Ben Bernanke on PBS - Part One
July, 28 at 10:10 pm
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The upcoming collapsing of commercial Real Estate
July, 27 at 4:21 pm
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Video: Dan’s foreclosure story
July, 24 at 8:06 pm
We found this video on the internet and we wanted to share it with you.
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Robert Shiller talks about the housing bubble
July, 22 at 6:29 pm
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Unemployment will continue to go up in Southern California
July, 22 at 11:23 am
Another grim report of the recession in Southern California. The LA Times reports the following:
Unemployment in California and Los Angeles County will increase well into 2010, continuing to exceed the highest levels since at least the end of World War II, according to a local economist whose projections for the Southland economy are among the most negative to date.
California’s jobless rate, which was 11.6% in June, will average 12.6% next year, according to Kyser, who also projected that Los Angeles County’s unemployment rate will be even higher, averaging 12.8% in 2010. The county’s jobless rate was 11.3% last month.
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How to avoid hiring an American
July, 20 at 11:29 pm
In this video, lawyers explains how to avoid hiring Americans and how to hire immigrants instead. Pretty sad, isn’t it?
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Foreclosures keep increasing
July, 16 at 1:11 pm
The housing market keeps getting worse. According to CNBC:
The number of U.S. households on the verge of losing their homes soared by nearly 15 percent in the first half of the year as more people lost their jobs and were unable to pay their monthly mortgage bills.
The mushrooming foreclosure crisis affected more than 1.5 million homes in the first six months of the year, according to a report released Thursday by foreclosure listing service RealtyTrac.
Foreclosure filings rose more than 33 percent in June compared with the same month last year and were up nearly 5 percent from May, RealtyTrac said.
Posted in Bailout News, The Economy, Real Estate | 1 Comment »
The high-end of the real estate market is collapsing
July, 15 at 2:39 pm
We told this would happen. We are seeing sellers of high end homes throwing the towel and lowering their asking prices. All over the nicest parts of California, houses selling for more than 1 million dollars are sitting on the market with no offers and therefore, sellers have no choice but to lower the price. Unfortunately, this is just the beginning of the huge declines in the luxury housing market.
The USA Today reported on this.
One demographic is being largely ignored: homeowners with higher-price loans.
They don’t qualify for mortgage modifications under the Obama plan. They can’t get today’s low interest rates if they try to refinance. And with newly cautious lenders warier about who they lend to, just try to sell a home that costs $730,000 or more these days. In many cases, finding a buyer who can get financing takes far longer than for lower-price homes, because banks want as much as 30% down and six months of mortgage payments in reserve.
The result is a housing market in which sales and purchases of higher-price homes have come almost to a standstill, and it’s a predicament that could undermine the housing recovery.
Posted in Bailout News, The Economy, Real Estate | 1 Comment »
Get ready for the next huge wave of foreclosures
July, 6 at 4:14 pm
This article on the LA Times web site seems to agree with what we are seeing here in Orange County, CA. Banks are getting ready to dump on the market thousands of foreclosed properties. Unfortunately, this will bring more pain for the thousands of families that will lose their homes. Our heart goes out to them. It appears that we are about to see the next leg down in housing. Folks, fasten your sea belts!!!
Reporting from Washington — Just as the nation’s housing market has begun showing signs of stabilizing, another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy.
Just how big the foreclosure wave will be is unclear. But loan defaults are up sharply. And with many government and banks’ self-imposed foreclosure moratoriums expiring, the biggest lenders indicate that they are likely to move more aggressively to clear up a backlog of troubled mortgages.
Posted in Bailout News, California Housing Crash, Florida Housing Crash, The Economy, Real Estate | 2 Comments »
The burst of the housing bubble hits San Francisco
July, 6 at 1:29 pm
More signs of a collapsing economy in California. According to the SF Gate:
At least a dozen large development sites in the city’s South of Market district now sit empty or covered by asphalt because of the recession. If history is any guide, developers will either leave them fenced off or use them as parking lots.
Parcels stranded by the boom-turned-bust can be seen across the city, but two especially vivid examples are on display at either end of San Francisco’s zone of high-rise change, the terrain south of Market Street bounded by the bay, South Van Ness Avenue and Interstate 80.
One is the northeast corner of Harrison and Fremont streets on Rincon Hill, where cars spill from a Bay Bridge off-ramp. The other is the southwest corner of 10th and Market streets, a portal for drivers heading in from the city’s western neighborhoods.
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