tag:blogger.com,1999:blog-18675105.post518614999808900108..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: BUBBLETALK - Post housing crash articles and random musings herebloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger444125tag:blogger.com,1999:blog-18675105.post-86299124255483020252007-03-27T21:38:00.000+01:002007-03-27T21:38:00.000+01:00Without any room to raise Interest Rate, the FOMC ...Without any room to raise Interest Rate, the FOMC will soon put Ben Bernanke statement to the test as Speculative Currency Traders short the Dollar.<BR/><BR/>Federal Reserve Board chairman Ben Bernanke says U.S. markets could probably withstand the effects of a sell-off of treasury bills by foreign investors.<BR/><BR/>"Because foreign holdings of U.S. treasury securities represent only a small part of total U.S. credit-market debt outstanding, U.S. credit markets should be able to absorb without great difficulty any shift in foreign allocations," Bernanke said in a March 16 letter responding to Republican Senator Richard Shelby of Alabama.<BR/><BR/>International investors, including central banks, own about half of the $4.3 trillion (U.S.) of marketable treasuries outstanding, according to U.S. Treasury Department figures. <BR/><BR/>http://www.thestar.com/<BR/>Business/article/196263Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-47022566300929126662007-03-27T21:20:00.000+01:002007-03-27T21:20:00.000+01:00Countrywide up over $1.2 Billion (with a B) in for...Countrywide up over $1.2 Billion (with a B) in foreclosures.<BR/><BR/>http://countrywide-foreclosures.blogspot.com/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-74589210031736035762007-03-27T21:09:00.000+01:002007-03-27T21:09:00.000+01:00With as many as 460,000 California homeowners repo...With as many as 460,000 California homeowners reportedly at risk of losing homes bought with sub-prime mortgages, a top California business regulator called Monday for a ban on certain risky and controversial lending practices.<BR/><BR/>At issue for Department of Corporations Commissioner Preston DuFauchard were home loans being issued without lenders fully verifying the prospective buyer's income and employment status. These so-called stated- income loans have contributed to the collapse of the sub-prime mortgage market, he said.<BR/><BR/>"It's a real fluid situation," said DuFauchard, who has asked Gov. Arnold Schwarzenegger whether the commissioner can require about 8,000 mortgage and commercial loan lenders in the state to fully verify a prospective buyer's income and employment status to ensure that he or she can afford a loan.<BR/><BR/>The testimony came at a hearing of the California Senate's Banking, Finance & Insurance Committee, which also heard the estimate of 460,000 possible foreclosures from consumer activist Paul Leonard, director of the Oakland-based Center for Responsible Lending.<BR/><BR/>Many borrowers, who qualified for adjustable-rate mortgages based on their unverified stated-income declarations, fell behind on their payments as the economy and housing market softened in the last year. As a result, Leonard said, they were hit with suddenly increased interest rates that put monthly payments out of reach of low-income homeowners.<BR/><BR/>Leonard said he would welcome stronger oversight of mortgage bankers' underwriting guidelines by the state.<BR/><BR/>The Department of Corporations, he said, has only 25 examiners on staff and "and clearly doesn't have the resources to stay on top" of the situation.<BR/><BR/>But DuFauchard said his staff had "examined all companies within the last four years."<BR/><BR/>A report released Monday by RealtyTrac, a consulting firm that monitors foreclosure activity, said that more than 16,000 Californians entered the foreclosure process in February, a 79% increase over the same period last year.<BR/><BR/>DuFauchard told state Senate Banking Committee Chairman Michael Machado (D-Linden) that he had concerns that the proposed rule to ban stated-income loans could be overturned if mortgage bankers filed a lawsuit contending that the commissioner lacked the authority to do so.<BR/><BR/>The governor's office confirmed that it was reviewing DuFauchard's request. Spokesman Aaron McLear stressed that "the governor is clearly concerned with the rise in Californians foreclosing on their home loans."<BR/><BR/>http://www.latimes.com/business/<BR/>la-fi-subprime27mar27,1,2315678.<BR/>story?coll=la-headlines-<BR/>business&ctrack=1&cset=trueAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-35151478235062803122007-03-27T20:31:00.000+01:002007-03-27T20:31:00.000+01:00Now they cut the realty clerks medical insurance. ...Now they cut the realty clerks medical insurance. <BR/><BR/>Health insurance options dwindle for self-employed<BR/>Group plans are being dropped or becoming unaffordable to many.