Jul - 2nd
The New York City real estate market is starting to collapse
Posted at 11:28 pm | Filed Under The Economy, Real Estate
This from CNBC:
Manhattan apartment sales plunged more than 50 percent and the average price dropped 21.4 to 24 percent from a year ago, as the U.S. recession forced many who own a piece of the Big Apple to eat humble pie, several reports said.
But the Manhattan market dropped precipitously as Wall Street and the rest […]
Jul - 2nd
Home prices will continue to fall
Posted at 11:25 pm | Filed Under The Economy, Real Estate
CNBC reports that:
U.S. housing prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 percent plunge by the time foreclosures peak in the second half of 2010, Barclays Capital economist Michelle Meyer said.
“While the early signs of improvement are in place for housing, the market will likely remain out […]
Jul - 1st
Ben Bernanke is clueless
Posted at 12:03 am | Filed Under Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Watch this video and you’ll be amazed that this guy is running our economy.
Jun - 25th
More bad news for the economy: GDP tumbled 5.5% and unemployment claims were up 15,000
Posted at 10:31 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
And the bad news keep coming showing that all the stimulus in the world cannot hide the horrible state of our economy. According to CNBC:
The revised reading on gross domestic product, released Thursday by the Commerce Department, showed the economy from January through March didn’t fall as deeply as the 5.7 percent annualized decline reported […]
Jun - 24th
No more “green shoots” for new home sales?
Posted at 10:43 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
It looks like people are not buying as many new homes as Wall Street was hoping for. According to AP via Yahoo Finance:
The Commerce Department said Wednesday that sales dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, from a downwardly revised April rate of 344,000. Sales were down nearly 33 […]
Jun - 23rd
How unemployment is putting even more pressure on the collapsing housing market
Posted at 10:16 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
At the beginning it was all the easy money and the subprime lending but today, unemployment is becoming the main cause of foreclosures in this country. According to the USA Today:
WASHINGTON — The nation’s foreclosure crisis — once largely confined to only a few corners of the country — is spreading to new areas as […]
Jun - 23rd
Existing-home sales in the West declined 0.9 percent
Posted at 10:06 am | Filed Under California Housing Crash, Florida Housing Crash, The Economy, Real Estate
The NAR has just reported the following:
Existing-home sales in the West slipped 0.9 percent to an annual rate of 1.14 million in May, but are 11.8 percent higher than May 2008. The median price in the West was $197,700, down 30.6 percent from a year ago.
For the whole country, these are the numbers
Existing-home sales – […]
Jun - 19th
Unemployment in California hits 11.5%
Posted at 1:42 pm | Filed Under California Housing Crash, The Economy, Real Estate
More bad news for the Golden State. According to the EDD:
SACRAMENTO – California’s unemployment rate was 11.5 percent in May, and nonfarm payroll jobs declined by 68,900 during the month, according to data released today by the California Employment Development Department (EDD) from two separate surveys.
Now, this is what I say:
This will put even more […]
Jun - 17th
Do you mean the home has to actually appraise?
Posted at 3:45 pm | Filed Under California Housing Crash, Florida Housing Crash, Real Estate
Yes, believe it or not, banks are being more careful before handing out the money so people can buy or refinance homes. What a concept!!!
According to the Sun Sentinel:
Real estate agents, mortgage brokers and buyers, as well as homeowners who want to refinance their loans, are feeling the effects of rules designed to prevent inflationary […]
Jun - 17th
California is running out of money
Posted at 7:42 am | Filed Under California Housing Crash, The Economy, Real Estate
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