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- Fed: Housing Trouble through 2009
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Ben Bernanke reported to Congress that he expects turmoil in the housing and mortgage markets to continue through 2009 and has asked Congress for increased Federal Reserve powers to help address the market problems.
They’re still overly optimistic. The plain fact is that Option ARM resets are going to start crashing on the shores of the housing market with grave effect. Unless the government decides to offer wholesale debt forgiveness and cheap refinancing options to these note holders were going to be in for a lot of pain through 2012.
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8 July, 2008| housingblogs |
Comments (0) @ 23:13
- The Silent Victims of REALTOR® Decker
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There’s an excellent Union Tribune article yesterday regarding mortgage fraud. Looks like MSM is finally figuring out just how much of the real estate run up was fueled by fraud.Here’s one transaction mentioned in the Tribune:Last year, an Orange County man was rejected for a personal loan at his credit union. To his surprise, his credit report had been red-flagged because h…
Original Source: bubbletracking.blogspot.com
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8 July, 2008| housingblogs |
Comments (0) @ 21:56
- An Inexact And Unscientific Price Study
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June Sales and Future Median Prices
You’re going to hear it here first. Data Quick will be coming out with their sales figures for June in the next week but I’m going to try and beat them to the punch each month. I don’t know how my numbers are going to measure up in comparison with Data Quick’s far more detailed studies but I’m going to give it a shot. What I think will be very interesting is using pending sales to try and predict future median prices.
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Original Source: www.socalbubble.com
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8 July, 2008| housingblogs |
Comments (0) @ 18:08
- More Bad News for Malls: Steve & Barry’s BK
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From the WSJ: Steve & Barry’s Nears Bankruptcy Fast-growing retailer Steve & Barry’s is expected to file for Chapter 11 bankruptcy protection as early as Wednesday … A filing would be devastating to mall owners across the country, who ponied up hundreds of millions of dollars to attract Steve and Barry’s into huge, empty spaces often as large as 100,000 square feet. Potentially all of those 275…
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8 July, 2008| housingblogs |
Comments (0) @ 18:00
- Here’s a hilarious video from some "mortgage professionals" denying the housing bubble & crash, advising people to "stop listening to the doomsayers"
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Hmmmm.. maybe we’re seeing a new tact from the REIC - just deny, deny, deny. I give them credit though for somehow producing charts that somehow manage to not show the crash. That takes some real skill (or bad numbers). But they’re pretty. Too bad reality isn’t so pretty. Feel free to send them a nice note here
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Original Source: housingpanic.blogspot.com
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8 July, 2008| housingblogs |
Comments (0) @ 17:08
- Bill O’Reilly asks "Is America a nation in decline?" and then blames the media and liberals for this economic disaster
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You know, at this point I hope people are just laughing at the likes of Bill O’Reilly, Sean Hannity and Larry Kudlow. I actually enjoy listening to them from time to time - always good entertainment, which is all it is.Meanwhile, as his listeners suffer, Rush laughs all the way to the bank.Oh, enjoy this classic one of O…
Original Source: housingpanic.blogspot.com
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8 July, 2008| housingblogs |
Comments (0) @ 17:02
- Déjà vu
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July 8, 2008, via Housing Wire:According to a press statement released late Tuesday, Northbrook, Ill.-based Prospect Mortgage has signed an agreement to acquire more than 60 branch offices nationwide and 750 of Indymac’s retail employees, including loan officers. Terms of the deal were not disclosed.
The employees will become Prospect mortgage employees, with the branches being renamed, the…
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8 July, 2008| housingblogs |
Comments (0) @ 16:44
- Gross mortgage lending - crash or recovery?
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The council of mortgage lenders have just put out their latest gross lending numbers for May. The CML took some comfort from the monthly change. Lending for house purchases increased marginally from April to May. The number of loans stood at 52 thousand, which was about 4 percent higher than April. In terms of value, lending was about 2 percent up in May relative to the previous month. …
Original Source: ukhousebubble.blogspot.com
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8 July, 2008| housingblogs |
Comments (0) @ 15:43
- Prices Are Coming Down Across The Board In California
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The Union Tribune reports from California. “Bank of America CEO Kenneth D. Lewis yesterday called on the lending industry to avoid foreclosure whenever possible ‘to help borrowers manage through the current crisis.’ Now it’s time for the lending industry to ‘return to a more disciplined view of risk standards that will protect everyone from a repetition of what we are going through today,’ Lewis said.”
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Original Source: thehousingbubbleblog.com
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8 July, 2008| housingblogs |
Comments (0) @ 15:36
- A two for one deal
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How many times have I posted the Bradford and Bingley share price? However many times it might be, it is always worth posting it one more time. The bank is a poster child for everything that is wrong with the UK financial sector….
