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Keyword: housingbubble

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  • Housing bias dispute could return to Supreme Court

    09/06/2014 6:49:50 AM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Sep 6, 2014 8:48 AM EDT | Sam Hananel
    It’s not easy to prevent the Supreme Court from deciding an issue once the justices have agreed to hear a case. But over the past two years, civil rights advocates have managed to do just that by coaxing settlements in a pair of high-profile housing discrimination cases weeks before the court was set to hear oral arguments. The advocates’ goal was to remove any chance that court conservatives might undermine a powerful legal doctrine the Obama administration and others have used increasingly to enforce the Fair Housing Act. […] In disparate impact cases, plaintiffs rely on statistics to show that...
  • America is so over homeownership: Why the shift to a renting economy might actually be a good thing

    08/31/2014 7:53:15 PM PDT · by SeekAndFind · 92 replies
    SALON ^ | 08/30/2014 | HENRY GRABAR
    Between 1970 and 1990, the population of Philadelphia shrank by a quarter, dropping from 1.95 to 1.59 million. Like many American cities, it seemed caught in a downward spiral. Since then – like many American cities – Philadelphia has stabilized. The population now appears to have bottomed out at the millennium, and has been regaining residents over the past decade. But as it rebounds, Philly is becoming a different kind of city. In the two most recent decades, which comprise the bounce of the city’s population curve, owner-occupied housing dropped even more steeply than in the ’70s and ’80s. Between...
  • Bernanke’s ‘humble brag’: 2008 crisis worse than Great Depression

    08/27/2014 1:07:06 PM PDT · by RckyRaCoCo · 28 replies
    Yahoo Finance ^ | 08/27/2014 | Yahoo Finance
    The world finally knows how former Federal Reserve Chairman Ben Bernanke views the 2008 financial crisis. “September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” said Bernanke in a document filed Aug. 22 with the U.S. Court of Federal Claims, reports The Wall Street Journal. Of the 13 “most important financial institutions in the United States, 12 were at risk of failure within a period of a week or two.”
  • Downside of low US mortgage rates? Less selling

    07/11/2014 8:04:33 AM PDT · by Olog-hai · 15 replies
    Associated Press ^ | Jul 11, 2014 9:37 AM EDT | Christopher S. Rugaber
    Would-be home sellers across the country are grappling with a once-in-a-lifetime problem: They have mortgage rates so absurdly low it would hurt them financially to sell. Doing so would mean giving up an irresistible rate in exchange for a new mortgage carrying a rate up to a percentage point higher. Their monthly payments would be larger even for a house of the same price. That’s discouraging some people from selling, thereby limiting the supply of available homes and contributing to slower home sales. …
  • The Riskiest Housing Markets In America [Do you live anywhere near these cities?]

    06/30/2014 12:35:57 PM PDT · by SeekAndFind · 29 replies
    Zero Hedge ^ | 06/30/2014 | Tyler Durden
    As homeownership rates tumble, perhaps it is not just the stagnation of income or piling up of 'other debts' disabling any organic buying frenzy; perhaps, as Bloomberg breaks down, it is the realization that real-estate is nothing less than another boom-bust roller-coaster ride. ??When so much wealth is tied up in one asset, the risk -- or stability -- of a local market can mean a lot to a homeowner and Bloomberg has quantified the 'riskiest' (and most stable) home markets in America... not Vegas, not Phoenix, and not LA... Full Breakdown here And the stablest real estate markets?5. Raleigh, North...
  • Rent or Buy? The Math Is Changing

    05/27/2014 7:00:59 AM PDT · by SeekAndFind · 52 replies
    New York Times ^ | 05/27/2014 | Neil Irwin
    Billy Gasparino and Jenna Dillon-Gasparino were savvy enough to wait out the housing boom of a decade ago as renters. Not until 2010, well into the bust, did they buy a house in the Venice neighborhood of Los Angeles, less than a mile from the beach, for $810,000. Only four years later, the couple see new signs of excess in the housing market and have decided to go back to renting. They are close to a deal to sell their house – for $1.35 million, a cool 67 percent gain. “It just seems like the housing market came back so...
  • Clinton Library's Doc Dump Reveals CRA Fueled Subprime Bubble

