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- NYC Commerical RE Market - Worse In 20 Years
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The Financing Market: Worst in 20 Years by NY Sun - snip:…
Original Source: bp3.blogger.com/_GMFF5jY6gGs/R__q1uhc3W
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11 April, 2008| housingblogs |
Comments (0) @ 23:55
- And then right on schedule the illegals started going home
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And you just know they’re walking away from no-down toxic loans in droves too. Nice job Wells Fargo giving loans to illegals! Nice job Countrywide! Nice job IndyMac. Fricking idiots. You’re gonna see ghost towns in America folks, where the illegals moved in and just as quickly moved out. The buildings will still stand, (most of) the people will be gone, and trust me, you won’t want to go there at night. Tucson, South Phoenix, most of LA and San Diego, the border cities of Texas, and so many more are gonna get nasty. …
Original Source
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11 April, 2008| housingblogs |
Comments (0) @ 23:32
- I’m back. What’d I miss?
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Looks like GE f*cked the market today. Oh, what, you mean there’s a recession underway? Who’d have thunk. I mean, we’re witnessing the bursting of the biggest financial bubble in the history of humanity, I thought it’d all blow over in just a few weeks. Bernanke has our back after all….
Original Source
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11 April, 2008| housingblogs |
Comments (0) @ 23:13
- Eugene Homebuilders Adjust to Real Estate Slowdown
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From the Register Guard:Upstairs on a bed stand, in the model home that Jesse Seery hopes to replicate in his 64-lot subdivision in west Eugene, sits a sculpture of a hand with its fingers crossed.Luck is what builders yearn for nowadays when embarking on a project in a skittish real estate market.?…
Original Source: feeds.feedburner.com/portlandhousingblogspot
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11 April, 2008| housingblogs |
Comments (0) @ 22:48
- Volcker’s Speech
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For those that missed Volcker’s speech this week, it is now available on YouTube in five parts. I’ve also added a speech Volcker gave in February 2005 that was both prescient and still relevant to the crisis today.Volcker: Part 2Volcker: Part 3V…
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11 April, 2008| housingblogs |
Comments (0) @ 21:52
- Goodbye to an L.A. real estate legend
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It is the end of an era here at the Los Angeles Times — Ruth Ryon, creator and author of the "Hot Property" column about celebrity real estate, h…
Original Source: latimesblogs.latimes.com
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11 April, 2008| housingblogs |
Comments (0) @ 21:41
- Employment’s Been Weak for a While
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The latest Quarterly County Employment and Wages (QCEW) report came out this week. You may recall from a prior article on the topic that this employment survey is quite a bit more accurate than the monthly employment estimates, but that it is typically ignored because it lags by six months.
You may also recall that I advanced the theory earlier this year that the statistical adjustments employed by the agencies that put out these numbers were c…
Original Source: piggington.com
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11 April, 2008| housingblogs |
Comments (0) @ 21:17
- Jefferson
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Thomas Jefferson believed “Financiers, bankers and industrialists make cities the cesspools of corruption, and should be avoided.” It is hard to argue with him given it is the actions of lenders that enabled the Great Housing Bubble.
Today’s property illustrates why something needs to be done to prevent irrational exuberance from creating volatility in our real estate markets. The family that bought this property put 25% down, and although they started with an Option ARM, they refinanced in 2006 into a fixed-rate mortgage. They tasted the kool aid and did not find it palatable. Families like this should not get screwed based on the timing of their purchases due to life’s circumstances. From the photos, it appears they have young children. They probably bought this as a family house. People should be able to do this without losing their life savings. If lenders did not enable people to overborrow, prices would rise about 4.5% a year, and people wouldn’t have to worry about when they bought or sold. Housing bubbles are not created with equity; they are created with borrowed money. People blow bubbles; lenders provide the air….
Original Source
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11 April, 2008| housingblogs |
Comments (0) @ 20:30
- Clark County Home Sales Remain Weak
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From the Columbian:Clark County home sales remained weak and prices continued to show erosion in March, according to a monthly report released Thursday.A total of 292 new and pre-owned homes sold last month, compared to 771 homes sold during March 2007, reported “benchmarks,” a Vancouver-based real estate tracking service. The countywide median sales price (half sold for more-half for less) was $248,000 for all homes sold last month, representing a 4.6 percent price drop from the $260,000 median for homes sold in March 2007….
Original Source: feeds.feedburner.com/portlandhousingblogspot
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11 April, 2008| housingblogs |
Comments (0) @ 20:29
- CEPR: Maintaining Ownership Makes No Sense
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The Center for Economic and Policy Research came out with another great paper this month titled The Cost of Maintaining Ownership in the Current Crisis
Here’s an excerpt from the summary (emphasis mine):
The collapse of the bubble in the U.S. housing market is creating chaos in financial markets while throwing the economy into a recession. It is also threatening millions of homeowners and renters with the loss of their homes. In recognition of the problems in the housing market, Congress is considering measures that will alleviate the crisis. However, it is important that Congress recognize the full nature of the problem as it crafts legislation.
