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- FBI: Beware of mortgage fraud
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Read full story for latest details.
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Original Source: money.cnn.com
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13 May, 2008| housingblogs |
Comments (0) @ 23:21
- Profiteers of Housing Crisis: Opportunistic Homedebtors and CEOs
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This is a travesty.
No mortgage bailout! None at all! Not to striving homeowners, not to the insanely-paid CEOs. Risk has penalties too.
Here’s our typical homeowners:Here’s the problem with CEOs:
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Original Source: www.socalbubble.com
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13 May, 2008| housingblogs |
Comments (0) @ 23:18
- It’s Truly Last Man Standing In California
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The Daily Press reports from California. “Nearly three in four local homes sold in April were foreclosures, as prices of existing homes dipped 2.6 percent for the month, according to a new report. Among the 3,400 existing homes currently for sale in the Victor Valley, 279 homes sold in April, a 23 percent jump from March, according to Victor Valley MLS data complied by Larry Trombley of Century 21 Rose Realty.”
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Original Source: thehousingbubbleblog.com
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13 May, 2008| housingblogs |
Comments (0) @ 23:03
- It’s Truly Last Man Standing In California
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The Daily Press reports from California. “Nearly three in four local homes sold in April were foreclosures, as prices of existing homes dipped 2.6 percent for the month, according to a new report. Among the 3,400 existing homes currently for sale in the Victor Valley, 279 homes sold in April, a 23 percent jump from March, according to Victor Valley MLS data complied by Larry Trombley of Century 21 Rose Realty.”
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Original Source: thehousingbubbleblog.com
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13 May, 2008| housingblogs |
Comments (0) @ 23:03
- Moody’s: Concerned about MBIA and Ambac
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From Bloomberg: MBIA, Ambac Losses Elevate Aaa Concern, Moody’s Says MBIA Inc. and Ambac Financial Group Inc. had “meaningfully” higher losses on home-equity loans and collateralized debt obligations than anticipated, raising concern about their Aaa status, Moody’s Investors Service said. The first-quarter losses reported by the companies in the past two weeks elevate “existing concerns about capitalization levels relative to the Aaa benchmark,” Moody’s, unit of Moody’s Corp., said in a statement today. …
Original Source
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13 May, 2008| housingblogs |
Comments (0) @ 21:56
- Citi Financial Layoffs in Baltimore
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I just got an inside scoop on not yet public news that the downtown Baltimore location of Citi Financial will be laying off hundreds from the financing and accounting departments and will potentially have subsequent rounds of layoffs for marketing, legal, and other departments. This doesn’t come with any surprise as Citi has promised to slash billions in operating expenses.It looks like the housing crash is getting more close and personal with Baltimore….
Original Source: bubblemore.blogspot.com
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13 May, 2008| housingblogs |
Comments (0) @ 21:44
- Equity Inferno
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Disco Inferno — The Trammps
The twin towers known as the Marquee at Park Place is a lasting symbol of everything wrong with the housing bubble (Two mass fires, yes! One hundred stories high.) These urban units were 30 years ahead of their time, and perhaps in 30 years, the buyers in these towers will be able to sell their units for what they paid for them. The obscenity of the prices there will be laid bare in today’s post. I will run through the cost of ownership numbers as compared to the cost of a rental and demonstrate what these units are really worth to an owner occupant.
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Original Source
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13 May, 2008| housingblogs |
Comments (0) @ 20:30
- SeekingAlpha: "NAR’s Lawrence Yun Continues to Mislead on Housing"
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I believe it’s time for Yun to step aside. Just another sad chapter from the National Association of REALTORS on COMMISSION. Yun has ruined his life, at a young age. Never to be trusted again. Such a shame. But there’s one way out Lawrence - TURN ON YOUR EVIL MASTERS. BITE THE HAND THAT FEEDS YOU. ADMIT TO THE CORRUPTION AND LIES. COME CLEAN….
Original Source
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13 May, 2008| housingblogs |
Comments (0) @ 20:27
- Town of Taos News Brief #43, a.m. May 13, 2008
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1) Sarah Amador, the candidate for the Town of Taos Director of Human Resources who was announced yesterday, has today declined the position. More soon on the direction the Town will take on filling this, and other, senior positions.
2) Reminder: Kit Carson customers can vote today until 6 p.m. for the Cooperative’s open board position at their offices on Cruz Alta, Taos.
3) El Prado U.S. 64 Road Construction: The Town of Taos Chile Line public transportation route schedule is experiencing delays of at least 15 minutes due to NMDOT road construction in the El Prado area – with this situation remaining until construction is complete. Regular Chile Line riders have been informed, and will continue to be updated about this situation as they use the Chile Line, but visitors and occasional riders should be made aware of the ongoing situation. Detailed Chile Line contact and other information can be found by going to http://www.taosgov.com/transportation/chile-line.php.
