Mar - 5th
Mortgage rates going up?
Posted at 4:31 pm | Filed Under Credit Crunch, Credit, Politics, Bailout News, The Economy, Real Estate
CNBC:
U.S. mortgage rates rose in the latest week despite government efforts to bring mortgage rates down to levels that will spur demand and help the hard-hit housing market begin to recover.
Interest rates on U.S. 30-year fixed-rate mortgages rose to 5.15 percent for the week ending March 5, up from the previous week’s 5.07 percent, according […]
Mar - 4th
In this recession, frugal is cool
Posted at 11:57 am | Filed Under Credit, Credit Crunch, The Economy
Good article on CNN.com. This is really good news for our country.
With the economy in shambles and so many people losing their jobs and homes, it is no longer considered cool to brag about possessions and purchases.
For many during a deepening recession, conspicuous consumption is out and frugality is the new black.
Yarrow said […]
Mar - 3rd
Mortgage delinquencies keep increasing
Posted at 10:32 am | Filed Under Credit Crunch, Credit, Bailout News, California Housing Crash, The Economy, Florida Housing Crash, Real Estate
The effects of the devastating financial crisis are showing up everywhere in the real economy. According to AP via Yahoo Finance:
CHICAGO (AP) — The number of people who were late making their mortgage payments shot up 53 percent in the fourth quarter of 2008 from the same period in 2007, according to data provided by […]
Feb - 25th
California’s economy is collapsing
Posted at 12:30 pm | Filed Under Credit Crunch, Credit, Politics, California Housing Crash, The Economy, Real Estate
This from The New York Times:
LOS ANGELES — The state of California — its deficits ballooning, its lawmakers intransigent and its governor apparently bereft of allies or influence — appears headed off the fiscal rails.
Since the fall, when lawmakers began trying to attack the gaps in the $143 billion budget that their earlier plan had […]
Feb - 20th
Octuplets’ mom might lose house to foreclosure
Posted at 11:00 am | Filed Under Credit, Credit Crunch, California Housing Crash, Real Estate
According to the LA Times:
The Whittier house where Nadya Suleman, the mother of octuplets, and her six other children have been living with her parents is in pre-foreclosure, according to records.
The three-bedroom, two-bath house is owned by Angela Suleman, the children’s grandmother. A default notice was filed Feb. 9 for a loan that is $23,224 […]
Feb - 11th
Reducing foreclosures is more difficult than it seems
Posted at 12:43 am | Filed Under Politics, Credit Crunch, Credit, Bailout News, California Housing Crash, The Economy, Florida Housing Crash, Real Estate
No Mr. President. You can’t just throw money at it. Preventing and reducing foreclosures is a very difficult problem to fix. Letting the free market correct itself seems to be the best option.
The Wall Street Journal had a good piece that talks about this:
The Obama administration provided few details about its plans to address the […]
Feb - 11th
California financial nightmare
Posted at 12:33 am | Filed Under Credit Crunch, Credit, Politics, California Housing Crash, The Economy, Real Estate
It looks like California will raise gas, income, and sales taxes in order to deal with the state budget deficit. Instead of cutting spending, the geniuses in Sacramento now want to increase your taxes during a recession. Brilliant, don’t you think?
According to the LA Times:
The plan Democratic leaders laid out in confidential meetings with rank-and-file […]
Feb - 6th
Here we go again - Fannie Mae loosening rules for refinancing mortgages
Posted at 1:50 pm | Filed Under Credit Crunch, Credit, Politics, Bailout News, The Economy, Real Estate
Easy money!!! This is exactly what got us in this financial mess to begin with and we are now seeing lenders loosening mortage standards again just like they did during the boom. I guess we tried to build this economy on solid fundamentals but we are now realizing that we are indeed addicted to easy […]
Feb - 5th
The sky is falling, the sky is falling
Posted at 1:25 pm | Filed Under Credit Crunch, Credit, Politics, Bailout News, Florida Housing Crash, California Housing Crash, The Economy
This is what President Obama seems to be saying to scare Americans into believing that adding another trillion dollars to our national debt is the only choice to get us out of this recession.
According to CNBC:
Saying the United States faced a potentially irreversible economic crisis, President Barack Obama Thursday urged Congress to quickly pass a […]
Jan - 31st
Wall Street keeps crashing in January
Posted at 12:34 pm | Filed Under Credit, Credit Crunch, Politics, Bailout News, The Economy
If you thought the stock market was going to do better under Obama, you might be wrong. When we have an Economy so over-leveraged, and we are spending trillions of dollars and going further into debt, it is hard to believe that the financial markets are going to see that as positive news.
According to the […]
