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- Values Are Headed In One Direction — And It’s Not Up
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The Tribune Review reports from Pennsylvania. “During the first three months of 2008, 1,187 houses were foreclosed in the five-county Pittsburgh region, the second highest total for a three-month period on record, according to RealStats. Another report found that during the 23 months between January 2006 and November 2007, 9,046 homes had foreclosure proceedings in Allegheny County. Carl Grasha in Monroeville, has been specializing in the sale of foreclosed properties since 1971. He finds that 80 percent to 90 percent of the houses he sell have debris and rubbish left in them.”
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Original Source: thehousingbubbleblog.com
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5 May, 2008| housingblogs |
Comments (0) @ 15:31
- Values Are Headed In One Direction — And It’s Not Up
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The Tribune Review reports from Pennsylvania. “During the first three months of 2008, 1,187 houses were foreclosed in the five-county Pittsburgh region, the second highest total for a three-month period on record, according to RealStats. Another report found that during the 23 months between January 2006 and November 2007, 9,046 homes had foreclosure proceedings in Allegheny County. Carl Grasha in Monroeville, has been specializing in the sale of foreclosed properties since 1971. He finds that 80 percent to 90 percent of the houses he sell have debris and rubbish left in them.”
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Original Source: thehousingbubbleblog.com
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5 May, 2008| housingblogs |
Comments (0) @ 15:31
- Is Portland’s Spring Selling Season Over?
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The rain has subsided, the tulips are in bloom. It must be spring. Everybody is enjoying this except our local real estate professionals. I’ve been playing with the Pending Sales numbers that the RMLS publishes every month and I found something interesting; the spring selling season is a total bust.Last month my estimate predicted 1,633 sales would consummate during the month. The actual number was 1,691. I was short by about 4%, not bad for an amateur. Here is a look at my model vs. actual sales for the past 4 years….
Original Source: feeds.feedburner.com/portlandhousingblogspot
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5 May, 2008| housingblogs |
Comments (0) @ 15:09
- FLASH FLASH FLASH: BofA looking to cut Countrywide bid to $0 to $2, leading analyst recommends they just walk away from the orange pig
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Tomorrow’s news today, here on HousingPANIC. So when BofA walks away, Countrywide goes bankrupt, and Angelo Mozilo is indicted, there should be no surprises.Remember when we said 1 penny was too much to pay, and that this deal would NEVER EVER go through? Countrywide is every STD in the book. BofA would have to be the stupidest company on earth to hook up with them. And the Countrywide lawsuits and liabilities for years to come will be staggering….
Original Source
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5 May, 2008| housingblogs |
Comments (0) @ 14:35
- No Longer a Resident - But Fond Memories
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In a blog post entitled High Desert Piggybackin’, Joseph Fiedler fondly recalls living in Arroyo Hondo, walking distance to New Buffalo. He’s not living here now, but the post is interesting with a bonus of some really beautiful photography….
Original Source: galleryrealtyoftaos.com
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5 May, 2008| housingblogs |
Comments (0) @ 14:08
- BofA to Walk Away from Countrywide?
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From Reuters: BofA may renegotiate Countrywide deal price: Friedman Bank of America Corp is likely to renegotiate its deal to buy Countrywide Financial Corp down to the $0 to $2 level or completely walk away from it, said Friedman, Billings, Ramsey, [analyst Paul Miller] …Countrywide’s loan portfolio has deteriorated so rapidly that it currently has negative equity ……
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5 May, 2008| housingblogs |
Comments (0) @ 14:03
- The Psychology of "Walking Away"
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My attention was arrested by this story in today’s Washington Post, which is not, actually, about “walk aways” at all. It’s about borrowers getting mortgage modifications–that is, borrowers who are in fact making a real effort to stay in their homes. But one borrower’s story here actually has more insight about the “walk away” meme, it seems to me, than any story I’ve read purportedly on that subject.[…
Original Source
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5 May, 2008| housingblogs |
Comments (0) @ 14:02
- NYT: All of Inflation’s Little Parts
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Neat graphic in the Saturday New York Times….
Original Source: www.creditbubblestocks.com
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5 May, 2008| housingblogs |
Comments (0) @ 14:00
- Countrywide Price Lowered
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Original Source: www.mortgagenewsdaily.com
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5 May, 2008| housingblogs |
Comments (0) @ 13:32
- Buffet Talks About the Credit Industry
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Original Source: www.mortgagenewsdaily.com
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5 May, 2008| housingblogs |
Comments (0) @ 13:32
- Hovnanian Rise
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Original Source: www.mortgagenewsdaily.com
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5 May, 2008| housingblogs |
Comments (0) @ 13:32
- Personal insolvencies - 100,000 a year
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Personal insolvencies appear to have stabilized at just over 100,000 a year; roughly the same level as last year.It is a sorry situation. Every year, this country sees a 100,000 individuals financially ruined. Of course, the majority of bankrupt individuals brought this misery upon themselves. No one is forced to take out loans or mortgages. It only takes a sharp pair of scissors to cut up a credit card. However, many bankrupt individuals have families, who are often the innocent victims of irresponsible debt accumulation….
