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- Your Friday Bank Failure
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The fourth this year:First Integrity, National Association, Staples, Minnesota, with $54.7 million in total assets and $50.3 million in total deposits as of March 31, 2008, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver.The FDIC Board of Directors today approved the assumption of all the deposits of First Integrity by First International Bank and Trust, Watford City, North Dakota. . . ….
Original Source: feeds.feedburner.com/CalculatedRisk
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30 May, 2008| housingblogs |
Comments (0) @ 23:38
- Hot market: Under $300K for foreclosed houses
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Worth reading: This story just posted on the LATimes.com about the market for foreclosed houses, …
Original Source: latimesblogs.latimes.com
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30 May, 2008| housingblogs |
Comments (0) @ 23:11
- Remain Passive And Get Milked
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N…
Original Source: bp0.blogger.com/_GMFF5jY6gGs/SEByBPmS_7
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30 May, 2008| housingblogs |
Comments (0) @ 22:38
- LIBOR ‘lie’ remains for now
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Adjustable Rate Mortgage-holders rejoice, LIBOR not being redefined … for now. Housing Wire covered earlier how changes to the LIBOR could radically impact home mortgage payments for folks with loans whose interest rates are tied to the index. You can all breathe a sigh of relief for the meantime, until the BBA gets around to overhauling the biggest sham of an index that side of the Atlantic.
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Original Source: feeds.feedburner.com/typepad
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30 May, 2008| housingblogs |
Comments (0) @ 22:18
- Fechin Inn Now Worldmark Taos
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In a press release today, Wyndham Vacation Ownership announces the opening …
Original Source: galleryrealtyoftaos.com
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30 May, 2008| housingblogs |
Comments (0) @ 21:43
- Suffolk adds farmland
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More than 8,100 acres will be added into Suffolk County’s agricultural districts, according to a statement from County Executive Steve Levy.
The 363 new parcels will be incorporated into the county’s six agricultural districts, which afford the owners “a combination of landowner incentives and protections”. The new farmland will bring Suffolk’s total to more than 27,000 acres.
Properties in agricultural districts are exempt from several assessment charges, and are automatically assessed as agricultural land, not vacant, developable land, leading to tax breaks for farmers.
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Original Source: spacedoutli.wordpress.com
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30 May, 2008| housingblogs |
Comments (0) @ 21:36
- BDG and Apollo filling Duffy
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Syosset-based Blumenfeld Development Group and Apollo Real Estate Advisors recently inked three new tenants for more than 38,000 square feet at 100 Duffy Ave in Hicksville.
One of the new tenants is the U.S. General Services Administration, which is leasing 17,000 square feet. The building will soon house a new 38,000 square-foot New York Sports Club, currently under construction and scheduled to open this fall.
BDG Vice President Brad Blumenfeld said the group has also begun renovations to 102 Duffy, the five-story, 160,000 square-foot former home of JPMorgan Chase next door, and are currently marketing the space.
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Original Source: spacedoutli.wordpress.com
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30 May, 2008| housingblogs |
Comments (0) @ 21:35
- More Weird Numbers
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My day started with my inability to understand a series of statistics reported in Bloomberg this morning.Housing Wire follows up on the “methodology change” that purportedly caused the new defaults and cured loan reporting for April to surge and plummet, respectively, in the Mortgage Insurance Companies of America’s most recent report. I share HW’s sources’ skepticism about the explanation given for this change. It simply sounds like a very large lender has been allowed–heretofore–to report fewer delinquencies and more cures than everyone else does, by using different definitions. As that is not something that sounds very good, I would suggest that MICA needs to come up with a better explanation….
Original Source
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30 May, 2008| housingblogs |
Comments (0) @ 21:13
- Foreclosure watch: New delinquencies outpace workouts
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From Bloomberg News today: "Newly delinquent mortgage borrowers outnumbered people who caught up on their overdue payments by two to one last month, a sign that nationwide efforts to help homeowners avoid default may be failing."
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Original Source: latimesblogs.latimes.com
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30 May, 2008| housingblogs |
Comments (0) @ 21:03
- Return to 2003
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Earlier this week we examined how much home prices have fallen in percentage terms. Let’s now look at things a different way: how far have prices fallen in terms of time? In other words, how long ago was it that prices were last at their current levels?
The accompanying chart attempts to answer this question using the three tiers of the Case-Shiller home price index in addition to the overall index for San Diego. To find the appropriate months, I just took the March value of each index (the most recent available, unfortunately) and noted what prior month was closest to the March figure.
