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HousingDoomHousingDoomExpert news and opinion on the US housing market. A must read for anyone who is interested in real estate or considering buying or selling a home. In addition to timely posts on analyzing subjects ranging from subprime mortgages to national home sal 
Articles
Federal Reserve Can?t See A Bubble Coming Or Going
2008-04-08 15:13:00 Alan Greenspan, who only saw housing getting a little "frothy" in the first place, doesn’t seem to understand what it takes for prices to stabilize, nor how long this process is likely to take: April 8 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said the drop in U.S. home prices will probably end “well before” ... More About: Housing Bubble , Market trends , Bubble
Crack of Doom: Subprime Contagion Hitting Botox Market
2008-04-07 09:01:00 It’s Monday, and it looks like nothing is safe from the subprime contagion: [Thanks L!] It used to be a high point of Goldy Anthony’s life. Every six weeks or so, as a kind of personal morale booster, she and a group of girlfriends would make appointments to see a Beverly Hills plastic surgeon ... More About: Market , Housing Bubble , Crack , Doom , Botox
Short Sale: ?Tenant Hasn?t Paid In A Year?
2008-04-07 09:01:00 L sent me the following listing, and it’s priceless: Short sale opportunity - tenant hasn’t paid rent in a year - eviction unsuccessful. Hired an attorney and made false claims about who owned the property and got the eviction quashed. No time or money to fight it - giving property back to bank. ... More About: Housing Bubble , Sale , Paid , Year
San Antonio: Pictures Of A ?Hot? Market
2008-04-07 05:26:00 In today’s cooling real estate market, I guess "hot" is a relative term. According to Thursday’s San Antonio Business Journal, San Antonio is "Hot": San Antonio has been named one of America’s top cities for residential real estate investing for the first quarter of 2008. That’s at least according to a report by Dallas-based HomeVestors of ... More About: Pictures , Market , Housing Bubble
Lehman Brothers- Victims Of Short-Sellers Or Their Own Bad Practices?
2008-04-04 09:01:00 The stock of Lehman Brothers has been hurting the past couple of weeks, and Lehman is blaming the shorts: Wall Street investment bank Lehman Brothers provided information to the Securities and Exchange Commission that could show hedge funds were abusively short selling the company’s stock, according to a report in the Financial Times. The SEC, in ... More About: Housing Bubble , Market trends , Sellers
Unhappy Homebuyer Suing Realtor
2008-04-03 16:55:00 This is one case worth watching. If these buyers prevail, it could have implications for the entire industry: [Thanks Trisha!] Anyone who bought a home near the peak of the once-sizzling real estate market no doubt has found it painful to watch prices tumble with no end in sight. But in the case of ... More About: Housing Bubble , Realtor
Twist Is In Las Vegas
2008-04-03 09:01:00 I’m in Las Vegas today, and anxious to get out and see the housing market. I’ll be at my computer less than usual while I get out to see the "real world". Since I’ll be out and about, we’d especially appreciate any news, links or comments you might have. Please be courteous of other posters- Igor ... More About: Housing Bubble , Twist
Rescue Bill: It Ain?t Gonna Work
2008-04-02 13:35:00 From CNBC this morning: Democrats and Republicans in the U.S. Senate agreed Tuesday to draft a housing rescue bill that could deliver billions of dollars to homeowners facing foreclosure and help steer the economy away from a deep recession. Democratic leaders want the federal government to pay for more mortgage counselors, rehab projects ... More About: Housing Bubble , Market trends , Work , Rescue , Bill
Phoenix March Home Sales Preview
2008-04-02 09:01:00 Many thanks, as always, to M for pulling the numbers from ARMLS for our March preview. Do remember that agents have a couple of days to add sales in, so this number may be slightly lower than the number ARMLS releases at the middle of the month: ARMLS is reporting home sales of 3445 in February, ... More About: Phoenix , Preview , Sales , Housing Bubble , Home
Are Your Mortgage Applications Safe?
