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- The Mortgage Fraud Employee Benefit Program
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Thanks to Clint for this terrifying story in The Oregonian:Fitzsimons, of Prineville, started his first residential construction company, called Sunrise Northwest, when he was 19. In August 2004, he joined forces with close friend Shannon Egeland, co-founding Desert Sun. . . .At its peak, Desert Sun employed more than 110 people. The company’s success enabled Fitzsimons to buy expensive toys, including a 2006 Ferrari 430 Spider, boasting a base ticket price in excess of $200,000. …
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18 May, 2008| housingblogs |
Comments (0) @ 22:25
- Single Family Homes: Comparing Starts and Sales
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It is difficult to compare monthly housing starts directly to sales. The monthly housing starts report from the Census Bureau includes apartments, owner built units and condos that are not included in the New Home sales report. However, every quarter, the Census Bureau releases Starts by Intent, and it is possible to compare “Single Family Starts, Built for Sale” to New Home sales….
Original Source: feeds.feedburner.com/CalculatedRisk
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18 May, 2008| housingblogs |
Comments (0) @ 20:21
- Bypassed in Brentwood: $4.19 a gallon
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Saw this on Friday night, and whipped out the little camera because this is the highest I’ve seen: $4.19 a gallon, At 26th Street and San Vicente, in Brentwood.Are rising gas prices an important regional economic story? It’s sure beginning to look that way. It sure got me on the bus twice last week.
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18 May, 2008| housingblogs |
Comments (0) @ 20:18
- What role did MTV Cribs have in people taking out liar’s loans, committing mortgage fraud, and generally living WAY beyond their means?
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You know, before they got foreclosed on. Before they realized people making $50,000 a year can’t live in $5 million homes. Before the realities of life kicked in.MTV Cribs is evil. Make no mistake about it. MTV Cribs did more damage during the housing bubble than you can ever imagine.
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18 May, 2008| Uncategorized |
Comments (0) @ 20:03
- $6 billion in cuts in WAMU HELOCs
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I’ve posted several times about lenders — notably Washington Mutual — freezing or reducing HELOCs, or home equity lines of credit. This article indicates that letters are going out right now to notify more borrowers that their lines of credit have been suspended or slashed: "Washington Mutual has slashed or suspended $6 billion in available home equity credit to its customers in an effort to reduce its risk in a flailing housing market."
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18 May, 2008| housingblogs |
Comments (0) @ 19:42
- $6 billion in cuts in WAMU HECLOCs
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I’ve posted several times about lenders — notably Washington Mutual — freezing or reducing HELOCs, or home equity lines of credit. This article indicates that letters are going out right now to notify more borrowers that their lines of credit have been suspended or slashed: "Washington Mutual has slashed or suspended $6 billion in available home equity credit to its customers in an effort to reduce its risk in a flailing housing market."
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18 May, 2008| housingblogs |
Comments (0) @ 19:42
- Desert Sun Burns Employees
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From the Oregonian:As central Oregon’s long real estate gold rush gives way to a grim new era of falling prices and foreclosures, few companies have crashed to earth harder than Bend-based Desert Sun Development.The upstart operation, led by its intense 29-year-old founder, Tyler Fitzsimons, is under siege from lenders, suppliers and contractors who say they’ve been stiffed for millions of dollars.A…
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18 May, 2008| housingblogs |
Comments (0) @ 19:20
- Shiller on the Psychology of Foreclosure
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Gather ’round, children, because Tanta is about to engage in a curiously hard-headed look at an editorial by a famous economist that demands, in every sincere and decent sentence, our kindness and compassion instead. This is blogging at its finest: nobody should get away un-pissed-off about something. And on a Sunday, too.It’s also long blogging at its finest. You knew I’d have to try to figure out how to use the Read More thingy eventually . . ….
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18 May, 2008| housingblogs |
Comments (0) @ 17:07
- Schiller on the Psychology of Foreclosure
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Gather ’round, children, because Tanta is about to engage in a curiously hard-headed look at an editorial by a famous economist that demands, in every sincere and decent sentence, our kindness and compassion instead. This is blogging at its finest: nobody should get away un-pissed-off about something. And on a Sunday, too.It’s also long blogging at its finest. You knew I’d have to try to figure out how to use the Read More thingy eventually . . …..
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18 May, 2008| housingblogs |
Comments (0) @ 17:07
- Poll: Realistically, would you prefer to live…
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Please vote in this poll using the sidebar.
This poll will be active and displayed on the sidebar through 05.24.2008.
