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- It’s The Flip Side Now
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Some housing bubble news from Wall Street and Washington. The Guardian, “After Taylor Wimpey’s shock warning today that it will take months to secure a rescue package from investors and that it could breach its banking covenants next February, analysts say there is ‘a very real danger’ that Britain’s biggest housebuilder by volume could collapse. Taylor Wimpey is burdened with £1.7bn of debt after it was created through the £5bn merger of Taylor Woodrow and Wimpey last year.”
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2 July, 2008| housingblogs |
Comments (0) @ 19:37
- WashPost: Obama got discount on mortgage
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The Washington Post reports that Democratic presidential candidate Barack Obama (pictured) received a discount on his home loan that saved him roughly $300 per month: "Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois."
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2 July, 2008| housingblogs |
Comments (0) @ 18:58
- WaPo: Obama got discount on mortgage
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The Washington Post reports that Democratic presidential candidate Barack Obama (pictured) received a discount on his home loan that saved him roughly $300 per month: "Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago
neighborhood. To finance the purchase, he secured a $1.32 million loan
from Northern Trust in Illinois.
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2 July, 2008| housingblogs |
Comments (0) @ 18:58
- Small Banks Face Reckoning Day
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2 July, 2008| housingblogs |
Comments (0) @ 18:44
- Obama’s Mortgage Makes News
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2 July, 2008| housingblogs |
Comments (0) @ 18:44
- Real Homes of Genius: Today we Salute you Brea. A Home that Shows Each Phase of the California Housing Bubble.
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You may have noticed that my most recent Real Homes of Genius examples have shifted from inner city $500,000 homes to struggling high priced “prime” areas like Beverly Hills and Culver City. The reason is that this housing correction is impacting properties in every corner of California. In 2005 and 2006, it was not uncommon to put a hand over your eyes, plunk your index finger on one of the 88 cities in Los Angeles County, and you could rest assured that area had 20+% year over year gains. It didn’t matter. It reminded me of the investment firm ad pre-tech bust where a chimp is throwing darts at a stock page and outperforms the market. Yes, it was literally that easy to make money in this speculative fervor.
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2 July, 2008| housingblogs |
Comments (0) @ 18:32
- Athletes Losing Homes
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2 July, 2008| housingblogs |
Comments (0) @ 18:28
- Fortune: How Lehman lost its way
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From Fortune Magazine: How Lehman lost its way (hat tip crispy&cole Bakersfield Bubble) To understand what went wrong at Lehman Brothers, leave the canyons of Wall Street and head to the flatlands of Bakersfield, 120 miles northeast of Los Angeles.
That’s where you’ll find McAllister Ranch, envisioned as a 6,000-home, multibillion-dollar recreational community built around a Greg…
Original Source: feeds.feedburner.com
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2 July, 2008| housingblogs |
Comments (0) @ 18:26
- Haloscanned Again
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The comment system is down again. Hopefully it will be working again soon. Sorry for any inconvenience.
Best to all….
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2 July, 2008| housingblogs |
Comments (0) @ 18:14
- What’s Your Housing Bust Strategy?
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One of the topics we touched on during yesterday’s Rain City Radio conversation was when and how to catch the bottom of falling house prices.
I’m not personally obsessed with catching the very bottom, but I also am not interested in buying something less than ideal that I can barely afford based solely on a false notion that prices will keep rising, only to have them drop another 10-20%. I outlined one possible strategy i…
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2 July, 2008| housingblogs |
Comments (0) @ 17:50
- Vulture real estate investors swoop in
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Rock-bottom home prices have finally begun to lure vulture real estate investors into the fray.
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2 July, 2008| housingblogs |
Comments (0) @ 17:27
- Obama’s Mortgage Makes News
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Original Source: www.mortgagenewsdaily.com
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2 July, 2008| housingblogs |
Comments (0) @ 17:15
- Fed’s Mishkin "Substantial headwinds" for U.S. Economy for Some Time
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"The … slow recovery of financial markets that I think is likely suggests that the U.S. economy will be subject to substantial headwinds for some time."From Fed Governor Frederic Mishkin: Global Financial Turmoil and the World Economy. Here are some excerpts on housing: Different measures tell somewhat different stories, but it seems clear that U.S. home prices began decelerating a while back…
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2 July, 2008| housingblogs |
Comments (0) @ 17:13
- Best Real Estate Promotions
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As the housing slump winds on, builders and Realtors are getting very creative in their marketing. We could almost do an awards show about the best promotions. Here are a few of my favorites:
Pardee Homes has a red door list of complete comes they are putting on special sale price each week.
Shea Homes is offering a chance to win free gas for year to new home buyers.
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Original Source: www.businessweek.com
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2 July, 2008| housingblogs |
Comments (0) @ 17:11
- Former Raven McCrary taken by Real Estate Developer
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Usually I do not miss stories like this one of former Baltimore Raven Mike McCrary being taken by a sleazy developer for over 3 million dollars.Michael McCrary had known Edward Giannasca for half a decade, and, until the former Baltimore Raven realized that he’d been cheated out of millions, he thought of the longtime developer as a stand-up guy….
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2 July, 2008| housingblogs |
Comments (0) @ 17:06
- [Party Like Its 2009] 2Q 2008 Manhattan Market Overview Available For Download
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The 2Q 2008 Manhattan Market Overview that I author for Prudential Douglas Elliman was released today. Other reports we prepare can be found here.
The d…
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2 July, 2008| housingblogs |
Comments (0) @ 16:58
- More News on Countrywide Financial
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From yesterday’s Wall Street Journal:The Florida attorney general on Monday filed a civil lawsuit against Countrywide Financial Corp. and its chief executive, Angelo Mozilo, alleging the company engaged in deceptive and unfair trade practices.The lawsuit, filed in state court in Broward County by Florida Attorney General Bill McCollum, alleges that Countrywide put borrowers into mortgages they couldn’t afford or loans with rates and penalties that were misleading. It seeks civil penalties and damages….
Original Source: bubblemeter.blogspot.com
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2 July, 2008| housingblogs |
Comments (0) @ 16:14
- Report: HELOC Delinquencies Rising Rapidly
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From Bloomberg: Overdue Home-Equity Credit Lines Rise Most Since 1987, ABA Says Home-equity lines of credit at least 30 days past due rose 14 basis points to 1.1 percent of accounts for the quarter, the Washington-based group said today in a statement. Delinquent credit-card accounts increased 13 basis points to 4.51 percent, the highest level since 2006.
“People are looking for any source of…
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2 July, 2008| housingblogs |
Comments (0) @ 16:05
- This Isn’t An Aberrant Market, It Is The Market
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A report from Crains New York. “Manhattan’s residential real estate market frenzy is fizzling. The number of apartment sales fell during the second quarter from the year-ago period, according to reports released Wednesday by four major brokerages. Two of the firms also reported a sharp increase in inventory. The average apartment price hit $1.7 million during the second quarter, down 3% from the first quarter of 2008, according to Prudential Douglas Elliman.”
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2 July, 2008| housingblogs |
Comments (0) @ 15:34
- Catching Up With The Reality We Already Know
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The Press Democrat. “State law enforcement officials are investigating whether 70 investors, most from Sonoma County, were swindled when they put up $6.4 million for construction loans on Malibu land that may be undevelopable. Many of the same investors also contend they lost $3.5 million on four Sonoma County land deals brokered by the same Santa Rosa lender.”
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Original Source: thehousingbubbleblog.com
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2 July, 2008| housingblogs |
Comments (0) @ 15:26