<BR/>By Lisa Girion, Times Staff Writer<BR/>March 27, 2007 <BR/>Coverage threatened<BR/> <BR/>'It's a real stab in the heart'.<BR/>A major source of health insurance for people who work for themselves is disappearing, casting thousands of contractors, freelancers and solo practitioners into the ranks of the uninsured with little hope of obtaining new coverage.<BR/><BR/>Health plans offered by professional associations were once havens for millions of people who couldn't get coverage anywhere else. But as medical costs have soared, groups representing professions as varied as law and golf have been forced to stop offering the benefit or been dropped by insurers.<BR/><BR/>More than 8,000 people with coverage through the California Assn. of Realtors could be next if Blue Shield of California succeeds with its plan to cancel the group's health coverage.<BR/><BR/>"It's a real stab in the heart," said Marcy Garber, 62, an Encino real estate agent whose history of breast cancer makes her an almost-certain reject if she seeks similar coverage on her own.<BR/><BR/>Although no one tracks association coverage to know how many plans have disappeared, the experience of Marsh Affinity Services is telling. A decade ago, Marsh, which brokers and administers the health plans, had 142 such clients. Today, all but three have shut down.<BR/><BR/>Over the same period, the nation's uninsured population, now estimated at 45 million, rose dramatically, fueled in part by the dearth of affordable options for the self-employed, experts say. Among uninsured workers, nearly 63% are self-employed or work in small firms, Todd Stottlemyer, president of the National Federation of Independent Business, told Congress recently.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86886227474340808792007-03-27T20:05:00.000+01:002007-03-27T20:05:00.000+01:00US mortgage crisis forces homeowners to take refug...US mortgage crisis forces homeowners to take refuge in their cars<BR/><BR/>Predatory lenders should go to jail.<BR/><BR/>Predatory Lending Laws like the one being proposed in Arizona should become a federal law. <BR/><BR/>An investigation should be done to see how many of these legislatures were enticed by lobbyists such as Freddie Mac and Fannie Mae to do nothing all these years, and these do nothing regulators should be held accountable for their lack of action to allow predatory practices get this out of hand. <BR/><BR/>http://bellaciao.org/en/<BR/>article.php3?id_article=14592Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-19901220332338243472007-03-27T19:39:00.000+01:002007-03-27T19:39:00.000+01:00Federal Open Market Committee has lost all credita...Federal Open Market Committee has lost all creditability anything short of an Immediate Rate Hike will be nothing more then Smoke and Mirror to the Speculative Currency Traders.<BR/><BR/>Cleveland Federal Reserve President Sandra Pianalto can talk up a storm about Inflation but every Speculative Currency Traders know that the Dollar has no support if the FOMC can not raise rate.<BR/><BR/>http://www.usatoday.com/money/<BR/>economy/2007-03-27-fed-inflation<BR/>_N.htmAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86378789318746498542007-03-27T19:20:00.001+01:002007-03-27T19:20:00.001+01:00A top U.S. bank regulator and lawmakers in Congres...A top U.S. bank regulator and lawmakers in Congress from both parties called for a national crackdown on predatory lending, a main cause of the crisis in the subprime mortgage market.<BR/><BR/>"The time has come for national anti-predatory lending standards applicable to all mortgage lenders," Federal Deposit Insurance Corp. Chairman Sheila Bair told a House of Representatives subcommittee in a hearing on Tuesday.<BR/><BR/>Alabama's Spencer Bachus (news, bio, voting record), senior Republican on the House Financial Services Committee, of which the subcomittee is a part, said: "We still need ... some legislation addressing mortgage brokers ... some type of national standard."<BR/><BR/>Financial Services Committee Chairman Barney Frank (news, bio, voting record), a Massachusetts Democrat, said earlier this month he wants to pass a bill by the end of the year to curtail predatory lending. Connecticut Democratic Sen. Christopher Dodd (news, bio, voting record) is also planning to introduce anti-predatory lending legislation.<BR/><BR/>http://news.yahoo.com/s/nm/<BR/>20070327/pl_nm/usa_subprime_<BR/>congress_dcAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-41056249949790304982007-03-27T19:20:00.000+01:002007-03-27T19:20:00.000+01:00"In the survey conducted by Gfk Roper, homeowners ..."In the survey conducted by Gfk Roper, homeowners with mortgages were asked what type of mortgage they had. A stunning 34 percent of the homeowners had no idea." <BR/><BR/>http://tinyurl.com/2h4n7f<BR/><BR/>After reading this article, it's obvious to me that things are going to get a LOT WORSE as the housing bubble deflates....