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- "There is NO problem, and we are dealing with it"
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Stu says thanks!
From Stu: "I’d like to thank the 885 CR readers who have voted on my form so far. They were a tremendous resource whether complimenting me or challenging me to be better." Check out the 12 cartoons that made the cut: Stu’s Real Estate Cartoons…
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18 July, 2008| housingblogs |
Comments (0) @ 19:11
- My Adventures in Real Estate
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So I’ve decided to take a stab at real estate investing. I found a duplex for sale in Los Angeles. The property is a short sale. The owner bought it in November 2005 for $417,000. He put no money down and promptly took out what looks like another $60,000 in a home equity loan, most likely to remodel it. How he got a home equity loan on a property he had no equity in is beyond me. All the loans were supplied by Countrywide.
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Original Source: www.businessweek.com
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18 July, 2008| housingblogs |
Comments (0) @ 18:23
- Inflation - the warning signs are everywhere
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I feel like screaming, really I do. The complacency about inflation is nothing short of criminal.US Bonds slide on inflation concernsWhen bond prices go down, yields go up. The benchmark 10-year note yields are 4.09 percent; up from 3.93 percent. Inflationary expectations are rising, and long term interest rates are responding….
Original Source: ukhousebubble.blogspot.com
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18 July, 2008| housingblogs |
Comments (0) @ 17:56
- Employment Weakness: No Longer Contained?
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I just put a brief writeup about the June employment numbers up at voiceofsandiego.org. The following graph was featured:r…
Original Source: piggington.com
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18 July, 2008| housingblogs |
Comments (0) @ 16:40
- Employment Weakness: No Longer Contained?
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I just put a brief writeup about the June employment numbers up at voiceofsandiego.org. The following graph was featured:
r…
Original Source: piggington.com
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18 July, 2008| housingblogs |
Comments (0) @ 16:40
- Update: The $10 Trillion Man?
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Several years ago I predicted that the National Debt would reach $10 trillion by the time President Bush left office. For a short period (thanks to the housing bubble), it looked like the deficit would be less than I projected.
Now that the housing bust is hitting government revenues, it looks like the $10 trillion projection will be close.
The current National debt is $9.518 trillion (see…
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18 July, 2008| housingblogs |
Comments (0) @ 14:56
- When the old family home goes into foreclosure
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Some of you may remember Tim Mullaney, who worked for BW for a number of years and wrote some nice guest blogs for Hot Property. Tim has since moved on to bigger and better things–or different things, anyhow–and now has his own blog called It’s Only Temporary. The blog name, he says, comes from
Anyway, here’s one blog and h…
Original Source: www.businessweek.com
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18 July, 2008| housingblogs |
Comments (0) @ 14:25
- Fed’s Stern: Fed Can’t Wait for Crisis to End to Raise Rates
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From Bloomberg: Fed’s Stern Says Rate Rise Can’t Wait for Crisis End “We can’t wait until we clearly observe the financial markets at normal, the economy growing robustly, and so on and so forth, before we reverse course,” Stern, president of the Federal Reserve Bank of Minneapolis, said in an interview today.
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“We’re pretty well-positioned for the downside risks we might encounter from…
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18 July, 2008| housingblogs |
Comments (0) @ 14:06
- Aggravation Plantation
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Aggravation Plantation — Brown Brigade
Declining home values are a source of great aggravation to homeowners, but it is even more aggravating to the lenders. The lenders are the ones really losing in the deal. At one time, I had believed that the pain of loss might actually put and end to the crazy beliefs of kool aid intoxication. Unfortunately, since it the lenders who are enduring most of the pain, the general populace may continue to believe these crazy notions. The fact that the lenders are absorbing these losses rather than the people will create a massive moral hazard. All of the gains went to the individuals while all of the losses were absorbed by someone else. The seeds of the next bubble are being sown today. Perhaps the enablers at the lending institutions will not allow another bubble to be built, but I rather doubt it. Institutional memory is short, and as long as the infrastructure is in place without any significant regulatory reform, we will create another bubble as large and as painful as the one we have just witnessed. I suppose I am OK with that as long as I buy at the bottom and sell to some fool at the next peak……
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18 July, 2008| housingblogs |
Comments (0) @ 12:30
- Lay off my brother: Mozilo’s sister blogs in his defense
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No sooner had I taken another shot at Countrywide Financial than I saw …
Original Source: feeds.latimes.com
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18 July, 2008| housingblogs |
Comments (0) @ 11:56
- Falling Like Tears From A Tall Camel’s Eye
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It’s Friday desk clearing time for this blogger. “Marin’s condominium market matched Bay Area trends. The median price dropped 26 percent to $410,000 in June from $470,000 in May. ‘What you see in Marin is an adjustment, not a depreciation,’ said Margaret Deedy, a broker in Greenbrae. ‘It’s a market where your houses are not appreciating. They’re basically holding level.’”
