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- There’s No One Out There But Bottom-Feeders
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The North County Times reports from California. “Despite relatively high February home sales and real estate agent reports about a swarm of buyer activity, North County’s housing market hit a new low in March. North County home sales posted the biggest year-over-year drop since the start of the housing recession, according to HomeDex. The area’s median sales price continued to take a beating and also showed the largest annual decline yet. In March, it dropped below $500,000 for the first time since 2003.”
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Original Source: thehousingbubbleblog.com
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9 April, 2008| housingblogs |
Comments (0) @ 23:58
- There’s No One Out There But Bottom-Feeders
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The North County Times reports from California. “Despite relatively high February home sales and real estate agent reports about a swarm of buyer activity, North County’s housing market hit a new low in March. North County home sales posted the biggest year-over-year drop since the start of the housing recession, according to HomeDex. The area’s median sales price continued to take a beating and also showed the largest annual decline yet. In March, it dropped below $500,000 for the first time since 2003.”
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Original Source: thehousingbubbleblog.com
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9 April, 2008| housingblogs |
Comments (0) @ 23:58
- Bush, House jockey over foreclosure fix
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The Bush administration Wednesday outlined a plan to help homeowners at risk of foreclosure in an attempt to get out ahead of a more sweeping proposal by House Democrats.
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Original Source: money.cnn.com
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9 April, 2008| housingblogs |
Comments (0) @ 23:28
- Taos Center for the Arts April 9, 2008
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Taos Center for the Arts …
Original Source: origin.ih.constantcontact.com
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9 April, 2008| housingblogs |
Comments (0) @ 22:18
- Town of Taos Update 4.9.08 - Legal Counsel Leaving; Fair Trade Beginning
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1) As of today, April 9, 2008, Renee Barela-Gutierrez, Town of Taos Legal Counsel, has tended her resignation and take a position with Taos County as their Director of Human Resources. She will start her new duties May 12, 2008. Brenda Cordova, Town of Taos Human Resources Director, can be contacted at bcordova@taosgov.com for more information about the open position of Town of Taos Legal Counsel, Town Manager, and other available positions with the Town of Taos….
Original Source: galleryrealtyoftaos.com
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9 April, 2008| housingblogs |
Comments (0) @ 21:55
- Glen Cove welcomes condos
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Officials from the City of Glen Cove joined developers Wednesday in the unofficial opening of a sales office for 226 condos to be built along a blighted portion of Glen Cove Avenue.
The project, named the Villas at Glen Cove, will be divided among one mid-rise and five low-rise buildings between Craft and Young Avenue. Flushing-based Livingston Development Group is offering the condos from $325,000 to $800,000.
The new condos will have underground parking to keep cars off the streets and allow for a park-like streetscape. Another part of the condo design features rooftop gardens with views of the Long Island Sound.
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Original Source: spacedoutli.wordpress.com
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9 April, 2008| housingblogs |
Comments (0) @ 21:47
- Tracking Realtor Spin
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Hat tip to RentingInNJ for providing the chart!1. “There’s no question there is a strong demand for housing from a growing population.” - David Lereah, NAR Chief Economist
2. “For the foreseeable future, the demand for homes will continue to outstrip supply” - Al Mansell, NAR President
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Original Source: njrereport.com
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9 April, 2008| housingblogs |
Comments (0) @ 21:35
- Report: Goldman Sells Chrysler Debt at 63 cents on the dollar
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From Dow Jones: Goldman sells $500 mln of Chrysler debt at very deep discount (hat tip barely) Goldman Sachs placed $500 million of Chrysler Automotive’s loans at a price of 63 cents Wednesday to an investor group that included hedge funds … At such a price, the yield on the debt is more than 20%. …
Original Source
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9 April, 2008| housingblogs |
Comments (0) @ 21:35
- Interview with FDIC Chairwoman Sheila Bair
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Luke Mullins at the U.S. News & World Report interviews FDIC chairwoman Sheila Bair today: FDIC Chief Calls for a Housing RescueBair believes the Bush / Paulson voluntary approach to loan modifications is insufficient, and that government intervention is needed. Here is her justification: Q: Why does the foreclosure problem warrant government intervention?…
Original Source: feeds.feedburner.com/CalculatedRisk
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9 April, 2008| housingblogs |
Comments (0) @ 21:13
- Oregon Homeowners Walk Away
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From the MailTribune:Garbage bags, children’s toys, lawn care equipment and beer bottles are strewn about this east Medford house, valued at $453,000.Inside there’s a piano; outside, there’s a swimming pool filled with murky green water. There’s so much junk the city has posted notice that the accumulation is unlawful.B…
Original Source
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9 April, 2008| housingblogs |
Comments (0) @ 20:35
- A New Season
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Today’s property is an example of how the market crash hurts ordinary people. This property is owned by a couple, and although I do not know them, I suspect they are a young couple who purchased this as their first home and they were hoping to do a move up later. That is how the real estate game is played around here. I don’t see any data on the first mortgage, but there is a HELOC for $116,850. Assuming this is 20% of the purchase price, I have estimated the purchase price at $584,250 which is consistent with the tax assessment. Therefore, they likely have a first mortgage for $467,400. I can’t feel too sorry for them as they don’t appear to have any money in the transaction. They are priced over the market and praying for a knife catcher to come bail them out. It probably is not going to happen.
