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- It’s Feast Or Famine In California
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The Union Tribune reports from California. “Job losses, rising gas prices and continuing weakness in the real estate market will plague San Diego County’s economy for months to come, according to a forecast released today by the Anderson Forecast of the University of California Los Angeles. ‘The continuing litany of bad news sure sounds like it could be a recession,’ wrote UCLA economist Ryan Ratcliff and Alan Gin, economist with the University of San Diego.”
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Original Source: thehousingbubbleblog.com
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8 May, 2008| housingblogs |
Comments (0) @ 23:37
- It’s Feast Or Famine In California
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The Union Tribune reports from California. “Job losses, rising gas prices and continuing weakness in the real estate market will plague San Diego County’s economy for months to come, according to a forecast released today by the Anderson Forecast of the University of California Los Angeles. ‘The continuing litany of bad news sure sounds like it could be a recession,’ wrote UCLA economist Ryan Ratcliff and Alan Gin, economist with the University of San Diego.”
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Original Source: thehousingbubbleblog.com
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8 May, 2008| housingblogs |
Comments (0) @ 23:37
- House Passes Housing "Rescue" Bill
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From CNN: House OKs controversial housing plan In a 266-154 vote … lawmakers approved a proposal … to let the Federal Housing Administration (FHA) insure up to $300 billion in new loans over four years if lenders agree to reduce the mortgage principal.To qualify, the lender would have to cut the debt to no more than 85% of a home’s current appraised value. If the FHA-refinanced loans went into default, the FHA would pay the lender the remaining principal owed….
Original Source
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8 May, 2008| housingblogs |
Comments (0) @ 23:30
- Where home prices are headed next
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The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions.
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Original Source: money.cnn.com
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8 May, 2008| housingblogs |
Comments (0) @ 22:56
- Will Bernanke and Paulson let Countrywide Toxic Mortage fail (after BofA pulls out in the next few days)?
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It’s coming.You can just feel it.Countrywide is about to go belly up, Angelo Mozilo is about to be indicted, and BofA is about to make a run for it….
Original Source
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8 May, 2008| housingblogs |
Comments (0) @ 21:38
- AIG: Q1 loss of $7.8 billion
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From AP: AIG loses $7.8 billion in 1Q on swap, investment charges More details soon.
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Original Source: feeds.feedburner.com/CalculatedRisk?i=8xwA8o” border=”0″>
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8 May, 2008| housingblogs |
Comments (0) @ 21:36
- Senate parks Kings Park
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The state senate has passed legislation to force the state to recognize the 2006 expansion of the Nissequogue River State Park and officially add the 365 acres of former Kings Park psychiatric hospital grounds to the parks system.
State Senator John Flanagan, who sponsored the measure, wants to nip in the bud any proposals for development of the property. The legislation will require the added parkland to be used exclusively for recreational purposes with the exception of two small sections that will remain under the control of the Office of Mental Health and the Kings Park Fire District.
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Original Source: spacedoutli.wordpress.com
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8 May, 2008| housingblogs |
Comments (0) @ 21:34
- Who’s on first? Pally says it doesn’t matter
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During a small protest outside Riverhead Town Hall Tuesday, local environmental activists leveled conflict-of-interest charges at the town and Supervisor Phil Cardinale for his handling of the Riverhead Resorts development plan for Calverton.
Protesters questioned why the town would declare itself lead agency when it stands to profit from the resort being built.
But Riverhead Resorts attorney Mitch Pally of the Weber Law Group said if anyone thinks it matters which is the lead agency in the review process, they don’t know how the process works.
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Original Source: spacedoutli.wordpress.com
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8 May, 2008| housingblogs |
Comments (0) @ 21:33
- House OKs controversial housing plan
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The House on Thursday passed a contentious foreclosure-prevention package, which still faces a veto threat from the White House and an uncertain fate in the Senate.
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Original Source: money.cnn.com
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8 May, 2008| housingblogs |
Comments (0) @ 21:33
- Housing inventory rises again in April
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The number of homes for sale was on the rise again in April, according to figures from Zip Realty, a California-based real estate broker.
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Original Source: money.cnn.com
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8 May, 2008| housingblogs |
Comments (0) @ 21:07
- "Mortgage Loan Welfare"
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Figuring out a solution to the foreclosure crisis is turning out to be a divisive issue. Nobody wants to see people get kicked out of their home, but as my wife said reading the paper yesterday “Can I get a reduction in my mortgage too?”