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-32194905724078303772007-03-27T17:58:00.000+01:002007-03-27T17:58:00.000+01:00Pit said :I love these For Sale adds :This is a st...Pit said :<BR/><BR/>I love these For Sale adds :<BR/><BR/>This is a steal!!! Earn instant equity on this "below market condo!! We are almost giving it away!! <BR/>-----On market: 277 days <BR/><BR/>Non-profit organization offers this unit to low to moderate income buyer(s). <BR/>------ Property Tax $ 5259 <BR/><BR/>Well below market never occupied ( desperate flipper)<BR/>----------On Market: 272 days <BR/><BR/>Motivated seller***price dropped $30k for quick sale!!<BR/>--------Days on Market: 284 <BR/>-- not so quickAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-92145596570570464512007-03-27T17:47:00.000+01:002007-03-27T17:47:00.000+01:00I agree with Anonymous 5:31PM about where prices h...I agree with Anonymous 5:31PM about where prices have gone since 1999.<BR/><BR/>Houses in DC area have more or less tripled in value since 1999. Most salaries have been fairly flat the last 6 years, that is if you were forced to change jobs and didn't get your bogus 3% (LOL) COL adjustment. Why then is it unreasonable for prices to drop 50%? I doubt they will, chances are everyone who doesn't own now, has any sense of historical price trends, and is natural born American will just leave the area. This is what I hear when I talk to friends. The DC area is already one of the greatest outflow areas for domestic migration.<BR/><BR/>When I walk up Rock Creek Park past Kensington, I see 550-600K "starter" homes adjacent to the park on every side. This area is one of the primo Montgomery county locations in Maryland burbs. The park goers are about 99% hispanic from what I see. I guess those jobs "Americans wont do" are paying pretty good these days?!?<BR/><BR/>I doubt I will buy anything for the next 5 years. With every passing day, I read less of these blogs - only because this is too frustrating to keep tracking price corrections that are slow to occur.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-73489285427397603432007-03-27T17:43:00.000+01:002007-03-27T17:43:00.000+01:00The dollar fell against the euro and yen Tuesday, ...The dollar fell against the euro and yen Tuesday, after a report showed U.S. consumer confidence dropped in March for the first time in five months.<BR/><BR/>Shaken by a steady rise in gasoline prices and a weaker stock market, the consumer confidence index fell to 107.2 in March from a revised 111.2 in February, the Conference Board, a private research group, said Tuesday. Economists surveyed by MarketWatch were looking for a decline to about 108.6<BR/><BR/>http://www.marketwatch.com/news/<BR/>story/dollar-falls-after-consumer<BR/>-confidence/story.aspx?guid=<BR/>%7B26949314-330A-4BA2-A9F0-<BR/>F49C86C6113B%7DAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-26493300141320645922007-03-27T17:36:00.000+01:002007-03-27T17:36:00.000+01:00Prices of single-family homes across the nation de...Prices of single-family homes across the nation depreciated in January compared to a year ago, the worst results in more than 13 years, a housing index released Tuesday by Standard & Poor's showed.<BR/><BR/>The data underscored disappointing sales data released by the government on Monday.<BR/><BR/>The S&P/Case-Shiller composite index showed a drop of 0.7 percent from a year ago in the price of a single-family home based on existing homes tracked over time in 10 metropolitan markets. Growth hasn't been that slow since January 1994 when it dropped by 0.9 percent compared to January 1993, S&P said.<BR/><BR/>Government sales figures reported Monday showed that the number of home sales in February fell to the lowest level in seven years, and followed an even larger drop of nearly 16 percent in January.<BR/><BR/>MacroMarkets LLC Chief Economist Robert Shiller said the composites clearly show the "dire" state of the real estate market across the nation.<BR/><BR/>Federal Reserve governors watch housing as one of the most important indicators of the health of the overall economy. Economists fret that the slump in housing will drag down growth as the slowdown affects consumer spending and the construction industry.<BR/><BR/>On Monday, the Commerce Department reported that sales of new single-family homes fell 3.9 percent in February to a seasonally adjusted annual rate of 848,000, the slowest sales pace in nearly seven years. The February decline followed an even larger 15.8 percent drop in sales in January, which had been the largest one-month plunge in 13 years, another sign the market has not yet found a bottom.