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- Daily Show Video: Confessions of a Subprime Lender
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Jon Stewart interviews Richard Bitner:…
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22 July, 2008| housingblogs |
Comments (0) @ 23:01
- Foreclosures in California: 121,000 Notice of Defaults and 63,000 Foreclosures. Home Values Plummeting on Record Breaking Quarter.
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Even though the market is once again enjoying a delusion sandwich covered in toxic mortgage mustard, the reality on the ground continues to become grimmer. Wachovia, one of the nation’s largest banks announced an $8.9 billion quarterly loss and that they’ll be slashing over 6,000 from their workforce. Oh, and the dividend is getting slashed as well. So what happens? The market of course pushes the stock up by 27%! American Express, the uber credit card company also announced problems but the market is believing that the Federal Reserve and the U.S. Treasury have some mythical powers to create money out of thin air. They do only if you own an investment bank.
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22 July, 2008| housingblogs |
Comments (0) @ 22:30
- Got Foreclosures?
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It’s no secret that almost every real estate blogger is talking about the unbelievable level of foreclosures. The mainstream media has latched on as well:
Foreclosures across the state surged to a 20-year high during the last three months, as tens of thousands of additional Californians lost their homes and more than 100,000 neared the brink.
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Original Source: www.socalbubble.com
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22 July, 2008| housingblogs |
Comments (0) @ 21:04
- Got Foreclosures?
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It’s no secret that almost every real estate blogger is talking about the unbelievable level of foreclosures. The mainstream media has latched on as well:
Foreclosures across the state surged to a 20-year high during the last three months, as tens of thousands of additional Californians lost their homes and more than 100,000 neared the brink.
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Original Source: www.socalbubble.com
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22 July, 2008| housingblogs |
Comments (0) @ 21:04
- Report: Deal Reached on Housing Legislation
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Bloomberg: U.S. Lawmakers Reach Deal on Fannie, Freddie Bill
WSJ: Lawmakers Reach Deal On Big Housing Package
Here is an interesting detail: The Treasury would be barred from providing aid that would cause a breach in the federal debt ceiling under the agreement, a constraint aimed at limiting any taxpayer losses. The debt limit would be raised to $10.6 trillion from the current $9.815 trillion…
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22 July, 2008| housingblogs |
Comments (0) @ 20:44
- WaMu, a drunk Wall Street, and $1 trillion - all news I didn’t get to today
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I’m on the road training folks as part of my job, so unfortunately I wasn’t able to cover much of the news today - that primarily being Washington Mutual tanking and respected, former White House economist Nouriel Roubini estimating that it will take $1 trillion to get us out of the housing/mortgage mess.
Here’s the links to the stuff I wish I could have written about had time permitted - maybe your schedule is currently more flexible …
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22 July, 2008| housingblogs |
Comments (0) @ 19:48
- WSJ: Mortgage Rates Increase Sharply
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Ruth Simon and James Hagerty at the WSJ report: Mortgage Rates Near a Year High. According to the Journal - reporting data from HSH Associates - 30 year rates rose to an average of 6.71% last week, and jumbo rates have risen to an average 7.84%.
I usually track mortgage rates using Freddie Mac’s weekly survey, and the MBA. The MBA reported for the week ending July 11th: The average contract…
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22 July, 2008| housingblogs |
Comments (0) @ 19:03
- [This Just In] There IS Meaningful Housing News On Comedy Central
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You gotta love Jon Stewart of the Daily Show. He is making news more accessible to young people (my kids and, of course, me) by delivering it as entertainment. He’s had some interesting guests on the show to cover the housing market. The housing market situation is so ridiculous, it is a natural fit on this kind of show.
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Original Source: matrix.millersamuel.com
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22 July, 2008| housingblogs |
Comments (0) @ 18:04
- This Ain’t Melrose Place
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The Los Angeles Times reported today that Candy Spelling, widow of TV producer Aaron Spelling, paid $47 million for a condo at the Century, a new building being built by New York City-based Related Cos. The price is a record for a condo in the city. It works out to be $2,800 a square foot.
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Original Source: www.businessweek.com
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22 July, 2008| housingblogs |
Comments (0) @ 17:28
- This Ain’t Melrose Place
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The Los Angeles Times reported today that Candy Spelling, widow of TV producer Aaron Spelling, paid $47 million for a condo at the Century, a new building being built by New York City-based Related Cos. The price is a record for a condo in the city. It works out to be $2,800 a square foot.
