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- As If Housing Meltdown Wasn’t Enough, Food Rationing In New York
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Rice, flour, & cooking oil purchase restrictions on East & West coasts by NY Sun - snip:Many parts of America, long considered the breadbasket of the world, are now confronting a once unthinkable phenomenon: food rationing. Major retailers in New York, in areas of New England, and on the West Coast are limiting purchases of flour, rice, and cooking oil as demand outstrips supply…
Original Source: feeds.feedburner.com/nychousingbubble
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21 April, 2008| housingblogs |
Comments (0) @ 23:56
- Burning Away Joins Walking Away
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I have been trying to ignore this story in the LA Times all day, but people will keep sending it to me. I excerpt the relevant parts:Some folks . . . some people . . . what appears to be . . . a jump in . . . believed to have been . . . The numbers are small, but . . . a dramatic increase . . . surprising some officials . . . making nationwide figures elusive. Still . . . a significant increase . . . questionable home fires, with foreclosure as a possible factor . . . potential fraud . . . would not provide further details . . . has not identified a rise in . . . does not support that . . . But some observers say . . . That’s the question.Y…
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21 April, 2008| housingblogs |
Comments (0) @ 23:50
- Restoring Some Measure Of Affordability In California
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The LA Times reports from California. “They filed into the Eagle Rock open house alone and in groups. Twenty-three families checked out the bedrooms and kitchen during the four-hour open house on a recent Sunday. Three expressed interest in buying the three-bedroom ‘character home,’ as agent Denise Barnes described the 1,364-square-foot 1922 California bungalow, reduced to $605,000 from $645,000. But most said they were waiting for prices to drop further.”
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Original Source: thehousingbubbleblog.com
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21 April, 2008| housingblogs |
Comments (0) @ 23:43
- Downey Financial Reports Loss, Suspends Future Dividends
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Press Release: Downey Announces First Quarter 2008 Results and Dividend Downey Financial Corp. reported a net loss for first quarter 2008 of $247.7 million or $8.89 per share … The Board also decided to suspend future dividend payments.During the current quarter, the provision for credit losses totaled $236.9 million, up $236.3 million from a year ago….
Original Source: feeds.feedburner.com/CalculatedRisk
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21 April, 2008| housingblogs |
Comments (0) @ 23:41
- You think the US housing bubble and mania was bad? You ain’t seen nothin’. The UK wrote the book. And now they’re screwed.
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The housing gambler cancer in the UK spread out throughout Europe and beyond these past few years. Brits were buying up “off-plan” properties sight unseen in far-flung no-income places like Bulgaria and the Ukraine. They were using Polish labor to fix up “buy-to-let” places in London for a quick flip. They were buying second and third houses throughout Europe….
Original Source: bp3.blogger.com
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21 April, 2008| housingblogs |
Comments (0) @ 23:38
- More Dilution for Financial Shareholders
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From Reuters: Citigroup launches $6 billion preferred share sale: IFR Citigroup on Monday will sell $6 billion in non-cumulative perpetual preferred shares, said International Financing Review, a Thomson Reuters publication.The shares are expected to pay a fixed 8.4 percent dividend for 10 years and pay a floating rate after that. And from the WSJ on CIT Group (a commercial finance company): C…
Original Source: feeds.feedburner.com/CalculatedRisk
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21 April, 2008| housingblogs |
Comments (0) @ 23:16
- Ron Paul’s new book - "The Revolution - A Manifesto" drops on April 30th
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Not a lot of information on what he’s got to say, except this blurb from his campaign:”In “Revolution: A Manifesto,” Dr. Paul pulls back the benevolent mask of the state and explains how big government is eroding our freedoms, but also offers solutions about how Americans can restore liberty while offering guidance to grassroots activists about how they can advance the political movement his candidacy inspired.”…
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21 April, 2008| housingblogs |
Comments (0) @ 22:55
- Have You Seen A Lynx in Taos County?
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Have you seen a lynx in the area? According to the state of Colorado, some 60 or so of these protected animals that were released there have migrated into our area.
Even more interesting, though protected as an endangered species in 14 states, including Colorado, t…
Original Source: farm4.static.flickr.com
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21 April, 2008| housingblogs |
Comments (0) @ 22:18
- Mike Reynolds in the New York Times
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Mike Reynolds is getting a lot of press these days. The New York Times Green Issue just released an article entitled “B…
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21 April, 2008| housingblogs |
Comments (0) @ 22:03
- Overly Optimistic or Overt Lying?
