In the trenches update

First, something to lighten the spirits of everyone:
Tales of homeownership:
If you are on a septic system, don’t drive over a waste line with a 10 ton truck loaded with gravel.  I did and just learned that PVC waste lines will indeed pancake.  The result is rather disgusting.  - SCrow
No one is lending money:  that is false.
Although the pace of transactions is meaningfully lower than what we have seen, the idea that no-one is lending money is not the case.   Our office is closing routine sales, closing short sales and refinance transactions.  The difference is that closings are taking longer, authentic underwriting is taking place and FHA is appearing to be very much the type of financing people are using.   And, yes, borrowers are asking for and receiving concessions.
…
Original Source: http://feeds.feedburner.com/SeattleBubble

  30 September, 2008| housingblogs | Comments (0) @ 23:13

The Economic Meltdown

Should you be concerned?Find out in this handy flow chart. (hat tip to Kelley)…
Original Source: http://feeds.feedburner.com/portlandhousingblogspot

  30 September, 2008| housingblogs | Comments (0) @ 22:21

Julius Caeser on the UK economy

“The immortal gods are wont to allow those persons who they wish to punish for their guilt sometimes a greater prosperity and longer impunity, in order that they may suffer more from a reverse of circumstances” Julius Caeser, The Gallic WarsThat is us, alright…….
Original Source: ukhousebubble.blogspot.com

  30 September, 2008| housingblogs | Comments (0) @ 22:14

[Bailout Lobbying] Can’t See The Houses For The Trees

Let’s try something different, take another path through the forest….

Close your eyes for a minute and imagine a Congress that will vote for its constituent’s behalf and their conscious. Imagine they will vote on the issue and not worry about the election in a month.

Did you seriously listen to me? Kick yourself for being so darn naive…
…
Original Source: matrix.millersamuel.com

  30 September, 2008| housingblogs | Comments (0) @ 21:55

Mark-to-Market Quotes

"Suspending mark-to-market accounting, in essence, suspends reality."
Beth Brooke, global vice chair at Ernst & Young LLP, WSJ, Sept 30, 2008

"Blaming fair-value accounting for the credit crisis is a lot like going to a doctor for a diagnosis and then blaming him for telling you that you are sick."
analyst Dane Mott, JPMorgan Chase & Co., Bloomberg

"Suspending the mark-to-market prices is the…
Original Source: http://feeds.feedburner.com/CalculatedRisk

  30 September, 2008| housingblogs | Comments (0) @ 20:01

The Senate puts lipstick on the Casey Serin Angelo Mozilo Housing Gambler Failed Bank Bailout Act of 2008 pig, votes today, and then back to the House

This bailout, in some form, will go through. The fix is in. The only hope is Bunning mounting a filibuster. Failing that, it’s just a matter of time. Now they’re just figuring out what crap they can stick on it to make a few more House members vote for it. …
Original Source: housingpanic.blogspot.com

  30 September, 2008| housingblogs | Comments (0) @ 19:27

A brief snapshot of why the worldwide financial system is melting down

I don’t usually cover the microeconomic homedebtor-in-distress stories out there, and trust me, there are millions of ‘em, but this one caught my eye.Here’s what’s happening all over California, and all over America today. And this is why Congress should make it illegal to ‘buy’ a home without 20% down. Period….
Original Source: housingpanic.blogspot.com

  30 September, 2008| housingblogs | Comments (0) @ 19:05

Report: Senate to Vote on Bailout Wednesday Night

From CNN: Senate to vote on rescue plan Wednesday (hat tip pastafarian) The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening … The bill adds new provisions - including raising the FDIC insurance cap from $100,000 to $250,000 - and will be attached to an existing revenue bill that the House also rejected Monday … The vote is scheduled for after sundown, in observance…
Original Source: http://feeds.feedburner.com/CalculatedRisk

  30 September, 2008| housingblogs | Comments (0) @ 18:01

“Turmoil,” “Fear,” & “Uncertainty” Bursting Seattle’s Bubble

The P-I ran an interesting little article by Aubrey Cohen today: Turmoil rattles local real estate market
The recent nationwide economic turmoil appears to have intensified already prevalent skittishness among buyers and lenders — and helped persuade sellers to get real.
…
The turmoil has increased the fear of buying now, only to see prices fall even more later, said Ryan Thompson, an agent in John L. Scott Real Estate’s Seattle Center office. “The other end of the fear is a lot of people are uncertain about their own jobs, their own income.”
…
Original Source: http://feeds.feedburner.com/SeattleBubble

  30 September, 2008| housingblogs | Comments (0) @ 17:49

Larry Summers on TARP

Larry Summers , Harvard economist and former U.S. Treasury Secretary under Bill Clinton, gives his thoughts on the proposed bailout:It is necessary to consider the impact of the bail-out and the conditions necessitating it on federal budget policy. The idea seems to have taken hold in recent days that because of the unfortunate need to bail out the financial sector, the nation will have to scale back its aspirations in other areas such as healthcare, energy, education and tax relief. This is more wrong than right. We have here the unusual case where economic analysis actually suggests that dismal conclusions are unwarranted and the events of the last weeks suggest that for the near term, government should do more, not less….
Original Source: bubblemeter.blogspot.com

  30 September, 2008| housingblogs | Comments (0) @ 17:36

National Debt to Exceed $10 Trillion Tomorrow

It now looks like the National Debt will be over $10 Trillion tomorrow.

