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- Office Depot Warns
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Press Release: Office Depot Issues Second Quarter Preliminary Outlook Office Depot … announced today that it continued to be negatively impacted by the challenging economic environment in the second quarter of 2008.
As a result of additional pressure from weakening business conditions in the second quarter, North American Retail same store sales decreased nearly 10 percent versus the prior…
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7 July, 2008| housingblogs |
Comments (0) @ 23:00
- Housing Future: How the American Public Will be the Proud Owner of Toxic Mortgages and Unwanted Housing. A 4 Step Program.
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Hope everyone had a great 4th of July and took a break from the torrent of bad economic news coming at us like a flock of seagulls chasing a half open bag of Doritos. Now that we’ve enjoyed our minor respite it is back to the grim reality that equity in homes, once the bastion of the consumption machine is no longer there like a skyrocket bursting in air. The market on Monday reflected the absolute uncertainty and tentativeness of investors trying to figure out what in the world is going on. Initially, the DOW shot up 100 points then quickly reversed downward by 160 points, and closed the day down 56 points.
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7 July, 2008| housingblogs |
Comments (0) @ 22:31
- Since it was Rumor Monday …
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From Andrew Sorkin at the NY Times: Psst! Hear the Rumor of the Day? “I will hurt the shorts, and that is my goal,” [Lehman CEO] Richard S. Fuld Jr. fumed. Hey, every time I hear a CEO complain about the "shorts", I think the CEO must have better things to do! Talk that Barclays was buying even reached Lehman’s trading desks, where the rumor whipped around the office and then reverberated across…
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7 July, 2008| housingblogs |
Comments (0) @ 22:17
- [GSE Flat] Reality Sets In For Those Wide Knobby Tires
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Real estate -> territorial -> turf -> self-preservation -> wide knobby bike tires
Ok, so the timeline doesn’t work, but hear me out. I used to fix my own flat tires, now I rely on the bike shop so I don’t have to get dirty.
As I have mentioned on more than one occasion, government on a federal level seems unable to ease the credit/housing market pain. Congress can’t seem to move forward with housing relief in any meaningful way. The Federal Reserve missed the signs of growing housing stress and took action too little too late. The GSEs seemed to be part of the problem as enablers of poor lending practices (made painfully apparent …
Original Source: matrix.millersamuel.com
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7 July, 2008| housingblogs |
Comments (0) @ 21:43
- L.A. listing prices drop $4K, now down $154K from peak
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Median listing prices in Los Angeles County dropped by another $4,000 over the past week, according to Housing Tracker’s weekly analysis of MLS listings, and have now fallen $154,000, or 26.7%, from their April 2006 peak….
Original Source: feeds.latimes.com
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7 July, 2008| housingblogs |
Comments (0) @ 20:15
- Asking Prices and Inventory updated 2008-07-07
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DateCity/MetroStateInventoryMedianAsking Price
2008-07-07AlbuquerqueNew Mexico6835$249900
2008-07-07AtlantaGeorgia114771$218700
2008-07-07Austin…
Original Source: www.housingtracker.net
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7 July, 2008| housingblogs |
Comments (0) @ 18:02
- Another manufacturing recession
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Manufacturing is heading for another downturn. Production data for May shows the manufacturing falling.It is questionable whether this reversal matters much. Manufacturing now employs about one person in ten. Moreover, in the last 5 years, manufacturing has gone through at least two extended downturns. Even before the Summer credit crunch, manufacturing w…
Original Source: ukhousebubble.blogspot.com
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7 July, 2008| housingblogs |
Comments (0) @ 16:57
- Lehman Brothers and McAllister Ranch
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Last week I linked to a Fortune story: How Lehman lost its way
Here is a video of Roddy Boyd, one of the Fortune story authors, talking about Lehman’s McAllister Ranch investment (2 min 11 sec) "a 21st Century Ghost Town", "a whole new fleet of golf carts" ……
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7 July, 2008| housingblogs |
Comments (0) @ 16:19
- Housing rescue advances in Senate
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Read full story for latest details.
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Original Source: money.cnn.com
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7 July, 2008| housingblogs |
Comments (0) @ 16:07
- St. Louis Fed: Home Price Drop Necessary
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From the AFP:
Fed study says home price drop ‘necessary’
Large-scale government intervention in the US housing crisis would be counterproductive and prevent a “necessary” correction in home prices, according to a Federal Reserve study released Monday.
The study by economist William Emmons of the St. Louis Fed concluded that “government interventions directly in housing or mortgage markets are not necessarily the best policy responses.”
