Keyword: eeyore

Brevity: Headers | « Text »
  • 3 Cheers for Obama’s defeat-no cheer from the RINO victory - ALAN KEYES

    01/20/2010 9:50:36 AM PST · by EternalVigilance · 506 replies · 5,593+ views
    Loyal to Liberty ^ | January 20, 2010 | Alan Keyes
    Loyal to Liberty Wednesday, January 20, 2010Alan Keyes  I can't help but look at Scott Brown's win in Massachusetts in the context of the larger strategy clearly being implemented by the RINO (Republican-In-Name-Only) clique that currently controls the GOP. Sean Hannity is the clique's bellwether media tool. It was no coincidence that he featured Mitt Romney on his program last night to revel in the Scott Brown victory. Scott Brown in Massachusetts is the advance guard for Mitt Romney in the White House (or vice-versa). He becomes the poster child for the RINO clique's archetypal GOP candidate who: Has no...
  • Poll Says Obama Holds Slight Lead Over McCain(43% D's 33% R's McCain down 5% nationally)

    10/21/2008 9:54:29 PM PDT · by Hones · 30 replies · 1,090+ views
    The Pittsburgh Channel ^ | 10-21-08 | Franklin and Marshall College
    WASHINGTON -- Democrat Barack Obama leads Republican John McCain in the U.S. presidential race by 5 percentage points, according to a survey conducted in October of likely voters. Read The Full Survey Watch the report from WTAE-TV Washington Bureau reporter Sally Kidd Obama is leading McCain 50 percent to 45 percent, the October 2008 Franklin and Marshall College Poll found.
  • Existing Home Sales Drop to 4-Year Low

    05/25/2007 1:01:40 PM PDT · by GodGunsGuts · 35 replies · 1,155+ views
    AP (via Newsmax) ^ | May 25, 2007
    Existing Home Sales Drop to 4-Year Low MoneyNews Friday, May 25, 2007 WASHINGTON -- Sales of existing homes fell by a larger-than-expected amount in April while the median price of a home sold during the month fell for a ninth straight month as the troubles in the subprime mortgage market acted as a further drag on housing. The National Association of Realtors reported Friday that sales of existing homes fell by 2.6 percent last month to a seasonally adjusted annual rate of 5.99 million units. That was the slowest sales pace since June 2003. The median price of a home...
  • Is John Kerry the new Joe Btfsplk?

    05/26/2007 12:02:35 PM PDT · by UnklGene · 16 replies · 948+ views ^ | June 6, 2004 | Paul M. Weyrich
    Is John Kerry the new Joe Btfsplk? (June 6, 2004) Paul M. Weyrich June 6, 2004 Senator Zell Miller, (D-GA) made an interesting point when he addressed a meeting I chaired earlier this month. He asked the audience if they remembered the comic strip "Li'l Abner"? Less than half did. He went on to explain that there was a character, Joe Btfsplk, who always had a rain cloud above his head. No matter how sunny the rest of the strip was, Joe never escaped the rain cloud. That character in today's politics, said Sen. Miller, is John Kerry. Miller went...

    12/12/2006 8:40:21 AM PST · by GodGunsGuts · 43 replies · 1,265+ views
    Houston Chronicle ^ | December 12, 2006
    Dec. 11, 2006 Greenspan sees a sinking dollar Bloomberg News Former Federal Reserve Chairman Alan Greenspan said the dollar will probably keep falling because it's unlikely that international fund managers will continue to increase their allocations to the U.S. currency. Russia and other oil-producing currencies are shifting their assets out of dollars toward the euro and yen, a Bank for International Settlements quarterly report showed Monday. Greenspan said the dollar, heading for its fourth annual decline in the past five years, will probably keep falling until the U.S. current-account deficit diminishes. "It's imprudent to hold everything in one currency," Greenspan...
  • An Economic Pillar on the Verge of Collapse

    12/07/2006 8:52:46 AM PST · by GodGunsGuts · 180 replies · 3,675+ views
    Washington Post ^ | December 6, 2006 | Steven Pearlstein
    An Economic Pillar on the Verge of Collapse By Steven Pearlstein Wednesday, December 6, 2006; D01 It's been more than a year since we've heard from those who denied there was a housing bubble. Since then, the industry boosters, along with the "soft-landing" crowd over at the Federal Reserve, have coalesced around the idea that maybe the market got a bit frothy after all, but now the correction is almost complete, the unsold inventory's been worked off and the worst is behind us. But just when you're feeling hopeful again, you get reports like yesterday's Wall Street Journal piece reporting...
  • Toll Brothers hit by housing slowdown (fourth-quarter net income plunged 44 per cent)

