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- Going Broke on $200,000 a Year: Step by Step Process of Going Down with a High Salary.
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You may have noticed that gas prices have gone up recently. I’m just taking a wild guess that you’ve heard of this. For those of us in commuting urban areas we are all too familiar with fuel prices. Gas prices always go up during this time of the year right before the summer driving season. The only difference this time is prices are going up at unprecedented speed and this time, high energy prices might be here for sometime. Most would think that during economic downturns such as the one we are in, you would expect to see falling prices running in line with falling demand or people simply adjusting to a different lifestyle. This isn’t the case. Housing prices are tanking but you need to remember they were up in the heavens and made no fundamental sense - prices are now only coming down to reality. Yet other cost of living items are going up and going up fast. If you are planning on sending your kids to the top public institution here in California, the University of California you can except to pay more this u…
Original Source: feeds.feedburner.com/DrHousingBubble-HowILearnedToLoveSocal
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23 May, 2008| housingblogs |
Comments (0) @ 22:56
- DOT: Vehicle Miles Fell 4.3% in March
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From the Department of Transportation: Eleven Billion Fewer Vehicle Miles Traveled in March 2008 Over Previous March Americans drove less in March 2008, continuing a trend that began last November, according to estimates released today from the Federal Highway Administration….The FHWA’s “Traffic Volume Trends” report, produced monthly since 1942, shows that estimated vehicle miles traveled (VMT) on all U.S. public roads for March 2008 fell 4.3 percent as compared with March 2007 travel. This is the first time estimated March travel on public roads fell since 1979. At 11 billion miles less in March 2008 than in the previous March, this is the sharpest yearly drop for any month in FHWA history. …
Original Source: feeds.feedburner.com/CalculatedRisk
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23 May, 2008| housingblogs |
Comments (0) @ 21:31
- U.S. Rep. Laura Richardson: A ‘virtual shoo-in’ for reelection
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We have so many members of Congress in California that they often escape media coverage. That said, I thought I’d learn a little about Rep. Laura Richardson (D-Long Beach) (pictured, left), and pass it on. R…
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23 May, 2008| housingblogs |
Comments (0) @ 20:30
- Financing in a Declining Market
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How Many More Years — Howlin’ Wolf
Check out Howlin’ Wolf’s description of the blues (it’s at the beginning.)
It cannot be denied (rationally) that we are currently in a declining market. In a declining market, banks look at appraisals and comps differently than they do in a rising market. When prices are rising the lender will look at the highest comparable sales to determine total value upon which they will base their loan. When prices are declining like they are now, the lender will look at the l…
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23 May, 2008| housingblogs |
Comments (0) @ 20:30
- Gas Prices & Home Buying
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With gas prices passing another big round number lately, there’s been a fair amount of talk about how the high price of fuel is affecting people’s daily lives. When it comes to the real estate market, common knowledge says that higher gas prices will hit home prices in the suburbs and exurbs, while helping to strengthen prices in the “downtown core” and “close-in” neighborhoods.
Financially speaking, I have to say I can’t really buy that. I’ll use a somewhat extreme scenario to illustrate why. Let’s say you’ve got a 30-mile commute from Sultan to Redmond (one of my former coworkers did that—yuk), and that your car gets a decent but not great 25 miles to the gallon. At $2.50 per gallon, you were spending $30 a week (~$120 a month) on gas for the commute. At today’s $4.00 per gallon, that is up to $48 a week (~$192 a month), a difference of $72 per month, or $900 more per year.
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Original Source: feeds.feedburner.com/SeattleBubble
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23 May, 2008| housingblogs |
Comments (0) @ 20:00
- Vallejo files for bankruptcy
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From the AP: Vallejo files for bankruptcy to deal with budget shortfall The city of Vallejo has filed for bankruptcy protection …The San Francisco Bay area suburb of about 120,000 residents is the largest California city to declare bankruptcy. Mayor Osby Davis says the city’s attorneys filed papers seeking Chapter 9 bankruptcy protection in federal court in Sacramento on Friday. …
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23 May, 2008| housingblogs |
Comments (0) @ 19:21
- Realtors’ summer rally cry: 100% financing available
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I posted yesterday on the problems with downpayments — the problems are, more and more lenders are demanding them and many first-time homebuyers don’t have them.
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23 May, 2008| housingblogs |
Comments (0) @ 19:07
- Affordability: Is it A Sign Of The Housing Bottom?
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Posted By:Diana OlickI’m hearing the word “affordability” a lot these days, increased affordability to be specific. The Realtors were hammering that particular positive during their monthly existing home sales presser this morning… …
Original Source: media.cnbc.com
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23 May, 2008| housingblogs |
Comments (0) @ 19:05
- Historical Housing Graphs: Months of Supply, Sales and Inventory
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The first graph shows the year end months of supply since 1982 (and April 2008). Click on graph for larger image. The months of supply has risen to 11.2 months, and will probably be over 12 months sometime this summer. I don’t have monthly data back to the early ’80s, but the months of supply will probably be close to an all time record by July….
