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- Employment Stagnates, Recession Looms
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From the Oregonian:It’s bad, economists agree. But just how bad?Wells Fargo’s Ed Kashmarek is the latest to weigh in on Oregon’s outlook, issuing a report Friday forecasting a modest downturn in the Portland area. While job losses are likely to rise, pulling down personal income and spending, Kashmarek suggested that Portland’s economy will continue to fare better than the nation’s.”…
Original Source
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28 June, 2008| housingblogs |
Comments (0) @ 22:39
- Bail out plan to help just 13% of borrowers in trouble
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The bail out plan that Congress is hard at work trying to pass may not do much in terms of actually helping anyone. Government estimates show that only 400,000 people could benefit from the new FHA-driven refinance/loan modifications while more than 3,000,000 folks are actually 60 days down (or late) on their mortgage.
This refrain is all-to-common in trying to solve the mortgage mess. F…
Original Source: feeds.feedburner.com/typepad
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28 June, 2008| housingblogs |
Comments (0) @ 21:19
- WOT 6-28-2008
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Take It Easy — The
Eagles
Every once in a while, I stop to contemplate the unique place blogs have in
our lives. One such reflection is contained in the post Balance from
late last year. I am constantly amazed at the number of people who come to this
blog daily to read the off-the-wall rants and silly observations we make. When
I reflect on this phenomenon more deeply, I see that is exactly why people come
to blogs like this one.
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Original Source: feeds.feedburner.com/IrvineHousingBlog
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28 June, 2008| housingblogs |
Comments (0) @ 20:30
- Everybody Got It Wrong In California
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The San Diego Business Journal reports from California. “LandAmerica Financial Group Inc., the Richmond, Va.-based title company issued an internal memo to its San Diego employees June 12, saying it intends to reduce operations here, according to Peter Habenicht, VP of communications for LandAmerica. ‘The real estate market … presents a number of challenges,’ he said. ‘This is a down cycle, and we all understand down cycles are part of the industry.’”
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Original Source: thehousingbubbleblog.com
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28 June, 2008| housingblogs |
Comments (0) @ 19:11
- Here’s a beaten-down mortgage broker in Las Vegas that’ll walk you through the Countrywide-led Late Great Mortgage Ponzi Scheme
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The fact that Chris Dodd rushed legislation to bail out Countrywide and BofA, before holding hearings on how Countrywide and the REIC got the US into this mess in the first place, is not only corrupt it’s immoral.Watch this video and you’ll get a better sense of the systemic mortgage fraud that infected the US these past few years, starting with greedy unethical mortgage brokers willing to do anything for a commission, and ending on Angelo Mozilo’s doorstep….
Original Source: housingpanic.blogspot.com
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28 June, 2008| housingblogs |
Comments (0) @ 18:15
- UK edges towards recession
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The UK is slipping towards outright recession. The first quarter GDP numbers had the UK growing at just 0.3 percent, which is a little over one percent at an annualized rate. Growth is down sharply and and if the deceleration continues, the economy will probably begin to shrink during the second half of this year.…
Original Source: bp2.blogger.com
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28 June, 2008| housingblogs |
Comments (0) @ 16:45
- CEPR’s Dean Baker - "It would be the height of foolishness to create a house price support program to try to sustain the bubble"
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“The housing bubble was an entirely preventable disaster. If the economists and other policy professionals who design economic and housing policy had not been asleep for the last decade, it could have been prevented.Their incompetence will have serious impact on the living standards of a generation.It would be the height of foolishness to create a house price support program to try to sustain the bubble….
Original Source: housingpanic.blogspot.com: housingpanic.blogspot.com
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28 June, 2008| housingblogs |
Comments (0) @ 16:19
- This man is far and away the most important man in America today. And the 2008 election will now decide the course of America for the next 50 years
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The Supremes, made up of seven Republican appointees, three of which are scary-whacko never-should-have-been-confirmed nuts, one true conservative, one moderate, two moderate-liberals and two liberals, decided three landmark cases last week. And thankfully I agree with three decisions, all decided of course by 5-4 majorities….
Original Source: bp2.blogger.com
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28 June, 2008| housingblogs |
Comments (0) @ 16:06
- Buyers In A Sharply Declining Market
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Readers suggested a topic on where the housing bust is headed. “Now that we may finally be heading into an economy-wide recession, will it become difficult for borrowers with good credit and a down payment to buy even if housing prices drop to affordable levels? In NYC and places like it, where land constraints limited overbuilding, affordable housing will attract occupants. But in places where supply boomed (or population is falling) prices might get really, really low.”
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Original Source: thehousingbubbleblog.com
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28 June, 2008| housingblogs |
Comments (0) @ 15:11
- Where Have I Heard This Before?
