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- Consumers Shifting to Inferior Goods
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From the NY Times: Recession Diet Just One Way to Tighten Belt Spending data and interviews around the country show that middle- and working-class consumers are starting to switch from name brands to cheaper alternatives, to eat in instead of dining out and to fly at unusual hours to shave dollars off airfares….Wal-Mart Stores reports stronger-than-usual sales of peanut butter and spaghetti, while restaurants like Domino’s Pizza and Ruby Tuesday have suffered a falloff in orders, suggesting that many Americans are sticking to low-cost home-cooked meals. …
Original Source: feeds.feedburner.com/CalculatedRisk
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27 April, 2008| housingblogs |
Comments (0) @ 22:27
- HP’ers - A fringe bunch of nuts, hoping for a big housing bust, screwing up the entire economy
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So here’s how HousingPANIC (I assume it’s us) is positioned by the mainstream media in a recent interview with a couple of investors:Reporter: What do you think of bloggers who seem to root for an even bigger bust?…
Original Source
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27 April, 2008| housingblogs |
Comments (0) @ 22:10
- Living Large on $25,000 a Year in Southern California.
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First, I want to thank everyone that participated in the discussion about the hypothetical family making $100,000 a year with 2 kids and showing how $100,000 doesn’t go as far as many would expect especially in high cost areas. I also noticed that most of the comments that went something like, “cut out the entertainment!” or “brown bag it!” or “why give to charity when you need it?” were from folks that simply are not from high cost areas. I thought most would quickly see that combined housing costs from the mortgage payment, taxes, and maintenance were eating up over 4…
Original Source: feeds.feedburner.com/DrHousingBubble-HowILearnedToLoveSocal
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27 April, 2008| housingblogs |
Comments (0) @ 22:02
- Living Large on $25,000 a Year in Southern California. Even in Today’s Housing Market.
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First, I want to thank everyone that participated in the discussion about the hypothetical family making $100,000 a year with 2 kids and showing how $100,000 doesn’t go as far as many would expect especially in high cost areas. I also noticed that most of the comments that went something like, “cut out the entertainment!” or “brown bag it!” or “why give to charity when you need it?” were from folks that simply are not from high cost areas. I thought most would quickly see that combined housing costs from the mortgage payment, taxes, and maintenance were eating up over 4…
Original Source: feeds.feedburner.com/DrHousingBubble-HowILearnedToLoveSocal
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27 April, 2008| housingblogs |
Comments (0) @ 22:02
- [Bail Out] Worried About Future, Banks Spread Out
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Bank earnings are down.
Way down.
Real concerns about future losses from non-performing mortgages, other credit instruments like credit cards and the need to recapitalize.Fed policy has been pretty generous to the economy, no?
…
Original Source: matrix.millersamuel.com
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27 April, 2008| housingblogs |
Comments (0) admin @ 21:57
- The Price Becomes Pretty Flexible In California
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The North County Times reports from California. “Often heralded as a fortress of strength in a weak housing market, upper-end home prices in North County’s posh neighborhoods have started to show some cracks. In Rancho Santa Fe, mostly composed of custom homes with price tags above $2 million, it would take about 20 months to sell off all the active listings, based on three-month averages of listings and sales. Many homes in Del Mar and Carlsbad have sold for 20 percent under the original asking price, with several sellers willing to let their homes go for $1 million or more below the asking price.”
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Original Source: thehousingbubbleblog.com
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27 April, 2008| housingblogs |
Comments (0) @ 19:13
- Worst Selling Housing Market
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Just got done reading this Forbes article which shows the top 10 worst selling housing markets.1. Miami2. Denver3. San Diego4. BALTIMORE5. WASHINGTON, D.C.6. Los Angeles7. Tampa, FL8. Phoenix9. Orlando, FL10. ChicagoLooks like I’m not the only one whose saying Baltimore is doing really bad. Notice which other cities Baltimore and DC ranked higher than. The piper needs t…
Original Source
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27 April, 2008| housingblogs |
Comments (0) @ 18:57
- CRE Bust: How Deep, How Fast?
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A key historical investment pattern is for non-residential investment in structures to follow residential investment by about 4 to 7 quarters (both up and down). See Investment Matters for some graphs on this subject.Clearly the CRE slump is here. Now the questions is how deep and how fast will CRE investment fall. One way to think about this is to look at previous declines in non-residential investment….
Original Source: feeds.feedburner.com/CalculatedRisk
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27 April, 2008| housingblogs |
Comments (0) @ 18:14
- Foreclosure in Fontana? A 27-year-old ponders walking away
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From a front-page story in today’s LATimes about the impact of the slowing economy on younger workers: "Dulce Maya is worried that she won’t be able to squeeze by much longer.
The 27-year-old restaurant manager bought a three-bedroom, two-bath
house in Fontana for $350,000 two years ago with a $5,000 down payment
and an adjustable-rate mortgage.