    04/26/2014 5:21:06 PM PDT · by neverdem · 55 replies
    Investor's Business Daily ^ | April 25, 2014 | Masthead Editorial
    Subprime Scandal: Newly released memos from the Clinton presidential library reveal evidence the government had a big hand in the housing crisis. The worst actors were in the White House, not on Wall Street. During the 1990s, former Clinton aides bragged that more aggressive enforcement of the Community Reinvestment Act pressured banks to issue riskier mortgages, lending more proof the anti-redlining law fueled the crisis. A 2012 National Bureau of Economic Research study found "that adherence to that act led to riskier lending by banks," with "a clear pattern of increased defaults for loans made by these banks in quarters...
  • Moving in with parents becomes more common for the middle-aged

    04/21/2014 2:30:54 PM PDT · by thackney · 56 replies
    Los Angeles Times ^ | April 20, 2014 | Walter Hamilton
    The number of Californians 50 to 64 who live in their parents' homes has surged in recent years, reflecting the grim economic aftermath of the Great Recession. Debbie Rohr lives with her husband and twin teenage sons in a well-tended three-bedroom home in Salinas. The ranch-style house has a spacious kitchen that looks out on a yard filled with rosebushes. It's a modest but comfortable house, the type that Rohr, 52, pictured for herself at this stage of life. She just never imagined that it would be her childhood home, a return to a bedroom where she once hung posters...
  • China Property Collapse Has Begun

    04/15/2014 8:03:31 PM PDT · by Oldeconomybuyer · 38 replies
    Forbes ^ | April 13, 2014 | by Gordon B. Chang
    Nothing is going right for Hangzhou at this moment. Walmart will be closing its Zhaohui store in that city on April 23 as a part of its overall plan to dump marginal locations—about 9% of the total—in China. Thanks to the world’s largest retailer, another large block of space in Hangzhou, the capital of Zhejiang province, will go on the market at a time when there is generally too much supply. The problem is especially pronounced in the city’s premium office market. Hangzhou’s Grade A office buildings at the end of 2013 had, according to Jones Lang LaSalle, an average...
  • Furious Chinese Demand Money Back As Housing Bubble Pops

    03/24/2014 7:34:39 AM PDT · by SeekAndFind · 4 replies
    Zero Hedge ^ | 03/24/2014 | Tyler Durden
    <p>Hell hath no fury like a woman scorned or, it seems, like a Chinese real estate speculator who is losing money. After four years of talking (and not doing much) about cooling the hot-money speculation that is the Chinese real-estate bubble (mirroring the US equity market bubble since stock-ownership is low in China), the WSJ reports that the people are restless as the PBOC actually takes actions - and prices are falling. With new project prices down over 20%, 'homeowners' exclaim "return our hard-earned money" and "this is very unfair" - who could have seen this coming?</p>
  • Mel Watt becomes new chief overseeing Fannie, Freddie

    01/09/2014 10:41:37 AM PST · by Olog-hai · 11 replies
    Charlotte Observer ^ | Monday, Jan. 06, 2014 | Franco Ordonez
    Mel Watt was sworn into a top housing finance post Monday afternoon while simultaneously bringing to an end a career in Congress spanning more than two decades. The now-former representative from North Carolina was given the oath to lead the Federal Housing Finance Agency by former Charlotte mayor and current Transportation Secretary Anthony Foxx. Watt’s path to his new position was cleared last month after a drawn-out debate that included a controversial rule change allowing him to be confirmed with a 57-41 Senate vote. …
  • Teen Jeopardy Champion Gives Hilarious Subtle Insult To Obama!

    01/02/2014 9:02:19 PM PST · by Kevin in California · 33 replies
    Take that "O!" LMAO....
  • Betting big on a citadel for the Afghan elite

    12/11/2013 8:36:35 AM PST · by Pan_Yan · 12 replies
    LA Times ^ | Dec. 11, 2013 | David Zucchino
    If Mohammed Ibrahim Caravan smells fear about Afghanistan's future, he doesn't show it. He strolls around like a country squire in the glittering new gated community he helped build, dressed in a spotless white shalwar kameez tunic, stylish shades and polished wingtips. "Worried?" the 28-year-old asked. "Hah — not me. I'm confident in the future. If you don't invest in your own country, who will?" Caravan's company is plunging $160 million into the family-run Saleem Caravan City, with its rows of salmon-colored villas with balconies and rose gardens, like some ersatz Miami Beach condo community. He's moved his family into...
  • Why Housing Markets Are Set To Tank Again

