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- There Are Bad Apples On Every Farm In California
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The San Francisco Chronicle reports from California. “The housing crisis showed no signs of abating during the traditional start of the spring selling season, as Bay Area home sales clocked another record low month in March. In the nine-county area, 4,898 new and resale homes and condos changed hands, down 41.1 percent from 8,317 in March 2006, according to DataQuick. One-quarter of the sold homes previously had been repossessed in foreclosures.”
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Original Source: thehousingbubbleblog.com
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17 April, 2008| housingblogs |
Comments (0) @ 23:29
- The Talent of Taos - Frederick Aragon
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I’m privileged to know Rick Aragon, and he has graciously allowed me to use some of his music in past posts and websites. He just emailed me a link to his new website, which does a great job of showcasing Rick personally, as well as his musical talent. Some of the best flute you’ll ever hear is available at the site, so p…
Original Source: galleryrealtyoftaos.com
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17 April, 2008| housingblogs |
Comments (0) @ 22:28
- Study: Home-Remodeling Spending To Fall 4.8% through 2008
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From Dow Jones: Home-Remodeling Spending To Fall 4.8% Through ‘08 - Study Home-improvement spending is unlikely to improve until 2009, and the second half of 2008 is shaping up to be weaker than the first, according to Harvard University’s Joint Center for Housing Studies.Falling consumer confidence and a weakening economy are inhibiting remodeling spending, which is expected to fall by an annual rate of 4.8% through the end of 2008, the center said Thursday. That is steeper than the 2.6% annualized decline the center projected through the third quarter when it last updated its Leading Indicator of Remodeling Activity in January. …
Original Source
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17 April, 2008| housingblogs |
Comments (0) @ 22:07
- Freddie Mac to buy $15B in mortgages
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Read full story for latest details.
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Original Source: money.cnn.com
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17 April, 2008| housingblogs |
Comments (0) @ 20:56
- DataQuick on Bay Area: Very Low Sales
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From DataQuick Bay Area home sales remain at two-decade low For the seventh month in a row, Bay Area home sales were at their lowest level in more than two decades as potential buyers and sellers continued to wait out market turbulence, a real estate information service reported. A total of 4,898 new and resale houses and condos sold in the nine- county Bay Area in March. That was up 22.8 percent from 3,989 in February, and down 41.1 percent from 8,317 for March 2007, DataQuick Information Systems reported. …
Original Source: feeds.feedburner.com/CalculatedRisk
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17 April, 2008| housingblogs |
Comments (0) @ 20:38
- What Goes Up…
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What Goes Around… Comes Around — Justin Timberlake
What goes up must go down, and what goes around comes around. Markets move in cycles, and although they can trend for significant periods of time, all price trends eventually reverse. Real estate markets usually trend for very long periods, and we are only 2 years into what is likely to be a 6-8 year decline. We are nowhere near the bottom. I imagine most people with toxic financing who need to refinance really don’t want to think about it. It is probably making them sick, and they can’t believe it is ending this way. They are shocked it is going down. As Justin Timberlake points out, “W…
Original Source
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17 April, 2008| housingblogs |
Comments (0) @ 20:29
- Taos Real Estate Hotsheet Report - 4/17/2008
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This is a weekly report (when I don’t forget or get out of pocket) of the current Taos real estate market. It is an embedded PDF file that you can share with others, and gives currently listed home and land information for the Taos real estate market.
Click on the >> arrows at top right to view it full screen or to print it.
Taos Real Estate Current Market - April 17, 2008 …
Original Source: galleryrealtyoftaos.com
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17 April, 2008| housingblogs |
Comments (0) @ 20:28
- A New Level Of Money-Losing Suckitude
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Some housing bubble news from Wall Street and Washington. HedgeFund.net, “Wall Street expected jack squat from Merrill Lynch. But that didn’t stop Merrill from reaching a new level of money-losing suckitude. For the first quarter Mother Merrill posted a loss of $2.14 billion…sprung from a $6 billion Q1 writedown the Wall Street firm blamed on its subprime mortgage exposure.”
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Original Source: thehousingbubbleblog.com
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17 April, 2008| housingblogs |
Comments (0) @ 19:20
- Investment Matters
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Recently many companies have announced plans to cut capital spending in 2008. This probably means non-residential fixed investments will decline in 2008, as compared to 2007.This decline in investment is an important indicator for the economy, since changes in fixed investment correlate very well with GDP. The first graph shows the change in real GDP and Private Fixed Investment over the preceding four quarters through Q4 2007. (Source: B…
Original Source: feeds.feedburner.com/CalculatedRisk
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17 April, 2008| housingblogs |
Comments (0) @ 19:19
- Debt is not cash
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Today, George Osbourne was on Breakfast TV, offering Tory support for the brown bank bailout. It was deeply depressing viewing. Osbourne first claimed it was his idea all along and that the government should have moved sooner….
Original Source: bp1.blogger.com
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17 April, 2008| housingblogs |
Comments (0) @ 19:07
- Where does Kohn really see the most downside risk?