<BR/><BR/>http://biz.yahoo.com/ap/<BR/>070327/home_price_index.html?.v=2Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-3608934614742199652007-03-27T17:29:00.000+01:002007-03-27T17:29:00.000+01:00Consumer Confidence Falls More Than Expected in Ma...Consumer Confidence Falls More Than Expected in March Amid Rising Gas Prices<BR/><BR/>Rising gasoline prices and stock market turbulence undermined consumer confidence in March, increasing worries about one of the economy's pillars, a widely watched index showed on Tuesday.<BR/><BR/>"The recent turmoil in financial markets coupled with the run-up in gasoline prices may have contributed to consumers' heightened sense of uncertainty and concern. The direction of both components over the next few months bears watching to determine whether this decline is just a bump in the road or something more substantial," she added.<BR/><BR/>Economists closely monitor consumer confidence because consumer spending accounts for two-thirds of all U.S. economic activity.<BR/><BR/>The Present Situation Index, which measures how shoppers feel now about economic conditions, increased slightly to 137.6 from 137.1 in February. The Expectations Index, which measures consumers' outlook in the next six months, declined to 86.9 from 93.8.<BR/><BR/>The report was a bit sobering for retailers and other businesses that rely on consumer spending.<BR/><BR/>But a slowing economy, particularly a weakening housing market, could challenge shoppers in the months ahead. Rising defaults and delinquencies in subprime mortgages and fewer home equity withdrawals that give consumers extra cash could curtail spending.<BR/><BR/>The latest report on housing, released Tuesday by Standard & Poors, further dimmed hopes for a rebound in the market. Prices of single-family homes across the nation depreciated in January compared to a year ago, the weakest results in more than 13 years, according to the S&P housing index.<BR/><BR/>The downbeat news on housing caused stocks to fall Tuesday as worries mounted that the nation's housing market may be slowing sharply enough to filter through the broader U.S. economy and dampen consumer spending.<BR/><BR/>http://biz.yahoo.com/ap/070327/<BR/>economy.html?.v=5Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-67154385527895478502007-03-27T17:03:00.000+01:002007-03-27T17:03:00.000+01:00Pakistan to support Iran in case of US attack: Ras...Pakistan to support Iran in case of US attack: Rashid<BR/>RAWALPINDI: Federal Minister for Railways Shaikh Rashid Ahmed while expressing fear of a US attack on Iran has categorically stated that Pakistan would never offend a Muslim neighbour at the cost of a fair-weather friend, the US.<BR/><BR/>“We would support Iran if attacked by the United States and would not provide airbases to America,” he stated in categorical terms.<BR/><BR/>Addressing a ceremony held in connection with Pakistan Day celebrations at Lal Hawaili here on Friday, Rashid said it is now Iran's term after the US attacked Iraq and Afghanistan. “The US is sitting ready to attack Iran but Pakistan will never allow Washington to use its territory for launching an attack,” he added.<BR/><BR/>Being a nuclear state, the responsibility of Pakistan has increased manifold as far as conflicts in the region are concerned. “Pakistan is in a leading position for the Muslim Ummah and it would be impossible for Pakistan to support America in this regard.”<BR/><BR/>“We have decided in clear terms that we will support Iran instead of America if any aggression is initiated against Iran,” he said. “We cannot leave our best friend for the sake of a fair-weather friend,” he added.<BR/><BR/>He said Pakistan came into being in the name of Islam and it is our responsibility to make Pakistan a progressive and prosperous by following the teachings of Islam.<BR/><BR/>http://www.thenews.com.pk/daily_<BR/>detail.asp?id=48176FlyingMonkeyWarriorhttps://www.blogger.com/profile/01770643973751363527noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-28268893808464906922007-03-27T16:07:00.000+01:002007-03-27T16:07:00.000+01:00Darren said... My wifes friend's husband purcha...Darren said...<BR/><BR/> My wifes friend's husband purchased<BR/> 4 condotels 2 orlando and 2 las vegas and I can find little info on these types of investments. I think that this is a bad Idea as his total income is only about $60,000. Does anyone know what these are<BR/><BR/> March 27, 2007 4:43 AM <BR/>****************<BR/>Yes. It is a new twist on Timeshare. Your wife's friend's husband and other "investors" own the Condo, but the Property Management is not a Rental Management Company, but a Luxury Resort Management Company and the Primises is run just like a Hotel/Motel. The owners share in the Rental income, and use their condo when they want.<BR/><BR/>They are very high end, usually a flag.<BR/><BR/>Here is one that is Amazing as an example:<BR/><BR/>www.thebluerose.com<BR/><BR/>AT the bottom of the page is an extensive report in Adobe format.