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30 May, 2008| housingblogs |
Comments (0) @ 20:45
- Charge It to the House
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She Works Hard for the Money — Donna Summer
HELOC abuse is just as prevalent among women as it is among men. With all the free money floating around, it is to be expected that a woman who wanted to have the finer things in life would become accustomed to a lifestyle well beyond her means. Today’s featured property is owned by a woman (as the decor makes obvious,) and she managed to borrow and spend herself out of her home. There is a certain Shakespearian Tragedy element to stories like these. Today’s seller made a series of bad decisions which lead to her downfall. How are we supposed to feel when we see these situations? Part of me is sad that this woman is losing her home, and part of me is not sad because she brought this fate onto herself (and I suppose a little schadenfreude is mixed in as well.) The emotions we all feel when confronted with these stories serve to teach us all not to do what she did.
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Original Source
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30 May, 2008| housingblogs |
Comments (0) @ 20:30
- There Are Empty Properties All Over The Place
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It’s Friday desk clearing time for this blogger. “Valet attendants stand poised at the porte-cochere of the Ritz-Carlton’s first-ever condominium-only project as a doorman ushers visitors toward the marble lobby. Pathways wind through the manicured lawn and gardens, just steps from a new stretch of downtown Baltimore’s waterfront promenade. The builders can only hope their buyers will be as ready.”
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Original Source: thehousingbubbleblog.com
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30 May, 2008| housingblogs |
Comments (0) @ 20:29
- Fitch Modifies Alt-A Rating Method, "large number" Senior Classes Face Downgrades
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“I don’t know if it’s going to be a majority or not but I think a large number of the [Alt-A] senior classes are facing downgrade pressure.”Grant Bailey, a senior director at Fitch, May 30, 2008From Bloomberg: Fitch Changes Method of Rating Alt-A Mortgage Bond Fitch Ratings modified how it assesses outstanding securities backed by Alt-A U.S. mortgages by starting to update projections for losses from non-delinquent loans instead of keeping estimates static from the time of issuance. …
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30 May, 2008| housingblogs |
Comments (0) @ 20:23
- The Sham of our Current Unemployment Rate Numbers: Lessons from the Great Depression: Part X. Data Mining.
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When you look at the current unemployment rate of 5 percent, you would think that our economy would be humming along. Yet the way that they calculate the official unemployment rate is such a joke, you are almost left guessing how many people are really out of work. Are you looking for work and simply can’t find a job and gave up? Consider yourself not counted in the numbers. Are you working part-time although you want full-time employment? Guess what? You are not counted either! It is patently absurd and frustrating to see what kind of gimmicks the government uses to massage the unemployment data.
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Original Source: feeds.feedburner.com/DrHousingBubble-HowILearnedToLoveSocal
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30 May, 2008| housingblogs |
Comments (0) @ 19:27
- ZipRealty CEO: Big Losses Coming Soon to Seattle
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A few days ago I got an email from a reporter named Luck Mullins from US News & World Report, telling me about his new housing blog: The Home Front. Then yesterday, a story pops up on his blog specifically about Seattle. Looks like someone really wants to get our attention for some reason. Here’s an excerpt from his post: N…
Original Source: feeds.feedburner.com/SeattleBubble
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30 May, 2008| housingblogs |
Comments (0) @ 19:14
- The bright side: Gas is still under $4.40 a gallon
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Just a note: I started publishing gas price photos back on April 25, when I passed the station pictured above, which is on Lincoln Boulevard in Santa Monica. A…
Original Source: latimesblogs.latimes.com
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30 May, 2008| housingblogs |
Comments (0) @ 18:58
- Rep. Richardson: "It ain’t been easy"
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Those of you waiting to hear from U.S. Rep. Laura Richardson about her various defaults and unpaid bills will have to make do with …
Original Source: latimesblogs.latimes.com
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30 May, 2008| housingblogs |
Comments (0) @ 18:37
- Hope Now Mortgage "Workouts": Numbers Not Fantastic
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Posted By:Diana OlickThe trouble is that of all those “workouts” 106,000 were repayment plans, while approximately 77,000 were loan modifications. Critics argue that repayment plans don’t always get borrowers out of the total soup, especially if their adjustable-rate loans haven’t even reset yet. …
Original Source: media.cnbc.com
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30 May, 2008| housingblogs |
Comments (0) @ 18:17
- Fed’s Rosengren on Housing
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From Boston Fed President Eric S. Rosengren: Current Challenges in Housing and Home Loans: Complicating Factors and the Implications for Policymakers .Here is an excerpt from the section: Length and Duration of Housing Downturns, and Other Recent Research from the Boston Fed New England is no stranger to falling asset values. As you no doubt know, during the early 1990s, New England experienced a steep decline in housing prices. We at the Boston Fed think it may be useful to compare that experience to what we have experienced to date with falling housing prices, and we are pursuing a number of research avenues to do that. ……
Original Source: feeds.feedburner.com/CalculatedRisk
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30 May, 2008| housingblogs |
Comments (0) @ 18:17