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- Cramer: Freddie Mac and Fannie Mae Are “Technically Insolvent”
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From Cramer’s "Stop Trading" yesterday.
Freddie Mac & Fannie Mae are “technically insolvent – and everybody knows it”.Cramer also said, "I don’t think that America is as concerned as it should be….
Original Source: housingdoom.com
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9 July, 2008| housingblogs |
Comments (0) @ 22:44
- Poole: Fannie, Freddie "Insolvent"
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From Bloomberg: Fannie Mae, Freddie Losses Make Them `Insolvent,’ Poole Says (hat tip Dwight) Chances are increasing that the U.S. may need to bail out Fannie Mae and the smaller Freddie Mac, former St. Louis Federal Reserve President William Poole said in an interview. Freddie Mac owed $5.2 billion more than its assets were worth in the first quarter, making it insolvent under fair value…
Original Source:
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9 July, 2008| housingblogs |
Comments (0) @ 21:23
- Too little too late
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“It’s a bit like closing the barn door after the horse has already run down the road.” Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc., on today’s announcement from the Government of Canada.The new regulations certainly won’t hurt the impending housing collapse….
Original Source: victoriastruth.blogspot.com
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9 July, 2008| housingblogs |
Comments (0) @ 19:33
- JPMorgan CEO Jamie Dimon with Charlie Rose
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A conversation with Jamie Dimon (Part I): (hat tip Dave)
Note: this is long but worth the time.
A continued conversation with Jamie Dimon (Part II) NOTE: Dimon starts at 43+ minutes into the 2nd video:…
Original Source:
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9 July, 2008| housingblogs |
Comments (0) @ 18:20
- Fancy becoming an operational delivery operative
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There is one thing I love about the UK civil service; it is the numbers. They count everything, banana prices in Birmingham, fuel duty revenues, or mortgage approvals. Without the bean counters, this blog simply could not exist.Today, the ONS produced another great set of numbers - the civil service headcount. As of September 30th, there were 488,930 on the payroll. In a population of almost 60 million, the number doesn’t sound too excessive. However, that number does not include the huge army of social workers, teachers and nurses who count as public sector employees rather than civil servants….
Original Source: ukhousebubble.blogspot.com
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9 July, 2008| housingblogs |
Comments (0) @ 16:11
- Hotel Vacancies Rising
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Yesterday we focused on strip malls, and the probable impact on malls of the imminent Steve & Barry’s BK (now official). For more on the impacts on malls, see this story from MarketWatch: Steve & Barry bankruptcy further pressures malls
Lets look at lodging today. A Goldman Sachs research note out this afternoon mentioned that the average US hotel occupancy rate over the last four weeks was…
Original Source:
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9 July, 2008| housingblogs |
Comments (0) @ 15:42
- Nobody Thinks It’s A Real Recovery In California
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USA Today reports from California. “Ramona Garcia of Corona, Calif., says she did everything she could to ease the effects of her foreclosure on her young children. Garcia and her husband, Dominic, both real estate agents, saw their business crash as the local housing market toppled. The family struggled to pay their mortgage and moved to a rental after losing their home to foreclosure in November.”
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Original Source: thehousingbubbleblog.com
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9 July, 2008| housingblogs |
Comments (0) @ 15:40
- The Psychology of Ben Bernanke: The Great Depression was caused by the Federal Reserve. Was he Talking About the current Great Depression that is Sprouting Under his Watch? Lessons From the Great Depression: Part XIII. The Federal Reserve.
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Federal Reserve Chairman Ben Bernanke this week once again mentioned that the Federal Reserve was “strongly committed” to financial stability and is considering options like keeping the lending facilities open to primary dealers. In short, they are going to continue to bailout banks and Wall Street firms while Americans get the shaft. This is an important statement and the futures markets are now tenuous of any rate rises this year. After all, we are now firmly in a bear market with the three big index players, the DOW, S&P 500, and NASDAQ down 20+% from their recent peaks.
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9 July, 2008| housingblogs |
Comments (0) @ 15:17
- Ben Bernanke: The Great Depression was caused by the Federal Reserve. Was he Talking About the current Great Depression that is Sprouting Under his Watch? Lessons From the Great Depression: Part XIII. The Federal Reserve.
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Federal Reserve Chairman Ben Bernanke this week once again mentioned that the Federal Reserve was “strongly committed” to financial stability and is considering options like keeping the lending facilities open to primary dealers. In short, they are going to continue to bailout banks and Wall Street firms while Americans get the shaft. This is an important statement and the futures markets are now tenuous of any rate rises this year. After all, we are now firmly in a bear market with the three big index players, the DOW, S&P 500, and NASDAQ down 20+% from their recent peaks.
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Original Source:
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9 July, 2008| housingblogs |
Comments (0) @ 15:17
- One million houses have become rentals
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With the housing market in the tank, demand for rental units is increasing. But it looks like the supply of apartments also is rising quickly despite little new apartment construction.
According to a new report from Goldman Sachs’ U.S. Economic Research Group, about 1 million for-sale units were converted to rentals during the past two years (These are existing for-sale properties that are now being rented out, not new rental units). The new supply of rentals has so far kept rent inflation in check.