Original Source: ukhousebubble.blogspot.com
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8 July, 2008| housingblogs |
Comments (0) @ 15:26
- Livid discussion about Buyer/Seller reality over at Jamie’s Blog
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Just wanted to point out the very vivid discussion that’s been going on today over at the Sun’s Real Estate Wonk Blog. The topic is on the current standoff going on between buyers and sellers, especially it seems in the city. Looks like some folks that have bad expectations are going to be sorely upset as they are not going to make a fortune in real estate. I know it’s hard for sellers to get this but the mindset has changed, the tools of the buyer are empowering them not you and unless your at 2003 pri…
Original Source: bubblemore.blogspot.com
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8 July, 2008| housingblogs |
Comments (0) @ 14:40
- Livid discussion about Buyer/Seller reality over at Jamie’s Blog
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Just wanted to point out the very vivid discussion that’s been going on today over at the Sun’s Real Estate Wonk Blog. The topic is on the current standoff going on between buyers and sellers, especially it seems in the city. Looks like some folks that have bad expectations are going to be sorely upset as they are not going to make a fortune in real estate. I know it’s hard for sellers to get this but the mindset has changed, the tools of the buyer are empowering them not you and unless your at 2003 pri…
Original Source: bubblemore.blogspot.com
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8 July, 2008| housingblogs |
Comments (0) @ 14:40
- BBC: UK Recession Looming
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From the BBC: Recession ‘looming’ for UK firms The UK is facing a serious risk of recession within months, the findings of a survey of almost 5,000 small, medium and large businesses suggest.
The British Chambers of Commerce’s (BCC) quarterly report found the credit crunch and rising costs had dented the most important sectors of the economy.
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Firms in the manufacturing and services sector…
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8 July, 2008| housingblogs |
Comments (0) @ 14:25
- Big price cuts in Malibu, Manhattan Beach
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Meaningless anecdotes or tips of a trend? Your call.Malibu: M…
Original Source: feeds.latimes.com
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8 July, 2008| housingblogs |
Comments (0) @ 14:10
- Paulson: Many foreclosures "not preventable"
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It’s not usually news when someone states an obvious truth, but if you haven’t noticed, stating the obvious is often considered risky behavior in Washington.That said, I felt this worth of passing along, f…
Original Source: feeds.latimes.com
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8 July, 2008| housingblogs |
Comments (0) @ 13:36
- Iavarone’s expands in Woodbury
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Specialty foods provider Iavarone Bros. Foods has signed a lease for a new, 6,000 square-foot store in Woodbury.
IBF’s newest market, located in the Woodbury Village Center at South Woods Road and Jericho Turnpike replaces the firm’s smaller Huntington store. The Woodbury outlet, scheduled to open next spring, will be the second largest of Iavarone’s four Long Island stores.
Design work is in progress on the new store with an estimated build-out cost between $250 and $300 per square foot. Seems like a lot of cabbage to hang some salamis, but chief executive Pat Iavarone said the energy-efficient store will feature the latest customer-friendly conveniences.
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Original Source: spacedoutli.wordpress.com
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8 July, 2008| housingblogs |
Comments (0) @ 13:24
- Southampton share nightmare
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Southampton police and public safety code enforcers found 80 people living in illegal makeshift quarters in two homes on Saturday.
Search warrants allowed fire marshals and code inspectors to uncover 49 occupants in and around a house at 770 Montauk Highway in Quogue, according to a statement from Southampton Supervisor Linda Kabot.
Kabot said that several of the rooms, both upstairs and down, as well as the garage, were converted to bedrooms without permits.
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Original Source: spacedoutli.wordpress.com
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8 July, 2008| housingblogs |
Comments (0) @ 13:24
- Permit approvals overnight
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Not really, but it sure got your attention.
LIBN will soon launch a new series called Permit Chase, where we track a few as-of-right commercial projects from date of application to the green light to break ground.
Architects getting ready to start the approvals process for new construction on Long Island should contact us at david.winzelberg@libn.com
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Original Source: spacedoutli.wordpress.com
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8 July, 2008| housingblogs |
Comments (0) @ 13:24
- Is It Your Typee?
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Type - Living Colour
The distress that used to be concentrated at the low end of the market is starting to show in more expensive properties. On Friday, we profiled Heroes of the Potomac a property that went for almost $1,000,000 at the peak. Today’s featured property is a large, five-bedroom home in Northwood. It is REO, and it is sold at auction for almost 20% less than its 2004 purchase price.
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8 July, 2008| housingblogs |
Comments (0) @ 12:30
- Mortgage insurers face tough road
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As the market debates the underlying health of Freddie Mac and Fannie Mae, another important corner of the housing market is getting squeezed.
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Original Source: money.cnn.com
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8 July, 2008| housingblogs |
Comments (0) @ 12:08