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charles hugh smith-Weblog and wEssays
The Return of
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Greenspan's Bubbles
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The
First-Time
Homebuyers Handbook
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Boom Bust: Home Prices,
Banking,
and the Depression
of 2010
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The 2nd Great Depression:
Starting
2007, Ending 2020
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House Poor: How to Buy
and Sell Your
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The 106 Common Mistakes
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Cash in on the Coming
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Timing the Real Estate
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Property Management
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The Hottest Housing
News From Across the Nation!
Today's Top News!
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Friday, May 09, 2008
Top 10 US Housing Price Crash Cities Profiled:
The worst isn't over for Miami, Phoenix, and hard hit areas of
California,
which are forecast to see big price drops in the next 12 months,
according to Money Magazine.
10 markets set for steep losses
CNN.Money
Fannie Mae may lose $2 bln-$2.5 bln more this year: FBR
Reuters
"The housing bubble is still bursting, and the GSEs
will not be left untouched," he added. Fox-Pitt Kelton analyst Howard
Shapiro also said credit issues ...
Lender "workouts" Don't Work? (OR)
Local woman finds obstacles abound in trying to work out new deal with
lender • Nearly 15,000 borrowers across the state could see terms
reset in the next 18 months
Loan crisis hits home
PortlandTribune
How Many ARM's Set To Reset in 2008...?
No quick fix to glut of home foreclosures (AZ)
Tucson Citizen, AZ
When they began defaulting on the loans, the housing
bubble burst. In 2007 there were nearly 4500 foreclosure filings in
Pima County, according to ...
The six scariest real estate markets
MSNBC
Wednesday, May 7, 2008
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The Housing Crisis is NOT Over
Seeking Alpha, NY
Despite the decline, home prices are
still at record levels historically. More importantly, all the
costs associated with owning a home have skyrocketed: ...
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Real estate's next buying opportunity
... by Robert Shiller, Yale economist, author
of the bestseller Irrational Exuberance and predictor of the
collapse of the recent housing bubble. ...
Indeed, in mid-April, futures were predicting
that home prices in Los Angeles would fall 33% this year
CNNMoney.com
Rising gas prices, declining suburbs
Los Angeles Times, CA
"The gas price spike popped the housing
bubble," according to a new report from the group "CEOs for Cities,"
which adds, "Growth in housing prices was ...
Investors Take Fannie Mae Loss in Stride
RedOrbit, TX
The Washington, DC-based company said it
expects home prices to fall another 9% this year.
Lender listings drag down Twin Cities home prices
(MN)
the median price for
regular homes on the market in the first quarter was $220,000, down
3.9 percent from a year ago. By contrast, the median price for
foreclosures and short sales was $155,000, down 10.4 percent.
Pioneer Press, MN
Fannie Mae sees sharper home-price declines, loses
$2.2B
YahooNews
It’s Going to Get Worse!
Economist David Lereah was once the housing market's biggest
cheerleader. Now he says the bust isn't near over, and home prices
still have a long way to fall.
Newsweek
RI 1Q home sales drop by 23%, prices 10%
(RI)
Single-family home sales in the first quarter of 2008 across Rhode
Island dropped 23.19 percent to 1,242, as the median price fell 9.93
percent to $245,000, according to statistics released today by the
Rhode Island Association of Realtors.
Providence Business News, RI
This Weeks Biggest Loser: Tampa, Florida
Median home asking price tumbles nearly $4K
in past week! (1.9%)
HousingTracker.net: Median Home Asking Price & Inventory Data for
Tampa, Florida
HousingTracker
Monday, May 5, 2008
Orange County, CA Prices: From Front Page to Short Sale
The Orange County Register wrote the first half of the story in July
2005, when it reported that median home prices had topped $600,000,
and highlighted 484 Traverse Drive in Costa Mesa. Three-bedroom, two
bath house had just sold for $600,000.
Calculated Risk
Here's the short history of 484 Traverse Drive:
--Sept. 7, 1994: Sold for $177,500
--June 9, 2005: Sold for $600,000
--July 19, 2005: Featured on the front page of the OC Register
--April 26, 2008: Listed for sale as a short sale, asking $559,000
--May 2, 2008: Price reduced to $439,000
Los Angeles Times, CA
Jose Canseco is the latest victim of the housing bust
Try to hold back your tears. The Wall Street Journal
reports (subscription required) that "Faced with sinking property
prices and heavy legal fines, he has abandoned a multimillion-dollar
home in suburban Los Angeles and let it lapse into foreclosure."
WalletPop, VA
Financial worst may not be over
MiamiHerald.com, FL
Home prices and sales continue falling month
after month, leaving a key part of the financial sector unclear. ''I
think the reality of it is, nobody knows ...
Discounted Homes, Going, Going, Gone …
KRIS-TV, TX
With home prices sliding and foreclosures
rising, real estate has become the fastest-growing category of
auctions, according to the National Auctioneers ...
