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- The Pig Going Through The Snake In California
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The Union Tribune reports from California. “Lenders took back the homes of struggling San Diego County homeowners in record numbers during the first quarter. Real estate agent Linda Ring, who specializes in foreclosure sales, said she has seen many homeowners simply walk away from their properties even if they can make the payments, because they no longer want to pour money into homes now worth so much less than what they had paid.”
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Original Source: thehousingbubbleblog.com
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23 April, 2008| housingblogs |
Comments (0) @ 23:49
- Are you more likely to catch the flu or face foreclosure?
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It depends on where you live. In Nevada, the odds of going into foreclosure could soon be about the same as getting the flu if predictions in a new Pew Charitable Trusts report come true.
One in 11 Nevadans will be in foreclosure within the next two years as a result of subprime loans made in 2005 and 2006, Pew Charitable Trusts predicts in …
Original Source: www.businessweek.com
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23 April, 2008| housingblogs |
Comments (0) @ 23:32
- Are you more likely to catch the flu or go into foreclosure?
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It depends on where you live. The odds of going into foreclosure for a Nevadan might soon be about the same as getting the flu if predictions in a new Pew Charitable Trusts report come true.
One in 11 Nevadans will be in foreclosure within the next two years as a result of subprime loans made in 2005 and 2006, Pew Charitable Trusts predicts in …
Original Source: www.businessweek.com
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23 April, 2008| housingblogs |
Comments (0) @ 23:32
- Lenders Swamped by Delinquent Mortgages
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L…
Original Source: bp0.blogger.com/_GMFF5jY6gGs/SA-3bJ1rDx
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23 April, 2008| housingblogs |
Comments (0) @ 23:29
- Starbucks: "sharp weakness in the U.S. consumer environment"
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From the WSJ: Starbucks Blames Weak Economy In U.S. for Lower Outlook for Year Citing “the sharp weakness in the U.S. consumer environment,” … Starbucks said U.S. comparable-store sales fell by the mid-single digits on a percentage basis amid lower traffic. …The company Wednesday highlighted California and Florida, which have been two of the hardest-hit states during the housing downturn ……
Original Source: feeds.feedburner.com/CalculatedRisk
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23 April, 2008| housingblogs |
Comments (0) @ 23:27
- Photo of the Day: Straight to auction
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Photo of the Day: An odd sight — 24 brand new homes, listed as for sale in public auction. You don’t see that every day: brand new homes, straight to auction. The homes are in Gardena, t…
Original Source
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23 April, 2008| housingblogs |
Comments (0) @ 23:12
- House panel OKs $15 billion housing bill
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Democrats pushed a $15 billion housing bill through a House committee Wednesday over the objections of Republicans who called it a government bailout.
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Original Source: money.cnn.com
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23 April, 2008| housingblogs |
Comments (0) @ 22:51
- Backlash grows against bailout
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Why should American taxpayers have to pay to bailout reckless lenders and borrowers?
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Original Source: money.cnn.com
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23 April, 2008| housingblogs |
Comments (0) @ 22:49
- Locking in some predictions
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We are still in a spot where low rated debt pays more than equity. BBB rated commercial debt returns about 20% (T + 1740 today), while equity (which should be below BBB) yeilds about 10% (7% cap rate + 3% inflation). I am making a call: Commercial real estate debt has hit the bottom.BBB debt yields can not exceed real estate equity yields for long (equity should pay more then debt). If Equity (10%) and debt (20%) move back to equilibrium, cap rates need to rise by at least 3 to 5%….
Original Source: realestaterisk.blogspot.com
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23 April, 2008| housingblogs |
Comments (0) @ 22:27
- Bloomberg: Mason Says `Way Past Time’ for Ambac Rating Cuts
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Video: Joseph Mason Says `Way Past Time’ for Ambac Rating Cuts (click link for video) Joseph Mason, an associate professor of finance at Drexel University, and Julia Coronado, a senior economist at Barclays Capital Inc., talk with Bloomberg’s Kathleen Hays about Ambac Financial Group Inc.’s credit rating, economic and financial-market conditions, and the outlook for Federal Reserve monetary policy. …
Original Source
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23 April, 2008| housingblogs |
Comments (0) @ 22:04
- Search foreclosure trends by ZIP Code
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The long-awaited (by me) widget is here. Search foreclosure trends in Southern California by ZIP, using DataQuick Information Systems stats from the first quarter of 2008. Let me know your feedback on this one.
