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Blog Details for "HousingDoom"
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
Five bad reasons to buy a house
2008-02-16 15:53:00 Many thanks to the reader who forwarded us Blanche Evan’s 5 Things to Tell Buyers on the Fence. Blanche Evans is the editor of Realty Times, and her approach to real estate ranges from the practical and sensible to the ludicrous. Evans is in one of her ludicrous phases apparently. Here’s her article with a ... More About: House , Housing Bubble , Reasons , A House
Policy Can?t Combat Gravity
2008-02-15 08:01:00 Mort Zuckerman of U.S. News and World Report gave a gloomy assessment of the housing market yesterday: How much longer will house prices keep falling? That collapse is a larger threat to our economic well-being than even the headline-grabbing problems of our increasingly frozen financial system. We’ve had half a century of rising ... More About: Housing Bubble , Policy , Combat
Banks to ask government to assume bad loan LOSSES
2008-02-14 15:47:00 Yahoo took their title this morning from yesterday’s Wall Street Journal- Banks to ask government to take bad loan risk: [Hat tip L!] NEW YORK (Reuters) - The banking industry is proposing to members of the U.S. Congress and the White House that some of the risk of troubled mortgages should be shifted to the federal ... More About: Government , Housing Bubble , Loan , Losses
Phoenicians? You?re Property Values Are Falling, But Your Taxes Aren?t
2008-02-14 15:26:00 Maricopa County is sending out property notices this week. Most homeowners will note that the value of their homes has dropped, but their taxes haven’t: [Hat tip M!] Homeowners hoping for an immediate property-tax reduction will be disappointed. Property -tax statements lag valuations by 18 months in Arizona, so homeowners won’t see a drop in their ... More About: Taxes , Values
Phoenix Median Home Price Down 12% In January
2008-02-14 08:01:00 ASU’s Realty Studies has released Jay Butler’s report on the Phoenix housing market in January , and the report holds no surprises- the housing market continues to deteriorate. Price s The median home price opened the year at $230,000, which is below the $232,000 of December 2007 and last year’s $260,000. It represents a continuation in declining ... More About: Housing Bubble , Home
Lenders refusing to finance sales in some Miami condominiums
2008-02-13 13:50:00 Thank you to Kevin Tomlinson, who sent me this post from his South Beach Condo Blog: Say you want to sell your unit at Related Group’s new 50 Biscayne Condo in downtown Miami , you find a buyer willing to purchase your unit, you agree on terms, and you probably think, “whew, I’m really lucky I ... More About: Finance , Sales , Housing Bubble , Market trends
Paulson: ?The Worst Is Just Beginning?
2008-02-13 08:02:00 Hank Paulson on housing– "The worst is just beginning" [Thanks L!] More About: Housing Bubble
Buy and Bulldoze?
2008-02-13 08:01:00 Homebuilders are upset that government is not doing to save them from the crisis they created themselves– and they are going to punish Congress by withholding political contributions: [Hat tip L!] WASHINGTON (AP) — The lobbying group representing homebuilders is cutting off contributions to federal congressional campaigns, saying lawmakers and the Bush administration have ... More About: Housing Bubble
AZ: Elevation Chandler facing foreclosure
2008-02-12 08:01:00 At the intersection of the San Tan and Price freeways in Chandler , AZ stands the "bones" of a seven story high rise, the remains of the "Elevation Chandler" project. It rises like a monument to the housing bust behind the Chandler Fashion Mall. The project, begun two years ago by developer Jeff Cline, has sat empty ... More About: Housing Bubble , Foreclosure , Facing
Las Vegas: Here Come Da Repo Bus!