Original Source: bp2.blogger.com
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5 May, 2008| housingblogs |
Comments (0) @ 13:16
- Bits Bucket And Craigslist Finds For May 5, 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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5 May, 2008| housingblogs |
Comments (0) @ 12:32
- Hovnanian expects impairment charges
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Read full story for latest details.
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Original Source: money.cnn.com
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5 May, 2008| housingblogs |
Comments (0) @ 12:29
- Angelo Mozilo’s time as a free man is running low. Countrywide Toxic Mortgage investigations by the FBI, IRS and SEC heating up
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Will Angelo go OJ on us soon? A white Ford Bronco with an orange man in the back headin to Mexico? Or will he pull a Ken Lay and just conveniently die?Anyone who thinks the housing crash and mortgage meltdown is over is fooling themselves. The next great chapter is coming - The Arrest of Angelo Mozilo and the Fall of COUNTRYRON. And the charges against Countrywide that will come will give BofA a convenient reason to walk away from that moment of stupidity too as CFC goes bankrupt and folds up shop….
Original Source: bp2.blogger.com
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5 May, 2008| housingblogs |
Comments (0) @ 11:34
- The “audacity of hope”
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From Bloomberg:
Wall Street CEO Chorus Is Singing Out of Tune
It’s become fashionable in certain circles — primarily among administration types and Wall Street chief executives whose banks are losing gobs of money — to say that the worst is over for the subprime/housing/credit/economic crisis in the U.S.
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Original Source: njrereport.com
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5 May, 2008| housingblogs |
Comments (0) @ 10:56
- Fighting to keep the rebates
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From the AP:
Pre-emptive strike launched against more NJ rebate cuts
A pre-emptive strike is being launched against the possibility of additional cuts to New Jersey’s property tax rebates.
AARP New Jersey plans to rally at the Statehouse on Monday. It’s decrying talk of more cuts to the state-funded rebates, which help homeowners combat the state’s high property taxes, which average $6,800 per homeowner and are twice the national average.
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Original Source: njrereport.com
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5 May, 2008| housingblogs |
Comments (0) @ 10:27
- Stop Saving Now and Spend Those Rebates! The Home Refinancing Well Has Run Dry.
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I’m not sure at what exact point did “saving” become a four letter word. The predicament that we now find ourselves in has an origin in a decade long spending binge. For many decades in our nation’s history, we were a lender and large exporter to other countries so this is a relatively knew phenomenon that we now have to borrow and go into deficits. I find it hard to believe that the market cheers when retail sales come in slightly lower and in another report, we find out that the public is utilizing credit cards at a higher rate to maintain these higher spending levels. What has occurred is the borrowing binge from real estate has now shifted to the last fortress of hope, the plastic credit card. And guess what? Your government doesn’t want you to save! In fact, it seems like policies are being put into place to force you back on the perpetual hamster wheel of spending. Just to give you some proof, let us look at the rate of U.S. Treasury I Savings Bonds:
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Original Source: feeds.feedburner.com/DrHousingBubble-HowILearnedToLoveSocal
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5 May, 2008| housingblogs |
Comments (0) @ 9:03
- Shouldn’t This Loan Have Funded By Now?
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We received an interesting question from a reader in Florida. I thought perhaps some of our Florida Doomers might be able to answer her question:
I recently did a refinance on my home. Getting a good loan was difficult since I do not have much in verifiable income, but in assetsI have more than enough to cover the loan. The reasons for not touching this money rather than refinancing is that most of it is in an irrevocable trust and the rest in invested in where it draws more than twice as much as the interest on the loan. Obviously, there are a lot more reasons for this option, but my question has to do with what happens after the closing….
Original Source: housingdoom.com
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5 May, 2008| housingblogs |
Comments (0) @ 8:01
- Donald Luskin at SmartMoney calls housing bottom, his only argument being "They (home prices) simply cannot go down forever"
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Here’s Luskin calling bottom in housing, with no mention of price-to-rent, price-to-income, fraud, the global credit freeze, the change in consumer psychology, massive oversupply, job losses, or really anything of substance to back up his call, it’s just that HP’ers are “arrogant”. …
Original Source
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5 May, 2008| housingblogs |
Comments (0) @ 7:59