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- Mervyn’s Possible Bankruptcy: Another Blow for Mall Owners
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From the WSJ: Mervyn’s Fights to Keep Its Store Doors Open Mervyn’s … is fighting for survival as some of its vendors have halted shipments to the company and key lenders have pulled financing … the company could be forced to file for bankruptcy protection as soon as this month and shut down, according to these people. Mervyn’s operates 177 stores in seven states, mostly in California.
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20 July, 2008| housingblogs |
Comments (0) @ 22:25
- Would Be “Saviors Of The Mortgage Crisis” Have Their Own “Issues”
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So much for GSEs bailing out those masses of underwater borrowers:
July 21 (Bloomberg) — Freddie Mac, the second-largest U.S. mortgage-finance company, may cut purchases of home loans from banks and bonds backed by housing debt to shore up its capital amid record delinquencies.
The government-sponsored company is also considering selling securities and reducing its dividend while it prepares to issue $5.5 billion of stock, McLean, Virginia-based Freddie Mac said in a July 18 filing with the U.S. Securities and Exchange Commission. JPMorgan Chase & Co. analyst Matthew Jozoff said in a report last week that growth in mortgage holdings of Freddie Mac and the larger Fannie Mae will be “weak.”
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Original Source: housingdoom.com
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20 July, 2008| housingblogs |
Comments (0) @ 22:16
- Oil market outlook
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Since I’ve touched on the topic of a possible oil bubble before, I’ll point out that Paul Krugman says he expects oil prices to eventually decline….
Original Source: bubblemeter.blogspot.com
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20 July, 2008| housingblogs |
Comments (0) @ 21:30
- Crains New York Business Economic Spotlight Chart - July 2008
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I have had the pleasure of providing a monthly chart for the Economic Spotlight section of Crain’s New York Business magazine since September 2003. Here is the latest, which appears in the current issue of Crain’s New York Business.Source: Crain’s New York Business
G…
Original Source: matrix.millersamuel.com
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20 July, 2008| housingblogs |
Comments (0) @ 21:01
- Paulson “I’m very optimistic we’re going to get what we need from Congress”
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Here’s HenryPaulson, Treasury Secretary, on "Face the Nation" this morning:
Feeling soothed yet?…
Original Source: housingdoom.com
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20 July, 2008| housingblogs |
Comments (0) @ 17:35
- Duelling Discourses of Debt
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Gretchen Morgenson has another wowser in today’s New York Times. This one comes with not just a lengthy narrative packed with details about her "exemplary" borrower, but a video in which we hear the borrower’s own version of events, as well as seeing her in her "natural habitat."
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I confess that I find this video utterly fascinating. The story it tells is all too common; the "…
Original Source:
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20 July, 2008| housingblogs |
Comments (0) @ 11:44
- Housing: Cracks in the High End
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From the San Francisco Chronicle: Bay Area home prices plunge 27% in last year (hat tip Vijay) Affluent areas such as Marin County and San Francisco, which until now had resisted most price erosion, saw existing single-family home median prices fall by about 11 percent.
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"This is pretty grim; double digits across the board," said Christopher Thornberg, principal at Los Angeles’ Beacon…
Original Source:
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20 July, 2008| housingblogs |
Comments (0) @ 11:00
- Setser: The Oil Shock of 2008
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Brad Setser, at Follow the Money, presents a couple of graphs on changes in oil export revenue: The Oil Shock of 2008.
The following graph shows the Year-over-year change in oil exports as a percent of world GDP (and in billions of dollars).
This calculation assumes that the oil exporters will export about 45 million barrels a day of oil.
Each $5 increase in the average price of oil…
Original Source:
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20 July, 2008| housingblogs |
Comments (0) @ 8:25
- A “mountain of debt”
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From the NY Times:
Given a Shovel, Americans Dig Deeper Into Debt
For decades, America’s shift from thrift could be summed up in this familiar phrase: When the going gets tough, the tough go shopping. Whether for a car, home, vacation or college degree, the nation’s lenders stood ready to assist.
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Original Source: njrereport.com
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20 July, 2008| housingblogs |
Comments (0) @ 6:23
- A “mountain of debt”
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From the NY Times:
Given a Shovel, Americans Dig Deeper Into Debt
For decades, America’s shift from thrift could be summed up in this familiar phrase: When the going gets tough, the tough go shopping. Whether for a car, home, vacation or college degree, the nation’s lenders stood ready to assist.
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Original Source: njrereport.com
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20 July, 2008| housingblogs |
Comments (0) @ 6:23
- Bits Bucket For July 20, 2008
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Allow me to introduce the Housing Bubble Blog Forum! I’ll be posting a little less as I work on a new business venture, so this is a way the HBB community can continue and expand interaction and communication. I’m not going to lay down a bunch of rules for the forum right now, other than I don’t want cursing and I expect civility. But it makes sense that a forum topic should be well thought out. Sort of like a weekend topic here on the HBB.
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Original Source: thehousingbubbleblog.com
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20 July, 2008| housingblogs |
Comments (0) @ 6:17
- Is it a good time to buy?
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From Fake John McCain:From Greg Mankiw: Bloomberg reports:O…
Original Source: bubblemeter.blogspot.com
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20 July, 2008| housingblogs |
Comments (0) @ 5:09
- Is it a good time to buy?
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From Fake John McCain:From Greg Mankiw: Bloomberg reports:O…
Original Source: bubblemeter.blogspot.com
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20 July, 2008| housingblogs |
Comments (0) @ 5:09
- John Major shows the way
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Inflation versus deflation? The answer is obvious. While some assets are likely to fall in nominal terms; particularly house prices, the general price level is likely to keep in rising rapidly. There is a simple reason why: monetary growth in the UK is still very fast….
Original Source: ukhousebubble.blogspot.com
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20 July, 2008| housingblogs |
Comments (0) @ 3:57
- Poll: The real estate business needs more…
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Please vote in this poll using the sidebar.
This poll will be active and displayed on the sidebar through 07.26.2008.
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20 July, 2008| housingblogs |
Comments (0) @ 0:05
- Phoenix Area MLS Loses 20% Of It’s Members In June
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A lousy housing market and changes at ARMLS (Arizona Regional Multiple Listing Service) have led to a huge drop in membership:
The listing service Valley real-estate agents use to advertise homes for sale canceled more than 20 percent of its memberships this month after raising fees by about 70 percent in June. …
Original Source: housingdoom.com
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20 July, 2008| housingblogs |
Comments (0) @ 0:01