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- Hottest, coldest SoCal Zips in March
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A quickie: LATimes.com has charts of the ten "hottest" and "coldest" Southern California ZIP Codes, as measured by year-over-year changes in median home sales prices in March.
The three biggest gains:Area 3/8 Median % changeN…
Original Source: feeds.latimes.com
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18 April, 2008| housingblogs |
Comments (0) @ 23:30
- OFHEO Settles with former Fannie Mae CEO Raines for $24.7 million
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OFHEO Issues Consent Orders Regarding Former Fannie Mae Executives OFHEO Director James B. Lockhart today announced the issuance of three Consent Orders dealing with former Fannie Mae Board Chairman and Chief Executive Officer (CEO) Franklin D. Raines, former Chief Financial Officer (CFO) J. Timothy Howard and former Controller Leanne Spencer. The orders require certain actions by the individuals and settles OFHEO’s administrative enforcement actions against them for events related to the accounting and internal control problems at Fannie Mae uncovered by OFHEO and detailed in two Special Examination Reports….
Original Source: feeds.feedburner.com/CalculatedRisk
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18 April, 2008| housingblogs |
Comments (0) @ 23:23
- A market overview: "It’s pretty ugly out there"
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This wide-ranging market overview, to be published in Sunday’s L.A. Times, but now available online,…
Original Source
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18 April, 2008| housingblogs |
Comments (0) @ 23:21
- 276 days left
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Original Source: bp3.blogger.com
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18 April, 2008| housingblogs |
Comments (0) @ 23:19
- Taos Business in the News - Inn on the Rio
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The Inn on the Rio got a very nice write-up in the Arizona Republic today as a d…
Original Source: galleryrealtyoftaos.com
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18 April, 2008| housingblogs |
Comments (0) @ 22:44
- Lawrence Yun, Chief Propagandist of the NAR, finds himself in a hole and keeps on digging. And digging. And digging.
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That’s it. I’ve had enough.FOLKS, LAWRENCE YUN IS EVEN WORSE THAN DAVID LEREAH. THE NATIONAL ASSOCIATION OF RAMEN EATERS SHOULD DISMISS THIS FOOL BEFORE HE DOES EVEN MORE DAMAGE.Ah, screw it. He’s the gift that keeps on giving. I hope he stays until they board up the NAR HQ. I hope he stays long enough to testify in front of Congress.Here’s Yun in economic collapse and housing crash ground zero Michigan, saying there’s no recession, no contraction, and anyone who buys today is going to have huge equity gains in 2 years….
Original Source
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18 April, 2008| housingblogs |
Comments (0) @ 22:03
- Letter from Bel Air: A $19.9 million teardown
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No, that’s not the $19.9 million teardown pictured, it’s a reader photo of a dream house. It’s Friday, indulge me for just a second to link to B…
Original Source
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18 April, 2008| housingblogs |
Comments (0) @ 21:03
- Is Canada’s six-year housing boom history?
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The red hot Canadian housing market has shown tremendous resilience even as home prices on its southern border tumble. But a new Canadian Real Estate Association report indicates that the market is losing steam.
The price of an average Canadian home climbed 5.5% in the first quarter of 2008 compared to a year earlier — the smallest annual jump since the fourth quarter of 2001. And first-quarter sales dropped 13% from a year ago.
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Original Source: www.businessweek.com
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18 April, 2008| housingblogs |
Comments (0) @ 20:42
- California Unemployment Increases Sharply
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From the LA Times: California unemployment hits 6.2%; worse than Ohio, Pennsylvania California’s unemployment rate rose by a whopping half a percentage point in March, reaching 6.2% as a weakening economy shed jobs in the ailing construction and financial activities sectors. In all, 1.13 million were unemployed….California is doing worse than Pennsylvania and Ohio … the two Rust Belt states that have figured prominently in the presidential primary elections because of their lost manufacturing jobs. …
Original Source
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18 April, 2008| housingblogs |
Comments (0) @ 20:37
- An Illustration Of What Is Not Going On In California
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The Marin Independent Journal reports from California. “The median price of a single-family home last month was $862,500, down from $965,000 a year earlier, and just 110 single-family homes were sold - about half as many as the 218 sold in March 2007, DataQuick reported. Sales totals ‘were easily the slowest March in Marin,’ said John Karevoll, a DataQuick analyst, who noted the research firm’s records date back to 1988.”
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Original Source: thehousingbubbleblog.com
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18 April, 2008| housingblogs |
Comments (0) @ 20:36
- Oregon Commercial Real Estate Slow Down Begins
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From the DJC:The region’s real estate markets have taken an across-the-board dip in the first quarter of 2008, according to the latest quarterly findings. A report issued by Morris, Beggs & Simpson shows aflattening of the office market and a steep upswing in central city industrial and retail vacancy rates.N…
Original Source: feeds.feedburner.com/portlandhousingblogspot
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18 April, 2008| housingblogs |
Comments (0) @ 20:34
- Rental Parity?
