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- The Lords of Money Speak: Even the Prime Will Fall. Lessons From the Great Depression Part XV. The King JPMorgan Speaks.
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When the House of Morgan speaks, people listen. There are very few banks that carry an aurora of royalty like that of JPMorgan. Unlike our brethren in Europe or Asia, long historical banks or families simply do not exist in our nation’s short history. The life of American financier, bankers, and art collector John Pierpont Morgan with the ability to merge Edison General Electric and Thompson-Houston Electric into the mega conglomerate General Electric, is one of great historical reference and study.
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19 July, 2008| housingblogs |
Comments (0) @ 21:11
- Pyramid of Greed
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I’ve been reading a lot of articles on the Web these days with different groups blaming each other for the collapse of the housing market. It’s annoying. The housing collapse and credit crunch are too big and too wide-reaching for it just to be the fault of one group. There was greed at all levels of what I’m terming the Pyramid of Greed.
From home owners maxing out their cash-out refis to real estate agents encouraging buyers to “stretch” to mortgage brokers manipulating W2’s the greed went up and up and up right to the office of the President.
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19 July, 2008| housingblogs |
Comments (0) @ 21:02
- Freddie Mac CEO made $20 million last year
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Dick Syron, Freddie Mac chairman and CEO took home nearly $20 million last year and can take home another $20 million this year reports the Associated Press. This for the man that has guided Freddie Mac’s stock to it’s lowest point since 1991 and presided over a $3 billion net loss for the company in 2007.
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19 July, 2008| housingblogs |
Comments (0) @ 19:36
- The Accidental Landlord
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This NY Times article, Landlords, if Only by Accident, is somewhat of an advice column for novice landlords. But what is interesting is the two accidental landlords mentioned in the article. Mr. Vallance … bought [a] house about six years ago for $270,000 but has since decided he prefers the city to the suburbs. Selling it now isn’t the best option. “Maybe I could get $340,000, but four years…
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19 July, 2008| housingblogs |
Comments (0) @ 18:47
- Horrible, horrible, horrible
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Where did all this nastiness come from? Moribund credit, excessive personal debt, and a commercial property crash; isn’t there any good news out there? Well, some people believe that rents are increasing at double digit rates.UK economy heads for ‘horror movie’”Britain is facing an “economic horror movie” because of a “toxic mixture” of a moribund credit market and volatile oil prices.” The Ernst & Young forecasting group predicts 1.5 percent growth this year, slowing to 1 percent in 2009; while consumer spending will slow to a standstill. The UK will be lucky to attain these anemic growth rates….
Original Source: ukhousebubble.blogspot.com
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19 July, 2008| housingblogs |
Comments (0) @ 18:12
- Citi: House prices could fall for another two years
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Citigroup chairman Win Bishcoff said that housing prices in the US and Britain could fall for another two years before leveling off. It sounds nice, but it’s wrong. House prices are going to continue falling for long than two years - especially in highly-speculative areas like California, Florida and Nevada. The reason? Option ARM and Alt-A loan resets that start to kick-in in earnest around 2010. See below graph.
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19 July, 2008| housingblogs |
Comments (0) @ 17:50
- Daily Show: It’s the Stupid Economy
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Jon Stewart’s take on the economy….
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19 July, 2008| housingblogs |
Comments (0) @ 15:54
- U.K. Economic "Horror Movie"
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A few stories from across the pond …
From The Times: UK economy heads for ‘horror movie’ BRITAIN is facing an “economic horror movie” because of a “toxic mixture” of a moribund credit market and volatile oil prices, according to a leading forecasting group.
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Peter Spencer, chief economist at the Item club, said: “Both on the high street and in the housing market it is going to get a great…
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19 July, 2008| housingblogs |
Comments (0) @ 14:49
- Open Thread 7-19-2008
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Three weeks ago in the open thread of 6-28-2008, I suggested that maybe oil would top and the market would bottom. It is too early to tell if this weeks market action saw both of those occurences, but both of these markets have certainly put in a short-term top and bottom. Only time will tell if it lasts longer. Calculated Risk had an i…
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19 July, 2008| housingblogs |
Comments (0) @ 12:30
- A Spectacular Downward Spiral In California
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ABC 7 News reports from California. “More than 1,600 foreclosure notices went out in the Bay Area in the first quarter of this year and a quarter of them came from Contra Costa County. That’s a 140 percent increase in foreclosure activity in just one year. Misery had a lot of company on a Friday night in Antioch, where homeowners tried to negotiate their way out of foreclosure and keep a roof over their heads.”
