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Tag Archives: mortgage mess
Scariest Economic Fact I’ve Seen Lately
When the economic downturn began, consumer debt started declining. The conventional explanation was that consumers were tightening their belts. Taking on less debt. Repaying what they owed. Here’s a typical positive take on that news from December, 2009: Consumers are … Continue reading
China May Have Mother of All Real Estate Bubbles
BusinessInsider – There Are Now Enough Vacant Properties In China To House Over Half Of America. Chris Martenson - Guest Post: The Two Keys to Understanding China’s Housing Bubble: My wife and I are fortunate to have a network of … Continue reading
Another Reason to Avoid Homeowners Associations
HOAs hiking dues because of foreclosures: Over the past 18 months, an estimated 10 percent of [Arizona's] million-plus HOA members have abandoned their homes or been forced out by foreclosure, based on data from Arizona’s largest community-management firms. Without payments … Continue reading
Shadow Housing Inventory Hits New High
I’ve mentioned the shadow inventory of houses that should be up for sale, but aren’t. Here’s more proof that inventory is growing. From David Rosenberg: THIS Is What A Bear Market In Housing Looks Like. WESTMINSTER MUSIC THEATER TO PRESENT … Continue reading
How Bad is the Housing Market?
This bad: “If the truth be told, if we are talking about reversing all the bubble appreciation that began a decade ago, then we are talking about another 15% downside from here. The excess inventory data alone tell us that … Continue reading
“Real Housewives of New Jersey” Shows Credit Scores Don’t Work
My wife told me about this woman from “Real Housewives of New Jersey.” They make $79,000 a year yet somehow have a mortgage on a $2 million house and all the excesses a wiseguy could want. Spendaholic ‘Housewife of NJ’ … Continue reading
The Shadow Inventory of Repossessed Houses
I’ve read this same story from so many markets I can only assume it’s happening everywhere in the U.S. As many homes as you see for sale, there are even more homes not on the market, namely all of the … Continue reading
Fannie Mae and Freddie Mac Delisting from the NYSE
Washington Post – Federal regulator orders Fannie Mae, Freddie Mac to delist shares from NYSE: The companies asked the government for a fresh round of aid in May after reporting combined first-quarter losses of more than $18 billion. Because Fannie … Continue reading
Word of the Day: Texas Ratio (Banking)
From Chris Brunner of LewRockwell.com via Wikipedia: Developed by Gerard Cassidy, the Texas ratio is a measure of a bank’s credit troubles. Basically, the higher the ratio, the worse the situation is for that particular bank. Banks with a ratio … Continue reading
Nasty surprise for some Californians who walked away from mortgages
San Francisco Chronicle – Homes lost, but some 2nd-mortgage debts remain: California is a nonrecourse state, meaning lenders cannot pursue borrowers for unpaid balances on home-purchase loans. However, home loans not used for the purchase – home equity lines of … Continue reading
Real estate insanity in Canada and India, too
America Canada – Deflation or Inflation. What’s in the Cards for Canada?: Canada’s home prices have skyrocketed in this recession. When the dollar was at 97 cents US a couple weeks ago, average Canadian home prices hit roughly $320,000 US … Continue reading
Bush administration, Federal Reserve lied about banks’ health in 2008
ABC News – Government Watchdog Says Treasury and Fed Knew Bailed-Out Banks Were Not Healthy: The Treasury Department and the Federal Reserve lied to the American public last fall when they said that the first nine banks to receive government … Continue reading
“Some days I really wish I could go back to being completely clueless about the economy”
From a financial board I read. “Some days I really wish I could go back to being completely clueless about the economy. Now I know enough to be scared but not enough to actually know what to do.” I know … Continue reading
Fed’s quixotic plan to raise interest rates to the moon once inflation starts
AP – Officials: Fed will need to boost rates quickly: To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, Fed officials warned … Continue reading
Federal Reserve has bought 100%+ of 2009 mortgage market
Chris Martenson – Federal Reserve Buys More Than 100% of Mortgages Issued in 2009: In other words, the Federal Reserve alone bought $722 billion of mortgages and agency debt when only $686 billion in new mortgages were issued. So, through … Continue reading
Kansas Supremes ruling could invalidate foreclosures on 60 million mortgages
Global Research – Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks: A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In … Continue reading
80% of mortgages backed by FHA, which is low on funds
The Money Times – Rising foreclosures to drop FHA’s reserves below mandated level: Battered by the slump in the housing market, Federal Housing Administration (FHA) said Friday that its reserves will fall below the congressionally mandated level for the first … Continue reading
NY Times article on option ARM loans
New York Times – Loans That Looked Easy Pose Threats to Recovery: On his annual salary of $100,000 as a television camera operator, he could afford the $2,200 initial mortgage payments. And he planned to sell the home before the … Continue reading
Foreclosure filed against Northshore Town Center
Josh Flory’s got the story* and a followup here. I pass Northshore Town Center on the way home every night. (For locals, it’s at the corner of Knoxville and Pellissippi.) It was a New Urbanist project with walkable retail and … Continue reading
Homes in foreclosure: Phoenix 1 in 22, San Diego 1 in 37, Tampa 1 in 39
Holy cow. Foreclosures: How bad is your city?
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