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Original Source: www.taosgov.com
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13 May, 2008| housingblogs |
Comments (0) @ 20:03
- Non-Borrowed Reserves and the Fed’s Balance Sheet
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Here is a graph that is clogging up all those internet tubes: Click on graph for larger image. This graph, from the S…
Original Source: bp3.blogger.com/_pMscxxELHEg/SCnkmFVo_8
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13 May, 2008| housingblogs |
Comments (0) @ 19:55
- Home Builder Toll CEO on Traffic: "Worst we’ve ever seen"
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Click on graph for larger image.A few headlines from Toll Conference call. So much for the 2008 Spring selling season. Well, there is always next year!
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Original Source: bp1.blogger.com/_pMscxxELHEg/SCnhclVo_6
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13 May, 2008| housingblogs |
Comments (0) @ 19:43
- NAR puts a good face on some really ugly housing data
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It must be be getting tough for the National Association of Realtors to put a positive spin on the real estate market when prices in most of the more than 150 metro areas that it monitors are down and, in many cases, way, way down.
But the group and its optimistic chief economist Lawrence Yun appear to be up for the challenge, judging from the May 13 first-quarter single-family home press release with the title: ?…
Original Source: www.businessweek.com
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13 May, 2008| housingblogs |
Comments (0) @ 19:18
- NAR puts a good face on some really bad housing data
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It must be be getting pretty tough for the National Association of Realtors to put a positive spin on the real estate market when prices in most of the metro areas that it monitors are down and, in many cases, way, way down.
But the group and its optimistic chief economist Lawrence Yun appear to be up for the challenge, judging from the May 13 first quarter existing home press release with the title: ?…
Original Source: www.businessweek.com
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13 May, 2008| housingblogs |
Comments (0) @ 19:18
- A Real Lack Of Wisdom
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Some housing bubble news from Wall Street and Washington. Bloomberg, “The U.S. median price for a single- family home dropped 7.7 percent in the first quarter, the biggest decline in at least 29 years, as values tumbled in two-thirds of U.S. cities, the National Association of Realtors said. The median was $196,300, down from $212,600 a year ago, the largest decline in records going back to 1979. Sales of single-family houses and condominiums fell 22 percent to 4.95 million at an annualized pace, the slowest in a decade, the group said.”
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Original Source: thehousingbubbleblog.com
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13 May, 2008| housingblogs |
Comments (0) @ 18:59
- Is the Seattle Area Becoming Unlivable?
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Couched in woeful tales of local residents that have been priced out of living in Seattle (buying or renting), a story in yesterday’s Seattle Times explored the question of whether an expensive Seattle is a desirable Seattle.
Can Seattle really claim to be a livable city when the median home value is half a million dollars and so many who live here feel they may not be able to anymore?
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Original Source: feeds.feedburner.com/SeattleBubble
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13 May, 2008| housingblogs |
Comments (0) @ 18:50
- Fed’s Yellen: Credit, Housing, Commodities, and the Economy
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From San Francisco Fed President Janet Yellen: Credit, Housing, Commodities, and the Economy. (here is a PDF with graphs) On housing: Now let me turn to the second of the three main factors behind the current economic weakness—namely, the housing cycle. I have mentioned that earlier in this decade when financial markets were “awash in liquidity,” bubble-like conditions emerged in many areas of the economy, including housing. During this period, housing construction was very strong and housing prices soared. In fact, the ratio of house prices to rents—a kind of price-dividend ratio for housing—reached historical highs by early 2006, suggesting that house prices might be well above those that could be justified by fundamentals. …
Original Source: feeds.feedburner.com/CalculatedRisk
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13 May, 2008| housingblogs |
Comments (0) @ 18:30
- Foreclosure flood: 1,000 auctions per day in California
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California’s foreclosure crisis passed another ominous milestone in April, when more than 1,000 foreclosed homes were auctioned off every weekday at courthouses across the state, the a…
Original Source
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13 May, 2008| housingblogs |
Comments (0) @ 18:26
- Non-Residential Investment Overview
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Here is an overview of non-residential investment and commercial real estate (CRE) from our most recent newsletter.Recently many companies have announced plans to cut capital spending in 2008. This probably means non-residential fixed investments will decline in 2008, as compared to 2007.This decline in investment is an important indicator for the economy, since changes in fixed investment correlate very well with GDP. The first graph shows the change in real GDP and Private Fixed Investment over the preceding four quarters through Q1 2008. …
Original Source: feeds.feedburner.com/CalculatedRisk
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13 May, 2008| housingblogs |
Comments (0) @ 18:00
- Metro Home Prices Fall
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Original Source: www.mortgagenewsdaily.com
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13 May, 2008| housingblogs |
Comments (0) @ 17:48
- Let them eat cake…
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It is time to eat cake and forget about bread.The price of the squeezy white stuff is now well into double-digit rates of growth. The price of the choccy bikky, thankfully, remains at a modest 7 percent….
Original Source: bp2.blogger.com
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13 May, 2008| housingblogs |
Comments (0) @ 16:42
