Owner: National Bubble URL:http://www.nationalbubble.com Join Date: Wed, 07 Nov 2007 11:32:17 -0600 Rating:0 Site Description: News and commentary about the Real Estate bubble and the greedy people behind it. Analysis of how the housing crash will hurt the U.S. economy. Site statistics:Click here
Rich people are also feeling the pain 2008-03-20 10:27:22 The burst of the housing bubble is hurting rich people
as well. According to CNBC:
They took out adjustable-rate mortgages at the peak of the housing bubble to buy homes they would otherwise not be able to afford. Or they refinanced existing mortgages to take cash out.
And now, two or three years later, the day of [...]
Median existing home prices down 8.2% from last year 2008-03-24 09:11:16 Existing home sales down 1.1% in the West but up in the rest of the country.
According to the National Association of Realtors:
The national median existing-home price (2) for all housing types was $195,900 in February, down 8.2 percent from a year earlier when the median was $213,500.
Total housing inventory fell 3.0 percent at the end [...] Read more:Median
Even Bernanke’s own home is underwater 2008-03-24 06:02:12 This from Bloomberg.com:
Bernanke
lives in Washington’s Capitol Hill area in a four- bedroom, 2,600-square-foot house he bought new in May 2004 for $839,000. Almost four years later, it may not be worth any more, according to real estate records and local agents.
Bernanke’s timing wasn’t the best — values in the area peaked a year later [...] Read more:underwater
, own home
Real Estate investment can be very risky 2008-03-23 13:01:32 This from the San Diego Tribune:
Investors rode housing boom, and now many are going bust
Wave of foreclosures hits owners who bought multiple properties
Studies by the Mortgage Bankers Association of America estimate that about 16 percent of California foreclosures have involved investors. “But here’s the rub on that,” said John Robbins, a longtime San Diego [...] Read more:Estate
, investment
, risky
, Real Estate
The Florida housing market is imploding 2008-03-26 17:56:20 The housing market
in Florida
is getting worse by the day.
According to the Miami Herald:
February was another slow month for South Florida home sales, even though prices continued to fall.
South Florida home prices continued to drop in February even as the national real estate market showed a slight, unexpected sign of improvement after months in [...]
Even Paulson says that home prices need to keep falling 2008-03-26 09:45:30 According to CNBC:
Treasury Secretary Henry Paulson
said Wednesday that housing prices need to be allowed to continue to drop while every effort is made to ensure the adjustment does not cause excessive harm to the economy.
“A correction was inevitable and the sooner we work through it, with a minimum of disorder, the sooner we will [...] Read more:falling
New home sales fall 1.8% in February 2008-03-26 09:11:52 According to CNBC:
New-Home Sales Plunge 1.8% To a 13-Year Low
Sales of new single-family U.S. homes fell 1.8 percent in February
while the median sales price was down from a year ago and inventories fell modestly, according to a government report on Wednesday that delivered uneven news for the ailing housing sector.
The pace of sales fell [...] Read more:sales fall
A flood of new condominiums is coming to the market 2008-03-26 06:03:19 According to the Wall Street Journal:
The condominium market is about to get worse as many cities brace for a flood
of new supply this year — the result of construction started at the height of the housing boom.
More than 4,000 new units will be completed in both Atlanta and Phoenix by the end of the [...]
Home prices continue to fall 2008-03-25 09:38:05 The Standard & Poor’s/Case-Shiller index was released today and the news couldn’t be worse.
Record Declines in Home Prices Continued in 2008 According to the S&P/Case-Shiller Home Price Indices
New York, March 25, 2008 – Data through January 2008, released today by Standard & Poor’s for its
S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, [...]
The U.K. is maxed out too 2008-03-25 06:42:47 This from the NY Times:
Debt-Gorged British Start to Worry That the Party Is Ending
LONDON — At one point, Alexis Hall had more than 50 pairs of designer shoes and handbags. It never occurred to the 39-year-old media relations executive from Glasgow that her £31,500 in debt ($63,000) would be a problem.
“It was so easy [...]
Median home prices in California are down 26.2% in just one year 2008-03-24 17:17:02 The California
Association of Realtors reported today:
LOS ANGELES (March 24) – Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Although sales rose for the fourth straight month in [...] Read more:Median
Home prices and sales drop in Florida 2008-03-24 16:51:28 More bad housing numbers in Florida
. Even as the National Association of Realtors reported a little bit better numbers at a national level, home prices in Florida continued to fall and fewer homes were sold in February.
According to the Miami Herald:
South Florida home prices continued to fall in February, bringing the average price closer to [...]
Home sellers need to come back to reality 2008-03-28 06:21:10 This from the New York Times:
Just try to imagine stock prices staying roughly flat over a three-year period while sales volumes sank because investors considered the market overvalued. Bear Stearns is still worth $150 a share, and I’m not selling until someone pays me $150!
Real estate, though, is different. For both economic and psychological reasons, [...] Read more:reality
Next bubble ready to burst: Home Equity Loans 2008-03-27 16:21:11 The New York Times has an excellent article about the next bubble that is about to burst: home equity loans.
EquityLoans
as Next Round in Credit Crisis
Little by little, millions of Americans surrendered equity in their homes in recent years. Lulled by good times, they borrowed — sometimes heavily — against the roofs over their [...] Read more:ready
, Home Equity
, Home Equity Loans
Is the big bailout coming? 2008-03-31 12:28:47 According to CNBC:
WASHINGTON (Reuters) - The Bush administration is finalizing a plan to rescue thousands of homeowners facing foreclosure by helping them refinance into more affordable loans, the Washington Post reported in its Saturday edition.
The proposal is aimed at assisting borrowers who owe their banks more than their homes are worth due to declining home [...]
HUD Secretary Alphonso Jackson is resigning today 2008-03-31 09:32:54 According to the LA Times:
WASHINGTON — Housing and Urban Development Secretary
Alphonso Jackson
is resigning today, according to a government official.
Jackson is under criminal investigation at the same time the housing industry is in a crisis so serious that it has imperiled the nation’s credit markets, placing the country on the brink of what some economists [...]
Finally, somebody tells the full story about the subprime mess 2008-03-31 06:45:50 RECOMMENDED BOOK
I recently got a chance to read a very interesting book that tells
the full story
about subprime and the crazy days of the last real estate boom. The name of the book is “Greed, Fraud & Ignorance: A Subprime Insider’s Look at the Mortgage Collapse” by Richard Bitner, a 14-year veteran of the mortgage industry.
For [...] Read more:Finally
It is a Credit Bubble 2008-03-30 06:10:43 Americans are addicted to credit and lower interest rates make the problem even worse.
This from the Wall Street Journal:
The question worth asking now is: Why do we love leverage so much that it hurts?
The simple answer, according to personal finance experts, is that we want more — more money, more house, more car, just more, [...] Read more:Bubble
Stop The Mortgage Bailout!!! 2008-03-29 23:24:07 As lawmakers return from their two-week spring recess, more a more voices are calling for a mortgage bailout. All those greedy people who profited from the housing bubble are now expecting the federal government to come to the rescue. That is why now is the best time to tell Congress that we oppose any type [...] Read more:Mortgage
Who was responsible for the housing bubble? 2008-04-03 06:09:32 Very interesting article in the New York Times:
The real estate bubble of the last decade had many fathers. Investment bankers stopped worrying about whether borrowers could repay their mortgages. Alan Greenspan, the former Federal Reserve chairman, ignored pleas to crack down on this faith-based lending. Home buyers decided that house prices would soar forever. Real [...]
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