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Original Source: www.businessweek.com
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9 July, 2008| housingblogs |
Comments (0) @ 15:10
- One million houses have became rentals
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With the housing market in the tank, demand for rental units is increasing. But it looks like the supply of apartments also is rising quickly despite little new apartment construction.
According to a new report from Goldman Sachs’ U.S. Economic Research Group, about 1 million for-sale units were converted to rentals during the past two years (These are existing for-sale properties that are now being rented out, not new rental units). The new supply of rentals has so far kept rent inflation in check.
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Original Source: www.businessweek.com
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9 July, 2008| housingblogs |
Comments (0) @ 15:10
- In Fontana, foreclosure discounts hit 50%
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Every few weeks I put together a photo gallery of foreclosed houses for sale, and I just put up another one at LATimes.com — …
Original Source: feeds.latimes.com
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9 July, 2008| housingblogs |
Comments (0) @ 14:04
- Fannie and Freddie: Thinking the Unthinkable
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From Fortune: The Fannie and Freddie doomsday scenario Here’s a scary, and relevant, question to ponder as the housing market continues to slide: What would it take for the government to step in and help Fannie Mae and Freddie Mac, and how would a rescue affect you, the taxpayer? Although S&P argues it is unlikely that either Fannie or Freddie will fail, one thing is pretty certain - there is no…
Original Source:
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9 July, 2008| housingblogs |
Comments (0) @ 13:52
- Freddie Mac shares plunge to $10
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Freddie Mac shares tanked 23% on fears that the GSE will need to raise more capital. The GSEs have been on a roller coaster on the stock market over the last few days as concerns about capital requirements have investors panicked about the future of the two massive mortgage buyers.
Is it just me or is it super-spooky watching two massive government entities that hold trillions in mortgage debt go through the same gyrations as Countrywide, IndyMac and New Century did in their final days? I’m just saying….
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Original Source:
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9 July, 2008| housingblogs |
Comments (0) @ 13:32
- Freddie Mac shares plung to $10
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Freddie Mac shares tanked 23% on fears that the GSE will need to raise more capital. The GSEs have been on a roller coaster on the stock market over the last few days as concerns about capital requirements have investors panicked about the future of the two massive mortgage buyers.
Is it just me or is it super-spooky watching two massive government entities that hold trillions in mortgage debt go through the same gyrations as Countrywide, IndyMac and New Century did in their final days? I’m just saying….
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Original Source:
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9 July, 2008| housingblogs |
Comments (0) @ 13:32
- Affordable housing for Bay Shore
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The Town of Islip will hold a hearing next week on a change of zone to build affordable housing on a vacant site once slated to become an aquarium in Bay Shore.
Owned by the Islip Community Development Agency, the 2.5-acre property, now zoned for business, has languished for 10 years. But the town has partnered with the Long Island Housing Partnership and wants to build 40 units of workforce and affordable housing there.
J…
Original Source: spacedoutli.wordpress.com
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9 July, 2008| housingblogs |
Comments (0) @ 13:06
- Barbara Corcoran: The American Dream Ends
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I think she is still too optimistic on pricing, but her comments are interesting. Here is the story: Why This Housing Bust Is Worst Ever: The American Dream Ends…
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9 July, 2008| housingblogs |
Comments (0) @ 12:56
- Foreclosure blight now subject to $1,000 fines
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Effective yesterday, local governments in California have the authority to levy fines of up to $1,000 per day against banks and lenders who fail to maintain foreclosed properties. Will governments enforce the law? Good question. Politicians certainly complain about the blight of foreclosure and how it hurts neighborhoods. Now it is their turn to prevent said blight.
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Original Source: feeds.latimes.com
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9 July, 2008| housingblogs |
Comments (0) @ 12:44
- Options, Options, Options
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Failure’s Not An Option — Chamillionaire
The old adage in real estate is location, location, location. During the Great Housing Bubble, location and quality really didn’t matter much. It all came down to financing and the options it created. 100% financing gave all buyers a “Call” option on real estate. If the price went up, they got to keep all the money, and if it went down, the losses were passed on to the lender. 100% refinancing gave all owners a “Put” option on real estate. If the property went down in value, they had already extracted all their equity, so again the risk was passed on to the lender. Of course, the real bonanza for speculators was the Option ARM. This gave speculators a way to drastically reduce the carrying costs on their speculative investment. Many could even rent the property out for positive cashflow, particularly if they used a 1% teaser rate like today’s speculator. With all the incentives favoring speculative betting in the housing market, it is really any wonder people got a bit carried away? Is it any wonder lenders are now expected to lose $1,600,000,000,000? (That is $1.6 Trillion.)…
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9 July, 2008| housingblogs |
Comments (0) @ 12:32
- 2008 Street of Dreams – Déjà vu
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Home builders at the 2007 Street of Dreams still can’t unload their McMansions and some have decided not to build spec homes for this years showcase but one builder decided he would try to build a $2.95 million 11,000 sq ft home. I’m going to guess it will sell for under 2 million.From KGW:For the first time in eight years area home builders are returning to Portland for it’s 33rd show.D…
Original Source:
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9 July, 2008| housingblogs |
Comments (0) @ 12:25