    11/24/2013 8:12:05 AM PST · by SeekAndFind · 9 replies
    RCM ^ | 10/03/2013 | Keith Jurow
    In mid-September, a CNN Money headline reassured investors: Our Long National Foreclosure Nightmare Is Over. Sounds great! Now we can finally relax and be glad that Henry Paulson, the Fed and the Big Bankers saved us from the apocalypse.Wait a second. Not so fast. Before you breathe a sigh of relief, why don't we take another good look at the real state of housing markets now. Let's examine some important charts, graphs and tables that the media does not cover. Inventory of Homes for Sale: What It Tells UsIn numerous articles over the last two years, I have emphasized the...
  • Housing Bubble — the Sequel: Here we go again

    08/22/2013 8:14:07 AM PDT · by SeekAndFind · 16 replies
    Townhall ^ | 08/22/2013 | Bill Tatro
    Here we go again.  Having just recently endured a one-hour phone conversation with my friend Steve, a mortgage broker, I’m a little bit confused and somewhat worried.  Since most of the houses sold in the past year have been “all-cash” transactions, combined with the fact that mortgage applications have fallen off the cliff, I asked Steve if that means that the average person is no longer a buyer.  Steve replied, “Define the average person.”  I articulated, “It’s not someone who pays “all-cash” because I know that’s the technique on Wall Street, and I also know it’s a select few...
  • Some big cities at risk of another housing bubble: Shiller

    07/05/2013 5:02:14 AM PDT · by Olog-hai · 3 replies
    Reuters ^ | Thu Jun 27, 2013 6:35pm EDT | Tim Reid
    Dramatic home price gains in some of America’s largest cities point to a potentially new housing bubble in those areas, according to Robert Shiller, who helped create a closely watched gauge of U.S. housing prices. Shiller said big price gains in Las Vegas, Los Angeles, San Francisco, Miami and Phoenix, fueled in part by a large influx of outside investor money, are a possible sign of trouble ahead. “There is a risk of bubbles in these cities,” Shiller, a co-founder of the S&P/Case-Shiller Home Price Index, told Reuters on Wednesday. “House prices increases have been dramatic. It looks like the...
  • Housing Recovery? Not so fast! YoY Furniture Sales Go Negative; Foreclosures Rise (Again)

    06/13/2013 9:48:59 AM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 06/13/2013 | Anthony B. Sanders
    I constantly hear “The housing market is back!” Is it? True, house prices are rising since 2012 according to FNC, Case-Shiller, Loan Performance and FHFA home price indices. But Year-over-year furniture sales have turned negative, not a good sign for housing (unless everyone wants to live in empty houses). At least auto sales are increasing. Perhaps people are parking Chevys in their living rooms instead of furniture. And foreclosures are heating up again. Completed foreclosures jumped 11 percent nationally in May from the previous month, with monthly increases taking place in 33 states, foreclosure listing firm RealtyTrac Inc. said Thursday....
  • Best Explanation For The Fake U.S. Housing Market Recovery

    06/07/2013 6:07:34 AM PDT · by blam · 24 replies
    TMO ^ | 6-7-2013 | Michael Lombardi
    Best Explanation For The Fake U.S. Housing Market Recovery Housing-Market / US Housing Jun 06, 2013 - 04:37 PM GMT By: Profit Confidential Michael Lombardi Michael Lombardi writes: The average American Joe isn’t participating in the U.S. housing market. As a matter of fact, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, investors purchased 69% of “damaged” properties in April 2013, while first-time home buyers accounted for only 16% of “damaged” purchases. It is very well documented in these pages how home prices in the U.S. economy are being driven upward by institutional investors. Affirming my stance on the...
  • U.S. home prices keep rising, but homeownership is down

    04/30/2013 7:31:38 PM PDT · by SeekAndFind · 22 replies
    Los Angeles Times ^ | 04/30/2013 | Alejandro Lazo
    Home prices are rising at levels not seen since the real estate boom, but American homeownership remains on the decline. The two trends underscore the nature of the housing rebound: Gains in pricing have been driven significantly by investors, leaving many would-be buyers behind. Prices are rising because of strong demand, a lack of supply and a sharp recovery in the hardest-hit markets. The number of foreclosed homes coming to market has also dropped dramatically. But because lending standards remain tight, the everyday home shopper is often losing out to investors able to pay cash. "What we are seeing right...
  • Obama pushes the housing market into full blown socialism