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Original Source: thehousingbubbleblog.com
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19 July, 2008| housingblogs |
Comments (0) @ 11:28
- The Foreclosure Bus Tour Arrives In Portland
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From the Oregonian:The foreclosure bus tour will soon roll through Portland. The tour of broken dreams has cropped up in other cities hit hard by the U.S. housing downturn and it was just a matter of time before it came to town. (Just try a Google search to see how fast the bus tour has spread.)C…
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19 July, 2008| housingblogs |
Comments (0) @ 11:22
- Financial Times: US builders forced to sell off holdings
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From the Financial Times: US builders forced to sell off holdings (Hat tip Terry) Demand for new homes on the outskirts of US towns has fallen spectacularly in the last three years, while foreclosures and speculative building have created a far greater supply of homes than there are buyers. At the same time, soaring fuel costs have made the long commute to work that much less attractive.
The…
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19 July, 2008| housingblogs |
Comments (0) @ 8:42
- Mayor Bloomberg: Worst of Slowdown Hasn’t Hit NYC, Yet
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19 July, 2008| housingblogs |
Comments (0) @ 7:49
- Erin Currier Poster signing at the Fiestas!
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The Taos Fiestas have always been a highlight for citizens and visitors of Taos. Parades, great food, and the traditional crowning of the years Fiesta Queen have all become key elements of this annual, three day long, celebration. For Erin Currier enthusiasts, this weekend offers yet another point of interest.
Erin Currier will be signing posters of her Fiesta Queens portraits in the plaza on Fiesta Saturday; from 11am to 3 pm. Posters are priced at $20 each. Profits from the sale of these posters are donated to the Fiesta Queens Scholarship Fund and one other organization chosen each year by Erin….
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19 July, 2008| housingblogs |
Comments (0) @ 7:36
- Barack Obama, John McCain, and Fannie and Freddie
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The recent troubles for Fannie Mae and Freddie Mac have raised the possibility that perhaps these quasi-public financial giants have grown too big for anybody’s good. H…
Original Source: feeds.latimes.com
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19 July, 2008| housingblogs |
Comments (0) @ 7:29
- Obama, McCain and Fannie and Freddie
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The recent troubles for Fannie Mae and Freddie Mac have raised the possibility that perhaps these quasi-public financial giants have grown too big for anybody’s good. H…
Original Source: feeds.latimes.com
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19 July, 2008| housingblogs |
Comments (0) @ 7:29
- Throwing Good Money After Bad?
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Readers suggested a topic on the possible future of the housing market. “Instead of just timing the bottom, let’s map it out. Will there be more or less regulation? Heads rolling at the Fed? RTC 2.0? Unrest in the suburbs threatening the gentrified city core and art district riverside lofts nearby?”
One posted. “Will we see an acceleration in the decline of prices once the FDIC begins taking over multiple financial institutions? My understanding is that in the past they generally have moved to dump properties relatively aggressively.”
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Original Source: thehousingbubbleblog.com
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19 July, 2008| housingblogs |
Comments (0) @ 7:13
- Canada: A Sign Of Things To Come
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Canadian real estate reporters have it easy these days. All they need to do is Google the "we won’t bust here" stories from the U.S., then insert their favorite northern city.
A few weeks ago we noted that the Vancouver Sun was recycling spin from south of the border. T…
Original Source: housingdoom.com
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19 July, 2008| housingblogs |
Comments (0) @ 6:22
- [In The Media] Bloomberg TV - On The Economy Housing Starts And Fits
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Thursday I was on with Kathleen Hays at Bloomberg News, one of the best business anchors on television, to talk about housing starts. I was joined by Beth Pierce, of the California Association of Realtors (CAR) and owner of her own brokerage and mortgage companies. I thought she provided refreshing candor.
At one point I was asked a question about the change in NYC building codes and how it accounted for the surge in starts which helped skew the national numbers. I experienced a s…
Original Source: matrix.millersamuel.com
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19 July, 2008| housingblogs |
Comments (0) @ 6:07
- Development’s Bankruptcy May Be Largest In Nevada History
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The bad news from Las Vegas just keeps coming:
In one of the potentially largest bankruptcies in Nevada history, Lake Las Vegas, a 3,592-acre residential and resort development in Henderson, filed for Chapter 11 bankruptcy Thursday.
Lake at Las Vegas Joint Venture LLC, one of five related companies filing for bankruptcy, reported debts that total between $500 million and $1 billion and assets that total between $100 million and $500 million. The case could approach other major bankruptcies as measured by the amount of creditor claims….
Original Source: housingdoom.com
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19 July, 2008| housingblogs |
Comments (0) @ 6:04