* Record gas prices* Soaring food prices* Job losses* Flat incomes* Lousy savings rates* Plummeting dollar…
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It probably looks tempting for the maple-syrup-eaters flocking in Phoenix. All those half-off deals, the sea of foreclosures, the ruined families to take advantage of, the thousands and thousands of bank-owned debt-traps. But it’s still not close to the bottom. Not even close. It’s the P/E stupid. It’ll always be the P/E stupid….
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Worthless.Shameless.…
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Look carefully at the photo, there is a quiz below.

One of the most popular topics on this blog is the debate over what will happen to prices in higher-cost neighborhoods.  To date, they have generally held their value better than greater Los Angeles, and have not suffered large numbers of foreclosures. That said, reader e-mail from …
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Silently Craving — Michael Kiske
The Second Noble Truth of the Buddha is that all suffering is caused by craving. People who took out HELOCs to fuel consumer spending gave in to craving, and they are about to endure a period of extreme suffering in their lives. People crave for just about everything they believe money can buy: cars, boats, vacations, status, lovers, self-esteem, and many other things or states of mind. HELOCs enabled people to obtain things that would have been denied to them under ordinary circumstances. When people obtain objects of their desire, it leads to a temporary state of satiation followed by an even more intense wanting. It is like drinking salt water: you think it helps, but drinking it makes you even more dehydrated and causes you to crave water even more. Those that drank the kool aid of the Great Housing Bubble took out HELOCS and tried to satisfy the craving beast inside. It didn’t work. What is worse for them is that they are now accustomed to feeding this craving beast a steady diet of whatever it wants. Once this beast learns to feed regularly, it causes even more suffering when it is not fed. The HELOCs which bought the food to feed the craving beast are drying up. The housing ATM is broken….
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The Bank of England might claim that inflation is running at just over two percent, but prices are increasing far faster down at the supermarket. For the last four months, UK food inflation has come in at 6 percent….
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Some housing bubble news from Wall Street and Washington. Realty Check, “I went up to Capitol Hill this morning because about 1,200 members of the National Association of Home Builders are taking their annual day of action up here. It couldn’t be more timely, as several bills are working their way through Congress to help builders and borrowers alike and to right the housing market.”
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FOMC statement: The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 2 percent. Recent information indicates that economic activity remains weak. Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters….
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The foreclosure crisis is causing hardship, not just for homeowners but for an unknown number of renters. The Houston Chronicle today tells the story of a contractor who rebuilds Louisiana homes damaged by Hurricane Katrina, now facing eviction because the house he rents in Houston was foreclosed on.

Sapna Aiyer, a Houston legal aid attorney, told the Chronicle that new owners in Texas aren’t required to continue leases that previous owners signed. Even tenants who are up-to-date on payments can be given just 30-days written notice to vacate.
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Taos Center for the Arts …
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The online version of the Prudential Douglas Elliman 1Q 2008 Hamptons/North Fork Market Overview [Miller Samuel] is available for download.

I have been writing various incarnations of the New York regional market report series for Douglas Elliman since 1994.

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Greetings Chamber Members & Friends,
Mark your calendars!
The Association of Commerce & Industry (ACI) and the Taos County Chamber of Commerce (TCCC) will host an Issues Roundtable on Wednesday, May 7th, 7:00-9:00am
Issue Roundtables provide members of the statewide business community with a forum where they can identify key issues impacting New Mexico’s business climate and obtain a briefing on business issues addressed during the 2008 legislative session. ACI is the statewide, legislative advocate for business interests and the Roundtables are important in creating the association’s legislative agenda.
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Join other tourism partners in the 2nd annual North-Central Tourism Mixer Extravaganza–a fun and energizing salute to kick off National Tourism Week at the all-new, all beautiful Buffalo Thunder Resort in Pojoaque.
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A Washington think tank is warning that housing prices are falling at an accelerating level,destroying wealth at a pace that will cost the average homeowner $85,000 in lost wealth this year alone….
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I had a great cup of coffee and excellent conversation in our newest Taos coffee house yesterday. Michelle’s Living Room, as you can see from the photo and the video below, is very much like a living room in someone’s home. All the comforts of couches, but tables and booths as well.
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Here’s our monthly look at Seattle’s price tiers from Case-Shiller. Remember that Case-Shiller data is based on single-family homes only, no condos or townhomes, and that Case-Shiller’s definition of the “Seattle area” is King, Pierce, and Snohomish counties. For anyone wondering how the tiers are chosen, c…
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Posted By:Diana OlickI went up to Capitol Hill this morning because about 1,200 members of the National Association of Home Builders are taking their annual day of action up here. It couldn’t be more timely, as several bills are working their way through Congress to help builders and borrowers alike and to right the housing market.    …
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