2008-04-02 09:01:00 In January 2007, Doom received information that a mortgage office had shut down- and that the contents were being sold at auction. Files remained in the cabinets and the hard drives were not wiped. Mortgage files contain a great deal of personal information, and with the large number of lenders that have gone under, the ... More About: Applications , Housing Bubble , Safe
New Quarter, New Writedowns
2008-04-01 15:33:00 Wait a minute, weren’t the subprime writedowns supposed to be over? Just two weeks ago Businessweek was reporting: Standard & Poor’s Ratings Services believes that the bulk of the writedowns of subprime securities may be behind the banks and brokers that have already announced their results for full-year 2007. There may be some additional ... More About: Housing Bubble , Quarter
Investors have not left the market- but that doesn?t mean they are the ?sma
2008-03-31 15:16:00 Today we’ll try and unravel the twisted logic of Realty Times’ Blanche Evans and Lawrence Yun of the National Association of Realtors . According to Evans: This latest report should put the notion to bed that the housing boom was largely driven by speculators. The National Association of Realtors annual Investment and Vacation Home Buyers ... More About: Market , Housing Bubble , Market trends , Left
Mortgage Payment Revolt in Philly
2008-03-30 09:01:00 From Reuters last Friday: PHILADELPHIA (Reuters) - Authorities in Philadelphia will suspend foreclosure sales of homes whose owners have fallen behind on adjustable-rate subprime loan payments — potential relief for tens of thousands of struggling debtors. Sheriff John Green said on Friday he would halt sales of foreclosed properties in April and would ... More About: Housing Bubble , Mortgage , Payment , Philly , Revolt
Phoenix: Developers Want A Bailout Too
2008-03-29 14:27:00 "We paid too much, and now we need help!" This time the cry isn’t from "bamboozled" subprime borrowers, but from developers who bid too much for state land purchases: At least three developers who purchased land in northeast Phoenix ’s Desert Ridge area when times were good are seeking relief from the terms of their purchase ... More About: Housing Bubble , Developers , Bailout
A Toll Tale in Gilbert, AZ? With a Hair-Raising Haircut
2008-03-29 08:01:00 Power Ranch is a nice master-planned community on the far east side of Gilbert, AZ. The largest homes in Power Ranch were built by Toll Brothers in "The Enclave", the largest model being "The Terraza." Not everyone in the Enclave has been happy with their home, but it’s a very nice neighborhood. The market slowed ... More About: Housing Bubble , Hair , Tale , Haircut
Federal Reserve to be given sweeping new powers
2008-03-29 04:10:00 I (along with many others) believe that the housing crisis was brought on, in large part, by poor policies and planning on the part of Alan Greenspan and the Federal Reserve . So who does the Treasury Department feel is best qualified to take over crisis management? You guessed it– the Fed: WASHINGTON (Reuters) - The U.S. ... More About: Housing Bubble , Powers
Op-Ed Friday: Will the job market come to this?
2008-03-28 08:01:00 It’s Friday , and with all the talk of recession, we have to ask ourselves if the job market will come to this: [Thanks L!] More About: Market , Housing Bubble
How much is your agent being paid to sell you a house?
2008-03-28 08:01:00 The following ad was in M’s junk mail yesterday: Note this is a "Realtor communication" - not intended for general consumption. Coincidentally once more ARMLS reiterated their policy on listings yesterday- no talking about bonuses: ***************************************** ********************************* Inappropriate Language in MLS Listings Policy Therefore, all inappropriate language, as reviewed and deemed to be inappropriate by the Arizona Regional ... More About: House , Agent , Realtors , Housing Bubble , Paid
The ?Bell Curve Of Doom? Is Ringing For Recent Home Purchasers
2008-03-27 15:02:00 A friend forwarded me a copy of a report "The Bell Curve of Doom? - The Case - Shiller Price Index." I thought the following paragraph from this report did a great job of putting price declines in perspective: According to the Case-Shiller Composite 20 (metro areas) index, the price of an existing home peaked in ... More About: Housing Bubble , Market trends , Home
Phoenix Rise In Home Sales Not ?Unexpected? Or ?Sign Of Market Bottom?
