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The LA Daily News reports from California. “The subprime home-loan rush is history. But its impact on the state’s work force is just beginning to play out as tens of thousands of real estate, finance and construction workers are left looking for work after a number of heady years. A year ago, Ed Stush, a former senior VP at a Fieldstone Mortgage office in Irvine, was earning six figures and enjoying the perks of senior management in an industry that seemingly had no growth ceiling.”
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Original Source: thehousingbubbleblog.com

14 April, 2008| housingblogs | Comments (0) @ 23:51

Wachovia on Walking Away

Here are some comments from the Wachovia conference call (hat tip Brian).On “walking away”: Q: Kevin Fitzsimmons, Sandler O’Neill: Could you give a little more detail on — you cited dramatic change in customer behavior or consumer behavior and that led to the decision to cut the dividend, increase capital and so just wondering if you could be particular by — I’m assuming it’s California, but are you talking about people walking away from houses and if you can give any specific examples, thanks….
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14 April, 2008| housingblogs | Comments (0) @ 23:36

Town of Taos News Brief #39, April 14, 2008

1) Taos Spring Clean Up - 8 a.m. to 12 noon, this Saturday, April 19th is the Annual Town of Taos ‘Trek for Trash’ Clean Up, headed by Parks Division Supervisor Dennis Martinez. Town staff work with nonprofit groups, which receive a small grant contribution to assist, on this Town-wide trash clean up effort, and the public is welcome to participate – just contact Dennis Martinez at 751-2020, d…
Original Source: galleryrealtyoftaos.com

14 April, 2008| housingblogs | Comments (0) @ 23:21

All I can say for this one is simply………… Enjoy.

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Original Source: housingpanic.blogspot.com

14 April, 2008| housingblogs | Comments (0) @ 23:02

Best place to buy a home these days

The 6 cities where home prices are likely to rise the most - or fall the least - in the next 12 months.
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Original Source: money.cnn.com

14 April, 2008| housingblogs | Comments (0) @ 22:25

Flanagan’s K.P. duty

State Senator John Flanagan announced Friday that $4 million in additional funding for the cleanup of the newest portion of Nissequogue River State Park has been secured.
The funding for the demolition and remediation of the 365-acre former Kings Park Psychiatric Center property is part of an agreement between the senate, the assembly and Governor David Paterson, and now totals $29 million.
Flanagan, who has been pushing the state to recognize the property as an expansion of the original 150-acre park, secured the original $25 million in early 2006 and the funding was re-appropriated in the recently approved budget.
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Original Source: spacedoutli.wordpress.com

14 April, 2008| housingblogs | Comments (0) @ 22:18

$105M financed by M. Robert Goldman

The $209 million Baker Properties portfolio bought recently by Lighthouse Real Estate Ventures was partially financed with $105 million from Jericho-based M. Robert Goldman & Company.
The acquisition financing covered 22 properties totaling more than 1.7 million square feet of mostly industrial and some office space in New York, New Jersey and Connecticut.
Jonathan Goldman and John Robustello from MRG & Co. arranged the financing through its relationship with John Hancock Life Insurance.
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Original Source: spacedoutli.wordpress.com

14 April, 2008| housingblogs | Comments (0) @ 22:18

Hauppauge nets Lacrosse headquarters

Lacrosse Unlimited leased 23,000 square feet at 59 Gilpin Avenue in Hauppauge.
The retail sporting goods specialty chain, which has stores in Babylon, Huntington, Manhasset and Rockville Centre, is making the Hauppauge location its new headquarters.
Doug Donatelli of Metro Realty Services represented Lacrosse Unlimited. The landlord was represented by David Pennetta and Chuck Prentice of Oxford & Simpson.
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Original Source: feeds.wordpress.com

14 April, 2008| housingblogs | Comments (0) @ 22:18

Taos Real Estate - Property Showing Information

Unlike many more urban areas of the country, Taos is rural. Moreover, it is a vacation and resort home community as well. When I have buyers coming into town to view homes, it’s always important for me to let them know the rules. They aren’t my rules, but those of the marketplace and the MLS.
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Original Source: galleryrealtyoftaos.com

14 April, 2008| housingblogs | Comments (0) @ 22:10

Oregon’s Unemployment Rate Up In March

From the Portland Business Journal:Oregon’s unemployment rate in March rose 0.3 percent to 5.7 percent.The U.S. unemployment rate rose to 5.1 percent in March from 4.8 percent in February.In March, Oregon’s seasonally adjusted nonfarm payroll employment declined 2,700, following a revised gain of 900 jobs in February.I…
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14 April, 2008| housingblogs | Comments (0) @ 20:34

