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- Forget the yard sale for bargains, head to a self storage auction
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Interesting article today in the New York Times about people who are losing homes and now defaulting on rent at a self storage facility.”As they lose their homes, people are turning to these humble cinderblock and sheet-metal boxes to store their stuff. But some people cannot keep up with their storage bills any better than they could handle their mortgage payments, and storage companies are auctioning off their property for a pittance.”…
Original Source: bubblemore.blogspot.com
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10 May, 2008| housingblogs |
Comments (0) @ 22:42
- The Late Great Housing Bubble - just one big orgy of mortgage fraud, and a country of sheep and realtors on commission who fell for it.
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Silly Americans - you thought those skyrocketing housing prices were because “they’re not making any more land”, or because of “year-round-golf and pro athletes”.Nope. It was just one big orgy of fraud. And you fell for it….
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10 May, 2008| housingblogs |
Comments (0) @ 22:32
- WOT 5-10-2008
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In Da House — Crazy Frog
Part of our formula for success at the Irvine Housing Blog is to be entertaining. Reading about the housing market can be dry and boring, or it can be lively and entertaining. We always try to make it fun, funny and entertaining.
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Original Source: www.irvinehousingblog.com
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10 May, 2008| housingblogs |
Comments (0) @ 20:30
- ‘Walking away’: A real trend or suburban myth?
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Both the New York Times and the Los Angeles Times are out today with lengthy stories questioning whether the much-discussed "walking away" trend — you might also call it voluntary foreclosure — is a real event or a suburban myth. Both stories conclude that there is no good evidence to support the notion that more and more homeowners are making an economic decision to give up on their homes without a fight.
T…
Original Source: feeds.latimes.com
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10 May, 2008| housingblogs |
Comments (0) @ 20:08
- "Walking Away": A real trend, or suburban myth?
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Both The New York Times and the Los Angeles Times are out today with lengthy stories questioning whether the much-discussed "walking away" trend — you might also call it voluntary foreclosure — is a real event or a suburban myth. Both stories conclude there is no good evidence to support the notion that more and more homeowners are making an economic decision to give up on their homes without a fight.
T…
Original Source: feeds.latimes.com
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10 May, 2008| housingblogs |
Comments (0) @ 20:08
- It’s springtime, the sun has come out but it’s not over.
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This is the “peak” of the buying season for homes. Those of you who are out looking around are likely seeing a mixed bag of 2006 wishing prices, 2004 high feeling prices and those that know how to price and get the house sold.Some of the news from last week, the very closely followed Case/Shiller Index shows that national market is down 12.7% drop in national house prices….
Original Source: bubblemore.blogspot.com
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10 May, 2008| housingblogs |
Comments (0) @ 19:55
- Prices Are Falling Faster Than Sales In California
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The Union Tribune reports from California. “Although the current real estate market downturn eventually will reverse itself, agents should prepare for difficult times, California Real Estate Commissioner Jeff Davi yesterday told about 300 members and guests of the San Diego Association of Realtors. Several years ago, during the fevered housing boom, some agents could make sales simply by going to work and answering the telephone, Davi said. ‘Well, those days are over.’”
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Original Source: thehousingbubbleblog.com
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10 May, 2008| housingblogs |
Comments (0) @ 19:44
- LA Times: ‘walkaway’ may be suburban myth
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A follow up to Tanta’s post this morning, from Michael Hiltzik at the LA Times: In mortgage meltdown, ‘walkaway’ homeowners may be suburban myth (hat tip Dagny) Bankers and housing market analysts are warning of a chilling new trend in the mortgage world: Homeowners voluntarily defaulting on their loans even though they can actually afford to make the payments…..
Original Source
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10 May, 2008| housingblogs |
Comments (0) @ 19:23
- Tree of the Week: Where to find Jacarandas
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Good morning. It’s a gloomy one on the Westside, but it’s early yet. "Tree of the Week" this week is jacaranda, in a landslide. Jacaranda was our tree of the week a year ago — I called it &…
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10 May, 2008| housingblogs |
Comments (0) @ 15:59
- Tree of the Week: Where to find Jacaranda
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Good morning. It’s a gloomy one on the Westside, but it’s early yet. "Tree of the Week" this week is jacaranda, in a landslide. Jacaranda was our tree of the week a year ago — I called it &…
Original Source
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10 May, 2008| housingblogs |
Comments (0) @ 15:59
- A Skeptical Look At Walk Aways
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In the New York Times, too! I think we’re going to have to make Vikas Bajaj an honorary UberNerd.Millions of Americans are “upside down” on their mortgages — they owe more on their homes than their homes are worth. So far, however, there is little evidence that people who have the means to pay are walking away from their homes as values sink….