    12/05/2006 8:21:40 AM PST · by GodGunsGuts · 147 replies · 2,004+ views
    Financial Times (via MSNBC) ^ | December 5, 2006 | Daniel Pimlott
    Toll Brothers hit by housing slowdown By Daniel Pimlott in New York Financial Times Dec 5, 2006 Toll Brothers said fourth-quarter net income plunged 44 per cent as the the largest builder of luxury homes in the US felt the full force of the downturn in the housing market....
  • Plunging dollar will set world markets reeling

    12/04/2006 8:24:00 AM PST · by GodGunsGuts · 32 replies · 1,545+ views
    Guardian Ulimited ^ | December 3, 2006 | Heather Stewart
    Plunging dollar will set world markets reeling Heather Stewart, economics correspondent Sunday December 3, 2006 The Observer The slowdown in the US economy, which has sent the dollar into freefall over the past fortnight, will have devastating knock-on effects in markets around the world, analysts warn. As the US slows, and consumers in the world's biggest economy feel the buying power of the dollar in their pocket declining, global growth will be hit hard, economists say. The greenback took yet another turn for the worse on Friday, after a survey of the US manufacturing sector showed output declining for the...
  • Dollar woes poised to carry over into next year (Greenback is down about 50% vs. euro)

    11/29/2006 8:46:56 AM PST · by GodGunsGuts · 316 replies · 3,409+ views
    MarketWatch ^ | Novermber 29, 2006 | Wanfeng Zhou
    Dollar woes poised to carry over into next year Greenback is down about 50% vs. euro in past five years; down 6% vs. yen By Wanfeng Zhou, MarketWatch Nov 28, 2006 NEW YORK (MarketWatch) -- After a precipitous slide in the last week that caught many traders off guard, the dollar is vulnerable to further losses and may continue to weaken against major rivals heading into 2007, analysts said Tuesday. "Sentiment for the dollar has been deteriorating steadily over recent weeks," said Mitul Kotecha, head of global foreign-exchange strategy at French investment bank Calyon. The decline was not prompted by...
  • Home Sales Observe Largest Decline Since 1996 (California

    10/14/2006 4:38:05 PM PDT · by finnman69 · 105 replies · 1,719+ views
    CBS 2 news ^ | 10/14/06
    (CBS) IRVINE The unsold inventory of new homes in Orange County is at the highest level since 1996, according to an economic forecast released Friday in Irvine. Through August, sales of existing homes in Orange County were off 29 percent compared to the same period a year ago, the largest year-over-year decline, according to the UCLA Anderson Forecast: Orange County Economic Outlook for 2007. The rate of sales over the last five months have been "brutally low," with Southern California home sales falling to their lowest level in nine years last month, according to the forecast.
  • 'The US housing bubble will disappear'

    10/14/2006 9:48:44 AM PDT · by GodGunsGuts · 474 replies · 5,401+ views
    in2perspective ^ | September 11, 2006 | Laurie Osborne
    'The US housing bubble will disappear' By Laurie Osborne, Editor Published 11th Sep 2006 That the US housing bubble will disappear someday is a certainty. That it will blow up catastrophically is a fair bet, warns The Daily Reckoning's Bill Bonner. Observing recent statistics, Bonner calls the evidence "formidable". The total value of residential property in developed countries rose by more than $30 trillion, to $70 trillion, over the past five years – eclipsing the combined GDPs of those nations. Consumer spending and residential construction have accounted for 90 percent of the total growth in the American GDP over the...
  • The Shifting Calculus of Buying a House

    10/13/2006 8:25:22 PM PDT · by ex-Texan · 22 replies · 562+ views
    AP/ Yahoooo ^ | 10/13/2006 | James R. Hagerty and Anjali Athavaley
    Report Predicts Price Declines In 100 U.S. Cities Over Next Few Years . . . Home buyers have another reason to sit on their hands. In the latest news from the slumping U.S. housing market, a report released this week says that median house prices are likely to decline more than 10% over the next few years in 20 metro areas, including Las Vegas, Tucson, Ariz., and Washington, D.C. The report, by Moody's Inc., a research firm in West Chester, Pa., also says that the slump won't end quickly. Indeed, according to the report, prices may keep falling until...
  • Another Post-Bubble Shakeout (Morgan Stanley on the bursting real estate bubble)