<BR/>Although you have to read through the spin.FlyingMonkeyWarriorhttps://www.blogger.com/profile/01770643973751363527noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-71919536533738725932007-03-27T15:55:00.000+01:002007-03-27T15:55:00.000+01:00TheStreet.com's Doug KassCongrats Keith.TheStreet.com's Doug Kass<BR/>Congrats Keith.FlyingMonkeyWarriorhttps://www.blogger.com/profile/01770643973751363527noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-25064313609715120172007-03-27T09:22:00.000+01:002007-03-27T09:22:00.000+01:00Class-Action Lawsuit Filed Against Beazer Homes an...Class-Action Lawsuit Filed Against Beazer Homes and Beazer Mortgage Corporation in North Carolina<BR/><BR/>Andresen & Associates and The Jackson Law Group PLLC, Charlotte-based law firms with extensive experience in mortgage fraud and class litigation, today announced that a lawsuit seeking class action status has been filed against Beazer Homes Corp. and Beazer Mortgage Corporation.<BR/><BR/>The case, pending in Mecklenburg County Superior Court on behalf of proposed Class Representatives Mark and Lea Tingley, alleges violations of North Carolina General Statutes Chapter 75, a consumer protection statute which proscribes unfair and deceptive trade practices. The action is with respect to numerous "low income" subdivisions in North Carolina where Beazer Homes Corp. built and sold newly-constructed homes. The suit alleges that Beazer Homes Corp. and Beazer Mortgage Corporation conspired to illegally finance unqualified purchasers to buy newly-constructed homes, thus making widespread foreclosure and abnormal property devaluation inevitable.<BR/><BR/>http://www.tickertech.com/<BR/>cgi/?a=news&ticker=a&w=&story<BR/>=200703200703261203PR_NEWS_<BR/>USPR_____CLM259Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-40333695832818400392007-03-27T09:19:00.000+01:002007-03-27T09:19:00.000+01:00Standard & Poor's raised its expectation for losse...Standard & Poor's raised its expectation for losses on 2006 subprime mortgage bond issues to as high as 7.75 per cent from a previous peak assumption of about 6.5 per cent, an analyst said on Monday.<BR/><BR/>S&P raised its requirements for loss coverage levels in July 2006, giving the best protection on bonds issued in the last two quarters, it said in the report.<BR/><BR/>S&P expects losses on 2006 subprime loans will range from 5.25 per cent to 7.75 per cent compared with about 4.5 per cent to 6.5 per cent previously, he said.<BR/><BR/>http://news.ninemsn.com.au/<BR/>article.aspx?id=256924Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-76425156600187838922007-03-27T09:14:00.000+01:002007-03-27T09:14:00.000+01:00The federal financial regulatory agencies today is...The federal financial regulatory agencies today issued for comment a proposed Statement on Subprime Mortgage Lending to address certain risks and emerging issues relating to subprime1 mortgage lending practices, specifically, particular adjustable-rate mortgage (ARM) lending products.<BR/><BR/>The proposal addresses concerns that subprime borrowers may not fully understand the risks and consequences of obtaining these products, and that the products may pose an elevated credit risk to financial institutions. In particular, the proposed guidance focuses on loans that involve repayment terms that exceed the borrower’s ability to service the debt without refinancing or selling the property.<BR/><BR/>The statement specifies that an institution’s analysis of a borrower’s repayment capacity should include an evaluation of the borrower’s ability to repay the debt by its final maturity at the fully indexed rate, assuming a fully amortizing repayment schedule. The statement also underscores that communications with consumers should provide clear and balanced information about the relative benefits and risks of the products. If adopted, this statement would complement the 2006 Interagency Guidance on Nontraditional Mortgage Product Risks, which did not specifically address the risks of these ARM products.<BR/><BR/>The agencies request comment on all aspects of the proposed statement and are particularly interested in public comment about whether: 1) these arrangements always present inappropriate risks to institutions and consumers, or the extent to which they can be appropriate under some circumstances; 2) the proposed statement would unduly restrict existing subprime borrowers’ ability to refinance their loans; 3) other forms of credit are available that would not present the risk of payment shock; 4) the principles of the proposed statement should be applied beyond the subprime ARM market; and 5) an institution’s limiting of prepayment penalties to the initial fixed-rate period would assist consumers by providing them sufficient time to assess and act on their mortgage needs.<BR/><BR/>Comments are due sixty days after publication in the Federal Register, which is expected shortly. The Federal Register Notice with a copy of the guidance is attached.