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- American Savings: Americans Save an Average of $392 Per Year. Total Consumer Debt is over $2.5 Trillion. The Dark Knight of Debt.
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I’m going to tell you something that you probably already know. Americans are horrible savers. In fact, this trait has provided the perfect breeding ground for credit products that provide the illusion of real wealth. I’ve been hammering away in article after a…
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21 July, 2008| housingblogs |
Comments (0) @ 22:55
- Another (large) nail in the coffin - Wachovia closes wholesale
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Almost 9 months to the day I penned the most-visited, most-commented article in Blown Mortgage’s (brief) history; Dead Man Walking - Wholesale Lending is Marching Towards Extinction. With Wachovia’s announcement today that they are exiting the wholesale market I have to say that unfortunately I was probably right.
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21 July, 2008| housingblogs |
Comments (0) @ 19:37
- Listing prices are now $155K below peak levels; inventory is flat
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Two headlines duel in this week’s analysis of MLS listings from Housing Tracker: Median listing prices dropped another $1,000 over the week and are now $155,000 below their bubble peak, while inventory dipped again and is now even with year-ago levels.
At $424,000, median listing prices are down 20.7% from year-ago levels — the steepest decline yet measured in this slump — and are 26.9% below their peak level of $579,666. The inventory of homes and condos for sale dropped by just over 1,000 units and is now just 0.8% ahead of year-ago levels.
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Original Source: feeds.latimes.com
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21 July, 2008| housingblogs |
Comments (0) @ 18:22
- Listing prices now $155K below peak levels; Inventory flat
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Two headlines duel in this week’s analysis of MLS listings from Housing Tracker: Median listing prices dropped another $1,000 over the week, and are now $155,000 below their bubble peak, while inventory dipped again and is now even with year-ago levels.
&…
Original Source: feeds.latimes.com
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21 July, 2008| housingblogs |
Comments (0) @ 18:22
- Asking Prices and Inventory updated 2008-07-21
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DateCity/MetroStateInventoryMedianAsking Price
2008-07-21AlbuquerqueNew Mexico6941$249900
2008-07-21AtlantaGeorgia115421$217500
2008-07-21Austin…
Original Source: www.housingtracker.net
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21 July, 2008| housingblogs |
Comments (0) @ 17:12
- AmEx: "Super Prime" Problems
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A few comments from the American Express conference call: (hat tip Brian) “Over the past month or so, we have seen clear signs that the US economy is weakening. Unemployment rates, as we know, took the largest jump in over 20 years. Home prices declined at the fastest rate in decades, and consumer confidence is at one of its all-time low points. Card member spending particularly among consumers…
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21 July, 2008| housingblogs |
Comments (0) @ 17:11
- Wachovia to exit wholesale mortgage business
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Wachovia Corp., the nation’s fourth-largest bank, says it is getting out of the wholesale mortgage lending business.
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Original Source: rss.cnn.com
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21 July, 2008| housingblogs |
Comments (0) @ 16:51
- Taos Real Estate Mortgage Update from TLT
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Market Direction:
Rates are: HIGHER
Rate Volatility: HIGH
Interest Rate Trends:
Long Term (4-6 weeks): UP
Short Term (1-2 weeks): FLAT
ROLLERCOASTER RIDE IN THE MARKETS&…
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21 July, 2008| housingblogs |
Comments (0) @ 15:39
- US banks - how they got into such a mess
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Some loans always go bad. It is the unavoidable fact that all bankers must confront. Sensible bankers take precautions; they build up loan provisions, so when borrowers default, the loss is covered.Loan provisions directly affect profitability. If a bank stashes some cash away to cover a loss, it can not also distribute that cash as profits. Although there might be some tax issues, in general banks don’t like to store up large loan loss provisions….