    04/03/2013 12:44:21 PM PDT · by Starman417 · 4 replies
    Flopping Aces ^ | 04-03-13 | DrJohn
    Einstein is proven right again. Not, not relativity. Not the grand theory. Insanity. Einstein once defined insanity as Doing the same thing over and over again and expecting different results. Barack Obama is no stranger to hypocrisy and he clearly knows how stupid his base is. He knows they won't remember anything he says from one day to the next. They certainly won't remember what he said last year, so Obama zombies, pay attention. Last year the Obama regime basically extorted a settlement from large banks in a mortgage deal. As noted by Investors, Obama blamed everyone except for the...
  • China Releases New Measures to Restrict Housing Sales

    03/31/2013 6:33:13 AM PDT · by Olog-hai · 11 replies
    NY Times ^ | March 31, 2013 | David Barboza
    Trying to cool down the resurgent property market, two of China’s biggest cities announced over the weekend that they would put in place a series of restrictions and penalties on housing sales. … The announcements came a few weeks after China’s State Council, or cabinet, said the government would take stronger action to ensure that property prices do not continue to soar, fueling what many analysts believe is a real estate bubble that could seriously damage the economy and exacerbate social tensions between the rich and the poor. …
  • The Housing Bubble Is Back

    03/26/2013 8:30:22 AM PDT · by SeekAndFind · 1 replies
    Forbes ^ | 03/26/2013 | Karl Smith
    Cullen Roche is worried that the trajectory of housing prices might deviate from what practical assumptions would predict. "Real estate returns are not rocket science. Because they’re such a huge portion of the consumer balance sheet they tend to be tied very closely to wage growth. Wage growth, by definition, is very closely tied to the rate of inflation. That explains why the long-term historical return of real estate is roughly in-line with rate of inflation. But this survey from Zillow shows that real estate “investors” are probably still too optimistic." I can see why these assumptions are attractive, but...
  • The Mega Scandal Everyone Has Forgotten - Fannie, Freddie, and Congress get off scot-free.

    01/02/2013 3:07:33 PM PST · by neverdem · 14 replies
    National Review Online ^ | DECEMBER 31, 2012 | John Fund
    Angelo Mozilo In Star Wars, Obi-Wan Kenobi used an old Jedi mind trick on Stormtroopers to deflect them from their real quarry: “These aren’t the droids you’re looking for.” It worked.It looks as if another mind trick, well known in the Congress — delay and deflection — will now work to make Americans forget one of the biggest scandals of our time: the housing collapse that triggered the 2008 financial meltdown we are still suffering from. We shouldn’t just gaze over the fiscal cliff everyone else is scrutinizing; we should also examine the droids who helped set in motion our...
  • With lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans

    09/03/2012 10:30:55 AM PDT · by middlegeorgian · 27 replies
    The Daily Caller ^ | 9/3/2012 | Neil Munro
    President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices. As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans. The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama...
  • ‘The Financial Crisis Was the Result of Government Housing Policy’

    05/18/2012 9:01:25 PM PDT · by neverdem · 43 replies
    Reason ^ | June 2012 | Anthony Randazzo
    The American Enterprise Institute’s Peter Wallison on how government, not greed, was the essential ingredient in the 2008 meltdown. In January 2011, a bipartisan, 10-member, government-created body called the Financial Crisis Inquiry Commission (FCIC) issued a comprehensive report assigning blame for the 2008 financial meltdown. The main culprits: “widespread failures in financial regulation and supervision,” “dramatic failures of corporate governance and risk management at many systemically important financial institutions,” “a combination of excessive borrowing, risky investments, and lack of transparency,” a government that “was ill prepared for the crisis,” and “a systemic breakdown in accountability and ethics.” The four Republicans...
  • How to buy a house in D.C.’s sellers’ market