As of Sept 29th, the debt was $9,945,578,231,981.59

The surge in the National Debt over the last two weeks has been because of the Supplementary Financing Program (SFP) with the Treasury raising cash for the Fed’s liquidity initiatives (announced a couple of weeks ago).

Today the Treasury sold $45 billion in 15 day Cash…
Original Source: http://feeds.feedburner.com/CalculatedRisk

  30 September, 2008| housingblogs | Comments (0) @ 16:54

“We may be okay once we get a correction in prices”

From the Record:
Home prices decline in metro area
Home prices in the New York metropolitan area, which includes North Jersey, declined 7.4 percent from July 2007 to July 2008, the Standard and Poor’s Case-Shiller Index said today. That’s well below the national decline of 16.3 percent.
“We’re clearly seeing a correction taking place in prices,” said Bill Gilsenan of Gilsenan & Co., a Ridgewood real estate firm. “These numbers fall in line with our multiple listing service numbers.”
…
Original Source: njrereport.com

  30 September, 2008| housingblogs | Comments (0) @ 15:26

What led to the bailout’s defeat…

CNBC discusses the backlash:In the end, the financial markets did not stand a chance against voter antipathy, partisanship and election year politics.The defeat of the extraordinary $700 billion financial rescue package represented a perfect collision of the forces of modern politics — a fast-moving Internet campaign, vulnerable incumbents, a weakened and unpopular president, and a roiling presidential campaign — all working against the so-called Masters of the Universe….
Original Source: bubblemeter.blogspot.com

  30 September, 2008| housingblogs | Comments (0) @ 14:27

Estimating PCE Growth for Q3 2008

With the focus on the bailout bill yesterday, the August release from the Bureau of Economic Analysis (BEA) of personal income and outlays almost went unnoticed.

Asha Bangalore at Northern Trust noticed: The July-August data point to a possible drop in consumer spending during the third quarter. If the forecast is accurate, it would be the first quarterly decline since fourth quarter of 1991….
Original Source: http://feeds.feedburner.com/CalculatedRisk

  30 September, 2008| housingblogs | Comments (0) @ 13:19

Over the past eight years, did America truly become the Great Deceiver?

We convinced the world that Iraq had WMD. They didn’t.We convinced the world that our currency was safe and secure. It wasn’t.We convinced the world that our mortgages were appraised, triple-A rated, and as good as gold. They weren’t….
Original Source: housingpanic.blogspot.com

  30 September, 2008| housingblogs | Comments (0) @ 13:13

FASB, SEC to Issue Accounting Guidance

From Bloomberg: SEC, FASB Said to Issue Guidance on Fair-Value Accounting Rules The SEC may say companies can rely more on assumptions …in assessing how much assets are worth … The SEC and FASB will probably [NOT] suspend the accounting rules … More work for accountants….
Original Source: http://feeds.feedburner.com/CalculatedRisk

  30 September, 2008| housingblogs | Comments (0) @ 13:09

DeFazio to co-introduce new bailout bill

From the Business Journal:Oregon Rep. Peter DeFazio, a Eugene-area Democrat, plans to unveil a new financial industry bailout bill in the House at noon Tuesday.DeFazio, who voted against Monday’s failed Emergency Economic Stabilization Act of 2008, is backing the new measure with six other representatives. He blasted architects of the failed $700 billion bailout bill, saying the new measure isn’t based on the Bush administration’s bailout package.?…
Original Source: http://feeds.feedburner.com/portlandhousingblogspot

  30 September, 2008| housingblogs | Comments (0) @ 12:59

Are you pissed off yet?

…
Original Source: housingpanic.blogspot.com

  30 September, 2008| housingblogs | Comments (0) @ 12:56

See The Empty Houses In California

The Merced Sun Star reports from California. “Rep. Dennis Cardoza questioned how the federal government decided to divide $3.9 billion in foreclosure aid and asked that it take another look at its math and methods before sending out the checks. Apparently, one reason Merced was left off the list was a lower number of houses standing vacant for more than 90 days than several nearby areas, according to U.S. postal figures. Dorothy Kielty, president of the Merced County Association of Realtors, said she was also surprised Merced wasn’t getting any money directly from HUD.”
…
Original Source: thehousingbubbleblog.com

  30 September, 2008| housingblogs | Comments (0) @ 12:47

Sun rises on new solar power company

Members of the Fortunoff family are backing a group of architects, engineers and attorneys in forming one of Long Island’s first solar energy generating companies.
First Light Renewable Energy will begin to develop solar installations for commercial and municipal properties here, and will submit proposals to the Long Island Power Authority for integrating First Light’s solar energy into the LIPA grid.
…
Original Source: spacedoutli.wordpress.com

  30 September, 2008| housingblogs | Comments (0) @ 12:39

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