Original Source: ukhousebubble.blogspot.com
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21 July, 2008| housingblogs |
Comments (0) @ 15:37
- Affordable Housing Finance for Taos Real Estate
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TAOS, N.M. - In this northern New Mexico town of cobalt evening skies, sunbaked pueblos, and skiers’ delights, developer Stephen Crozier has built a community that arguably….
http://www.housingfinance.com/ahf/articles/2008/aug/ruralfinalistdesign0808.htm…
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21 July, 2008| housingblogs |
Comments (0) @ 15:31
- Town of Taos News Brief #61, July 21, 2008
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21 July, 2008| housingblogs |
Comments (0) @ 15:27
- Opening Reception for Dinah Worman
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IMMEDIATE PRESS RELEASE
Act I Gallery is proud to present “L…
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21 July, 2008| housingblogs |
Comments (0) @ 15:20
- Confessional: Quote of the Day
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Several companies visited the confessional today, but the quote of the day goes to Texas Instruments: "If demand strengthens as quickly as it slowed, we are well-positioned to meet it." Tell that to the homebuilders ……
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21 July, 2008| housingblogs |
Comments (0) @ 15:20
- The Mills Act difference: Tax savings in historic* Mar Vista
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How much can you save in taxes if you buy a home in a historic overlay zone? Quite a bit, judging by the marketing of this restored mid-century home designed by architect Gregory Ain.
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Original Source: feeds.latimes.com
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21 July, 2008| housingblogs |
Comments (0) @ 14:38
- Wachovia Halts Wholesale Lending
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From Reuters: Wachovia mortgage unit halting loans via brokers (hat tip crispy&cole) Wachovia Corp … said its main mortgage unit will stop offering home loans through brokers this week ……
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21 July, 2008| housingblogs |
Comments (0) @ 14:27
- People Thought Housing Prices Would Go Up Indefinitely
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The Fresno Bee reports from California. “Thousands of Fresno County homeowners are getting some good news in the mail: They owe less in property taxes this year. That may lessen the sting of the bad news that comes with it: The homes they purchased during the height of the housing boom are now officially worth less. The county reassessed 46,500 properties — most single-family homes — bought since 2004.”
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Original Source: thehousingbubbleblog.com
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21 July, 2008| housingblogs |
Comments (0) @ 13:49
- American Express: "No Longer Tracking to Prior Forecast"
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From American Express: The second quarter results included a $600 million ($374 million after-tax) addition to U.S. lending credit reserves that reflects a deterioration of credit indicators beyond our prior expectation, and a $136 million ($85 million after-tax) charge to the fair market value of the Company’s retained interest in securitized Cardmember loans.
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“Fallout from a weaker U.S….
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21 July, 2008| housingblogs |
Comments (0) @ 13:29
- Dead Town
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Deadhead — Devin Townsend
Our market is experiencing wave after wave of pain. Will the owners endure, or will they give in and sell? It depends on the circumstances and the constitution of each owner, but those with little to lose are giving up without much of a fight, and they are passing the pain on to the lenders. Today’s featured property is a classic illustration of kool aid intoxication and bubble behavior. The owner bought with 100% financing late in the rally, she managed to pull out a bit of spending money, and now that prices are crashing she is bailing out and leaving the losses to someone else. The losses to the lenders are accelerating along with the decline in prices. This one is gonna hurt…
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21 July, 2008| housingblogs |
Comments (0) @ 12:30
- What Happens When Real Estate Goes From 70 Miles an Hour to Zero
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The Oregonian did a piece this week about Ryan Olson, one of Portland’s fastest growing developers, who crashed along side the housing market. I toured some of his homes and they certainly are different than the typical Buena Vista boom-time home.From the Oregonian:His newly built Happy Valley homes lit up like a movie set, Ryan Olsen was enjoying one of the brightest nights of his life.H…
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21 July, 2008| housingblogs |
Comments (0) @ 12:26
- Report: Wachovia Exiting Wholesale
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The Implode-O-Meter is reporting Wachovia will be exiting wholesale lending and will have a conference call at 1 PM (I think this is Pacific time)….
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21 July, 2008| housingblogs |
Comments (0) @ 12:05