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- It’s worse out there, chapter two
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A while back I bloviated that the housing collapse was not an equal-opportunity destroyer of value and would ultimately be &…
Original Source: feeds.latimes.com
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15 July, 2008| housingblogs |
Comments (0) @ 21:20
- [Subprime Truth In Lending] From A To Regulation Z
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The Federal Reserve finished crafting their subprime mortgage rules regarding Truth in Lending called Regulation Z. I am doubtful that this rule would have been updated if we weren’t experiencing the current mortgage market turmoil.
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Original Source: matrix.millersamuel.com
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15 July, 2008| housingblogs |
Comments (0) @ 21:01
- Phoenix Price Drops Accelerating
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From yesterday’s Arizona Republic: [Thanks L!]
Valley home prices continued their year-over-year plunge in April, dropping a record 18 percent as the impact of foreclosures and other economic factors exerted even greater influence, according to an ASU report issued Tuesday.
The Arizona State University Repeat Sales Index, which tracks repeat same-home sales, reported an "off-the-cliff drop" in home prices due in large part to foreclosures, which made up 20 percent to 30 percent of all April home sales.
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Original Source: housingdoom.com
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15 July, 2008| housingblogs |
Comments (0) @ 20:36
- Financial Times: Martinsa asks for creditor protection
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From the Financial Times: Martinsa asks for creditor protection (hat tip ratefink) One of Spain’s largest property companies yesterday filed for creditor protection owing €5bn ($7.9bn), spurring a Madrid stock market sell-off and forcing banks to admit to an initial €550m in related bad loan provisions. And from the WSJ: Global Economic Decline Appears to Be Spreading The rising risk of recession…
Original Source:
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15 July, 2008| housingblogs |
Comments (0) @ 18:28
- Libertarian presidential candidate Bob Barr on the Fannie and Freddie bailout
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Hopefully one day soon the GOP rediscovers their Libertarian voice. Until then, they’ll be out of power. Period.
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Original Source: housingpanic.blogspot.com
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15 July, 2008| housingblogs |
Comments (0) @ 17:35
- The "oops I really said that out loud?" John McCain Quote of the Day
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“Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today. And that’s a disgrace. It’s an absolute disgrace, and it’s got to be fixed.”…
Original Source: housingpanic.blogspot.com
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15 July, 2008| housingblogs |
Comments (0) @ 17:10
- Remember, it’s a wonderful life
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Even with all of the headlines out there, and with pretty much everything looking as black as it has been for a long time… we saw this coming, and we can see what’s on the other side.
It’s always blackest before the light. I don’t know exactly when the panic will end, but it always does, just like the euphoric mania that preceded it.…
Original Source: www.socalbubble.com
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15 July, 2008| housingblogs |
Comments (0) @ 17:06
- Remember, it’s a wonderful life
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Even with all of the headlines out there, and with pretty much everything looking as black as it has been for a long time… we saw this coming, and we can see what’s on the other side.
It’s always blackest before the light. I don’t know exactly when the panic will end, but it always does, just like the euphoric mania that preceded it.…
Original Source: www.socalbubble.com
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15 July, 2008| housingblogs |
Comments (0) @ 17:06
- Treasury seeking a "backstop" for Fannie and Freddie, not an imminent bailout
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CNN Money reports:Treasury Secretary Henry Paulson was hammered by lawmakers on Tuesday over the Bush administration’s plan to prop up mortgage finance giants Fannie Mae and Freddie Mac.Members of the Senate Banking Committee drilled into Paulson on a day when the shares of Fannie and Freddie were once again pummeled by investors….
Original Source: bubblemeter.blogspot.com
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15 July, 2008| housingblogs |
Comments (0) @ 16:21
- The Level Of Honesty Has Increased In California
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The Pasadena Star News reports from California. “Thousands of worried customers swarmed IndyMac Federal Bank FSB branches across the San Gabriel Valley on Monday. They came in response to a federal takeover of IndyMac Bancorp Inc. on Friday after regulators decided the bank did not have enough cash to meet its obligations to depositors.”
“With mud still fresh on his knees, 62-year-old landscaper Paul Lara of Pasadena searched for a bank worker to answer questions about withdrawing his certificate of deposit. ‘They said, ‘Don’t worry about your money,’ Lara said. ‘But of course I am worried about my money.’”
