Jun - 9th
The American way of people living beyond their means
Posted at 2:39 pm | Filed Under Credit Crunch, Bailout News, California Housing Crash, The Economy, Real Estate
More signs of this bubble economy that is bursting. We have built our prosperity on credit and we are now paying the price. According to this article in the LA Times:
To get cash for business expenses, one-third of California small-business owners took out exotic, high-risk products, such as those that required little proof of income […]
Jun - 8th
Robert Shiller says that home prices may keep falling for years
Posted at 11:26 am | Filed Under Bailout News, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Robert Shiller, the guy who predicted the housing bubble and bust and one of the few economists who warned us about it while realtors and the government were saying that the subprime mess was contained, is now telling that despite what you might hear from the permabulls (ie realtors, mortgage brokers, the government, Jim Cramer, […]
Jun - 3rd
Whatever happened to the Toxic Assets Plan?
Posted at 5:32 pm | Filed Under Bailout News, Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Wasn’t that the reason Hank Paulson pushed to pass the first 700 billion bailout plan last year?
Well, apparently the FDIC gave up on that idea. According to CNNMoney:
The Federal Deposit Insurance Corp. said Wednesday it has postponed the initial sale of bank assets under its Legacy Loans Program, or LLP. The FDIC said it wasn’t […]
May - 28th
Evicted turning to motels as last resort
Posted at 7:51 am | Filed Under Credit Crunch, Bailout News, California Housing Crash, Real Estate
Visit msnbc.com for Breaking News, World News, and News about the Economy
May - 27th
Los Angeles home prices continue to fall
Posted at 2:03 pm | Filed Under California Housing Crash, The Economy, Real Estate
LA Times:
Los Angeles-area home prices, which include Orange County, were down 41% in March from their 2006 peak. Los Angeles is among 10 metro areas down more than 30% from their peak price levels, with Phoenix’s 53% decline in March from its peak the most severe.
Los Angeles-area prices are down 22% from March a year […]
May - 27th
Home prices in the West collapse 21.8% in one year
Posted at 10:06 am | Filed Under California Housing Crash, Florida Housing Crash, Real Estate
The Realtors just reported that
Existing-home sales in the West rose 3.5 percent to an annual rate of 1.17 million in April and are 19.4 percent higher than a year ago. The median price in the West was $222,600, down 21.8 percent from April 2008.
Total housing inventory at the end of April rose 8.8 percent to […]
May - 27th
Website directs squatters to empty homes
Posted at 7:43 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
More signs of the crashing housing market.
Visit msnbc.com for Breaking News, World News, and News about the Economy
May - 26th
S&P/Case-Shiller Index - Home prices fall by record 19.1%
Posted at 11:39 pm | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Visit msnbc.com for Breaking News, World News, and News about the Economy
May - 26th
No bottom in housing - Home prices will continue to fall
Posted at 1:37 pm | Filed Under Bailout News, Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Excellent article on the San Francisco Chronicle web site.
On the demand side, the surge in joblessness, still-high home prices, the credit crunch and a dearth of move-up buyers cut into the pool of potential home buyers.
On the supply side, an assortment of factors seems poised to trigger new waves of foreclosures that will continue to […]
May - 26th
A new wave of foreclosures is coming
Posted at 1:24 pm | Filed Under Credit Crunch, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
This from CNBC:
As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.
“We’re about to have a big problem,” said Morris A. Davis, a real estate expert at the University of Wisconsin. “Foreclosures were bad last year? It’s going to get worse.”
Economists […]