    10/10/2006 2:25:14 PM PDT · by GodGunsGuts · 452 replies · 4,232+ views
    Morgan Stanley ^ | Aug 25, 2006 | Stephan Roach
    US: Another Post-Bubble Shakeout Stephen Roach (New York) Five and a half years ago the equity bubble popped. Within six months, the US economy went into mild recession, and the global economy was quick to follow. Today, America’s housing bubble is finally bursting. Is the die cast for another bubble-induced downturn in the US and global economy? All asset bubbles are alike. Sure, there are obvious differences between equities -- a financial asset -- and homes -- a tangible asset. But to me, the Shiller definition says it all: A bubble is an outgrowth of powerful amplification mechanisms -- both...
  • Tick. Tick. Beware the mortgage time-bomb

    10/11/2006 6:04:07 AM PDT · by Hydroshock · 56 replies · 1,742+ views ^ | 10-9-06 | Jeanne Sahadi
    NEW YORK ( -- Mortgage rates have been trending down, but that won't do much to benefit those who signed up for low-teaser-rate adjustable-rate mortgages in the past few years. An ARM charges an initial discounted rate for a period of time, after which it adjusts to market levels. When some types of ARMs with teaser rates of 2 percent or less reset, the rates are likely to jump to more than 6 percent - and even as high as 9 percent. Home for sale profiles Help! Young and Ballanco The Orlando-based couple thought they were in a bubble. Are...
  • Risks of recession continuing to rise: Economy is slowing, showing warning flags

    10/09/2006 4:05:45 PM PDT · by GodGunsGuts · 329 replies · 3,785+ views
    Dallas Morning News via Chicago Tribune ^ | October 9, 2006 | Will Deener
    Risks of recession continuing to rise Economy is slowing, showing warning flags By Will Deener Dallas Morning News Published October 9, 2006 Excerpt: A recent Merrill Lynch economic report said that as much as half of the nation's economic growth is related to housing sales, construction and spending from home equity loans. "The worry here is that a housing decline will have a disproportionate impact on the American consumer," said Gordon B. Fowler, chief investment officer at Glenmede Trust Co., a Philadelphia money management firm. "Prices went up so much in recent years that now as they come down, it...
  • Condos Going Cheap: Bidders Get Great Deals on 31 Units at Hub Auction

    10/08/2006 4:00:38 PM PDT · by ex-Texan · 128 replies · 3,387+ views
    Boston Herald ^ | 10/8/2006 | Brett Arends
    Just how weak is the Boston real estate market? We got an idea yesterday. And if you’re looking to sell your home in the near future, the news isn’t good. Brand-new luxury condos downtown saw hundreds of thousands of dollars wiped off their value in the Hub’s first public real estate auction in a decade. The 31 condos up for sale in the Folio building on Broad Street sold on average for 30 percent below their asking prices. Some barely fetched their minimums. Even the building’s marketing boss couldn’t hide what happened. “I think the buyers got a better value...
  • Regulators Crack Down on "Exotic" Mortgages

    09/30/2006 9:03:57 AM PDT · by ex-Texan · 16 replies · 914+ views
    Maret Watch ^ | 9/29/2006 | Rex Nutting & Robert Schroeder,
    Lenders must consider borrowers' ability to pay the full cost of the loan WASHINGTON (MarketWatch) -- Cracking down on exotic mortgages that have exploded in popularity in recent years, U.S. regulators told banks Friday that they've got to make sure that borrowers can actually pay back the full amount of the mortgage. Exotic products, such as interest-only or payment option adjustable rate mortgages, allow borrowers to trade lower initial payments for higher payments later. But such products have raised red flags at the Federal Reserve and other banking regulators as more institutions offer them and they become available to a...
  • Frauds Pump Air into Real Estate Bubble

    09/29/2006 1:10:22 PM PDT · by ex-Texan · 46 replies · 1,605+ views
    Oregon Live ^ | 9/27/2006 | S. Renee Mitchell
    It seems like every month, I'm running into people passing out a slick new business card that announces them as a real estate agent or mortgage broker. Who wouldn't want to get a piece of the action? On certain Portland streets, housing prices are doubling in a matter of months. And when there's this kind of temptation to make quick money, greed can't be far behind.Insiders call it land flipping. Silent second. Straw buyers. Foreclosure fraud. Equity skimming. Air loans. If there's a thought to do it, there's a scheme attached to it."It's the fastest-growing white collar crime in the...
  • Housing slump could pinch consumer spending

    09/28/2006 9:31:53 AM PDT · by Hydroshock · 47 replies · 669+ views ^ | 9-27-06 | John W. Schoen
    One of the many benefits of the now-cooling housing boom — both to consumers and the U.S. economy — was the huge pile of cash extracted in the form of home equity loans and “cash-out” mortgage refinancings. But with home prices flattening, and that multibillion-dollar piggy bank drying up, can consumers continue the shopping spree that accounts for more than two-thirds of the U.S. economy? There was fresh evidence of the housing slump this week, as separate government reports showed prices of both new and existing homes fell year-over year in August. For existing homes, it was the first year-over-year...
  • Adjustable Rate Shell Game Can Take Hefty Toll