    05/15/2012 6:46:28 AM PDT · by C19fan · 16 replies
    Washington Post ^ | May 11, 2012 | Susan Straight
    In January, Hillary and Nicholas Fredrick’s plan to relocate from Tennessee to the District seemed to be materializing. On a whirlwind trip here, they looked at 35 houses, made an offer on the one they liked and signed a contract with the sellers. That deal fell through when the sellers’ financing hit a snag. But when they moved here in March to begin their search anew for a house in the $500,000 to $550,000 price range, they discovered that the market had changed considerably.
  • The Housing Market Is Depressing America

    04/20/2012 4:25:55 AM PDT · by Kaslin · 49 replies
    Townhall.com ^ | April 20, 2012 | Scott Rasmussen
    Just 49 percent of homeowners in America now believe their home is worth more than they paid for it. Rasmussen Reports has asked that question for years, and it has never before fallen below the 50 percent mark. This represents a sea change in personal finances that challenges core assumptions about the way our economy works. Most Americans were brought up to believe the cornerstone of good financial planning was to buy a home, pay the mortgage on time and watch the equity grow. That doesn't work at a time when home values are declining. Economists measure the lost equity...
  • Santorum blames 2008 mortgage crisis on $4-per-gallon gas

    02/27/2012 2:32:03 PM PST · by VU4G10 · 59 replies · 1+ views
    thehill.com ^ | 02/27/12 | Daniel Strauss
    Rick Santorum on Monday blamed the housing crisis on high gas prices. During a campaign appearance in Michigan, Santorum said the housing bubble burst in 2008 because people could no longer afford to pay their mortgages because of high gas prices. "We went into a recession in 2008 because of gasoline prices," Santorum said in Michigan according to Buzzfeed. "The bubble burst in housing because people couldn’t pay their mortgages because of $4 a gallon gasoline."
  • In Fed Officials’2006 Meetings,No Deep Worry on Housing[Elegant as Eiffel Tower, Paris or Vegas]

    01/12/2012 5:56:10 PM PST · by fight_truth_decay · 6 replies · 2+ views
    NYTimes ^ | January 12, 2012 | BINYAMIN APPELBAUM
    WASHINGTON – The desperation of homebuilders was a running joke among top Federal Reserve officials during the waning phase of the housing bubble in 2006, according to transcripts released Thursday. They laughed about the cars that builders were giving to buyers. They laughed about efforts to make empty homes look occupied. They laughed at a report that one builder said inventory was rising “through the roof.”
  • Bloomberg Hides Government Causes of Financial Crisis

    01/05/2012 2:33:19 PM PST · by neverdem · 6 replies
    American Spectator ^ | 1.4.12 | Peter Ferrara
    Media propagandists continue to advance the Democratic Party line. On December 21, Bloomberg News breathlessly reported, "The leading Republican candidates for president have embraced an explanation of the financial crisis that has been rejected by the chairman of the Federal Reserve, many economists and even three of the four Republicans on the government commission that investigated the meltdown." Reporter David J. Lynch further explained, "Both former House Speaker Newt Gingrich and former Massachusetts Governor Mitt Romney lay much of the blame on U.S. government housing policies, saying they led to the real estate crash that almost brought down the banking...
  • Sad Episode of 60 Minutes on Foreclosures

    12/28/2011 8:28:54 PM PST · by Nachum · 29 replies
    Valuwalk.com ^ | 12/28/11 | valuewalk
    Bank foreclosures and abandonment are causing high home vacancy levels in neighborhoods across the country. Scott Pelley travels to Cleveland, a city that’s fighting back against blight. Chances are the home you’re in isn’t worth what it used to be. You may not have indulged in the real estate bubble with its liar’s loans and Wall Street greed, but you were stuck with the bill. Home values have dropped so far, so fast, that nearly 25 percent of mortgage holders today owe more than their house is worth. And with unemployment so high, so long, many face foreclosure. If you...
  • Falling home values mean budget crunches for cities

    12/26/2011 6:49:41 PM PST · by DeaconBenjamin · 41 replies
    Washington Post ^ | Brady Dennis
    The bust that began in 2007 has just begun to ravage tax revenues in communities from coast to coast. The problem is unlikely to subside soon. For instance, Baltimore collected $815 million in property taxes during the most recent fiscal year. Next year, the figure is predicted to shrink to $803.5 million. The following year, $773 million. The year after that, $735.7 million. The year after that, $729.4 million. “I don’t see any quick fixes over the next four or five years, to be honest.” Baltimore already faces a budget deficit of more than $50 million next year. “Obviously, it...
  • Where No Mortgage News Is Fit to Print