2008-03-26 08:01:00 It’s spring in Phoenix - that time of year when we celebrate an "improvement" in the housing market, whether the market is showing real improvement or not. According to Catherine Reagor in the Arizona Republic yesterday: [Hat tip CC!] Existing-home sales climbed unexpectedly in February, as home buyers took advantage of low interest rates, falling home ... More About: Market , Sales , Housing Bubble , Home
?Banks walk away. The homeowners are gone, and the property is still there.
2008-03-25 14:33:00 There are times when foreclosures make sense. It can get an underwater borrower out of a difficult economic situation; it can readjust the market price of a property so that it can be purchased by someone who can afford it. I have to question the sense of this scenario though: In western New York, the city ... More About: Property , Banks , Market trends , Walk , Homeowners
February National Existing Home Sales: Sales Off- So Is Yun?s Grip On Reali
2008-03-25 08:01:00 The National Association of Realtors released their numbers for February Existing Home Sales yesterday, but any correlation between the NAR’s analysis and the data is purely coincidental. According to Lawrence Yun, chief economist of the NAR: WASHINGTON, March 24, 2008 - Sales of existing homes increased in February and remain within a fairly stable range, according ... More About: Housing Bubble , Market trends
?Welcome to Bailout Nation?
2008-03-24 16:40:00 From Yahoo Finance this morning: [Thanks L!] Bear’s stock has popped to $10, now that the Fed has caved and Bear and JP Morgan have announced a new, higher-priced deal. What does this mean? Among other things, it means tha all that jawboning from Treasury Secretary Hank Paulson last week about how the government wasn’t bailing ... More About: Housing Bubble , Nation , Bailout
Crack of Doom: Mission Accomplished
2008-03-24 08:02:00 Many thanks to "Rational Expectations" who sent us the following image and explanation: The mood on Wall Street seems akin to that on the USS Abraham Lincoln soon after the invasion of Iraq. My abilities with graphics packages are not very good, but perhaps you will see the irony. Mission accomplished!! I hope Doom ers enjoy this one ... More About: Housing Bubble , Crack
The Fed to buy or not to buy MBS? That is the question
2008-03-24 08:01:00 There were three interesting articles recently on Bloomberg, all speculating on MBS purchases by the Federal Reserve. First there’s the case for "Maybe they will" today: Forget lower interest rates. For the Federal Reserve to keep the financial markets from imploding it needs to buy troubled mortgage bonds from banks and securities firms, say ... More About: Question , Housing Bubble
Happy Easter From HousingDoom
2008-03-23 08:01:00 To all of our posters, readers, and contributors: A blessed and happy Easter . More About: Happy
The Credit Crisis: Storm over, or eye of the hurricane?
2008-03-22 15:30:00 We’ve heard a lot from the analysts and government officials on the effectiveness of the Fed’s intervention. While there is still plenty of concern, the general mood seems to be "Whew! We dodged that bullet!" Take this example from CNBC yesterday: Well-known banking analyst Richard Bove even delivered a report on the financial sector Thursday ... More About: Credit , Housing Bubble , Storm , Crisis , Hurricane
Op-Ed Friday: An Open Letter
2008-03-21 18:21:00 It’s Friday , and I thought I’d take a moment and respond to "Wilson" who’s multiple comments were in Igor’s clutches this morning. I rarely let Igor have his way with posters, but I thought I’d respond with this open letter, so Wilson will know why he’s the exception: Wilson- As you suspected, your comments will ... More About: Housing Bubble , Open , Letter , Open Letter
If Americans don?t read beyond the headlines, we deserve the information we
2008-03-20 14:49:00 No wonder we keep getting sloppy mainstream media reporting. It is all we can expect if readers aren’t going to take the time to give the information they are given a hard look. Case in point. R.L. Brown, a new home analyst in the Phoenix area, was quoted in an Arizona Republic article yesterday entitled Valley ... More About: Information , Housing Bubble , Read , Americans , Headlines
Your opportunity to rid the elderly of unwanted equity
More articles from this author:2008-03-19 15:28:00 Here’s your chance to help the elderly rid themselves of unwanted equity, and make money doing it! More About: Housing Bubble , Opportunity , Elderly , Equity 1, 2, 3, 4, 5, 6, 7 |
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