Rebuttal To SmartMoney US Housing Market Bottom Call
The Market Oracle, UK
No recovery for new homes seen in 2008
It will take till 2011 or early 2012 for valley market to stabilize
The Modesto Bee
Asia Getting Fed Up With Bernanke's Rate Cuts
Bloomberg
Berkshire’s Munger: Subprime Makes “Enron Look Like a
Tea Party”
Wall Street Journal Blogs, NY
Friday, May 2, 2008
Home Prices Fall in 22 US Cities as Foreclosures Reach
Record!
Bloomberg
Now's not the time to be flip about housing
Seattle Times, United States
FORECLOSURES MULTIPLY AND VIOLENCE ERUPTS IN HOMEOWNER ASSOCIATIONS
Last week in Pompano Beach, Florida,
Patrick Dellisanti, 57, walked into the clubhouse of his
homeowner association brandishing a gun and demanded to speak with
an employee of the association over the $4,000 fees charged to the
condo of his 80 year old mother. He took two employees hostage.
There has been many such acts of violence in homeowner associations.
Some observers say that these murders are the tip of an iceberg. All
across the country, homeowners complain that homeowner associations
have become
fraud riddled cash registers for lawyers and other vendors, who
seek any excuse to fine and sue homeowners. Homeowners report that
the courts routinely rule against the homeowner and for the
homeowner association, granting lawyer fees in excess of a millon
dollars in some cases. Reports indicate that foreclosures are higher
in homeowner associations than in non-homeowner association housing.
AHRC News Services, CA
Lenders and borrowers
Salt Lake Tribune, United States
Let the housing bubble burst. Home borrowers who fail to repay
mortgages should suffer the same consequences as any other nonpaying
debtor. ...
Home Depot to Close Stores, Trim Expansion
Briefing.com, CA
The world's largest home improvement retailer came under pressure once
the housing bubble burst. Year-over-year earnings have fallen in each
of its five ...
Bank of America May Not Guarantee Countrywide's Debt
Bloomberg
With Much Blood-Letting to Come, the US Housing Finance
System Needs Replacing
Money Morning
No recovery for new homes seen in 2008
Modesto Bee, CA
Rich And Famous New York Enclave Experiences Slump In
Home Prices
According to a survey by appraisal
company Miller Samuel, the median price of a Hampton home dipped by
7.1 percent to $882,500 while sales tumbled by 29 percent compared to
the last quarter of 2007.
AHN
House panel passes sweeping mortgage aid bill
Reuters
The Coming Rental Crisis
U.S. News & World Report, DC
Thursday, May 1, 2008
Average Homeowner Will Lose $85000 in Wealth This Year
HULIQ (press release), NC
Index: Home Prices Plunge 19.4 Percent in Year
Black Enterprise, NY
A Manic Depression
HoweStreet.com, Canada
Housing bubble bursts, check. Huge financial
institutions closing their doors, check. Well at least the worst is
over, right? Wrong. ...
Latest rate cut by Fed may be last
DetNews.com, MI
Spike in gas prices help burst housing bubble
The Oregonian - OregonLive.com, OR
S.D. Housing Prices Continue to Drop, But Property
Taxes Expected to Increase (CA)
KPBS, CA
Is the Fed Bankrupting America?
SeekingAlpha
Monday, April 28, 2008
Must Government Inflate Home Prices?
Lew Rockwell, CA
Bond guru Bill Gross says the government must
move in support of home prices to make sure the credit markets don’t
melt down. ...
Home Sales, Prices Tumbling As Spring Buying Season Starts (CT)
Hartford Business
More striking, the median price of an existing
home sank 7.7 percent from March 2007
Foreclosure in Fontana? A 27-year-old ponders walking
away (CA)
LATimesBlog
Why the housing crisis will be worse "out there"
Then what? Collapsing prices, and a decline in home ownership in
wounded suburbs: " ... the fate of many single-family homes on the
metropolitan fringes will be resale, at rock-bottom prices, to
lower-income families — and in all likelihood, eventual conversion to
apartments."
Los Angeles Times, CA
Countrywide CEO got $22.1 million for 2007:
He collected much more in options in same year company's stock dropped
80%
San Francisco Chronicle, USA
Now that the housing bubble has burst...
Hagerstown Morning Herald, MD
Housing slump hits builders
(MI)
Suppliers, jobs vanish as piles of unsold homes in Metro Detroit make
new construction rare.
DetNews.com, MI
Presidential candidates call for government to rescue
homeowners
Dallas Morning News, TX
Homeowners warned about home loan rate rises by big
banks
Daily Telegraph, Australia
SCHOLAR THREATENED FOR WARNING OF HOUSING BUBBLE
Yahoo!7
Amid storm of blame for crisis, brokers defend their
industry
San Francisco Chronicle, USA
Goldman Sachs mortgage head Dan Sparks quits
MarketWatch
Mass. foreclosures up 140% in a year
Boston Globe, United States
Lower prices can put 'real' in real estate
(TAIPEI)
Palm Beach Post, United States
The housing bubble burst because it was
unsustainable, and the burst followed two bad hurricane years that
pushed up insurance rates. ...
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