Congress is presently debating Rep. Barney Frank’s proposal and others to offer federal funds to restructure home loans. The Bush Administration says its against such a widespread bailout. FreedomWorks, a Libertarian non-profit with former House majority leader Dick Armey at its head, is busy drumming up opposition to such a bailout. Their A…
Original Source: www.businessweek.com
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8 May, 2008| housingblogs |
Comments (0) @ 20:37
- Woods WTF
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Norwegian Wood — The Beatles
The WTF prices of Great Housing Bubble are an obvious illustration of the greater fool theory. Usually, the detachment from fundamental values is not so great. Prices that look foolish in retrospect do not always look foolish in the moment. Irvine house prices from 2004 onward looked foolish even as people were paying them. The absurdity of the situation becomes even more apparent when you see the asking prices of those who purchased at the peak of the Ponzi scheme as they look to find the next greater fool. Today’s property is one dramatic illustration. These buyers grossly overpaid right at the peak in summer of 2006. Rather than admit defeat, they are asking for 50% appreciation from the peak with an asking price that is so ridiculous you just have to ask, “WTF?”
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Original Source
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8 May, 2008| housingblogs |
Comments (0) @ 20:30
- Puget Sound Counties April NWMLS Update
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Let’s check in on the NWMLS statistics from around the sound. I realized this month that if I’m going to include Skagit County in the Puget Sound wrapup, I should probably include Island County as well. So from now on we’re looking at seven Puget Sound counties. I’d change the name of the site to “PugetSoundBubble.com,” but I wouldn’t want to sacrifice the name recognition we’ve built up over the last few years. Anyway, here’s a little graphical look at what the market looks like around the sound.
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Original Source: feeds.feedburner.com/SeattleBubble
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8 May, 2008| housingblogs |
Comments (0) @ 20:19
- The Bottom Has Yet To Come
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The Rocky Mountain News reports from Colorado. “The median price of a single- family home closed in April slid by 10.2 percent from a year earlier in the Denver area, according to reports released Wednesday. The average price of a single- family home dropped to $267,259, a 17.13 percent plunge from $322,510 in April 2007. There were 26,171 unsold homes on the market, 2.5 percent more than the 25,516 homes for sale in April 2007. That equates to slightly more than a seven-month supply of unsold homes, according to broker Jack O’Connor.”
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Original Source: thehousingbubbleblog.com
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8 May, 2008| housingblogs |
Comments (0) @ 19:23
- Picture of the Day: The Big Kahuna of Foreclosure Sales
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That’s Hermosa Beach-based Leo Nordine, Big Wave Surfer, King of Foreclosure Sales and the Hardest-Working Man in Flip-Flops, riding a big one.
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8 May, 2008| housingblogs |
Comments (0) @ 19:14
- Twist Is Taking A Road Trip
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Austin is beautiful this time of year, but I’m headed back to Phoenix for a few days. [Yeah it’s in the 90s this week- but it’s a dry heat.]
I’m driving this trip, so my internet access will be spotty. I’m counting on our usual cast of characters to keep the party going.(more…)…
Original Source: housingdoom.com
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8 May, 2008| housingblogs |
Comments (0) @ 19:00
- Tennessee Governor: Tax collections "deteriorating dramatically"
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From The Chattanoogan.com: State Cutting Over 2,000 Jobs Due To Tax Shortfall (hat tip JKB) Gov. Phil Bredesen said Wednesday that state tax collections have been “deteriorating dramatically” in recent months…… he said April tax collections showed the largest drop since records began to be kept in 1961.He said the first quarter was the third worst on record, and the second quarter “is certainly shaping up to be worse than that.” …
Original Source: feeds.feedburner.com/CalculatedRisk
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8 May, 2008| housingblogs |
Comments (0) @ 18:21
- House passes $15B anti-blight bill
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Read full story for latest details.
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Original Source: money.cnn.com
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8 May, 2008| housingblogs |
Comments (0) @ 17:37
- Double trouble in a Brentwood condo building
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First Dutton’s Books, now this: a double foreclosure in a Brentwood condo complex right around the corner from the old book shop.The address is 11959 Dorothy St. One unit, a two-bedroom, two-bath, is listed for $550,000, and the l…
Original Source
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8 May, 2008| housingblogs |
Comments (0) @ 17:28
- Americans split on homeowner bailout - poll
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Americans remain split on whether homeowners about to default on their mortgages should receive special treatment to help them keep their houses, according to a new CNN/Opinion Research Poll.
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Original Source: money.cnn.com
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8 May, 2008| housingblogs |
Comments (0) @ 17:01