Greed Killing

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Financial manias are built by greed and fear: the two motivations driving the fluctuation of prices in all financial markets. When prices get greatly detached from fundamental valuations, the market is poised for a dramatic fall. There is a phenomenon in residential real estate markets where
foreclosures become bank-owned properties (REO) that causes prices to drop. Today’s post explores the impact of a single REO in a neighborhood as it lowers the values for everyone else.
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14 April, 2008| housingblogs | Comments (0) @ 20:30

Home Buyers Disappear

From the AP:In an ominous snapshot of how the sagging real estate market and sour economy are intersecting, the Associated Press-AOL Money & Finance poll also found that 60 percent said they definitely won’t a buy a home in the next two years.That was up from 53 percent who said so in an AP-AOL poll in September 2006. Only 11 percent are certain or very likely to buy soon, down from 15 percent two years ago….
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14 April, 2008| housingblogs | Comments (0) @ 20:18

This Is Beginning To Look Like The New Normal

The Independent Record reports from Montana. “Speaking at a seminar on foreclosures and their impact on Montana families, Sue Woodrow, community affairs manager for the Helena Branch of the Federal Reserve Bank of Minneapolis, said there are some hotspots of foreclosure activity in Montana, but that the situation here is nowhere near as grim as in parts of the Southwest, Midwest and Florida. Woodrow cautioned that one in five loans made in Montana in 2006 was a high-cost loan, a category that includes adjustable rate mortgages.”
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Original Source: thehousingbubbleblog.com

14 April, 2008| housingblogs | Comments (0) @ 20:07

Moody’s: Credit Card Charge-Offs, Delinquency Rates Rise

From a Moody’s Credit Card Credit Indices (via Dow Jones): Credit Card Charge-Off, Delinquency Rates Up In Feb (no link)The charge-off rate climbed to 5.59% in February - the highest rate since December 2005 - from 4.51% a year earlier. That was the fifth consecutive monthly increase from the previous month and the 14th month in a row that the rate was higher than the year-earlier period.The February delinquency rate was 4.53%, the highest since March 2004. The delinquency rate, which was 3.89% a year earlier, measures the proportion of account balances for which a monthly payment is more than 30 days late as a percent of total balances…..
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14 April, 2008| housingblogs | Comments (0) @ 20:02

Foreclosure Crisis: Now I know Why There Is One

Posted By:Diana OlickI’m always asking myself the same question as I cover this seemingly endless housing crisis: if so many programs with so many lenders are working their darndest to save troubled borrowers, then why do we even have a foreclosure crisis? …
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14 April, 2008| housingblogs | Comments (0) @ 19:30

March Neighborhood Months of Supply Update

Here’s the latest update on months of supply, or “absorption rates” for the 30 NWMLS areas in King County. For an explanation of what months of supply means, please refer to the original neighborhood MOS breakdown post.
Remember our metric: less than 6 MOS is a sellers market and above 6 is a buyer’s market, meaning that buyers have better negotiating power, not that homes are necessarily priced attractively for buyers. Before this year, the longest that King County as a whole has sustained a MOS above 6 was 4-5 months in the winter of 1994-1995. March MOS for King County came in at 6.19 (slightly higher than February), bringing the current run to seven months.
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Original Source: feeds.feedburner.com/SeattleBubble

14 April, 2008| housingblogs | Comments (0) @ 19:23

Mortgage Bankers vs. Mortgage Brokers - the Royal Rumble

This post is from the Blown Mortgage Hall of Fame. It caused quite a commotion when I originally posted it. You can read the original comments here. There are pros and cons to mortgage brokering vs. mortgage banking - I guess the question now is which one is going to last. I’m a day away from my vacation - can’t wait to catch up with you all!
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Original Source: feeds.feedburner.com/typepad

14 April, 2008| housingblogs | Comments (0) @ 18:23

We were not the worst.

This housing bubble thing is on a world wide tour. In Ireland, they went mad with housing construction. Spain isn’t far behind.In terms of housing investment, our socialist planning rules kept things quiet. Here, all the action was in prices, not construction….
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14 April, 2008| housingblogs | Comments (0) @ 17:35

The collective consciousness when it comes to housing has changed - 60% of Americans say they will definitely not buy a home in the next two years.

Sorry realtors. We win. You lose.And these numbers are just gonna get worse.AP Poll: More Avoid Buying Homes - Growing Majority Avoid Buying Homes As Pessimism Over Housing Crisis Grows…
Original Source: bp0.blogger.com