2008-02-12 08:01:00 Thanks to "Former Title Guy" for this great picture and link: I thought this speaks volumes about the Las Vegas market– far more than the following comments from Saturday’s Review Journal: [Hat tip Rebel] ; "This is a temporary fluctuation in the market that may continue to keep prices artificially low for the next couple of ... More About: Housing Bubble , Repo
Phoenix: ?Lender-owned? and ?lender approval required? properties near 20%
2008-02-11 08:03:00 As foreclosures rise in Phoenix and properties are returned to the lender, the question arises as to what percentage of the market is actually "lender owned." L thoughtfully checked the numbers for us a couple of days ago, but reminded me that these numbers have their limitations. The MLS has a couple of boxes now in ... More About: Housing Bubble , Owned , Properties
?Somebody, somewhere, must be sitting on a vast nexus of undisclosed losses
2008-02-11 08:01:00 Losses, losses, who’s got the subprime losses? According to Ambrose Evans-Prichard of The Telegraph, it just might be Japan: Just as battered investors had begun to glimpse signs of recovery in America, the next shoe has dropped with an almighty thud in Japan. Echoes are rumbling across the Far East. The Tokyo bourse has crumbled, ... More About: Housing Bubble , Losses , Vast
The Los Angeles Times Is Wrong
2008-02-10 14:26:00 In this morning’s Los Angeles Times is an article by Ann Brenoff entitled Realtor blogs help reel in clients, boost sales. Brenoff reported: And then there is Housing Doom — written from Austin, Texas, by Debi Averett, who sold her Phoenix-area home "in 15 minutes" when she thought her husband had a job out of state. ... More About: Housing Bubble , Wrong , Los Angeles Times
What Bubble Comes Next? The Lawsuit Bubble
2008-02-10 08:01:00 As the real estate market cools off, the lawsuits are picking up. Take for example this dispute on condo deposits in Miami: [Apologies for the sound quality] More About: Lawsuit , Housing Bubble , Bubble
Las Vegas January Median Sale Price Down 17.3%
2008-02-09 08:01:00 The January sales numbers for single family housing are out for Las Vegas , and the results are not surprising– prices and sales are down, with the median sales price dropping 17.3% from $302,000 in January of 2007 to $249,900 in January 2008: [data from GLVAR] Sale s 983 homes sold in Las Vegas in January, up from December’s ... More About: Housing Bubble , Price
?This particular recession may be somewhat immune to monetary stimulus?
2008-02-08 22:19:00 After all the excitement on Wall Street about rate cuts, more analysts are saying that maybe the cuts won’t help: The problem, analysts, say, is that the rate cuts haven’t encouraged banks to start lending again. After billions of dollars of losses from subprime debt, banks are still reluctant to put money into ... More About: Recession
Fannie and Freddie About To Get Squeezed?
2008-02-08 08:01:00 In spite of calls for restraint on the part of the OFHEO, it looks like Fannie Mae and Freddie Mac will be called on to do more- and possibly do it with less capital: Amid the worst housing crisis in a generation, pressures are mounting for an expanded role by the two mortgage finance companies, ... More About: Housing Bubble
UK?s Housing Bust- You Would Think They Would Have Seen It Coming
2008-02-07 08:01:00 Watch this great BBC show on Britain’s housing bust. See why the damage and the pain isn’t going to be contained in subprime, or even confined to America’s borders: PART I More About: Housing Bubble , Market trends , Housing , Bust
Redefining ?Economic Prosperity?
