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- GM June U.S. sales fall 18.2%
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From MarketWatch: GM June U.S. sales fall 18.2% to 262,329 vehicles
Ford, Toyota and GM sales were all bad, but I suspect Chrysler’s numbers will be really really ugly….
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1 July, 2008| housingblogs |
Comments (0) @ 19:08
- Time will tell… Have at it…
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1 July, 2008| housingblogs |
Comments (0) @ 18:58
- Toyota Sales Off 21.4% in June
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From MarketWatch: Toyota June U.S. sales down 21.4% to 193,234 vehicles
A little worse than the 12% expected decline….
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1 July, 2008| housingblogs |
Comments (0) @ 18:26
- FLASH: Angelo Mozilo’s crimes are now BofA’s problem as brain-dead CEO Ken Lewis completes deal for Countrywide Toxic Mortgage
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Hi, BofA shareholders, I’d like you to meet Angelo and his corrupt posse at Countrywide Toxic Mortgage - your problem now!Every state in the US has either filed a lawsuit against our new friends or is preparing to do so. The civil and criminal lawsuits will take years and years to sort out. You’ll end up losing billions and billions more on this deal, and the Countrywide brand you bought is probably more worthless than Enron at this point….
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1 July, 2008| housingblogs |
Comments (0) @ 18:07
- Good Times Became Great Times And Then Fabulous Times
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Some housing bubble news from Wall Street and Washington. Bloomberg, “Bank of America Corp. will buy Countrywide Financial Corp., the home lender battered by the collapse of the subprime mortgage market, for about $2.5 billion, 37 percent less than originally planned. Bank of America is discarding the Countrywide name, which has become an icon of the mortgage industry’s boom and bust, and Countrywide’s penchant for loans more prone to default, such as subprime mortgages.”
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1 July, 2008| housingblogs |
Comments (0) @ 18:00
- Anecdote: Bailing on Kenmore Townhomes (Too Late)
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Okay, when I saw this this morning, I just had to mention it. There’s a little 8-unit townhome complex in my neighborhood (Kenmore) that I have mentioned on here a number of times in the past. Most recently, two of the eight units were up for sale. As of this morning, four …
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1 July, 2008| housingblogs |
Comments (0) @ 17:34
- Ford Sales Off 28% in June
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From CNNMoney: Ford sales plunge Ford Motor reported that its U.S. sales tumbled 28% in June, kicking off what could turn out to be the weakest month for auto sales in 16 years.
Ford … saw sales of its SUVs plunge by more than half and pickups and other trucks fell more than a third….
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1 July, 2008| housingblogs |
Comments (0) @ 17:16
- This has ’scam’ written all over it, but here’s the pre-foreclosure realtwhore selling herself and her home on eBay and Craigslist
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Everyone gets their 15 minutes… Even realtor would-be-hookers.I hadn’t wanted to post, because my my gut says ’scam alert’, but have at it..
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Original Source: housingpanic.blogspot.com
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1 July, 2008| housingblogs |
Comments (0) @ 17:13
- Portland Homes: West Coast Bargain
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From Realtor Carla Muss-Jacobs:I realize that I’m writing about the dirty “F” word. And I sincerely don’t want to appear smug, but this just in: OREGON has the lowest foreclosure rate in the nation!This is according to Dr. Lawrence Yun, Chief Economist of the National Association of Realtors(r). Second in the nation is our neighbor to the North, Washington state.There are reasons for this, in my humble opinion. I practice selling in the Metro Portland area. I’v…
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1 July, 2008| housingblogs |
Comments (0) @ 16:00
- Fed’s Lockhart on Economic Slowdown
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From Atlanta Fed President Dennis Lockhart: Remarks on Economic Slowdown, Market Fallout, and the Path to Financial Recovery. Here is his conclusion: My base case forecast for the economy involves a stronger-than-expected first half of 2008 with growth of 1 to 2 percent but not much pickup in the second half. The drag of high energy costs, continuing financial market stress, and a still-declining…
Original Source: feeds.feedburner.com
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1 July, 2008| housingblogs |
Comments (0) @ 15:14
- When In Doubt, Blame the Accountants
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New-Old meme: FAS 157 is ruining the financial industry. Barry Ritholtz knocks this point of view around, as reported in the New York Times:Some blame the rapacious lenders. Others point to the deadbeat borrowers. But Stephen A. Schwarzman sees another set of culprits behind all the pain in the financial industry: the accountants.You see, the magic of securitization during the boom was that it…
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1 July, 2008| housingblogs |
Comments (0) @ 15:02
- Construction Spending in May
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Construction spending declined in May for residential, but increased slightly for non-residential private construction.
From the Census Bureau: May 2008 Construction at $1,085.2 Billion Annual RateSpending on private construction was at a seasonally adjusted annual rate of $784.2 billion, 0.7 percent below the revised April estimate of $789.4 billion.
Residential construction was at a…
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1 July, 2008| housingblogs |
Comments (0) @ 15:00
- Mid-Year Housing Bubble Predictions
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I’ll forward this thread through the 4th of July. Here are some predictions from the end of 2007. “rob: i predict that 2008 is when the housing bubble outside the US starts to deflate. This includes Canada, Mexico, UK, Spain, and others. The rest of the world is still in ‘it’s different here’ denial, but in the end, economic principals suggest that while everywhere is ‘different,’ nowhere is really that different when it comes to over-valued and over-build housing markets.”
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1 July, 2008| housingblogs |
Comments (0) @ 14:04
- Eli Broad: Economy "Worst Period" in his Life
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From Bloomberg: Broad Says Economy in Worst Slump Since World War II Billionaire investor Eli Broad [the founder of homebuilder KB Home] said the U.S. economy is in the “worst period” of his adult life as a housing market recovery remains “several years” away. For anyone associated with home building, the current period has to feel like an economic depression….
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1 July, 2008| housingblogs |
Comments (0) @ 14:04
- Southern California Real Estate Prices
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Click on the images to see the full-sized graphs of housing prices in Los Angeles, Riverside-San Bernardino, and San Diego, California….
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1 July, 2008| housingblogs |
Comments (0) @ 13:42
- Interview with Eli Broad (Part 2)
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1 July, 2008| housingblogs |
Comments (0) @ 12:41
- Interview with Eli Broad
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1 July, 2008| housingblogs |
Comments (0) @ 12:41
- Bits Bucket For July 1, 2008
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Please post off-topic ideas, links and Craigslist finds here….
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1 July, 2008| housingblogs |
Comments (0) @ 12:35
- Homes for sale are ‘great’ in Miami, ‘large’ in Dallas, and ‘new’ in Boston
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The most popular adjective in real estate listings is (to amplify on my headline) “great” in Miami; “large” in Dallas, Orange County, Calif., and San Francisco; and “new” in Boston, Chicago, San Jose, St. Louis, and Washington.
“Nice” is used almost exclusively for houses selling for $250,000 or less, while “gourmet” is saved for homes costing $1 million and up. Oh, and “beautiful” is used most often in Miami.
These are some of the results of a survey of real estate listings by R…
Original Source: www.businessweek.com
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1 July, 2008| housingblogs |
Comments (0) @ 12:14
- Philly Fed: New Jersey “outlook has dimmed”
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From the Press of Atlantic City:
N.J. economic outlook sinks as joblessness rises
The Federal Reserve’s forecasting gauge for New Jersey’s economy has turned negative for the first time in 17 years.
The leading index of the Fed’s Bank of Philadelphia predicts the state’s economy will shrink 0.2 percent during the next nine months.
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1 July, 2008| housingblogs |
Comments (0) @ 11:10