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Original Source: njrereport.com
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7 July, 2008| housingblogs |
Comments (0) @ 15:11
- The Bubble Had To Burst Some Time In California
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The Sacramento Bee reports from California. “There was a time when all that Sacramento County Sheriff’s Deputy Mark Habecker knew about mortgages was his own monthly payment. He had never heard of subprime loans or the term ‘cash for keys.’ The deputy could count on one hand the times he’d evicted homeowners. Then came the housing crisis. Now, Habecker converses smartly about adjustable-rate mortgages.”
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Original Source: thehousingbubbleblog.com
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7 July, 2008| housingblogs |
Comments (0) @ 14:51
- I’m back… I see toxic lender IndyMac is toast, laying off 1/2 their staff, and Fannie and Freddie are likely insolvent. So what else did I miss?
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Ho-hum, another day, another corrupt housing-bubble-company meltdown. Or two. Or three. Or more.The Great Unwinding. See it live. Right before your eyes. Every day. For a long, long time to come….
Original Source: housingpanic.blogspot.com
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7 July, 2008| housingblogs |
Comments (0) @ 14:46
- I’m back… I see IndyMac looks to be done, laying off 1/2 their staff, and Fannie and Freddie are likely insolvent. So what else did I miss?
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Ho-hum, another day, another housing-crash meltdown. Or two. Or three. Or more.The Great Unwinding. See it live. Right before your eyes. Every day. For a long, long time to come.
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Original Source: housingpanic.blogspot.com
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7 July, 2008| housingblogs |
Comments (0) @ 14:46
- Indy Mac stops taking loans…..the ALT-A meltdown begins
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As we start the 3rd Quarter, I’m sure your happy realtor has been telling you the subprime crisis is over and that you need to buy because in Baltimore everything goes up forever because everyone is rich with excellent credit.It does not matter that price went up over 100% in 5 years…we all are rolling in the dough.Indymac halt retail and wholesale loans. (h…
Original Source: bubblemore.blogspot.com
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7 July, 2008| housingblogs |
Comments (0) @ 14:34
- Indy Mac stops taking loans…..the ALT-A meltdown begins
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As we start the 3rd Quarter, I’m sure your happy realtor has been telling you the subprime crisis is over and that you need to buy because in Baltimore everything goes up forever because everyone is rich with excellent credit.It does not matter that price went up over 100% in 5 years…we all are rolling in the dough.Indymac halt retail and wholesale loans. (h…
Original Source: bubblemore.blogspot.com
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7 July, 2008| housingblogs |
Comments (0) @ 14:34
- Update: Indymac now No. 265 on Implode-O-Meter site
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The Mortgage Lender Implode-O-Meter website has been all over the Indymac story today, with numerous updates about the company’s new plan to exit the mortgage lending business and slash 53% of its jobs. Here’s a headline you won’t see in tomorrow’s papers: under the Implode-O-Meter’s criteria, Indymac has now officially imploded. It is now No. 265 on the blog’s list of imploding mortgage companies, which you can v…
Original Source: feeds.latimes.com
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7 July, 2008| housingblogs |
Comments (0) @ 14:31
- Update: Indymac now number 265 on Implode-O-Meter site
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The Mortgage Lender Implode-O-Meter website has been all over the Indymac story today, with numerous updates about the company’s new plan to exit the mortgage lending business and slash 60% of its jobs. Here’s a headline you won’t see in tomorrow’s papers: under the Implode-O-Meter’s criteria, Indymac has now officially imploded. It is now number 265 on the blog’s list of imploding mortgage companies, which you can v…
Original Source: feeds.latimes.com
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7 July, 2008| housingblogs |
Comments (0) @ 14:31
- Indymac: Number 265 on blog’s list of imploding lenders
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The Mortgage Lender Implode-O-Meter blog has been all over the Indymac story today, with numerous updates about the company’s new plan to exit the mortgage lending business and slash 60% of its jobs. Here’s a headline you won’t see in tomorrow’s papers: under the Implode-O-Meter’s criteria, Indymac has now officially imploded. It is now number 265 on the blog’s list of imploding mortgage companies, which you can v…
Original Source: feeds.latimes.com
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7 July, 2008| housingblogs |
Comments (0) @ 14:31
- HousingWire: Fannie, Freddie Socked by Investor Paranoia
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Paul Jackson at HousingWire looks at the Lehman analyst report on Fannie and Freddie today: Fannie, Freddie Socked by Investor Paranoia Some of HW’s sources on Monday accused Lehman of “factless fear stoking” in discussing the analysis in the report.
“Given the scrutiny the markets are under, Fannie and Freddie in particular, it’s irresponsible to put something like this out without having…
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7 July, 2008| housingblogs |
Comments (0) @ 14:28
- IndyMac cuts work force by half
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Read full story for latest details.
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Original Source: money.cnn.com
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7 July, 2008| housingblogs |
Comments (0) @ 14:18