    12/22/2011 12:36:20 AM PST · by neverdem · 3 replies
    The American ^ | December 20, 2011 | Peter J. Wallison
    The New York Times op-ed page and the left-wing echo chamber. When Joe Nocera was given a regular op-ed column in the New York Times, there was kind of a collective “uh-oh” among people who have watched the gradual slide of that page into Krugmanism and ideological irrelevance. I was one of them, but thought there might be some hope. Some of his columns in the Times business section had suggested a glimmering of a willingness to consider other points of view and even facts.At first, I was disappointed. As he said in today’s column, he called my dissent from...
  • ‘We Don’t Face Any Good Options’ - Nobel Prize–winning economist Vernon Smith on the financial...

    11/30/2011 1:17:05 PM PST · by neverdem · 9 replies
    Reason ^ | December 2011 | Nick Gillespie
    Nobel Prize–winning economist Vernon Smith on the financial crisis, Adam Smith’s underrated insights, and his journey from socialist to libertarian “I remember the ’30s like it was yesterday,” says economist Vernon Smith. And he’s not kidding. In 1935, when the future Nobel Prize winner was 7 years old, his family decamped to their Kansas farm to wait out the hard times. “On the farms,” Smith explains, “you can eat.” His parents only made it to eighth grade, but “they were people who read,” and they expected their son to go to college. They got their wish—and then some. Smith’s higher...
  • How Newt Gingrich and Official English would have saved Fannie Mae

    11/19/2011 5:43:58 AM PST · by dangus · 97 replies
    Dangus
    The real cause of the housing bubble and collapse is very simple: An Executive Order by Bill Clinton and enthusiastically championed by George Bush, 13166, forced banks to make bad loans or no loans at all. And Newt Gingrich was championing putting an end to EO 13166 years before the collapse of the banking industry. In the late 1990s, a grand compromise was reached between President Clinton and Senate Banking Chairman Phil Gramm. Long ago, government types decided that home ownership was the key to fiscal stability, but too many blacks didn't qualify for loans. The banking industry argued that...
  • Financial Reform: Unfinished Business (Paul Volcker)

    11/15/2011 8:12:25 PM PST · by neverdem · 8 replies
    NY Review of Books ^ | November 24, 2011 | Paul Volcker
    It should be clear that among the causes of the recent financial crisis was an unjustified faith in rational expectations, market efficiencies, and the techniques of modern finance. That faith was stoked in part by the huge financial rewards that enabled the extremes of borrowing, the economic imbalances, and the pretenses and assurances of the credit-rating agencies to persist so long. A relaxed approach by regulators and legislators reflected the new financial zeitgeist. All the seeming mathematical precision that was brought to investment, all the complicated new products, including the explosion of derivatives, that were intended to diffuse and minimize...
  • Congressman: Obama should unilaterally ‘refinance every home mortgage’ [VIDEO]

    10/22/2011 4:59:16 PM PDT · by Sub-Driver · 57 replies
    Congressman: Obama should unilaterally ‘refinance every home mortgage’ [VIDEO] By Nicholas Ballasy - The Daily Caller 11:43 PM 10/21/2011 Virginia Democratic Rep. Jim Moran told The Daily Caller on Thursday evening that President Obama should “refinance every home mortgage” without congressional approval in order to “reset the economy.” “Absolutely, I think [Obama] should do that but there are not a lot of places where he can act unilaterally,” Moran told TheDC during Conservation International’s Oct. 20 dinner in Washington, D.C. “If he chooses to act unilaterally,” Moran said, “the likelihood is that there will be language in the appropriations bills...
  • Ten Things to Keep In Mind for 2012

    10/20/2011 4:09:56 PM PDT · by neverdem · 17 replies
    NATIONAL REVIEW ONLINE ^ | October 19, 2011 | Kevin D. Williamson
    Between the candidates’ debates and my conversations with the Occupy Wall Street protesters, it seems to me that there is a persistent, dangerous disconnect between our political conversation and reality. On the right, we’re still too focused on taxes, rather than on the spending that drives taxes. On the left, they’re . . . the Left, still, unfortunately for them. With an eye on 2012, here are ten important but sometimes counterintuitive facts to keep in mind:1.      There is no austerity.2.      There was no deregulation.3.      You can’t trust Republicans on spending.4.      Wall Street loves Democrats.5.      People who voted for Barack...
  • End of Empire: Tough economy closes mining town