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Donald Kohn, vice chairman of the Federal Reserve, discussed the lending industry and downside risks to the economy in remarks this morning. Where he sees the most risk however, is not clear. According to CNBC:
Banks have become so wary about lending that credit costs are being pushed up despite sharp cuts in official interest rates and that is adding to the risks of an economic downturn, the vice chairman of the Federal Reserve said Thursday….
Original Source: housingdoom.com
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17 April, 2008| housingblogs |
Comments (0) @ 18:51
- Credit Crisis: Third Wave
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Professor Krugman writes: It’s my TED! Mine!OK, OK … Today I’ll just stick with the A2/P2 spread from the Fed’s commercial paper report.Here is a simple explanation of this chart: This is the spread between high and low quality 30 day nonfinancial commercial paper. …
Original Source
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17 April, 2008| housingblogs |
Comments (0) @ 17:29
- Real estate ‘getting worse’; a surge in fraud probes
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A couple of quickies: The view of real estate from Wall Street is considerably less cheerful than it was last summer, when "containment" was everyone’s favorite word. F…
Original Source
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17 April, 2008| housingblogs |
Comments (0) @ 17:11
- Home Builders Hit By Credit Crunch "Hammer" Too
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Posted By:Diana OlickWhile some of you may wonder why a home builder would even want to hammer a nail these days, they do still need to stay in business, and their business is to build. That said, there is new concern from builders today that the credit crunch on Wall Street is hitting small builders where they live, or at least where they want you to live. …
Original Source: www.cnbc.com
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17 April, 2008| housingblogs |
Comments (0) @ 16:50
- Philly Fed Indexes Reflect Weaker Activity
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The typical investment pattern is for residential investment to lead the economy into a recession, and then for non-residential investment to slump as the recession starts. The Philly Fed survey this month provides more evidence that the cycle is following the typical pattern (see the special question on capital spending at the bottom of this post).Here is the Philadelphia Fed Index released today: B…
Original Source: feeds.feedburner.com/CalculatedRisk
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17 April, 2008| housingblogs |
Comments (0) @ 15:12
- It’s A Spiraling Devaluation, And It’s Feeding On Itself
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The Orlando Sentinel reports from Florida. “Accountant Jim Galvin thought of his home-equity line of credit as one of life’s givens, a solid reserve ready for use when the need arose. So he was shocked last month when Countrywide Financial Corp. wrote him to say it had frozen his credit line. He soon learned he wasn’t alone. ‘They are freezing everyone across the board,’ said Galvin, who lives in Clermont. ‘It’s panic mode. But I was shocked when I received my letter. I’d never seen anything like it before.’”
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Original Source: thehousingbubbleblog.com
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17 April, 2008| housingblogs |
Comments (0) @ 15:08
- It’s A Spiraling Devaluation, And It’s Feeding On Itself
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The Orlando Sentinel reports from Florida. “Accountant Jim Galvin thought of his home-equity line of credit as one of life’s givens, a solid reserve ready for use when the need arose. So he was shocked last month when Countrywide Financial Corp. wrote him to say it had frozen his credit line. He soon learned he wasn’t alone. ‘They are freezing everyone across the board,’ said Galvin, who lives in Clermont. ‘It’s panic mode. But I was shocked when I received my letter. I’d never seen anything like it before.’”
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Original Source: thehousingbubbleblog.com
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17 April, 2008| housingblogs |
Comments (0) @ 15:08
- Taos Center for the Arts Schedule - April 16, 2008
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Taos Center for the Arts
April 16, 2008
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Original Source: galleryrealtyoftaos.com
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17 April, 2008| housingblogs |
Comments (0) @ 15:00
- Fed Vice Chairman Kohn Warns on CRE Concentrations at Small banks
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From Fed Vice Chairman Donald L. Kohn: The Changing Business of Banking: Implications for Financial Stability and Lessons from Recent Market Turmoil Setting aside the 100 largest banks, the share of commercial real estate loans in bank loan portfolios nearly doubled over the past 10 years and is approaching 50 percent. The portfolio share at these banks of residential mortgage and other consumer loans, which are more readily securitized, fell by 20 percentage points over the same period. …
Original Source: feeds.feedburner.com/CalculatedRisk
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17 April, 2008| housingblogs |
Comments (0) @ 14:56
- Are You a Bitter Bubblehead Renter? The Evolution of Housing Psychology.
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Over the past week, so much has been thrown back and forth over the “bitter” comments Senator Obama made about small town Americans in Pennsylvania. When I first heard of this while flipping through the radio news circuit, I wondered to myself, “what in the world did he say?” Bitter this and bitter that they kept saying. My initial gut response was that he had said something horrifyingly demeaning. But after reading the text of what was said I am now completely convinced that the media is a flat out tool wanting to discuss bathroom gossip topics.
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Original Source: feeds.feedburner.com/DrHousingBubble-HowILearnedToLoveSocal
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17 April, 2008| housingblogs |
Comments (0) @ 14:39