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Original Source: feeds.latimes.com
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23 April, 2008| housingblogs |
Comments (0) @ 21:53
- Taos Center for the Arts Schedule - April 23, 2008
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Taos Center for the Arts …
Original Source: origin.ih.constantcontact.com
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23 April, 2008| housingblogs |
Comments (0) @ 21:23
- Gilligan’s Aisle
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The Ballad of Gilligan’s Island — George Wyle and Sherwood Shwartz
Would you like to get stranded on Alicante Isle? (I know it is spelled Aisle and it means something else, but just go with it.) People buying properties as flips during the down cycle are betting on the return of the market. There is no shortage of ignorant prognostications of the bottom, and if flippers are foolish enough to believe them, then they deserve to become bagholders. If flippers and lenders became the bagholders for the decline, Karma would be delivering its comeuppance. Flippers hope to get in and out of a property quickly, and like the passengers on the US Minnow who thought they were going on a 3 hour tour, getting off the island will likely take much longer than planned. They end up stranded in a condo searching desperately for a way to get out. The market will eventually rescue them. The castaways of Gilligan’s Island were only trapped for 4 years until the series was mercifully cancelled. The flipper who gets trapped in today’s featured property will likely be there much longer….
Original Source
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23 April, 2008| housingblogs |
Comments (0) @ 20:30
- Update: Where the foreclosures are: Hardest-hit ZIP Codes
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Update: We’ve created a data search tool that I hope will be valuable to readers: use this widget to search foreclosure trends by ZIP code throughout Southern California …
Original Source
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23 April, 2008| housingblogs |
Comments (0) @ 20:23
- Where the foreclosures are: Hardest-hit ZIP Codes
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We’re crunching some data right now that I hope will be valuable to readers: foreclosures and defaults by ZIP Code throughout Southern California in the first quarter of 2008, so that you can see where the foreclosure problem is most acute, and also where it is least evident.
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Original Source
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23 April, 2008| housingblogs |
Comments (0) @ 20:23
- It’s A Buffet For Buyers
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The Capital Journal reports from Kansas. “Topeka, like much of the rest of the country, is a buyer’s market when it comes to real estate. Home sales fell 26 percent here in the first three months of 2008 compared to sales during the same quarter a year ago. Average sales price in the first quarter 2008 was $115,240, which was down 7 percent from $124,023 a year ago. Janet Carter, president of the Topeka Area Association of Realtors, said subprime lenders have left Topeka, so consumers with less than A credit are having a tough time finding financing.”
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Original Source: thehousingbubbleblog.com
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23 April, 2008| housingblogs |
Comments (0) @ 19:38
- It’s A Buffet For Buyers
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The Capital Journal reports from Kansas. “Topeka, like much of the rest of the country, is a buyer’s market when it comes to real estate. Home sales fell 26 percent here in the first three months of 2008 compared to sales during the same quarter a year ago. Average sales price in the first quarter 2008 was $115,240, which was down 7 percent from $124,023 a year ago. Janet Carter, president of the Topeka Area Association of Realtors, said subprime lenders have left Topeka, so consumers with less than A credit are having a tough time finding financing.”
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Original Source: thehousingbubbleblog.com
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23 April, 2008| housingblogs |
Comments (0) @ 19:38
- BailoutWatch: I Can’t Even Keep Up
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When I wrote the first installment of BailoutWatch this January, I intended to post occasional updates to keep readers apprised of the ongoing housing bailout efforts. Well, the truth is that I haven’t even been able to keep up.
That column wasn’t even the first on the subject — it had followed hot on the heels of t…
Original Source
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23 April, 2008| housingblogs |
Comments (0) @ 19:16
- AMBAC: Lawyers Scrutinizing Certain Transactions
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On the AMBAC conference call this morning, David Wallis, Ambac’s chief risk officer noted that their ‘losses are heavily concentrated in a small number of deals which they characterized as “striking” and essentially suspicious’ (reader Brian’s description). The also made some comments on their Alt-A deals - AMBAC has half a dozen deals now projecting cumulative losses of 20-25% vs initial expectations of approximately 6%.According to Brian, AMBAC hinted that they might pursue legal action against Bear Stearns and First Franklin….
Original Source
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23 April, 2008| housingblogs |
Comments (0) @ 18:55
- Lending Tree lead data stolen - do you know where your social security number is?
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Talk about scary. We all knew that LowerMyBills.com and LendingTree.com provided for a ‘less-than-ideal’ customer experience as consumers got battered by hundreds of calls from rabid mortgage folks; but this announcement is just plain scary. Employees caught stealing data including consumer social security numbers at Lending Tree.
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Original Source: feeds.feedburner.com/typepad
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23 April, 2008| housingblogs |
Comments (0) @ 18:49