    10/19/2011 6:52:15 AM PDT · by Cardhu · 6 replies · 1+ views
    BBC ^ | October 19th 2011 | Paul Adams
    When the local mine closed the entire town of Empire, Nevada shut down too (Video by David Botti) Continue reading the main story Altered StatesForeign doctors in rural America Hispanic education in crisis Baseball from Far East Watch Mormon luau in Utah Watch Some outside observers have been quick to draw apocalyptic lessons from America's recent economic woes. But here in the Black Rock Desert, in remote north-western Nevada, it truly is the end of Empire. The former company town, built around a gypsum mine and drywall plant, is fenced off and silent. Inhabitants gone, houses empty, plant idle. A...
  • Why Herman Cain (and Almost Everyone Else) Missed the Housing Bubble

    10/17/2011 9:59:53 PM PDT · by neverdem · 30 replies
    American Thinker ^ | October 16, 2011 | Ed Braddy
    Now that Herman Cain has become a top-tier presidential candidate for the Republican nomination, he is receiving a greater degree of scrutiny than ever before. And that includes efforts by the mainstream media to do what they do best to conservative candidates: prove somehow that said candidates are unfit to serve. First it was MSNBC's Lawrence O'Donnell playing the role of the white liberal lecturing Herman Cain on what it means to be black. Now it's Chuck Todd wondering what did Cain know and when did he know it...about housing bubbles. During an October 11 interview (minute 4:58) on MSNBC,...
  • Lowe's Store Closings With 1,950 Job Losses Not Worthy

    10/17/2011 12:13:01 PM PDT · by mandaladon · 66 replies · 2+ views
    NewsBusters ^ | 17 Oct 2011 | Tom Blumer
    It's a good thing I heard this on the radio at about 11:00 a.m., because I might otherwise have missed it. With yours truly's opinion along for the ride, I'll let readers judge whether the news of the Lowe's home improvement chain announcing that it will close 20 stores and cut its new store opening plans by one-half to two-thirds deserved to be in the top ten business stories at the Associated Press as of 12:52 p.m. Lowe's to close 20 stores Home-improvement retailer Lowe's Cos. says it will close 20 underperforming stores in 15 states and cut 1,950 jobs...
  • The Unexamined Crisis

    10/12/2011 5:02:18 PM PDT · by neverdem · 6 replies
    Project Syndicate ^ | 2011-09-22 | Luigi Zingales
    CHICAGO – Three years have now passed since the collapse of Lehman Brothers, which triggered the start of the most acute phase of the 2007-2008 financial crisis. Is the financial world a safer place today? Within days after the 9/11 terrorist attacks in 2001, the US had erected new and enormous security measures at airports throughout the country. Within a month, the US military was on the ground in Afghanistan. Within three years the US had an official report on the causes of the events of 9/11; the well-resourced expert commission that produced it identified the weaknesses of America’s national-security...
  • Most homeowners still faring well, with positive equity

    10/02/2011 9:03:41 PM PDT · by Borough Park · 35 replies · 1+ views
    By Kenneth R. Harney October 2, 2011 Reporting from Washington— Negative equity and underwater homeowners are frequently in the headlines, but what about positive equity in Americans' homes? Is there much of it left after the wealth-killing recession and real estate bust? Where is it? Who's got equity? You might be surprised. A new study, conducted by mortgage and real estate data firm CoreLogic for this column, found that there are substantial reserves of positive equity across the country. CoreLogic maintains the largest database on home loans — 42 million active accounts, more than 80% of all existing mortgages —...
  • No Rise in Home Prices Until 2020: Bankers

    09/30/2011 11:24:02 PM PDT · by 2ndDivisionVet · 23 replies
    CNBC ^ | September 30, 2011 | Karina Frayter, CNBC Markets Producer
    Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday. The survey conducted by the Professional Risk Managers’ International Association for FICO, found that 49 percent of respondents do not expect housing prices to rise back to 2007 levels for another nine years. Only 21 percent of respondents said they would. The findings, which authors called “a decidedly pessimistic outlook”, are a sharp reversal from cautious optimism the survey respondents expressed late last year and in early 2011. In addition, 73 percent of surveyed bankers say...
  • Home builder sentiment dips slightly in September