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23 May, 2008| housingblogs |
Comments (0) @ 18:31
- Home prices down and unsold listings way up
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The big news in the April existing home price report released today by the National Association of Realtors wasn’t the 8% drop in median home prices or the better-than-expected 1% decline in sales.
It was the whopping 10.5% jump in the inventory of unsold homes. The number of homes available for sale jumped to 4.55 million at the end of April, representing an 11.2-month supply at the current sales pace. There was a 10-month supply of homes at the end of March.
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Original Source: www.businessweek.com
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23 May, 2008| housingblogs |
Comments (0) @ 17:43
- Project Angel at Gorge Bridge 6/7-6/13
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T-Salvation Productions is filming a seen of our movie Project Angel at the Taos Gorge Bridge.
We wanted to notify you that we are planning on filming the Bridge on
Tuesday June 10, 2008. The filming will occur during daylight hours (5a-8p).
We plan to dress the bridge for 2 days, shoot 1 day and strike 2 days. The
schedule is as follows:
May 27: “Special Project” advance warning signs posted per New Mexico
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Original Source: feeds.feedburner.com/TaosRealEstate
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23 May, 2008| housingblogs |
Comments (0) @ 17:40
- Citi Financial Layoffs in Baltimore (UPDATED)
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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 …
Original Source: bubblemore.blogspot.com
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23 May, 2008| housingblogs |
Comments (0) @ 17:33
- SoWhat District Sees First Condo Conversion
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From the Oregonian:Portland’s sputtering condo sales and surging apartment market have pushed the city’s most prolific developers to turn a 31-story condo tower into luxury apartments.It’s the fifth such switch since March 2007.Developer Mark Edlen said he and his investors will make the glassy tower — known as the 3720 — the first apartment building in the new South Waterfront district.E…
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23 May, 2008| housingblogs |
Comments (0) @ 17:31
- Housing’s False Bottom
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Greetings, readers! At the gracious invitation of the New York City Housing Bubble, I’ve been invited to be occasional guest poster. Many of you may already have seen this piece on my website OfTwoMinds.com or via patrick.net, but I post it here in the hopes of starting a thread about NYC neighborhoods which, like this one I describe in the SF area, are still in high demand. Is your ‘hood seeing a surge of buying as “bottom fishers” decide to jump in? Please let us know what’s happening in your area….
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23 May, 2008| housingblogs |
Comments (0) @ 17:03
- Homes sales dip; prices fall sharply
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Sales of existing homes slowed in April while inventory soared, according to a reading of the sagging housing market released Friday.
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Original Source: money.cnn.com
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23 May, 2008| housingblogs |
Comments (0) @ 17:01
- [The Ethicist] Money Drunk Sun = Lying On Mortgage Application?
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For many years my wife and I have read and enjoyed Randy Cohen’s “The Ethicist” column in the New York Times. For the life of me, I can’t believe some of the questions.
Even better, the New York Times now has …
Original Source: matrix.millersamuel.com
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23 May, 2008| housingblogs |
Comments (0) @ 16:44
- More on April Existing Home Sales and Inventory
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For more, see my earlier post: April Existing Home Sales Click on graph for larger image….
Original Source: bp3.blogger.com/_pMscxxELHEg/SDbm7q_dmX
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23 May, 2008| housingblogs |
Comments (0) @ 16:39
- 1st Quarter HPI From The OFHEO
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The Office of Federal Housing Enterprise Oversight (OFHEO) recently released their first quarter Housing Price Index (HPI). The index uses the same pairing method as the Case-Shiller index.The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have…
Original Source: feeds.feedburner.com/portlandhousingblogspot
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23 May, 2008| housingblogs |
Comments (0) @ 16:38
- Yun: unsold homes ‘uncomfortably high’
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Does Lawrence Yun, the NAR chief economist, have a clue? He might just yet. Yun called the new report on the glut of unsold homes ‘uncomfortably high’ in a resignation that the housing market just isn’t in very good shape no matter which way you cut it.
His comment was in response to the finding that u…
Original Source: feeds.feedburner.com/typepad
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23 May, 2008| housingblogs |
Comments (0) @ 16:34
- Everything collapses but the price
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The Council of Mortgage Lenders have just published their gross lending activity for April.CML members pumped out around £25.3 billion into the housing marke last month. However, the CML could not decide whether this was a good or bad number. On the one hand, it was a 5 percent increase from March, but on the other hand it was an 8 percent decline from April 2007.T…
Original Source: bp0.blogger.com
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23 May, 2008| housingblogs |
Comments (0) @ 16:32