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Original Source: thehousingbubbleblog.com
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18 July, 2008| housingblogs |
Comments (0) @ 11:48
- How bad were those Countrywide loans?
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Worth noting from today’s Wall Street Journal, a glimpse at just how bad the underwriting at Countrywide was in the company’s final years as an independent company:
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Original Source: feeds.latimes.com
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18 July, 2008| housingblogs |
Comments (0) @ 11:35
- Bankruptcy in Vegas, vacancy in the O.C.
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Both far afield, but both worth noting:Bankruptcy in Vegas — From the Review-Journal today: "In
one of the potentially largest bankruptcies in Nevada history, Lake Las
Vegas …
Original Source: feeds.latimes.com
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18 July, 2008| housingblogs |
Comments (0) @ 11:11
- Bankrupcty in Vegas, vacancy in the O.C.
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Both far afield, but both worth noting:Bankruptcy in Vegas — From the Review-Journal today: "In
one of the potentially largest bankruptcies in Nevada history, Lake Las
Vegas …
Original Source: feeds.latimes.com
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18 July, 2008| housingblogs |
Comments (0) @ 11:11
- Agency Mortgage-Bond Spreads Increase
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From Bloomberg: Agency Mortgage-Bond Spreads Rise as Freddie Mac Ponders Sales The difference between yields on Fannie Mae’s current- coupon, 30-year fixed-rate mortgage bonds and 10-year government notes widened 5 basis points to 206 basis points [a four-month high], according to data compiled by Bloomberg. This is still below the spread in March of 238 bps. The increase today is apparently due…
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18 July, 2008| housingblogs |
Comments (0) @ 10:47
- Today’s Slow Market “Is a Different Animal”
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From an article on home staging in the Puget Sound Business Journal:
For [Seattle home stager Jan] Sewell, who is also a Realtor with Windermere Real Estate and owner of her staging business since 1997, today’s market is unlike anything she has ever experienced.
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18 July, 2008| housingblogs |
Comments (0) @ 10:05
- Today’s Slow Market “Is a Different Animal”
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From an article on home staging in the Puget Sound Business Journal:
For [Seattle home stager Jan] Sewell, who is also a Realtor with Windermere Real Estate and owner of her staging business since 1997, today’s market is unlike anything she has ever experienced.
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18 July, 2008| housingblogs |
Comments (0) @ 10:05
- Freddie’s Fix Means Higher Mortgage Rates?
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Posted By:Diana OlickRaising capital is obviously the necessary move here, if they can, because if they can’t, then they’ll have to take the government up on its offer of cash, and that would come out of yours and my pockets. …
Original Source: www.cnbc.com
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18 July, 2008| housingblogs |
Comments (0) @ 9:14
- Freddie’s Fix Means Higher Mortgage Rates?
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Posted By:Diana OlickRaising capital is obviously the necessary move here, if they can, because if they can’t, then they’ll have to take the government up on its offer of cash, and that would come out of yours and my pockets. …
Original Source: www.cnbc.com
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18 July, 2008| housingblogs |
Comments (0) @ 9:14
- IndyMac Bank: Bank Failure, Long Lines, and a Real Home of Genius. Another Reason why IndyMac Bank Failed.
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It has been one week since Pasadena based IndyMac Bank was taken over by the FDIC. After the market closed on Friday, the FDIC had assumed control over the troubled institution which was the second largest bank failure in history with assets totaling $32 billion. Initially, since it had been a very long time since a bank of this size had collapsed, many did not know what to expect. Uncertainty was fueled over the weekend when people were unable to access their accounts. On their website, a FDIC page was posted telling customers that the bank was now under full control of the FDIC.
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18 July, 2008| housingblogs |
Comments (0) @ 9:06