    09/19/2011 10:05:04 AM PDT · by Free Vulcan · 1 replies
    Marketwatch ^ | 9.19.11 | Steve Goldstein
    WASHINGTON (MarketWatch) — Confidence in the market for newly built single-family homes dipped slightly in September to remain in very low territory, according to an index released Monday. The National Association of Home Builders/Wells Fargo Housing Market Index fell by a point to 14, on a seasonally adjusted index where readings above 50 are considered good. The index, which correlates closely with single-family housing starts, has held between 13 and 16 for the last six months.
  • Pending sales of existing US homes fell in July (Beware of Happy Spin)

    08/29/2011 8:04:40 AM PDT · by tobyhill · 8 replies
    msnbc ^ | 8/29/2011 | msnbc
    Pending sales of existing U.S. homes fell in July from June in the latest sign of weakness in the housing industry, data from a real estate trade group showed on Monday. The National Association of Realtors Pending Home Sales Index, based on contracts signed in July, was down 1.3 percent to 89.7 from 90.9 in June. Economists polled by Reuters ahead of the report were expecting pending home sales to fall 1.3 percent. In a sign of how much the sector has recovered from a year ago, the index was up 14.4 percent from July of 2010.
  • Economic Woes Prompt Buyers to Back Out of Deals

    08/22/2011 9:33:58 AM PDT · by illiac · 3 replies
    RealtorMag ^ | 8/22/11 | RealtorMag
    Recent falls in the stock market and growing concerns over the cloud hanging over the U.S. economy has prompted more home buyers to cancel real estate deals or continue to sit on the sidelines, analysts say. The National Association of REALTORS® said in a recent report that home buyer cancellations in the last two months increased about 10 percent from a year earlier. Lawrence Yun, NAR’s chief economist, says the increase is due to low appraisals that do not match the mortgage amount, “overly stringent” lending standards, as well as waning buyer confidence. “The typical home buyer gets rattled when...
  • No Hope or Change When it Comes to Fannie Mae

    08/21/2011 9:31:49 AM PDT · by The Pack Knight · 2 replies
    Cato@Liberty ^ | 16 August 2011 | Mark A. Calabria
    The Washington Post is reporting that President Obama has assigned his staff with the task of designing a new set of government guarantees behind the U.S. mortgage market. Although as the Post also reports the “approach could even preserve Fannie Mae and Freddie Mac.” That’s correct. Despite their role in driving the housing bubble and the already $160 billion in taxpayer losses, President Obama appears to be considering just putting the same failed system in place. Of course, we’ll be promised that it will all work better this time. Perhaps most offensive is that the Post reports that Obama “officials...
  • Broke Down Under

    08/09/2011 11:56:30 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | August 9, 2011 | Mike Shedlock
    The housing boom in Australia is now an escalating bust. Many Australian homeowners put every cent they had into their homes and they needed double incomes to just scrape by. Unfortunately, those jobs are disappearing in a construction and commercial real estate bust.  I warned about this event for years, but in Australia, like everywhere else "It's Different Here" until it's not.  60 Minutes Australia picked up the Secretly Broke story in "The Big Squeeze". Click on link for a 60 Minutes video. Here is a partial transcript.ALLISON LANGDON: To the world, Tracy and David Dodd are the very model of Australia’s...
  • Man uses obscure law to claim ownership of $300k home in upscale Texas town... for just $16

    07/20/2011 11:19:26 AM PDT · by Do Not Make Fun Of His Ears · 99 replies
    Daily Mail ^ | 7/20/11 | Wil Longbottom
    If someone you knew claimed to have bought a new house for $16, you'd probably expect it to be a rundown hovel. But for Kenneth Robinson, that princely sum could see him as the new owner of a $300,000 home in an well-manicured part of Flower Mound, Texas. On June 17, Mr Robinson took advantage of a little known Texas law to move into the abandoned home. The house had been in foreclosure for more than a year and its owner walked away. Then, the mortgage company went bust. After months of research, Mr Robinson used the obscure law 'adverse...