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
More common sense talk from Peter Schiff 2008-04-01 06:51:01 Peter Schiff
, one of the smartest guys around and one of the first people who warned us about the burst of the housing bubble, wrote this excellent article for the LA Times.
These are some of the things he says in this article:
“The government is trying in vain to get funds flowing again and put a [...] Read more:Peter
Consumers are falling behind 2008-04-04 10:25:07 This from the Sun Sentinel:
Loan delinquencies reach 15-year high
The number of consumers who fell behind
on payments for auto, home-equity and credit-card loans spiked late last year to the highest level in 15 years, according to an American Bankers Association survey released Thursday.
Consumers missed payments by at least 30 days on 2.65 percent of loans [...] Read more:falling
80,000 jobs lost in March 2008-04-04 08:24:48 The job market is getting worse every month. According to CNBC:
Economy Loses 80,000 Jobs, Worse Than Expected
US employers cut payrolls for a third month in a row in March
, slashing 80,000 jobs for the biggest monthly job decline in five years as the economy headed into a downturn, government data on Friday showed.
The Labor Department [...]
People can’t move until they sell their homes 2008-04-04 06:06:30 This from the New York Times:
The rapid decline in housing prices is distorting the normal workings of the American labor market. Mobility opens up job opportunities, allowing workers to go where they are most needed. When housing is not an obstacle, more than five million men and women, nearly 4 percent of the nation’s work [...]
Mortgage rates are going up again 2008-04-03 10:56:09 So much for relief to struggling home owners. According to CNBC:
Mortgage
Rates Climb as Housing Grasps For Recovery
Mortgage rates edged upward over the past week, despite the Federal Reserve’s aggressive cost-cutting measures and Wall Street’s eagerness to get past the housing crisis.
A 30-year fixed-rate mortgage now costs 5.88 percent, up slightly from last week’s 5.85 [...]
Next bubble to burst: credit card and other consumer debt 2008-04-03 09:59:51 We’ve been talking about the consumer debt bubble for a long time and we are now seeing more evidence of that.
According to Bloomberg:
Overdue Consumer Debts Highest Since 1992
April 3 (Bloomberg) — Consumers fell behind on car, credit
-card and home-equity loans at the highest level in 15 years during the fourth quarter, another sign the U.S. [...]
Jobless claims jump to over 407,000 2008-04-03 08:44:18 According to the USA Today:
Joblessclaims
shoot up 38,000 to highest since Sept. ‘05
WASHINGTON — The number of people signing up for unemployment benefits last week shot to the highest level in more than two years, fresh evidence of the damage to a national economy clobbered by housing, credit and financial crises.
The Labor Department reported [...]
Gasoline prices hit a new record 2008-04-07 12:46:43 Oil and gasoline prices keep going up, hurting consumers and the US economy.
According to the USA Today:
NEW YORK — Gas prices rose further into record territory Monday, pulled higher by resurgent oil futures and a growing belief that gasoline supplies are falling as the summer driving season approaches.
Oil futures, meanwhile, jumped more than $2 a [...] Read more:Gasoline
More than one housing bubble 2008-04-07 10:06:10 We’ve been saying on this blog for almost two years that the housing bubble is just a sympthom of a much bigger problem: Americans obsession with spending and debt.
I found this interesting article on the Washington Post web site:
There are two views of the financial crisis. The first is that we face the bursting of [...]
Job losses felt nationwide 2008-04-06 06:05:14 The U.S. economy lost 80,000 jobs in March and almost 250,000 since the beginning of the year.
Greenspan keeps ignoring the facts 2008-04-09 06:59:57 According to CNBC:
Fed Didn’t Inflate the Housing Bubble: Greenspan
Former Federal Reserve Chairman Alan Greenspan has defended himself from charges that easy U.S. monetary policy created the current credit crisis by inflating a housing bubble, and instead blamed professional investors.
In an article in Monday’s Financial Times newspaper, Greenspan wrote that the housing bubble which inflated between [...] Read more:keeps
, facts
Greenspan Goes on Defensive 2008-04-09 06:29:07 This from the Wall Street Journal:
I was praised for things I didn’t do,” Mr. Greenspan
said during one of three interviews at his sun-drenched office in downtown Washington, D.C. “I am now being blamed for things that I didn’t do.”
Now 82 years old, Mr. Greenspan wants to set the record straight before the ink dries [...] Read more:Defensive
Bush is against the current version of the housing bailout 2008-04-08 14:07:12 This is great news!!! Reuters just reported the following:
White House says can’t support Senate housing bill
WASHINGTON (Reuters) - President George W. Bush cannot support a homeowner rescue bill drafted by Senate lawmakers because it contains too many costly and extraneous elements, his spokeswoman said on Tuesday.
Specifically, the White House rejects provisions that would give a [...] Read more:against
, version
Fed Minutes: the economy is getting worse 2008-04-08 13:35:34 Fed seems to believe that the US economy
if moving closer to a recession.
According to CNNMoney.com:
Fed sees economy getting worse
NEW YORK (CNNMoney.com) — Some members of the Federal Reserve are worried about the possibility of a “severe and protracted downturn” in the U.S. economy, according to the minutes of the central bank’s latest minutes released [...]
Pending home sales hit a new record low 2008-04-08 09:46:04 More bad news for the real estate market. According to the NAR:
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in February, slipped 1.9 percent to 84.6 from an upwardly revised reading of 86.2 in January, and was 21.4 percent lower than the February 2007 index of 107.6. “The slip in pending [...]
Tribute to Peter Schiff 2008-04-08 06:37:29 Peter Schiff
, one of the smartest guys around and one of the first people who warned us about the burst of the housing bubble, wrote this excellent article for the LA Times.
These are some of the things he says in this article:
“The government is trying in vain to get funds flowing again and put a [...] Read more:Peter
Foreclosures also hit the high end properties 2008-04-08 06:11:41 This from CNBC:
Million-dollar fixer-upper for sale: five bedrooms, four baths, three-car garage, cavernous living room. Big holes above fireplace where flat-screen TV used to hang.
The U.S. housing crisis has come to McMansion country.
Just as the foreclosure crisis has hollowed out poorer neighborhoods, “for sale” signs are sprouting in upscale developments so new they don’t show [...] Read more:Foreclosures
Riskiest housing markets in the U.S. 2008-04-10 16:07:32 According to PMI:
1. Riverside-San Bernardino-Ontario, CA
2. Las Vegas-Paradise, NV
3. Orlando-Kissimee, FL
4. Fort Lauderdale-Pompano Beach- Deerfield Beach, FL
5. Phoenix-Mesa-Scottsdale, AZ
6. Santa Ana-Anaheim-Irvine, CA
7. West Palm Beach-Boca Raton-Boynton Beach, FL
8. Sacramento-Arden-Arcade- Roseville, CA
9. Tampa-St. Petersburg-Clearwater, FL
10.Los Angeles-Long Beach- Glendale, CA
Britain’s real estate bubble is bursting 2008-04-10 14:08:56 This is from the Economist:
Britain
’s property boom turns to bust: prepare for a hard landing
Prices, which had been drifting slowly lower over the winter, have started falling more rapidly and dropped 2.5% in March, according to Halifax, part of HBOS and the country’s biggest mortgage lender. The biggest monthly drop since September 1992 prompted widespread [...] Read more:bursting
, real estate bubble
Condo crash 2008-04-10 06:41:53 More evidence of the housing crash
. Condo
projects all over the country are being postponed.
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