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Savin’ Me — Nickelback
asdf
Today’s property has been featured before, but the price reduction is so significant, I thought it worthy of a new post. This property may be selling for rental parity.
One of the key concepts we have been espousing here at the Irvine Housing Blog is the idea that prices will bottom at rental parity. When a potential homebuyer can save money versus renting, it makes sense to own. A homeowner does not need appreciation for real estate to be a sound financial investment. If you are saving money versus renting, you are coming out ahead. This property can likely be owned for its rental value. If you are willing to live there long term, you will see substantial savings over renters who face subsequent rental increases. Of course, you have to want to live there, and that is the problem with this property and all apartment-like condos for that matter: They are transitory housing. These units will likely fall below rental parity. They should bottom out at prices where an investor can obtain positive cashflow as a rental. Properties like this will see $250,000 at the bottom….
Original Source
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18 April, 2008| housingblogs |
Comments (0) @ 20:34
- PIMCO’s McCulley: Fed Should Regulate Investment Banks
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“Minsky’s insight that financial capitalism is inherently and endogenously given to bubbles and busts is not just right, but spectacularly right. And when the financial regulators are not only asleep but actively cheerleading financial innovation outside their direct purview, a disaster is in the making, as the last year has taught us.”Paul McCulley, April 17, 2008 From Paul McCulley at PIMCO: C…
Original Source: feeds.feedburner.com/CalculatedRisk
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18 April, 2008| housingblogs |
Comments (0) @ 19:43
- Home Builder NVR: Cancellation Rate Declines in Q1
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Press Release: NVR, Inc. Announces First Quarter Results The cancellation rate in the first quarter of 2008 was 22% compared to 16% in the first quarter of 2007 and 32% in the fourth quarter of 2007. The following graphs shows NVR’s reported cancellations rates by quarter since the beginning of 2005. …
Original Source
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18 April, 2008| housingblogs |
Comments (0) @ 19:07
- Puget Sound Counties March NWMLS Update
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Here’s an update to the NWMLS statistics for all six Puget Sound counties. I don’t personally want to live in King County, and maybe you don’t either. So, here’s a little graphical look at what the market looks like around the sound.
Here’s where the YOY stats stand for each of the six counties as of March 2008:
King - Price: -3.3% | Listings: +56.6% | Sales: -36.9% | MOS: 6.2
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Original Source: feeds.feedburner.com/SeattleBubble
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18 April, 2008| Uncategorized |
Comments (0) @ 18:27
- Town of Taos Tax Revenue Statistics - 4/17/2008
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As a municipality, the Town of Taos currently has two consistent systems to help track the status of the Town’s tourism-based economy — through monthly gross receipts tax (GRT) revenues, and lodger’s tax revenues. Here is the report.
You can click on the >> to print it or view full screen.Town of Taos, NM Economic Statistics - 4172008 …
Original Source: galleryrealtyoftaos.com
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18 April, 2008| housingblogs |
Comments (0) @ 18:19
- West Palm Beach Housing: A Tale Of "Two" Cities
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Posted By:Diana OlickOn TV today I’m telling the story of the city of West Palm Beach’s effort to save troubled borrowers. They’ve pulled together about a million dollars from a fund that was supposed to be for affordable housing as well as some HUD money, and opened a foreclosure assistance center right downtown. …
Original Source: www.cnbc.com
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18 April, 2008| housingblogs |
Comments (0) @ 17:29
- Cleaning up
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Cleaners working at 17 malls, including the four on Long Island owned by Simon Property Group, will soon get wage hikes of up to 43 percent, thanks to an agreement reached with Simon, Local 32BJ and Control Building Services.
Long Island cleaners working at the Roosevelt Field Mall in Garden City, the Source Mall in Westbury, the Walt Whitman Mall in Huntington and the Smith Haven Mall in Lake Grove are covered under the new contract.
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Original Source: spacedoutli.wordpress.com
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18 April, 2008| Uncategorized |
Comments (0) @ 17:13
- And The Snowball Continues
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The Rocky Mountain News reports from Colorado. “The 2007 Parade of Homes, which featured five display homes in the $2 million range in Southshore near Aurora Reservoir, illustrates the plight of the struggling, upper-end market in the suburbs. More than six months after the end of the parade on Labor Day, none of the five homes has sold. One is in foreclosure. Another is expected to end up there after its builder dissolved his construction company.”
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Original Source: thehousingbubbleblog.com
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18 April, 2008| housingblogs |
Comments (0) @ 16:31
- Help
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I can not abide a whimpering man.Today, the Council of Mortgage Lenders director general, Michael Coogan was again moaning and groaning about how his members can not lend without a crutch from the public sector:…
Original Source: bp1.blogger.com
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18 April, 2008| housingblogs |
Comments (0) @ 15:53