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Original Source
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9 April, 2008| housingblogs |
Comments (0) @ 20:28
- Turning Their Backs On Investments Gone Bad
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Some housing bubble news from Wall Street and Washington. Staten Island Advance, “Rep. Vito Fossella has an idea on how to jump-start the moribund housing market: Give folks a $10,000 break on their federal taxes if they buy a home. Fossella pushed his bill during a press conference yesterday in front of George and Margaret Brodbeck’s home in Great Kills, a well-kept four-bedroom that the couple has had on and off the market for the last year.”
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Original Source: thehousingbubbleblog.com
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9 April, 2008| housingblogs |
Comments (0) @ 19:30
- Builder Tax Break in Jeopardy
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Last month I reported on a home builder selling improved land for 15 cents on the dollar (of builder’s total costs). What made the deal work was a tax provision that allowed the home builder to apply the losses to earlier profits (up to two years ago) and receive a nice tax refund.Many home builders were already in trouble two years ago, and the Senate has proposed legislation to extend the loss carry-back period to four years, as opposed to the current two year period. This would mean the home builders could apply losses this year - like from a land sale - to the huge profits made up to four years ago, at the peak of the bubble, and get a large tax refund….
Original Source
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9 April, 2008| housingblogs |
Comments (0) @ 19:20
- Bush And Barney Together On FHA Plan? Not Sure It Helps
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Posted By:Diana OlickLet me not to the marriage of true minds admit impediments, I always say (ok, you know I didn’t say it), but this one boggles the mind. As House Financial Services Committee Chairman Barney Frank was launching unveiled threats to lenders today that they’d better write down the value of troubled loans or face stiff regulation in the future… …
Original Source
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9 April, 2008| housingblogs |
Comments (0) @ 19:16
- CNBC: Merrill Expected to Write Down Up to $6.5 Billion
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From CNBC: Merrill Expected to Write Down Up to $6.5 Billion [T]he latest round of write downs are not solely tied to subprime loans, but instead are linked to commercial real-estate debt exposure and other types of loans.Merrill is scheduled to report its first-quarter results on April 17. Add this to the p…
Original Source: feeds.feedburner.com/CalculatedRisk
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9 April, 2008| housingblogs |
Comments (0) @ 18:38
- The Economist: The UK Housing Bust Begins
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From The Economist: The bust begins … finally, tighter credit and overstretched household budgets are pulling prices down.A collective shudder ran down the spines of British homeowners on Tuesday April 8th when Halifax, a part of HBOS and the country’s biggest mortgage lender, revealed that house prices fell in March by 2.5%.A…
Original Source: feeds.feedburner.com/CalculatedRisk
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9 April, 2008| housingblogs |
Comments (0) @ 18:07
- Mortgage Fraud Lands 30 Month Prison Sentence
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From the Oregonian:U.S. District Judge Michael Mosman today sentenced a Portland man to 30 months in prison for his role in a mortgage fraud scheme.According to a news release from the office of United States Attorney Karin J. Immergut, the scheme involved two residential real estate transactions in 2004.R…
Original Source: feeds.feedburner.com/portlandhousingblogspot
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9 April, 2008| housingblogs |
Comments (0) @ 17:54
- Mortgage Fraud Lands 30 Month Prison Sentance
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From the Oregonian:U.S. District Judge Michael Mosman today sentenced a Portland man to 30 months in prison for his role in a mortgage fraud scheme.According to a news release from the office of United States Attorney Karin J. Immergut, the scheme involved two residential real estate transactions in 2004.R…
Original Source: feeds.feedburner.com/portlandhousingblogspot
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9 April, 2008| housingblogs |
Comments (0) @ 17:42
- Price Break at 4Closure Ranch
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Back in 10/2003, this 4,550 sqft house on 16120 Palomino Valley Rd on 4Closure Ranch was bought from the builder for $837,000 ($184/sqft).Then in 01/2007, even as the market was in decline, it sold for $1,250,000 with 100% financing (…
Original Source: bp0.blogger.com
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9 April, 2008| housingblogs |
Comments (0) @ 17:26
- Seattle Bubble Speaks out Against Bailouts on NPR
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Stop the Mortgage Bailout, Patrick.net, and Seattle Bubble were featured this morning in a segment called Opposition to Proposed Homeowner Bailout Growing …
Original Source: feeds.feedburner.com/SeattleBubble
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9 April, 2008| housingblogs |
Comments (0) @ 17:21