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Reader Rick recently e-mailed me after receiving a market update from his Ziprealty.com REALTOR® Pamela. Pamela’s first point on her market update was this:”Home sales have increased in each of the last three months.”While Pamela no doubt is just trying to help, I find her message in locked steps with the REALTORS® that write for the real estate advertisement section of the Union Tribune. Here we have the following quotes:…
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21 April, 2008| housingblogs |
Comments (0) @ 21:01
- Low Watermarke
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Water Runs Dry — Boys II Men
Don’t buy now. Just say no. Don’t let your downpayment wash away with the declining market. As Boys II Men say “We’ll make the biggest mistake of our lives. Don’t do it baby”Today’s featured property is a major comp killer establishing a new low water mark in the Watermarke development. They developers of this property are geniuses. They started a high-end apartment complex just as the bubble was taking off, and being opportunistic, they decided to convert the properties to condos, and they made a fortune off the frenzied buying of the Great Housing Bubble. The property was purchased on May 18, 2005 for $367,500. It was flipped on July 3, 2006 for $435,000 right at the peak. The 2006 purchaser used 100% financing (big surprise,) with a $348,000 first and a $78,000 second. The property went REO on January 23, 2008 for $324,900. It appears as if the loans were originated by IndyMac. It was purchased by Deutsche Bank National Trust Company, and the Federal National Mortgage Association (Fannie Mae.) This is the first property I have seen where Fannie Mae has been on the hook. Fannie Mae is one of the Government Sponsored Entities (GSEs) that makes its money by insuring mortgages to facilitate transactions in the secondary mortgage market. Although the GSEs are explicitly not backed by the Federal Government, investors behave as if they are, and if they keep seeing huge losses like the one today, the Federal Government may step in to rescue these companies. If there is going to be a federal bailout, it will probably be caused by the collapse of one of the GSEs. Did you realize your tax dollars are implicitly backing the secondary mortgage market? They are……
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21 April, 2008| housingblogs |
Comments (0) @ 20:29
- Please Help Me Get Published
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The Great Housing Bubble Book Proposal — Irvine Housing Blog.pdf…
Original Source: www.irvinehousingblog.com
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21 April, 2008| housingblogs |
Comments (0) @ 20:29
- More Jingle Mail Stories
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From The Arizona Republic: More homeowners mailing keys to lenders instead of payments Joan Shaffer is turning in the keys of the north Phoenix Tatum Ranch home she bought with her daughter in late 2005. They put nothing down on the home, took out a loan that let them pay less than they owed each month and now their loan is $200,000 more than the house is worth….
Original Source: feeds.feedburner.com/CalculatedRisk
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21 April, 2008| housingblogs |
Comments (0) @ 20:10
- Bets That, In Hindsight, Seem Reckless
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Some housing bubble news from Wall Street and Washington. MarketWatch, “Bank of America Corp.’s first-quarter profit fell 77% as credit-loss provisions jumped $4.78 billion, driven by weakness in home-equity loans as well as credit extended to small businesses and home builders, the company said Monday. In addition, the bank said it had increased its loan-loss provisions to $14.89 billion as of March 31, compared with $8.73 billion a year earlier — a function of tightening credit markets and a sluggish housing market.”
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Original Source: thehousingbubbleblog.com
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21 April, 2008| housingblogs |
Comments (0) @ 19:59
- Good times, bad times
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Perhaps we now live in a much simpler age.Pick up any newspaper, switch on the TV, or talk amongst friends or colleagues and there is only one serious economic problem facing the UK today – the housing market. To be more specific, how do we avoid a calamitous house price crash?…
Original Source: bp0.blogger.com
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21 April, 2008| housingblogs |
Comments (0) @ 19:48
- Bad Real Estate Loans Hitting Local Banks
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Over the weekend, the Seattle Times published an article titled Bad real-estate loans stack up for smaller local banks, about the exposure local banks have to real estate loans. The gist of the article was that many local banks, squeezed out of the mortgage business by the likes of WaMu and Countrywide, had doubled down on lending to local developers - and thus were exposed to the real estate turn down.
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Original Source: feeds.feedburner.com/SeattleBubble
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21 April, 2008| housingblogs |
Comments (0) @ 18:16
- "Parade of Potential Horribles"
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Original Source: www.mortgagenewsdaily.com
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21 April, 2008| housingblogs |
Comments (0) @ 18:03
- Citibank And Freezing HELOCs: A First Hand Account
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Posted By:Diana OlickI’ve heard a lot anecdotally about home equity lines being frozen for no apparent reason, so when I got this email from Charles in Chicago, I just had to post it. Citibank actually lowered his line of credit to $116 below his current balance. …
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21 April, 2008| housingblogs |
Comments (0) @ 17:51
- S&P: Home Equity Delinquencies Rise Rapidly
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From Dow Jones (no link): Most Home-Equity Line Delinquencies Keep Rising Standard & Poor’s said delinquencies on home-equity lines of credit issued in 2005 and 2006 shot up in March, underscoring continued trouble in the U.S. economy….S&P said that 9.19% of lines issued in 2005 and 11.45% of loans issued in 2006 are delinquent, up 6.49% and 6.51% from February. This fits with the c…
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21 April, 2008| housingblogs |
Comments (0) @ 17:39
- A Minnesota painting contractor with four houses in foreclosure
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The Minneapolis Star Tribune tells the amazing story of a painting contractor, living with his wife and three children in a trailer park, who three years ago managed to buy four homes worth $1.2 million. He was hoping to flip the homes and get rich off the appreciation. Instead, the real estate market collapsed and his investment properties sank into foreclosure.
The story is part of a series that started April 20 about the unraveling of the investor-heavy Wright County real estate market.
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Original Source: www.businessweek.com
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21 April, 2008| housingblogs |
Comments (0) @ 17:37