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Original Source: feeds.feedburner.com/SeattleBubble?i=KEmD9H” border=”0″>
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18 May, 2008| housingblogs |
Comments (0) @ 17:00
- The “Psychological Trauma” Of Foreclosure
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There have been a lot of excuses made for bailing out homeowners, but this one from economist Robert Shiller takes the cake- now we should worry that going into foreclosure will hurt people’s self esteem: [Shame on you Shiller, you are usually one of my heroes!]…
Original Source: housingdoom.com
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18 May, 2008| housingblogs |
Comments (0) @ 14:54
- Possible Guest Bloggers
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Dear All, Once again, thank you for all the kind words and support provided in my post last week while I navigate a difficult situation in personal affairs. I’ve had a few offers from readers and financial bloggers to post on the NYCbubble while I attend to matters. I will keep you all posted on this development and introduce any potential guest blogger when agreed. In the meantime, please utilize my extensive Blogroll of great links on the left navigation bar (as a guide, note the sites I’ve referenced on previous posts). &…
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18 May, 2008| housingblogs |
Comments (0) @ 14:51
- Paul Volcker: "New Financial System Is Broken Down"
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Paul Volcker is the former Chairman of the Federal Reserve from August 1979 to August 1987. Here is his testimony to Congress from this past week commenting on the current financial crisis.Image Courtesy of Jim Sinclair’s Mineset…
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18 May, 2008| housingblogs |
Comments (0) @ 14:40
- Comparing bubbles, predicting the crash
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For the last 20 years, the UK has had the misfortune of living through two huge housing bubbles. The first was carefully nurtured under a Conservative government, and facilitated by the Bank of England under the control of the Treasury. The second happened under a Labour government that had given the central bank independence. Thus, it would seem that housing bubbles are non-party political and happen regardless of the legal status of the Bank of England…
Original Source: ukhousebubble.blogspot.com
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18 May, 2008| housingblogs |
Comments (0) @ 13:14
- Buy stocks. Sell houses.
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Here’s the S&P 500 chart for the past three years. You’ll note that most HP’ers went to cash last fall, and avoided the carnage through March. And then many of you have posted here or written me that you’ve gone back in and scooped up some bargains recently. Nice. And of course, a lot of HP’ers made a lot of money shorting REIC stocks these past couple of years. Again, nicely done….
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18 May, 2008| housingblogs |
Comments (0) @ 12:52
- The mood is turning ugly
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Yesterday, the Daily Express told us that the housing crash was over. Today, we hear from the Times and the Observer that the middle classes are drowning in debt and the “love affair” with real estate is over….
Original Source: bp2.blogger.com
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18 May, 2008| housingblogs |
Comments (0) @ 9:17
- Latest HP Hero: Senator Jim Bunning, who wants to rename the housing bailout bill the "Bailout of Irresponsible Lenders and Borrowers Act of 2008”
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Finally, some sanity from DC. If the GOP wants to re-invent itself after the Bush Debacle (while returning to their fiscal-responsibility roots), they need to make the biggest stink possible while fighting the Democrats’ housing gambler bailout bills….
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18 May, 2008| housingblogs |
Comments (0) @ 6:37
- Vancouver RMLS Market Report – April 2008
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The median sale price for April 2008 was $250,000 this is a 5.7% decrease over the median sale price for April 2007.The Vancouver residential real estate market peaked in July 2007 with a median sale price of $269,900. Prices have now fallen 7.4% from that peak.Months of supply (total inventory/monthly sales) sits at 12.4 months compared to the 7.2 months of supply in April 2007. A balanced market has between 6 and 8 months of supply.T…
Original Source: feeds.feedburner.com/portlandhousingblogspot
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18 May, 2008| housingblogs |
Comments (0) @ 5:41
- Using Countrywide as an Example of Housing Excellence. Nothing Down and Banana Republic Loans Make a Comeback back by Government Sponsored Entities!
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You are going to need to sit down for this one. If you have any heart conditions you may want to stop reading at this point. Many of you recall that Fannie Mae and Freddie Mac had their caps raised in January during the great Wal-Mart voucher experiment. It was sneaked into the “stimulus” package …
Original Source: feeds.feedburner.com/DrHousingBubble-HowILearnedToLoveSocal
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18 May, 2008| housingblogs |
Comments (0) @ 5:24
- Lehman Brothers to cut up to 1,400 jobs
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The mega Wall Street investment bank is poised to begin cutting up to 5% of the company’s 28,000-strong workforce next week, reported CNBC. No word from the company confirming the report but it wouldn’t come as a surprise. Lehman has taken aggressive head count-reducing steps over the past several quarters as it consolidated its mortgage divisions and more reductions to battle the effects of the credit crunch would be a reasonable capital-preserving strategy.
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Original Source: feeds.feedburner.com/typepad
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18 May, 2008| housingblogs |
Comments (0) @ 3:32