1) Eating out at restaurants2) Taking nice vacations3) Entertainment (bowling, movies, clubs, etc)4) Shopping (clothing, cars, electronics, etc)…
Original Source: bp3.blogger.com
The New York City real estate market — though strong compared to other major cities — is finally losing steam. Although home prices continue to rise, homes aren’t selling as quickly as they did a year ago. The latest evidence comes from the New York City Office of the Comptroller, which says that r…
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After the Q4 GDP report was released, I wrote: Non-Residential Investment: The Key? The good economic news in the Q4 GDP report was that non-residential investment was still positive. Investment in non-residential structures increased at a very robust 15.8% annualized real rate. And investment in equipment and software increased at a more modest 3.8% annualized real rate. This non-residential investment is probably the key (along with consumer spending) on how weak the economy will be in 2008. …
Original Source: feeds.feedburner.com/CalculatedRisk
From the Register Guard:Home inspectors in Lane County endured an anxious winter, and the early spring real estate sales figures are offering little to sooth their nerves.Closed and pending sales were each down about one-third in March, compared with March 2007, according to the Regional Multiple Listing Service.C…
Original Source: feeds.feedburner.com/portlandhousingblogspot
Today, the Nationwide put out their latest house price index. Prices are now down 4 percent from their October 2007 peak. Furthermore, prices are also down year-on-year….
Original Source: bp1.blogger.com
As the Real Estate Business Guide writer for the New York Times website at http://realestate.about.com, I do regular article updates with g…
Original Source: galleryrealtyoftaos.com
The Union Leader reports from New Hampshire. “As the number of foreclosures in New Hampshire continues to climb, housing advocates are seeing a disturbing trend: The mortgage crisis is spreading to prime borrowers. Just more than 6 percent of mortgages in New Hampshire are delinquent, according to the latest survey by the Mortgage Bankers Association. For the first time since 1992, that’s comparable to the national rate. There were more than 18,000 mortgage loans in New Hampshire with payments past due as of the fourth quarter of last year. Of those, 10,710 were prime loans, 6,390 subprime loans.”
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Original Source: thehousingbubbleblog.com
The Bureau of Economic Analysis reports that the U.S. economy grew at a 0.6% annual real rate in Q1 2006, mostly because of a buildup in inventories. Without the unwanted buildup in inventory, GDP would have been negative, suggesting the economy is in recession.Consumer spending was up 1.0% at an annual rate, with services up 3.4% (the t…
Original Source: feeds.feedburner.com/CalculatedRisk
Read full story for latest details.
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Original Source: money.cnn.com
Please post off-topic ideas, links and Craigslist finds here.
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Original Source: thehousingbubbleblog.com
From Bloomberg:
Economy in U.S. Probably Expanded at Slowest Pace in Five Years
The U.S. economy probably grew in the first quarter at the slowest pace in five years as consumer and business spending faltered and the housing slump deepened, economists said before a government report today.
A 0.5 percent annual pace of growth from January through March, the smallest gain since the last three months of 2002, is the median estimate of 80 economists surveyed by Bloomberg News.
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Original Source: njrereport.com
From the Allentown Morning Call:
Five good reasons to be a renter
No risk. Owning a home can be a risky business, and there are no guarantees that it will be a good investment. Lots of people who got in over their heads with subprime loans (high-cost loans made to people with spotty credit histories) are learning the hard way that homeownership at any cost can be a losing proposition. When you rent, someone else accepts the financial risks, while you get to enjoy the peace of mind.
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Original Source: njrereport.com
One group most affected by the housing bubble were young families that just started out after 2003. With prices going up so quickly, these young families looked to their colleagues just a couple of years older and found that the type of homes their colleagues were able to purchase were completely out of their reach.Chris and Rebecca were one such couple these young families look upon with envy. As young couples just starting out in late 2001, Chris and Rebecca were able to purchase a 2,482 sqft home in San Elijo at a low pre-bubble price of …
Original Source: bubbletracking.blogspot.com
It is hard to wrap your mind around the size of the American housing market. Today’s Case-Shiller Index reported a further deterioration in the housing market. The difficulty in determining what real estate was valued at the absolute peak is somewhat hard to determine since many regions hit peaks at various different times. The one major thing that we can do however is take a look at the composite of the 20 cities used in the Case-Shiller Index and see when the peak was reached. Why use the Case-Shiller Index? It is generally seen as the most reliable source of price changes since it uses a repeat sales pricing technique. What we can then do to get a general estimate of the total housing value is use the Federal Flow of Funds Account and take a look at the value of homeowner equity near the peak, followed by looking at mortgage debt to get a general idea of the size of the United State residential real estate market. First let us look at the Case-Shiller chart:
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Original Source: feeds.feedburner.com/DrHousingBubble-HowILearnedToLoveSocal
A big thank you to VERSUS, who give us a chance to laugh at the "Doom" and sent us this video:
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Original Source: housingdoom.com
Seriously, if BofA completes the CFC acquisition, you’ll know something funny is going on with Hank Paulson and Ken Lewis. Countrywide is AIDS, Chlamydia, Genital warts, Herpes, Gonorrhea, Hepatitis and Syphilis all rolled into one. BofA would be dealing with lawsuits, losses and employees going to jail for years and years….
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A quick update on Zillow’s entry earlier this month into the mortgage business, as a go-between linking would-be borrowers to would-be lenders. Zillow marketing guru Spencer Rascoff writes into the blog to report: "Z…
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