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Original Source: www.businessweek.com
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22 July, 2008| housingblogs |
Comments (0) @ 17:28
- Why I’m Short Harley
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“I need $3,000,” Tito Vazquez, 45, says as he looks at his gleaming Harley-Davidson motorcycle. “But the economy’s a mess right now and my credit cards are all maxed out.” Which brings him here, to Collateral Lender, a few blocks east of ultra-posh Rodeo Drive, in Beverly Hills. In short, it is a pawn shop. Like most pawn shops in Los Angeles - home to not one but two failed mortgage lenders, Countrywide Financial and IndyMac Bank - it is doing a roaring trade. …
Original Source: www.creditbubblestocks.com
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22 July, 2008| housingblogs |
Comments (0) @ 17:08
- Why I’m Short Harley
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“I need $3,000,” Tito Vazquez, 45, says as he looks at his gleaming Harley-Davidson motorcycle. “But the economy’s a mess right now and my credit cards are all maxed out.” Which brings him here, to Collateral Lender, a few blocks east of ultra-posh Rodeo Drive, in Beverly Hills. In short, it is a pawn shop. Like most pawn shops in Los Angeles - home to not one but two failed mortgage lenders, Countrywide Financial and IndyMac Bank - it is doing a roaring trade. …
Original Source: www.creditbubblestocks.com
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22 July, 2008| housingblogs |
Comments (0) @ 17:08
- Why I’m Short Harley
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“I need $3,000,” Tito Vazquez, 45, says as he looks at his gleaming Harley-Davidson motorcycle. “But the economy’s a mess right now and my credit cards are all maxed out.” Which brings him here, to Collateral Lender, a few blocks east of ultra-posh Rodeo Drive, in Beverly Hills. In short, it is a pawn shop. Like most pawn shops in Los Angeles - home to not one but two failed mortgage lenders, Countrywide Financial and IndyMac Bank - it is doing a roaring trade. …
Original Source: www.creditbubblestocks.com
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22 July, 2008| housingblogs |
Comments (0) @ 17:08
- Need a mortgage? Bring cash
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Are you ready to buy a house in this crazy market? Better bring a boatload of money to the closing.
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Original Source: rss.cnn.com
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22 July, 2008| housingblogs |
Comments (0) @ 17:05
- [Big Bang Theory Meets Black Hole] Google De-Indexes Matrix
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I think most of us love Google or the idea that we can pretty much query anything at anytime. Two days ago Ray over at Money Blue Book told me this blog, Matrix, was no longer indexed on Google…
Original Source: matrix.millersamuel.com
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22 July, 2008| housingblogs |
Comments (0) @ 16:57
- Roubini on Housing Crisis
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From Yahoo Tech Ticker: Roubini: More Than $1 Trillion Needed to Solve Housing Crisis…
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22 July, 2008| housingblogs |
Comments (0) @ 16:38
- Housing: More Cracks in the High End
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On Sunday I posted about some high end areas finally seeing sharp price declines: Housing: Cracks in the High End (check out the cartoon!)
Here are some more cracks …
From AZCentral.com: Phoenix’s mortgage problem spreading Metropolitan Phoenix’s foreclosure problem has spread. Many Valley neighborhoods closer in, particularly in south, west and central Phoenix, now have the highest…
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22 July, 2008| housingblogs |
Comments (0) @ 15:55
- We Won’t Be Seeing Prices Like This In The Future
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The San Francisco Chronicle reports from California. “Foreclosures across the state surged to a 20-year high during the last three months, as tens of thousands of additional Californians lost their homes and more than 100,000 neared the brink. Notices of default rose nearly 125 percent from a year ago during the second quarter and trustee deeds recorded, which reflect the actual homes taken back, soared more than 260 percent, according to DataQuick.”
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Original Source: thehousingbubbleblog.com
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22 July, 2008| housingblogs |
Comments (0) @ 14:57
- Regions Financial Comments
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Also on regional banks see the WSJ: Regional Banks Battered Amid Turmoil in Markets
Here are some comments from the Regions Financial conference call (hat tip Brian): “Given the continuing deterioration in residential property values, especially in Florida , and a generally uncertain economic back drop, we expect credit costs to remain elevated. While we’re not predicting the duration of this…
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22 July, 2008| housingblogs |
Comments (0) @ 14:23
- Bernanke and the power of central banks
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Back in 2002, Fed Chairman Ben Bernanke gave a speech entitled “Deflation: making sure it won’t happen here. It was a year after 911 and the US economy was dealing with the aftermath of the dot.com crash. Taken together, the two events pushed the US economy into a recession. With asset prices crashing, the Fed feared that the US might slip into a Japan-like deflation. Here is what the man said about deflation back then:…
Original Source: ukhousebubble.blogspot.com
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22 July, 2008| housingblogs |
Comments (0) @ 14:15