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- Update: Auction of new homes in Gardena
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A number of you have asked for an update on the auction of new homes in Gardena Village, which took place May 10th. H…
Original Source: latimesblogs.latimes.com
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20 May, 2008| housingblogs |
Comments (0) @ 23:59
- On the REO Trail
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Here are a couple of recent videos from Realtor Jim in San Diego. The first video is in a run down area of Oceanside with REO after REO (2 min 19 sec).The second video is in Valley Center (near Escondido). (2 min 21 sec) Jim mentions the Cash for Keys program (he is offering the previous owners $2500 for their keys). This house sold for $927,500 in 2005.
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Original Source: feeds.feedburner.com/CalculatedRisk
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20 May, 2008| housingblogs |
Comments (0) @ 23:29
- Dodd’s foreclosure math: 8,100 filings per day
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If you were listening to CNN today, you heard Senator Chris Dodd of Connecticut (pictured) trot out a pretty ominous statistic: "In the month of April," he said, "8…
Original Source: latimesblogs.latimes.com
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20 May, 2008| housingblogs |
Comments (0) @ 23:02
- Phoenix Home Sales– Right Numbers, Wrong Spin
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On May 13, Jay Butler of ASU’s Realty Studies released his monthly home sales report for April, and reported home sales were up:
For the first time since July 2005, the local resale housing market has posted year-over-year improvement. April had 5,585 recorded sales in contrast to 4,855 sales for a year ago and 4,335 sales in March 2008.
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Original Source: housingdoom.com
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20 May, 2008| housingblogs |
Comments (0) @ 22:25
- Fifth Third Eliminates Stated Income Loans
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The retail channel of Fifth Third has just eliminated their Quick & Simple loan program (aka stated income) effective this Thursday. Thanks to reader Chris for sending this in.
The best sentence of the announcement? “Reminder: There is no guarantee that the Mortgage Insurance providers will insure these loans. All Quick & Simple loans > 80% LTV must have MI in order to close.”
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Original Source: feeds.feedburner.com/typepad
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20 May, 2008| housingblogs |
Comments (0) @ 22:05
- Housing Bailout Bill Likely
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When does a ‘rescue’ become a ‘bailout’? I think we’re about to find out.
From Market Watch on the Congressional Housing Rescue bill:
A key House Democrat said that it is now almost certain that Congress will be able to craft a significant housing rescue package after Senate Republicans and Democrats were able to reach a bipartisan compromise. “[I]t is highly likely we will be able to compromise on a significant housing package,” Frank said in a statement after the Senate Banking panel approved the Senate version of the bill. “There are of course some differences between the two bills and we will need to work on these differences, but I look forward to continued cooperation between members of the House and Senate to achieve a mutually agreed housing package sometime next month,” Frank said….
Original Source: feeds.feedburner.com/typepad
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20 May, 2008| housingblogs |
Comments (0) @ 21:59
- MMI: Fractured Fairy Tales
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Caroline Baum is exercised over Fannie Mae’s recent announcement that it was dropping its “declining markets” policy. Yeah, so, a lot of us didn’t like that. But the rest of us did not write a column that is titled “Mary Had a Little Lamb and a Jumbo Mortgage” and then have this thing about kings and taxes and then Fannie turns out to be the fairy godmother, which is Cinderella, not Mary and the lambs, and then admits to perfect ignorance of what “DU” is and then makes claims about what DU is and then ends up predicting that Fannie will self-insure mortgages which would be like totally surprising since it would require the king to change Fannie Mae’s charter which forbids such things, and dammit if you don’t get all the way to the end and there aren’t any jumbos in it. Boy howdy.
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Original Source
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20 May, 2008| housingblogs |
Comments (0) @ 21:00
- We Will Spend You
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We Will Rock You — Queen
As far as HELOC abusers go, today’s sellers are just like boys playing in the street. They made a big noise, tried to take on the world, and ended up a big disgrace. The market put them back in their place.
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Original Source
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20 May, 2008| housingblogs |
Comments (0) @ 20:29
- Cliff Diving: CIFG Guaranty’s Bond Insurer Ratings
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From Bloomberg: CIFG Guaranty’s Bond Insurer Ratings Cut to Junk (hat tip DD49) CIFG Guaranty, the bond insurer that lost its AAA ratings in March, was downgraded to below investment grade by Moody’s Investors Service, which said the company may become insolvent. The ratings were cut seven levels to Ba2, two steps below investment grade, from A1 to reflect “the high likelihood that, absent material developments, the firm will fail minimum regulatory capital requirements,” Moody’s said in a statement. ….