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Original Source: thehousingbubbleblog.com
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15 July, 2008| housingblogs |
Comments (0) @ 15:43
- Son of Countrywide
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Call it the Indymac massacre. It’s the second largest bank failure in US history. Many of the unfortunate souls who put their hard-earned dough in Indymac’s high-paying cds have been lining up in the hot sun to get their money out over the past two days. We all know the US government insures deposits up to $100,000. But apparently 10,000 folks chose to keep even more than that with them.
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Original Source: www.businessweek.com
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15 July, 2008| housingblogs |
Comments (0) @ 15:41
- Housing rebound: When to spot one
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This is already one of the worst national housing downturns in half a century. But what’s really scary is that judging from the still-huge overhang of unsold homes - one of the key indicators of the market’s prospects - things could get worse. In fact, much worse if the economy slips into recession.
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Original Source: rss.cnn.com
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15 July, 2008| housingblogs |
Comments (0) @ 15:00
- Northern Trust U.S. Economic Outlook Link
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The download for the July U.S. Economic Outlook from Northern Trust’s Paul Kasriel doesn’t seem to work. Here is the outlook: Base Case vs. Checkmate
Here are my comments earlier today….
Original Source:
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15 July, 2008| housingblogs |
Comments (0) @ 14:42
- Manhattan co-op boards rejecting Wall Street’s wealthy
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Buying a co-op in Manhattan is ridiculously expensive but still affordable for Wall Street employees whose large salaries and bonuses allow them to live a comfortable New York life.
But whether they’ll qualify to buy a co-op is another story.
The layoffs on Wall Street have spooked co-op boards and lenders who now see employees of investment banks and other financial institutions as risky prospects, according to T…
Original Source: www.businessweek.com
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15 July, 2008| housingblogs |
Comments (0) @ 14:18
- Manhattan co-op boards rejecting Wall Street’s wealthy
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Buying a co-op in Manhattan is ridiculously expensive but still affordable for Wall Street employees whose large salaries and bonuses allow them to live a comfortable New York life.
But whether they’ll qualify to buy a co-op is another story.
The layoffs on Wall Street have spooked co-op boards and lenders who now see employees of investment banks and other financial institutions as risky prospects, according to T…
Original Source: www.businessweek.com
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15 July, 2008| housingblogs |
Comments (0) @ 14:18
- Roubini on Bloomberg TV
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Video: Roubini on Bloomberg TV
Roubini provides a summary of his views "that this will turn out to be the worst financial crisis since the Great Depression and the worst US recession in decades …"
Here are a few of Roubini’s points:
This is by far the worst financial crisis since the Great Depression
Hundreds of small banks with massive exposure to real estate (the average small bank…
Original Source:
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15 July, 2008| housingblogs |
Comments (0) @ 13:47
- Forbes: Seattle 5th Best Market to Invest In
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Believe it or not, Matt Woolsey is still writing bullish real estate pieces for Forbes (some of his previous work). His latest gem: Top U.S. Real Estate Markets For Investment
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Original Source:
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15 July, 2008| housingblogs |
Comments (0) @ 13:32
- U.S. Bancorp CEO: Credit Losses Spreading to Commercial Customers
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A quote via Dow Jones (no link): "[A]lthough the majority" [of credit deterioration] "was driven by residential real estate, home building and related industries, the economic slowdown and rising commodity prices have had an impact on some of our commercial customers. Given these conditions, we anticipate that our nonperforming assets will continue to rise."
U.S. Bancorp Chief Executive Richard…
Original Source:
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15 July, 2008| housingblogs |
Comments (0) @ 13:29
- Ladies and Gentlemen, I give you The Worst President in the History of the United States
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Here’s Bush on Fannie, Freddie, the housing crash and gas prices.Idiot.Unqualified, incompetent, arrogant idiot.May future generations forgive us.
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Original Source: housingpanic.blogspot.com
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15 July, 2008| housingblogs |
Comments (0) @ 13:12
- Portland RMLS Market Action Report – June 2008
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The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for June 2008 was $289,000 this is a 2.0% decrease from the median sale price for June 2007.The Portland residential real estate market peaked in August 2007 with a median sale price of $300,000. Prices have now fallen 3.7% from that peak.Months of supply (total inventory/monthly sales) sits at 9.5 months compared to the 5.0 months of supply for the same month last year. A balanced market has about 7 months of supply….
Original Source:
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15 July, 2008| housingblogs |
Comments (0) @ 13:11