    09/27/2006 4:18:39 PM PDT · by ex-Texan · 54 replies · 1,544+ views ^ | 9/27/2006 | Heather Haddon
    Gerard Herard was able to finally purchase a home in 2003 through a $225,070 mortgage from Security Atlantic Mortgage. His payments on the quaint Totowa Avenue house in Paterson were a reasonable $1,300 a month. But Herard's payments have since increased to $2,200 a month and the mortgage has grown, not shrunk, to roughly $300,000. Herard is not entirely sure why his situation changed so dramatically and is struggling to deal with the increase. "I'm trying to climb a steep ladder," said Herard, 53. In recent years, lenders have lured scores of homeowners to untraditional mortgages with changing terms. Many...
  • No Shortage of Bubbles and Troubles

    09/27/2006 8:15:25 AM PDT · by GodGunsGuts · 190 replies · 2,086+ views
    The Street ^ | September 27, 2006 | Jim Jubak
    No Shortage of Bubbles and Troubles By Jim Jubak MSN Money Markets Editor 9/27/2006 The stock and bond markets rallied after the Federal Reserve held short-term interest rates steady at its Sept. 20 meeting. Investors believe that the Fed has successfully steered the economy between too hot and too cold, and that we're headed for a just-right soft landing with inflation under control and the economy growing at a solid pace. The so-called "Goldilocks economy" will push both stock and bond prices higher. But I think it's premature to slap the Fed on the back and say "mission accomplished." The...
  • 4 Major California Home Markets See Drop In Prices

    09/25/2006 8:41:42 AM PDT · by GodGunsGuts · 264 replies · 4,032+ views
    Associated Press ^ | September 20, 2006
    Sep 20, 2006 4 Major California Home Markets See Drop In Prices (AP) LOS ANGELES A real estate research firm says the median price of a California home increased last month at the slowest annual rate in nine years. Four counties actually saw price declines. Among the largest real estate markets, according to DataQuick Information Systems, the steepest drop was 6.7 percent in San Mateo County. Other decreases were seen in Marin County (2.3 percent), San Diego County (2.2 percent) and Alameda County (1.5 percent). Appreciation in Sonoma, Santa Clara, San Francisco and Contra Costa counties was essentially flat. The...
  • Sweet Mortgage Deals Turning Sour

    09/24/2006 11:51:17 AM PDT · by ex-Texan · 138 replies · 3,073+ views
    As rates creep up, borrowers with interest-only loans face sharply higher mortgage payments: Tina Gren Clarence saves $600 a month with an interest-only loan she took out about a year ago for a Petaluma home, yet already is considering heading off the financial hit when her monthly payments could jump. And Peter Shidler, whose low-payment-option loan could turn from a sweet deal into a potentially bitter one, is refinancing and still will pay $500 more monthly on his Santa Rosa home. Gren Clarence and Shidler, like two out of three Sonoma County home buyers and owners, joined the fast-growing club...
  • Reality setting in on real estate

    09/23/2006 9:38:39 AM PDT · by GodGunsGuts · 169 replies · 2,853+ views
    GlobalMacroScope ^ | September 2006 | Max Fraad Wolff
    Reality setting in on real estate September 2006 American’s castles (homes) are middle class walls of separation from poverty and want. As goes the house goes the family’s ability to fend off tough times and leverage past wealth for opportunity. Borrowing to bridge low income periods, college costs, medical expenses, bail, renovations, retirement and unemployment are all common. This is the proper frame of discussion for the impending debt/depreciation storming of the castle. A few basic facts are worth repeating. $1.06 Trillion in residential mortgages were written in 2005. Nearly 70% of Americans own their residences. The home is by...
  • GOP talk of vibrant economy rings hollow

    09/18/2006 5:32:03 AM PDT · by Hydroshock · 120 replies · 1,915+ views
    Yahoo News ^ | 9-18-06 | LIZ SIDOTI
    FALMOUTH, Ky. - Used boots fetch $3 and old salt-and-pepper shakers bring in a buck at a makeshift flea market along Highway 27, presumably not what President Bush and Republicans have in mind when they herald a vibrant economy. ADVERTISEMENT Times are "very good for the rich and very, very bad for the poor" who "can't afford to live," laments Larry Mitchell, 43, a now-and-then merchant peddling his wares recently in a submarine sandwich shop parking lot. He says the middle class is "having a hard time." In the Ohio River Valley, where people decry high gas prices, stagnant wages,...
  • Foreclosures spiked in August