…
Original Source
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27 April, 2008| housingblogs |
Comments (0) @ 17:33
- Meanwhile, while you weren’t watching, 27% or 220,000 Republicans in Pennsylvania went to the polls last week to vote AGAINST John McCain
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It’s too bad the winner-take-all GOP rules wrongly gave the nomination to McCain so early. Most of the states didn’t get a voice in choosing the Republican nominee. And if the GOP had had a REAL nomination battle, instead of a short-circuited snoozer, I seriously, seriously doubt McCain would have emerged as their standard-bearer in November.McCain is a math error. Huckabee and Romney simply cancelled each other out, and McCain’s 1/3 took the delegates. And now true Republicans don’t have a candidate this fall….
Original Source
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27 April, 2008| housingblogs |
Comments (0) @ 16:00
- Real Estate Will Always Change, And Not Always Up
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The Des Moines Register reports from Iowa. “Iowa’s largest home builder, Regency Cos. of Des Moines, has laid off the entire staff of its home building business and left behind 300 homes that lenders and buyers will now have to sell or finish. Jamie Myers, president of Regency, said it became impossible for the company to continue after a lending agreement with Wells Fargo & Co. ended in December without a renewal. ‘We don’t have the cash flow to pay them,’ he said of employees.”
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Original Source: thehousingbubbleblog.com
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27 April, 2008| housingblogs |
Comments (0) @ 15:50
- Foreclosures Take Center Stage
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Decent article in the Union Tribune today on the difference in price of foreclosures vs nonforeclosure homes. In essence, banks are willing to wheel and deal, while homeowners refuse to budge….
Original Source: bp0.blogger.com
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27 April, 2008| housingblogs |
Comments (0) @ 15:38
- Bits Bucket And Craigslist Finds For April 27, 2008
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Please post off-topic ideas, links and Craigslist finds here.
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Original Source: thehousingbubbleblog.com
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27 April, 2008| housingblogs |
Comments (0) @ 11:14
- “What began as a housing slowdown in 2006 turned into crisis by the end of 2007″
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From the Courier Post:
Expert: Housing downturn has another year
An economist and a consultant painted a less than rosy picture of the fiscal health of New Jersey and the people who call it home during an annual look at the recent economic outlook at the Atlantic Builders Convention.
T…
Original Source: njrereport.com
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27 April, 2008| housingblogs |
Comments (0) @ 11:02
- "The government ignores the prudent ones"
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“In all this discussion about all these poor people losing their homes, they never talk about people who didn’t buy homes in this chaos. They said this is stupid, I’m not going to buy a house that is wildly overpriced. I’m going to wait until prices come down. The government ignores the prudent ones.”- Christopher Thornberg, April 2008DON’T BE IGNORED. NO HOUSING GAMBLER BAILOUT….
Original Source
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27 April, 2008| housingblogs |
Comments (0) @ 9:37
- How drunk do you have to be to buy a Miami condo?
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Well, I suppose desperate times, call for desperate measures….. [Hat tip L!]
In February, throngs of people gathered at a $100,000 poolside party in Miami, downing R…
Original Source: housingdoom.com
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27 April, 2008| Uncategorized |
Comments (0) @ 8:01
- It is over, baby
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It has been a bad week for the buy-to-let industry. Lenders, one-by-one, are cutting investors loose. Banks are unwilling to finance amateur landlords. They want out, and have raised lending rates. The sudden tightening of credit conditions now means that it is almost impossible for any potential buy-to-let investor to obtain financing.Still, some buy-to-let investors are putting on a brave face. Lynsey Sweales, director of Money Centre, the buy-to-let specialist, claimed that “Our customers are not worried about falling house prices – they are making use of them to buy more property with enhanced negotiating power. They have experience in the field, owning an average of 7.2 properties each, which means they have an adequate financial cushion.”…
Original Source: ukhousebubble.blogspot.com
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27 April, 2008| housingblogs |
Comments (0) @ 6:26
- [Getting Graphic] Something Old, Something New, Something To Borrow Against, Something Sitting
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Getting Graphic is a semi-sort-of-irregular collection of our favorite BIG real estate-related chart(s).Source: NYT
Click here for full sized graphic.
Floyd Norris of the New York Times in this weekend’s paper had a great summary of the state of new home sales titled N…
Original Source: matrix.millersamuel.com
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27 April, 2008| housingblogs |
Comments (0) @ 3:19
- Wells: More Liquidity Issues in the Secondary Market
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From a recent Wells Fargo email to brokers submitted to us from friendly Blown Mortgage commenter vicatibm:
If you have any Loan in our system that is floating and not locked, you may want to consider locking it today to protect your commission.
We are hearing of illiquidity in the secondary mortgage market, so there may be a new price adjuster of up to 3.00% coming on Monday to any loan locked after the implementation of a Credit Policy-related retraction or change, regardless of the status of your loan at the time of lock.
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Original Source: feeds.feedburner.com/typepad
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27 April, 2008| housingblogs |
Comments (0) @ 1:37
- Vandos and Bandos
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Bandos - squatters in abandoned homes.Vandos - vandals that damage abandoned homes.This is becoming a frequent story - from the WaPo: Foreclosed Homes Attract Vandalism The growing foreclosure crisis has forced suburban law enforcement agencies to tackle a new challenge: policing empty houses. A…
Original Source: feeds.feedburner.com/CalculatedRisk
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27 April, 2008| housingblogs |
Comments (0) @ 1:18