2008-02-06 16:18:00 There was an intriguing headline in the Telegraph by Jeff Randall this morning, Debt juggernaut rolls us into a madhouse. The article describes conditions in the U.K., but could easily have been written about their cousins across the pond. Speaking about a television show that would air today they said: Our interviewees are a cross-section of ... More About: Housing Bubble , Economic , Prosperity
Spam as a sign of the times
2008-02-06 08:01:00 I usually get my best spam from M and from L, who are inundated by real estate flyers on a daily basis. Today however, I thought I’d post three that arrived yesterday in my personal email. It’s a bit of a change from the online pharmacies and Nigerian millionaires: Dear Customer Are you tired of seeking loans ... More About: Spam , Housing Bubble , Sign , Times , The Times
Homebuilders Up On A Wish And A Prayer
2008-02-05 15:18:00 How this for objective analysis? NEW YORK — Shares of four home builders rose in premarket electronic trading Tuesday after an upgrade from a Banc of America analyst, who said the stocks will rise because lower home prices will lead to increased demand. Daniel Oppenheim upgraded shares of KB Home, MDC Holdings Inc. and Pulte ... More About: Housing Bubble , Market trends , Prayer
Clinton: ??When I started warning about this housing crisis and what it wou
2008-02-05 08:01:00 We took a lot at some of President Bush’s comments on the economy here on Doom yesterday, so I thought today would be a good day to be an equal opportunity grumbler and take a look at some of Senator Clinton ’s comments. She spoke last week at Yale and discussed foreclosure moratoriums: [Sorry about the ... More About: Housing Bubble , Housing , Warning , Crisis
President Bush- It Ain?t Gonna Work
2008-02-04 08:01:00 Man I wish our President would demonstrate that he has some notion of how economics works. I about strangled yesterday when I read this comment from him: It’s very important for the Senate to finish their work quickly because the sooner we can get money into our consumers’ hands, the more likely it is, ... More About: Bush , President Bush , Housing Bubble , Work
We?re Feeling Bearish
2008-02-03 15:03:00 This video is a new one on me: [Thanks to DocScience- this was too good to leave buried in the thread] More About: Housing Bubble , Bearish , Feeling
Home Rental Evictions Continue to Increase In Phoenix
2008-02-03 08:01:00 I’ve said it before, and I’ll say it again. Renters, you need to keep an eye on your landlord’s finances: [Thank you M nd L for the links!] Maricopa County constables are evicting more renters of single-family homes as they struggle to pay rent in the faltering economy or as foreclosures strike their landlords. ... More About: Phoenix , Rental , Home
Phoenix: Lenders Criticized For Not Maintaining Vacant Foreclosure Properti
2008-02-02 08:01:00 The following comment was submitted to "Arizona’s Own Espresso Pundit" blog. It apparently is being circulated by a neighborhood association in Phoenix [Thank you C.M.!] 1-30-08 Re: Empty/Vacant Residential Properties Blight and Criminal Risk to Arizona Neighborhoods Metal Recycling Industry Dear Community Stakeholder, Please add the following information to your file. Please forward to members of your organization or ... More About: Housing Bubble , Market trends , Foreclosure
Phoenix January Sales Preview: Things Haven?t Been This Bad In A Long Time
2008-02-01 18:37:00 Many thanks as always to M for our sales numbers. The inventory did not drop as much this year as in past years and has been climbing in recent weeks, sales however are lower than we’ve seen them in a long time. Remember these are our "preview" numbers, and the sales numbers will climb a ... More About: Phoenix , Preview , Sales , Time , Housing Bubble
Op-Ed Friday: Goldilocks, your slip is showing
2008-02-01 08:01:00 It’s Friday , and it’s becoming clearer that the "Goldilocks economy" is falling and may not get up. Economist Nouriel Roubini describes the possible chain reaction that could bring down the house of cards: The current financial system is a subprime financial system, lacking transparency and one in which a contagion could readily spread from ... More About: Housing Bubble , Slip
The Credit Crunch Illustrated
2008-02-01 08:01:00 Ah, the empty calories that pass for breakfast anymore: More About: Credit , Crunch
?Tell Ben Bernanke To Go Home?
More articles from this author:2008-01-31 16:55:00 Here’s Bill Donoghue of Marketwatch who’s Wednesday’s article gave me a "Dang, I wish I’d said that ." moment this morning.: [Thanks L!] SEATTLE (MarketWatch) — Call this the perfect financial storm or what you will; Wall Street has made fools of financial institutions around the world with their CMOs, CDOs, and greedy boo-boos. ... More About: Housing Bubble , Home , Ben Bernanke , Bernanke 1, 2, 3, 4, 5, 6, 7 |
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