    09/13/2006 7:31:40 AM PDT · by Hydroshock · 117 replies · 1,582+ views
    CNN.COM ^ | 9-13-06 | Les Christie
    NEW YORK ( -- The number of homes entering into some stage of foreclosure is surging, according to a survey released Wednesday. In August, 115,292 properties entered into foreclosure, according to RealtyTrac, an online marketplace for foreclosure sales. That was 24 percent above the level in July and 53 percent higher than a year earlier. Where foreclosures are jumping Year over year gain in homes in foreclosure. Click for more stats on each state. Nevada: Up 255% California: Up 160% Florida: Up 62% It was the second highest monthly foreclosure total of the year; in February, 117,151 properties entered foreclosure....
  • Lawmakers to probe housing "bubble," mortgages

    09/13/2006 5:52:11 AM PDT · by Hydroshock · 27 replies · 993+ views
    Reuters ^ | 9-12-06
    WASHINGTON (Reuters) - U.S. lawmakers will question some leading government and industry economists about the perils of a possible 'housing bubble' in a Wednesday hearing. Lawmakers wanted the session "because we've heard a great deal about the possibility of a housing bubble for several years now," said Sen. Wayne Allard, a Republican from Colorado. The hearing, "The Housing Bubble and its Implications for the Economy," will be held in an open session of the Senate Banking Committee at 10 a.m.. Next week, the same committee will hold a hearing on the growth of innovative mortgage products that have mushroomed along...
  • A Humbling Lesson for Realtors' President

    09/09/2006 1:26:07 PM PDT · by ex-Texan · 31 replies · 1,204+ views
    WashPost ^ | 9/9/2006 | Sandra Fleishman
    He, of all people, should have known better. The president of the National Association of Realtors, Thomas M. Stevens of Vienna, admits he didn't follow his agents' advice when the real estate market started to cool. That, he says, is why his old house in Great Falls has now been on the market for a year at the price of $1.45 million. "What I should have done," confessed the senior vice president of NRT Inc., parent of Coldwell Banker Residential Brokerage, "was listened to my agent and cut the price by $50,000 to $100,000 early on, and the property would...
  • Risk of U.S. recession growing: HSBC

    09/08/2006 10:57:03 AM PDT · by Hydroshock · 34 replies · 930+ views
    yahoo news ^ | 9-8-06
    NEW YORK (Reuters) - Investment bank HSBC has revised downward its forecast for 2007 economic growth and cautioned that the risk of an outright recession is growing as a retreat in housing threatens household balance sheets. ADVERTISEMENT The company argues that while corporate profits have remained sky-high, the incomes of most Americans have effectively fallen over the last 18 months. That, say economists Stephen King and Ian Morris, could be a recipe for hard times in an economy that relies on consumers for over two-thirds of its strength. "Never before have households been so hard hit at a time companies...
  • `Priced below Assessment'

    09/07/2006 11:33:38 AM PDT · by ex-Texan · 59 replies · 1,802+ views ^ | 9/07/2006 | Kimberly Blanton
    Falling prices have created a new twist in the suburban Boston real estate market: More homes are selling for less than their assessed values. Massachusetts house prices slumped 3.5 percent in July, the biggest monthly drop since 1993, as a slowdown in sales brought about by rising interest rates created a glut of homes on the market. which are the estimated values communities place on homes to determine property taxes, their primary source of revenue. State law requires communities to assess properties at ``full and fair cash value." * * * But for the past five years, most homes sold...
  • Realtors lower forecast for home sales

    09/07/2006 7:56:35 AM PDT · by Hydroshock · 18 replies · 699+ views
    yahoo news ^ | 9-7-06
    WASHINGTON (Reuters) - U.S. home sales will be a good deal weaker this year than earlier thought as potential buyers remain on the sidelines waiting for better deals, a national real estate group said on Thursday. ADVERTISEMENT The National Association of Realtors said sales of existing homes were likely to drop 7.6 percent this year to 6.54 million. A month ago, the group thought existing homes sales would fall only 6.5 percent to 6.61 million. The association, which said housing prices were likely to dip temporarily below year-ago levels, also revised lower its forecasts for new homes sales and housing...
  • When Will the Tsunami of Foreclosures Hit?