Original Source
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10 May, 2008| housingblogs |
Comments (0) @ 15:53
- Buyers Are Stuck On Slow In Texas
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The Monitor reports from Texas. “Two national magazines have pointed to Hidalgo County’s job and real estate markets as among the best in the nation. The area has seen record home sales and prices during the last five years. At the end of 2007, the median home price was $106,300, up 25 percent from five years earlier. ‘The long range for job growth and population growth make it a desirable area to own a home,’ Randall Allsup, a real estate analyst with Metrostudy, said of the McAllen metro area. ‘If you are willing to own your home for more than three years, buyers stand to make some money.’”
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Original Source: thehousingbubbleblog.com
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10 May, 2008| housingblogs |
Comments (0) @ 15:26
- Just $300 Billion? Are You Sure About That?
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This past week, the House approved the much talked about $300 Billion Mortgage Bailout Bill. Specifically, it plans to “will expand the FHA (Federal Housing Administration) program so that borrowers in danger of losing their homes can refinance into lower-cost, government-insured mortgages.”How would this work? “For a homeowner to get a new FHA-backed loan, the holder of the current mortgage would have to accept a loss and take a payment totaling no more than 85 percent of the home’s [current] value.”…
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10 May, 2008| housingblogs |
Comments (0) @ 14:58
- Bits Bucket And Craigslist Finds For May 10, 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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10 May, 2008| housingblogs |
Comments (0) @ 12:25
- Fannie’s New Plan Helps Keep Borrowers Underwater
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No, the headline isn’t a typo. From today’s Wall Street Journal- Bailout ideas just keep getting dumber. Here’s a gem from Fannie Mae: [Thanks John!]
Normally, it is impossible for underwater borrowers to qualify for refinancing because the collateral isn’t worth enough to support new loans that would let them fully pay off the old ones. But Fannie officials say in some cases it can make sense to refinance such people if the new loan will reduce their interest rate or let them lock into a fixed rate rather than risking future upward adjustments….
Original Source: housingdoom.com
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10 May, 2008| housingblogs |
Comments (0) @ 8:02
- Coming Soon: "It’s Morning in America Again"
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Indeed, America is still that “shining city on a hill”, a nation like no other, a nation that people around the world still admire, even though they loathe its leadership.George Bush, Dick Cheney and the corrupted clowns on Capitol Hill have taken the US down a path that repulses the vast majority of Americans. A nation which launches unprovoked wars, which tortures people, which consumes and pollutes like no other, which favors its rich at the expense of its poor, which ignores its own Constitution, and which lied, cheated and stole during the greatest robbery of all time - the Late Great Housing Bubble….
Original Source: housingpanic.blogspot.com
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10 May, 2008| housingblogs |
Comments (0) @ 8:02
- A Sign of the Times
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L thought this looks like a sign of the times, and I had to agree. If you have MLS access, check out #2895409. It looks like the granite countertop business isn’t what it used to be:
$200,000.00 PRICE REDUCTION !GREAT LOCATION/ GOOD INCOME BUSINESS. HIGHLY POTENTIAL GROWTH GRANITE COUNTERTOP AND CABINET RETAIL AND WHOLESALE STORE. THIS SALE INCLUDES ALL BUSINESS FIXTURE, INVENTORY, EQUIPMENTS, OFFICE FURNITURE AND COMPUTERS. BIG SHOWROOM . CLOSE ON SUNDAY. EASY TO RUN. WILL TRAIN…
Original Source: housingdoom.com
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10 May, 2008| housingblogs |
Comments (0) @ 8:01
- The job destroyer
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This chart is destroying thousands of jobs in the financial sector.Over the last couple of weeks UBS, Morgan Stanley, JP Morgan, and the Royal Bank of Scotland have all announced swingeing job cuts. As the Economist reported this week, the people most at risk of taking the long walk to the front door are those working in investment banks, and especially those working in fixed-income….
Original Source: bp0.blogger.com
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10 May, 2008| housingblogs |
Comments (0) @ 7:06
- Notes on the High End
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Note #1: My pal Ramsey has developed what he calls a "Contagion Indicator" wherein he tracks the percentage of San Diego NOD, NOT, and REO homes with original loan amounts over $500,000. Here are the April numbers.
Ramsey’s Contagion Indicator
(% of homes with loans over $500k)
NOD: 21.3%
NOT: 21.9%
REO: 20.4%
These numbers are a little higher than I would have expected given all the chatter about foreclosures being a low-tier-only phenomenon. It will be interesting to see how much this indicator changes in the months ahead.
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10 May, 2008| housingblogs |
Comments (0) @ 2:19
- Newhall Land venture misses loan payment
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Breaking News from the Los Angeles Business Journal: The joint venture of homebuilders that is planning to build Newhall Ranch, a 21,000-home development in the Santa Clarita Valley, has missed a payment on its $1.1 billion loan….
Original Source: latimesblogs.latimes.com
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10 May, 2008| housingblogs |
Comments (0) @ 1:22
