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- Stuff of Memories: From Front Page (in 2005) to Short Sale
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The following image is of the front page of the O.C. Register from July 19, 2005. The featured house sold for $600K in July 2005, and is now listed on RedFin as a short sale for $559K (good luck!). (hat tip ID) …
Original Source: bp3.blogger.com/_pMscxxELHEg/SBuJksncv0
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2 May, 2008| housingblogs |
Comments (0) @ 22:36
- Funniest Jose Canseco foreclosure headlines
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Finally a foreclosure story we can all laugh at. If you can’t see the humor potential in the story of Jose Canseco losing his Encino home to foreclosure, …
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2 May, 2008| housingblogs |
Comments (0) @ 21:08
- Renters Have Got The Bubble By The Tail Now
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It’s Friday desk clearing time for this blogger. “The Northern San Joaquin Valley’s new home market is dreadful and may not stabilize until 2012, home appraisers were warned this week during a conference in Modesto. ‘The new home sales rate is nothing short of dismal,’ lamented Dean Wehrle, VP of Sullivan Group Real Estate Advisors. He said Stanislaus, Merced and San Joaquin county subdivisions are averaging one sale per month. At the peak of the market in 2005, each subdivision was selling on average about eight homes per month.”
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Original Source: thehousingbubbleblog.com
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2 May, 2008| housingblogs |
Comments (0) @ 20:58
- Quote of the Day: "Mortgages + Insurance Policies = Flames"
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Markel Corp. (insurance company) Q1 2008 Earnings Call Transcript: (hat tip CT) Elizabeth Malone - KeyBanc: “Now, have you seen … some companies have indicated that the increase in fire losses or the severity of fire losses is goes along with a slower economic environment? Have you seen that kind of pattern?”…
Original Source: feeds.feedburner.com/CalculatedRisk
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2 May, 2008| housingblogs |
Comments (0) @ 20:42
- Silent Spring
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Silent Scream — Slayer
It doesn’t look like we are going to have a bear rally this spring. The rate of price decline is accelerating, credit is still tightening, foreclosures are still increasing, job losses are mounting, mortgage interest rates are rising, inflation is rising, the economy is sputtering, and sales are still anemic. Did I forget anything?
Rachel Carson wrote S…
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2 May, 2008| housingblogs |
Comments (0) @ 20:34
- Cash-out refinancing loans shrink sharply
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The percentage of homeowners who refinanced with a Freddie Mac-owned loan in the first quarter of 2008 and received mortgages with loan amounts higher than their original mortgages, fell to the lowest levels since early 2004.
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Original Source: money.cnn.com
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2 May, 2008| housingblogs |
Comments (0) @ 20:13
- Friday Riddle
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A reader of the blog sent me this message.Have you noticed that the Oregonian’s Bought + Sold column (published Thursdays) has stopped printing real market value (RMV) figures? For years I have read the column and there was always the zip code, street address, sale price, and the RMV and almost without exception the sale price was way over the RMV. Then several weeks ago without comment the Oregonian stopped showing the RMV and listed just the sale price. I had to go to …
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2 May, 2008| housingblogs |
Comments (0) @ 19:59
- Pols push for new Republic
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Babylon Supervisor Steve Bellone, Huntington Supervisor Frank Petrone, Suffolk County Legis. Wayne Horsley, Congressman Steve Israel, a slew of other elected officials, labor leaders, and representatives of the Metropolitan Transit Authority stood in front of a room packed with media Friday to announce the likely re-opening of the Long Island Rail Road’s Republic station.
Re-opening the station is the centerpiece for a transit-oriented development plan for East Farmingdale that could add 1.2 million square feet of new retail, office, residential, entertainment and hotel uses, and is supported by the Route 110 Redevelopment Corporation.
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Original Source: spacedoutli.wordpress.com
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2 May, 2008| housingblogs |
Comments (0) @ 19:56
- Countrywide debt downgraded to "junk" status
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News item from Bloomberg News: "Countrywide Financial Corp.’s credit rating was cut below investment-grade status by Standard & Poor’s Corp."That would be junk to you and me.
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2 May, 2008| housingblogs |
Comments (0) @ 19:48
- Countrywide: The junk bond king of Calabasas
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News item from Bloomberg News: "Countrywide Financial Corp.’s credit rating was cut below investment-grade status by Standard & Poor’s Corp."
That would be junk to you and me.