    09/05/2006 2:01:48 PM PDT · by ex-Texan · 237 replies · 4,982+ views Real Estate ^ | 9/5/2006 | Charles DuBow
    With millions of adjustable-rate mortgages about to reset this fall, experts expect a wave of foreclosures by Americans in every income bracket. Here's why they could soar in late 2006 and beyond: Those easy-mortgage chickens are coming home to roost. This fall the adjustable-rate mortgages (ARMs) that millions of Americans took out during the recent housing boom will be reset, and many homeowners will see their monthly mortgage payments shoot up by as much as 20%. According to the Mortgage Bankers Association, of all mortgages financed in 2005, 36% were ARMs -- the highest ever. This is a matter of...
  • The end of the American dream? (Wages stagnant)

    09/05/2006 10:18:21 AM PDT · by Hydroshock · 91 replies · 1,454+ views ^ | 9-5-06 | Steve Schifferes
    The US economy has been generating strong economic growth over the past few years as it has come out of recession. After growing at more than 3% a year in 2004 and 2005, the pace picked up to a blistering 5.6% annual rate in the first quarter of this year - although the pace has since then slipped back to 2.9%. So far, though, little of that growth has translated into the hands of the average worker, according to new research from the Economic Policy Institute (EPI). Click here for a graph of wages vs. productivity For real household incomes,...
  • $1.5 Trillion of Debt (the real danger posed by Fannie May and Freddie Mac)

    09/04/2006 9:02:38 PM PDT · by GodGunsGuts · 21 replies · 958+ views
    <p>The Rudman Report on Fannie Mae recites facts eerily similar to what we now know about Enron. According to the report, the CFO of Fannie misled the board (and possibly the CEO) about the financial position of the company. The CEO, head of the corporate governance committee of the powerful Business Roundtable, regularly misled Wall Street and the board, but may not have understood the accounting. The auditors (this time not Arthur Andersen) failed to stand up to the management or didn't understand what was happening. The board, primarily made up of independent directors, and the audit committee, made up entirely of independent directors, were unable to penetrate the scam and remained clueless as earnings were manipulated. In Fannie's case there was also a regulator, but the regulator did not begin to look into any problems until it had been surprised by similar wrongdoing at Fannie's smaller sibling, Freddie Mac.</p>
  • Nickel tumbles 4 percent by end of LME trading

    09/04/2006 8:02:44 PM PDT · by DebtAndDelusion · 23 replies · 845+ views
    Reuters ^ | September 4, 2006 | Anna Stablum
    Nickel prices took a severe beating in late trade at the London Metal Exchange on Monday, falling over $1,000 from Friday's kerb close. Three-months futures ended Monday's kerb at $27,600 per tonne, down $1,100, or 3.8 percent. Once selling began, the metal slipped into free-fall, traders said. "It was around $28,500, then on the next trade -- which was half an hour later -- it had gone down $300, then another $300." Volumes were tiny and support practically non-existent."It was trading one lot, then two lots, then one. There was a void underneath it," the trader said. Sellers may have...
  • Recession will be nasty and deep, economist says

    08/25/2006 12:45:28 PM PDT · by Toddsterpatriot · 72 replies · 2,630+ views
    Market Watch ^ | August 23, 2006 | Rex Nutting
    WASHINGTON (MarketWatch) -- The United States is headed for a recession that will be "much nastier, deeper and more protracted" than the 2001 recession, says Nouriel Roubini, president of Roubini Global Economics. Writing on his blog Wednesday, Roubini repeated his call that the U.S. would be in recession in 2007, arguing that the collapse of housing would bring down the rest of the economy. Roubini wrote after the National Association of Realtors reported Wednesday that sales of existing homes fell 4.1% in July, while inventories soared to a 13-year high and prices flattened out on a year-over-year basis. 'This is...
  • Getting real about the real estate bubble

    08/25/2006 8:57:15 AM PDT · by Hydroshock · 86 replies · 2,052+ views ^ | 8-25-06 | Shawn Tully
    NEW YORK (Fortune) -- For the past five years, the housing bulls have been trotting out one rational-sounding argument after another to explain why the boom made perfect economic sense. Forget about a crash, they assured homeowners. Expect a "soft landing" where your three-bedroom colonial in Larchmont or Larkspur not only holds onto its huge price gains, but keeps appreciating at a "normal," "sustainable" rate of 6 percent or so into the sunset. Real estate slowdown New homes slump worsens Pace of new home sales falls more than forecast as inventory builds, prices decline. (more) Freebies for home buyers Home...
  • Consumer prices up, factory output slows