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Original Source: feeds.feedburner.com/SeattleBubble
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11 April, 2008| housingblogs |
Comments (0) @ 20:27
- The Value Of Housing Has Come Unhitched In California
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The Sacramento Bee reports from California. “Across the colorful history of Sacramento, it’s likely that few people have received as much advance celebrity as Cathy Del Brocco for the simple act of selling their house and leaving town. And few took so long to leave. She listed her house in the Pocket for $335,000 and planned her move to a quieter place with a cheaper price tag. But there was just one problem with this grand plan: Del Brocco lived in Sacramento, and she couldn’t sell her house to save her life.”
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Original Source: thehousingbubbleblog.com
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11 April, 2008| housingblogs |
Comments (0) @ 19:55
- Fitch Warns on Home Builders
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From MarketWatch: Fitch warns on darker outlook for home builders Home builders are facing the twin specters of a slowing U.S. economy and a housing contraction that looks likely to extend through 2008, Fitch Ratings said Friday….”[A] modest recession, declining home prices, tighter mortgage standards even for conventional loans, poor buyer psychology and record levels of new and existing homes for sale will continue to define the current environment for housing.”[…
Original Source: feeds.feedburner.com/CalculatedRisk
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11 April, 2008| housingblogs |
Comments (0) @ 19:30
- Jury backs Realtor in Carlsbad lawsuit
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Remember the Carlsbad couple who sued their Realtor, arguing he gave them bad advice that led them to overpay for their house? They lost.F…
Original Source: latimesblogs.latimes.com
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11 April, 2008| housingblogs |
Comments (0) @ 18:54
- Japan’s Mizuho: $5.5 Billion in Losses
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From Reuters: Japan’s Mizuho stung by $5.5 billion in subprime pain (hat tip learning james) Japan’s Mizuho Financial Group Inc (8411.T) cut a third off its earnings estimate for the year just ended, stung by $5.5 billion in subprime-related losses, mostly at its brokerage arm. The losses are everywhere - from Wall Street, to a s…
Original Source
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11 April, 2008| housingblogs |
Comments (0) @ 18:49
- Where did all the get-rich real estate books go?
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The mountain of get-rich real estate books on my desk reached an unwieldy pinnacle back at end of 2005 — so much so that I had to dodge the occasional avalanche.
I was the real estate reporter for The (Bergen) Record newspaper in New Jersey and had recently finished a series of stories called “Boom or Bubble: How Long Can The Boom Last.”
Of course, I didn’t buy these books and could steal only enough time to skim a few of them. Publishers sent me complimentary copies, hoping for a mention or the possibility that I’d interview the author. The books rarely made it into my stories but they kept rolling in.
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Original Source
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11 April, 2008| housingblogs |
Comments (0) @ 18:35
- Bel Air and Perry Hall Zip Code Price Declines
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This post is specifically for our resident troll, the fresh prince of Bel Air. His claim is that zip code 21015 is immune to any price declines and according to a comment left in my previous post, Perry Hall doesn’t have price declines either.March Data from MRIS.com …
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11 April, 2008| housingblogs |
Comments (0) @ 18:29
- [Liquidity Update] Ratings Agency System Questioned
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A few years ago, I was having lunch with a bunch of investment bankers, who were talking about onion cheeseburgers for breakfast (ok, so I am exaggerating), mortgage liquidity and credit. The conversation quickly turned to the rating agencies and engulfed the conversation for the entire lunch. Not being from The Street I was taken aback by the venom showered on the ratings agencies.
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Original Source: matrix.millersamuel.com
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11 April, 2008| housingblogs |
Comments (0) @ 17:39
- The credit crunch is not a symptom; it is the cure
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Yesterday, the Council of Mortgage Lenders had their annual lunch. Their Chairman - Steven Crawshaw - entertained the guests with a speech,…
Original Source: bp1.blogger.com
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11 April, 2008| Uncategorized |
Comments (0) @ 17:19
- My gift to you: $2,500 off your next loan - guaranteed.
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This post is from the Blown Mortgage Hall of Fame. It was originally published back in July 2007 and highlights the tips to saving money on your mortgage refinance loan. I’m still traveling and will be back in a few days.
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Original Source: feeds.feedburner.com/typepad
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11 April, 2008| housingblogs |
Comments (0) @ 17:06
- Goldman Estimates WaMu Losses at up to $23 Billion
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From Bloomberg: Washington Mutual Falls on Short Sale Recommendation “Given WaMu’s disproportionate exposure to states” where home prices are forecast to decline, Goldman expects losses between $17 billion and $23 billion, the analysts wrote. Washington Mutual may have a $14 billion provision charge in 2008 … Yes - a rare ’short sale’ recommendation - but what really got my attention was the loss estimate!
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Original Source
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11 April, 2008| housingblogs |
Comments (0) @ 15:33