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2 May, 2008| housingblogs |
Comments (0) @ 19:48
- Countrywide ‘migrates’ 16 wholesale fulfillment centers in consolidation move
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Countrywide announced the migration closing of 16 wholesale fulfillment centers in a consolidation move in the wholesale channel. While I wouldn’t call it winding down, they definitely are a) responding to reduced demand and b) to the retail-centric strategy that is kicking butt for Bank of America and surely being evangelized/driven-down by the new ownership.
From Countrywide:
D…
Original Source: feeds.feedburner.com/typepad
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2 May, 2008| housingblogs |
Comments (0) @ 19:02
- Halifax house price index down five percent from peak
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Today, the Halifax published their price index for April. It showed that house prices are down over 5 percent from their peak of autumn last year.I also compared the Halifax’s seasonally adjusted data with the non adjusted counterpart. Since 2005, the seasonaly adjusted data has consistently understated the true level of price inflation. It missed the peak, but now also appears to be falling faster than non-seasonally adjusted prices….
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2 May, 2008| housingblogs |
Comments (0) @ 18:44
- REO / Short Sale Prevalence Reaches 63% in San Diego
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According to San Diego REO broker Ramsey Su, the percent of REOs and Short Sales reached 63% of all pending sales in San Diego in April. Click on graph for larger image….
Original Source: bp3.blogger.com/_pMscxxELHEg/SBtSBsncvz
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2 May, 2008| housingblogs |
Comments (0) @ 18:39
- Things are returning to normal…..not
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The US Federal Reserve has just put out a press release. Here is some extracts:The Federal Reserve announced today an increase in the amounts auctioned to eligible depository institutions under its biweekly Term Auction Facility (TAF) from $50 billion to $75 billion, beginning with the auction on May 5. T…
Original Source: bp0.blogger.com
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2 May, 2008| housingblogs |
Comments (0) @ 18:08
- Construction Job Losses: I think We’re Missing Something Here
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Posted By:Diana OlickI want to talk about a huge number: 457,000. That’s the number of construction jobs that have been lost since the sector peaked in September of 2006. What’s interesting to me about this number is that at the beginning of the downturn in housing we didn’t see a huge drop in construction jobs, primarily because workers moved from residential into commercial. …
Original Source: media.cnbc.com
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2 May, 2008| housingblogs |
Comments (0) @ 17:33
- Washington Was Promoting The Wrong Dream
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The best thing I’ve read this week comes from CBS News this morning:
In the midst of the subprime crisis, there’s an important question that analysts and policymakers have neglected: Did so many people need to own homes in the first place? The dream of home ownership has long been part of the American experience, but, as the federal government steps in to artificially support borrowers and lenders with tax credits that encourage more spending or with public spending that keeps over-indebted borrowers in unaffordable homes, we ought to consider whether it’s time to wake up from that dream.
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Original Source: housingdoom.com
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2 May, 2008| housingblogs |
Comments (0) @ 17:26
- ?50 billion does not bring much stability
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So far, the special liquidity scheme hasn’t brought much relief to the stagnant interbank lending market. Spreads between 3 month interbank lending and equivalent maturity repos are still elevated….
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2 May, 2008| housingblogs |
Comments (0) @ 16:59
- Flawed House Price Indices, Flawed Reporting
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In the comments, Jerome asks about this article at MarketWatch discussing the various measures of house prices: Home-price data has its flaws The S&P/Case-Shiller index, which Tuesday posted a 12.7% decline for February, is skewed for two reasons of its own — it tracks just 20 major markets, many among the hardest hit, and its “repeat sales” survey by design pulls in individual homes both bought and sold in the last few years. …
Original Source: feeds.feedburner.com/CalculatedRisk
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2 May, 2008| housingblogs |
Comments (0) @ 16:57
- The bubble is over in Ulster
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Since 1983, house prices in Northern Ireland have increased 8-fold. Either they were giving houses away for free back in 1980s, or the province has just experienced one of the most appalling housing bubbles in history. …
Original Source: bp1.blogger.com
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2 May, 2008| housingblogs |
Comments (0) @ 16:50
- Former Taos Resident Wins Top Mystery Award
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Written by Bruce Daniels - ABQnewsSeeker
Thursday, 01 May 2008
Sandi Ault wins Mary Higgins Clark prize for debut mystery “Wild Indigo.”
Sandi Ault, who taught writing at the University of New Mexico Taos branch before moving to Colorado, is the winner of this year’s prestigious Simon & Schuster/Mary Higgins Clark Award for her first mystery novel, “Wild Indigo,” which is set in northern New Mexico.
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Original Source: galleryrealtyoftaos.com
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2 May, 2008| housingblogs |
Comments (0) @ 16:46