<BR/><BR/>1. The term “subprime” is defined in the Expanded Guidance for Subprime Lending Programs, issued by the agencies on January 31, 2001. <BR/><BR/>http://communitydispatch.com/<BR/>Housing_and_Mortgage_News_42/<BR/>Subprime_Mortgages_Agencies_<BR/>Seek_Comment_on_Subprime_<BR/>Mortgage_Lending_Statement.shtmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-32019171987843369112007-03-27T09:02:00.000+01:002007-03-27T09:02:00.000+01:00With Motorola, Lenovo, Texas Instruments all recen...With Motorola, Lenovo, Texas Instruments all recently announcing layoffs one would figure that Big Blue would do the same.<BR/><BR/>Instead the old dotCom bubble economy join forces with the new dotSubprime bubble economy. It must be getting very slow in the tech sector for Big Blue to enter into the mortgage market this late in the game. <BR/><BR/>International Business Machines Corp. said on Monday it formed a unit that will sell software and computers for processing mortgage applications and also manage processing of home-loan paperwork on behalf of lenders<BR/><BR/>IBM, the world's No. 2 computer services company, will offer technology to help process mortgage applications, automating the complexities of collecting documents to complete loans.<BR/><BR/>http://news.yahoo.com/s/nm/<BR/>20070326/bs_nm/ibm_lending_dcAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-41377141300851624862007-03-27T08:38:00.000+01:002007-03-27T08:38:00.000+01:00It is truly remarkable how the slightest provocati...It is truly remarkable how the slightest provocation (last week's "solid" home-sales headline) had the media and other permabullish types declare that the housing market has finally bottomed (again!) and that the impact on the subslime mess would be contained.<BR/><BR/>Here is a more accurate analysis of what occurred in housing last month:<BR/><BR/> "Home sales increase in the springtime month over month, every year, even if the world is ending. It's called "the homebuying season" for a reason. So you don't look at February vs. January, or April vs. March. No, just like retailers look at Christmas vs. Christmas, not Christmas vs. July, any dummy that follows the housing market looks year over year. Here's the real numbers, and headline the MSM should have reported: Dubious NAR report shows home sales continue to crater, off 3.7% vs. last year, while unsold inventory explodes by another 763,000 units and median sales price (without incentives) is down 7.6% from peak.<BR/><BR/> February used-home sales (per the dubious NAR numbers) were supposedly 387,000 units, vs. 402,000 units February 2006, down 3.7%. Inventory is now at 3,748,000, vs. 2,985,000 in February 2006, up 763,000 unwanted homes, or 25.6%. And the median sales price (without cash back or incentives) in February of $212,800 is down $17,400 from the July 2006 peak.<BR/><BR/>http://www.thestreet.com/<BR/>_googlen/newsanalysis/<BR/>investing/10346665.html?cm_ven<BR/>=GOOGLEN&cm_cat=FREE&cm_ite=NAAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-71750123013372377862007-03-27T06:24:00.000+01:002007-03-27T06:24:00.000+01:00Congrats, Keith! HP got a plug in a column from ...Congrats, Keith! HP got a plug in a column from TheStreet.com's Doug Kass. Kass manages a hedge fund and makes appearances on CNBC, including Larry Kudlow's show. So a big dawg has taken note... arf!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15250736352930549472007-03-27T05:43:00.000+01:002007-03-27T05:43:00.000+01:00My wifes friend's husband purchased4 condotels 2 o...My wifes friend's husband purchased<BR/>4 condotels 2 orlando and 2 las vegas and I can find little info on these types of investments. I think that this is a bad Idea as his total income is only about $60,000. Does anyone know what these areAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-53398404416339703372007-03-26T22:50:00.000+01:002007-03-26T22:50:00.000+01:00The Most dangerous/safest States in the USA, accor...The Most dangerous/safest States in the USA, according to a Morgan Quitno Crime Survey.<BR/><BR/><BR/>http://www.morganquitno.com/dang07.htmFlyingMonkeyWarriorhttps://www.blogger.com/profile/01770643973751363527noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-67802847032388511922007-03-26T22:31:00.000+01:002007-03-26T22:31:00.000+01:00Stupid question of the day:If salaries and good jo...Stupid question of the day:<BR/>If salaries and good jobs are increasing so much, as MSM, the government, and Kudlow like to advertise ad nauseum, why new home sales have been in the toilet? Anyone with a tiny drop of common sense (hard to find in America these days) and half working brain would assume that workers who are making good money at good jobs, in a great economy, would be buying lots of new homes. What happened? It must be Clinton's fault.Anonymousnoreply@blogger.com