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On our masthead is the quote from Churchill "A nation that forgets it’s past is doomed to repeat it." By extension we could add "A nation that doesn’t learn from the mistakes of other nations is doomed to repeat their mistakes."
An article from today’s Vancouver Sun …
Original Source: housingdoom.com
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28 June, 2008| housingblogs |
Comments (0) @ 14:09
- Apartment Landlords Offering Significant Incentives in Manhattan
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From the NY Times: Luring Affluent Renters in Manhattan ONE month’s free rent. Two months’ free rent. No security deposit.
How about a year’s worth of storage at Manhattan Mini Storage or an appointment at a doggie day spa for Rover on moving day?
As the rental market in Manhattan has softened in recent months, these are some of the incentives that owners of high-end buildings are offering to…
Original Source: feeds.feedburner.com/CalculatedRisk
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28 June, 2008| housingblogs |
Comments (0) @ 14:00
- Home Equity Percentage Has Steadily Declined Since WWII
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InvestmentNews shows that home equity as a percentage of value has steadily declined since World War II.
I do not believe this is a problem as long as people aren’t over-paying for homes. However, the problem this decade has been that people were buying homes for more than their intrinsic value. Financial leverage can magnify your gains if you buy at sensible prices, but it can also magnify your losses when you pay too much for real estate.
…
Original Source
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28 June, 2008| housingblogs |
Comments (0) @ 13:43
- Bits Bucket For June 28, 2008
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Please post off-topic ideas, links and Craigslist finds here….
Original Source: thehousingbubbleblog.com
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28 June, 2008| housingblogs |
Comments (0) @ 9:30
- UK savings rate plummets
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Yesterday, the ONS released their latest estimates for first quarter national accounts. The household savings rate number was a real shocker. It came in at just one percent.
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Original Source: bp2.blogger.com
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28 June, 2008| housingblogs |
Comments (0) @ 7:20
- Love the home you’re stuck with
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When prices were soaring, credit was flowing and selling was as easy as jamming a FOR SALE sign into your front lawn, the simplest way to upgrade your home was to sell and get the heck out of it. In other words, move to a bigger and better one.
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Original Source: money.cnn.com: money.cnn.com
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28 June, 2008| housingblogs |
Comments (0) @ 7:17
- The Impact of $200 Oil
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The LA Times has a story on the impact of $200 oil: Envisioning a world of $200-a-barrel oil. The story discusses some possible impacts of higher oil prices on consumer behavior, transportation, trade and the workplace (more telecommuting, fewer work days, etc.)
On housing: As for the … beleaguered housing market, prices are falling faster in areas requiring long commutes — such as Lancaster…
Original Source: feeds.feedburner.com/CalculatedRisk
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28 June, 2008| housingblogs |
Comments (0) @ 5:41
- Housing Doom goes mobile
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We’ve noticed a significant number of users have been accessing Housing Doom on their mobile phones, and have launched a new mobile version of our site.
The new site is optimized for mobile phones (including a special version for the iPhone) - it should load significantly faster.
You can also check the latest Housing Doom news by sending the text message "Doom" to 41411 - it will reply with the title and beginning of the latest article.
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Original Source: housingdoom.com
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28 June, 2008| housingblogs |
Comments (0) @ 4:29
- HousingPANIC Hilarious Ramen-Eater Quote of the Day
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“I’ve had to fire some clients because they didn’t follow protocol or went around me. If they call the listing agent direct, or look up tax records and call the owner, it’s unethical, and I won’t work with an unethical client.”…
Original Source
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28 June, 2008| housingblogs |
Comments (0) @ 1:23
- UK: "House prices won’t recover until 2015"
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From Edmund Conway at the Telegraph: House prices won’t recover until 2015, ex-MPC expert warns Families must wait until 2015 for the property market to start booming again, according to Stephen Nickell, who heads up the unit which advises the Prime Minister on housing planning.
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"The housing market - in terms of the price of houses - will not look much the same as it did before the credit…
Original Source
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28 June, 2008| housingblogs |
Comments (0) @ 1:23
- Watch this little Las Vegas realtor roundtable on mortgage fraud, and you’ll get a sense of what was really going on out there these past few years.
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This little Vegas realtor roundtable is pretty fascinating. Check out the one 6%’er talking about the street of $900,000 homes where cash-back mortgage fraud was rampant, and now the homes are sitting unwanted for $300,000 - $400,000.
So, if the realtors knew there was fraud everywhere, maybe they should have reported it to someone? Oh, wait, that would have stopped the Ponzi Scheme commission checks from pouring in.
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Original Source
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28 June, 2008| housingblogs |
Comments (0) @ 0:28