    08/16/2006 8:25:35 AM PDT · by Hydroshock · 8 replies · 353+ views
    Yahoo News ^ | 8-16-06 | MARTIN CRUTSINGER
    WASHINGTON - Consumer inflation accelerated in July, reflecting a big jump in gasoline and other energy prices. In evidence that the economy is slowing, industrial output in July slipped to just half the June pace. ADVERTISEMENT The Labor Department reported Wednesday that its closely watched Consumer Price Index rose by 0.4 percent last month, double the 0.2 percent increase in June. While energy costs had fallen in June, they rose by 2.9 percent last month, the biggest increase in three months. Meanwhile, the Federal Reserve reported that output at the nation's factories, mines and utilities increased by 0.4 percent last...
  • Home prices in deep freeze (Sharp slowing and declines in home prices)

    08/15/2006 7:57:12 AM PDT · by Hydroshock · 59 replies · 1,802+ views ^ | 8-15-06 | Les Christie
    NEW YORK ( -- After several years of turbo-powered growth, home prices have gone into a stall, according to the latest prices released Tuesday. Nationally, the median home price rose just 3.7 percent to $227,500 from last year's second quarter to this year's, according to the National Association of Realtors. Where the growth still is Growth in the median home price in the second quarter. Click for more stats on each city. Baton Rouge, LA: 27.3% Ocala, Fla.: 25.3% Virginia Beach, VA: 23.6% Gainesville, Fla.: 19.7% Portland, Ore.: 19.1% Losing ground Danville, Ill.: - 11.2% Detroit, Mich.: - 8% Rockford,...
  • Foreclosure Filings up 34% in Palm Beach County

    08/09/2006 10:05:34 AM PDT · by ex-Texan · 51 replies · 1,708+ views
    Pal Beach Post ^ | 8/09/2006 | Pat Beall & Aime Dunstan
    Mortgage trouble is creating some of the biggest bargains this side of eBay, allowing buyers to snap up homes for tens of thousands of dollars less than what they might have paid just a few months ago. "People are doing whatever they can to sell" in order to avoid foreclosure, said Brad Geisen, president and chief executive of Boca Raton-based Notices of pending foreclosures are piling up, in what many believe to be the first wave of a trillion-dollar tsunami: The dollar volume of home loans with interest rates that will be ratcheted upward over the next several months....
  • Painful ARM Twisting: Resets of adjustable mortgages will leave costly stretch marks

    08/06/2006 8:59:22 AM PDT · by ex-Texan · 51 replies · 2,254+ views
    Market Watch ^ | 8/6/2006 | Chuck Jaffee
    BOSTON (MarketWatch) -- It is becoming increasingly obvious that financial advisers, real estate experts and parents will someday point to what is happening in the mortgage market today and use it as a cautionary tale of what can go wrong when a buyer stretches to get too much house during a market that seems invincible. Real estate has been booming in most markets over the last five years or longer, fueled by interest rates that reached four-decade lows and by consumers who used new mortgage products to extend their buying power. Many home buyers stopped worrying about buying a home...
  • Inflation again tops Fed targets

    08/01/2006 7:35:32 AM PDT · by Hydroshock · 9 replies · 317+ views ^ | 8-1-06
    WASHINGTON (Reuters) -- Core consumer prices rose a moderate 0.2 percent in June for a third straight month, but the year-on-year rate hit a nearly four-year high, keeping financial markets on edge over a possible Federal Reserve interest-rate hike. In the same report, the Commerce Department said Tuesday that personal income rose 0.6 percent in June, with nominal spending up 0.4 percent. The data, which was incorporated in a report released Friday on second-quarter economic growth, matched Wall Street expectations. Current Savings Rates Type Overall avgs MMA 3.34% $10K MMA 3.57% 6 month CD 4.63% 1 yr CD 5.09% 5...
  • Refi Loans Could Prove Costly in Foreclosure

    07/11/2006 10:24:34 AM PDT · by ex-Texan · 172 replies · 3,635+ views
    Orenge County Register ^ | 7/08/2006 | Mary Ann Milbourn
    Law allows lenders to go after personal savings as well as the house, unlike original mortgage. Homeowners behind in their mortgage payments after hocking the house to pay for a major remodel or a new boat or car may be in for a rude awakening. If they previously refinanced and their lender decides to foreclose, they may not only lose their house, but the bank also may be able to go after their other financial assets including stocks, savings and their paycheck. And even if the bank doesn't go after their other assets, a foreclosure may mean a big tax...
  • How US mortgage debt could cause a global financial crisis

    07/06/2006 6:40:55 AM PDT · by Hydroshock · 198 replies · 2,986+ views ^ | 7-5-06 | Dan Denning
    In the US, Fannie Mae (FNMA) and Freddie Mac are Government Sponsored Enterprises (GSEs) which buy residential mortgages and repackage them to sell on as mortgage-backed bonds. Although these bonds are not backed by the US government, most believe the GSEs would never be allowed to fail. But Dan Denning reports below on how a US Treasury report has warned that this mistaken belief and the illiquid nature of property means that an ‘interest rate shock’ could topple the US mortgage market – making the Long Term Capital Management (LCTM) crisis look like a walk in the park... Could this...
  • Consumers Face Challenges in Handling Debt (Higher Consumer Cost Squeezing People.)