Original Source
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20 May, 2008| housingblogs |
Comments (0) @ 20:27
- The ‘parking lot’ homeless of Santa Barbara
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This one is a bit off-topic for an L.A. housing blog, but it caught my eye: a CNN story about a woman who can’t afford to rent any longer in Santa Barbara …
Original Source
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20 May, 2008| housingblogs |
Comments (0) @ 19:59
- The "parking lot" homeless of Santa Barbara
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This one is a bit off-topic for an L.A. housing blog, but it caught my eye: a CNN story about a woman who can’t afford to rent any longer in Santa Barbara, …
Original Source
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20 May, 2008| housingblogs |
Comments (0) @ 19:59
- Crab grab
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Suffolk County and the Town of Shelter Island will partner to buy 12.7 acres of “environmentally sensitive” land on Crab Creek the Island for $5 million.
The county legislature voted last week to contribute $2.5 million towards the purchase, with the town contributing the other $2.5 million.
The Crab Creek property is located on the western shores of Shelter Island and flows directly into Peconic Bay. The property consists of mature trees and an open field area along Brander Parkway and will be used as a passive recreational area.
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Original Source: spacedoutli.wordpress.com
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20 May, 2008| housingblogs |
Comments (0) @ 19:52
- More Lessing’s at Sunrise
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The Sunrise Business Center on Sunrise Highway in Great River is getting a second helping of Lessing’s, the food service company that already runs its River Café restaurant.
Lessing’s recently leased 3,500 square feet in the 363,600-square-foot center owned by Garden City-based Metropolitan Realty Associates. Lessing’s, which owns and operates more than 20 restaurants, country clubs and catering facilities throughout Long Island, will use the space for executive offices.
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Original Source: spacedoutli.wordpress.com
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20 May, 2008| housingblogs |
Comments (0) @ 19:51
- Realtors take a loss
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Realtors’ bank accounts are suffering the brunt of a sluggish housing market.
The overall median income for members of the National Association of Realtors fell 10.7 percent in 2007 from the year before, from $47,700 to $42,600, according to the latest NAR survey.
Realtors who’ve been in the business for less than two years had a median income of $10,500 last year. The survey showed that Realtors with three to five years experience had an income of $34,600, and Realtors with more than 16 years experience earned $69,500 in 2007.
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Original Source: spacedoutli.wordpress.com
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20 May, 2008| housingblogs |
Comments (0) @ 19:51
- Huntington to amend zoning for Canon
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A hearing on changing the code for the Town of Huntington’s light industrial district to accommodate Canon’s development plans will be held Tuesday night.
The camera giant is planning to build a six-story, 860,000-square-foot headquarters on 52 acres in Melville, which will require increasing existing height limits from four to six stories. Off-street parking requirements will also be relaxed for all of Huntington’s commercial and industrial districts.
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Original Source: spacedoutli.wordpress.com
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20 May, 2008| housingblogs |
Comments (0) @ 19:42
- Senate Housing Rescue Bill Causing A Big Ticket Home Problem
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Posted By:Diana OlickA little below the headlines about the latest housing rescue bill–that is, the Senate’s “Federal Housing Finance Regulatory Reform Act of 2008”–are the details of the bill: one of which could have some serious consequences for big ticket homes. …
Original Source: media.cnbc.com
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20 May, 2008| housingblogs |
Comments (0) @ 19:31
- Containment? Commercial Real Estate Down Sharply
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So much for containment? What a cute little pipe dream theory that was. The credit crunch has clearly moved from subprime, to all of residential and is now sinking it’s teeth in to commercial real estate. While year-over-year price gains are barely up the property prices are all off their peaks from 2007 and we expect that the credit and liquidity issues that have put the hurt on residential real estate will begin to manifest themselves more acutely in the commercial markets as well.
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Original Source: feeds.feedburner.com/typepad
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20 May, 2008| housingblogs |
Comments (0) @ 19:29
- DataQuick: California Bay Area Home Sales Up from March
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From DataQuick: Bay Area home sales edge up in April Bay Area home sales edged up from a seven-month run of record lows last month, indicating that mortgage availability is improving and that an increasing number of fence sitters have decided they like today’s lower prices, a real estate information service reported. A total of 6,310 new and resale houses and condos sold in the nine- county Bay Area in April. That was up 28.8 percent from 4,898 in March, and down 15.3 percent from 7,447 for April 2007, DataQuick Information Systems reported. …
Original Source
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20 May, 2008| housingblogs |
Comments (0) @ 19:11
- Fannie Mae CEO: Home prices will keep falling
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Read full story for latest details.
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Original Source: money.cnn.com
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20 May, 2008| housingblogs |
Comments (0) @ 19:09
- This American Life, $1,000 bottles of Mortgage Bubbly
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The public radio show This American Life had a great program on the housing bust on Sunday. It was called the Giant Pool of Money and it detailed how Wall Street’s search for higher yields translated into the foreclosure crisis the country is presently experiencing.
None of this will be new to readers of Hot Property, but the stories told here are amazing. There’s the borrower in Ohio with poor credit and who never made more than $45,000 a year but nonetheless got a mortgage for nearly $500,000. As he described it: “I wouldn’t have loaned me the money. I know criminals who wouldn’t have loaned me the money.”
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Original Source
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20 May, 2008| housingblogs |
Comments (0) @ 19:04