    07/05/2006 5:39:20 AM PDT · by Hydroshock · 69 replies · 1,198+ views
    Yahoo Finance ^ | 7-3-06 | Eileen Alt Powell
    Rising Interest Rates, Higher Gasoline Prices Make It Harder for Consumers to Handle Debt NEW YORK (AP) -- Rising interest rates and higher gasoline prices are putting the squeeze on consumers' budgets, and many are finding it harder to keep up with their bills. Credit counseling agencies say that consumers are coming in in droves seeking help. ADVERTISEMENT "My phones are going crazy," said Howard Dvorkin, president of the nonprofit Consolidated Credit Counseling Services Inc. in Fort Lauderdale, Fla. "Consumers are carrying an exorbitant amount of debt -- and they don't have any savings to fall back on if things...
  • Drop in factory orders unnerves investors

    06/23/2006 7:13:52 AM PDT · by Hydroshock · 4 replies · 298+ views
    Yahoo News ^ | 6-23-06 | MICHAEL J. MARTINEZ
    NEW YORK - Stocks dropped in early trading Friday after a report showed the first back-to-back decline in big ticket factory goods in two years, a surprising sign that the economy is modereating at a faster pace than many expected. ADVERTISEMENT Durable goods orders dropped 0.3 percent in May after a sharp 4.7 percent drop the month before. Economists expected orders to rise 0.4 percent. That raised concerns on Wall Street that the Federal Reserve's interest rate hikes, while fighting inflation, could slow the economy more than needed. With the Fed meeting Wednesday and Thursday — and widely expected to...
  • Other indicators point to housing market that has weakened somewhat after boom

    06/14/2006 10:21:11 AM PDT · by Hydroshock · 15 replies · 501+ views
    San Diego County housing prices took their biggest-ever spring stumble last month as the median sales price fell to $490,000, down $15,000 from the previous month. JIM BAIRD / Union-Tribune Michael and Sarab Lopes saw increased interest from prospective buyers after cutting the asking price on their condo. The median price was just $2,000 higher than it had been a year earlier and was down 5 percent from the record level of $518,000 it reached in November, according to DataQuick Information Systems. Meanwhile, other indicators also pointed to a market that has weakened considerably after the region's lengthy real estate...
  • Housing bubble correction could be severe

    06/14/2006 6:34:14 AM PDT · by Hydroshock · 46 replies · 1,641+ views
    Contrary to popular belief, the housing market hasn't cooled off that much. In fact, residential real estate prices continue to soar in a number of key metropolitan areas, according to a new study released this week. That's a good thing, right? Actually, no–because the froth building in housing prices raises the distinct possibility of significant corrections to come in many of those regions. In the first quarter, home prices nationwide rose an additional 7.3 percent, according to a joint study by the financial services firm National City Corp. and the research firm Global Insight. As a result, there are now...
  • Cool housing market offers buyers opportunity

    06/13/2006 6:46:22 AM PDT · by Hydroshock · 74 replies · 1,245+ views ^ | 6-12-06 | Herb Weisbaum
    Herb Weisbaum -------------------------------------------------------------------------------- • Profile • E-mail There’s no denying it any longer. In most parts of the country, the sizzling house market has cooled. The latest numbers tell the story: Sales of existing homes are expected to drop 6.8 percent this year. The people who make their living selling homes prefer to put a more positive spin on these numbers. They say the marketplace is just going back to normal. “It’s not normal to have 15 offers on a property,” says Jim Warkentin, a Realtor in McLean, Va. “That’s just crazy.” For the most part, those crazy days are...
  • Homes sales slip in May as inventory expands

    06/12/2006 12:43:15 PM PDT · by Hydroshock · 6 replies · 425+ views
    Twin Cities home sales for May were down from a year ago, as the housing inventory continued its record growth, the local Realtors associations reported Monday. There were 5,039 closed home sales in May in the 13-county metro area. That is down 9.3 percent from a year ago, but up 28.6 percent from April. The median sales price rose 1.1 percent to $230,000 in May, compared to $227,501 a year earlier. There were 5,749 pending sales in May, down 14.5 percent from 6,726 a year ago. New listings continued to soar in May, jumping 16.6 percent to 11,419. Following several...