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Preview: Comments on: Bits Bucket And Craigslist Finds For November 17, 2006

Comments on: Bits Bucket And Craigslist Finds For November 17, 2006



Examining the home price boom and its effect on owners, lenders, regulators, real estate agents and the economy as a whole.



Published: Sat, 23 Sep 2017 18:51:44 +0000

 



By: CA renter

Sat, 18 Nov 2006 10:27:58 +0000

Trusting any government is foolish. ------------------------------- So we should trust a handful of self-interested, unregulated, manipulative crooks instead????



By: CA renter

Sat, 18 Nov 2006 10:25:38 +0000

Good one, GS.



By: CA renter

Sat, 18 Nov 2006 10:07:32 +0000

More government equals more corruption. -------------------------- I say, "bring it on!" Anything beats what we have now (corporate corruption everywhere we look). I'd prefer that many people benefit from govt jobs than just a few benefit from the top corporate jobs. Either way, power corrupts. Doesn't matter if it's private or public.



By: flatffplan

Sat, 18 Nov 2006 01:24:58 +0000

soon to get much bigger w FREEer healthcare



By: Gekko

Fri, 17 Nov 2006 23:58:22 +0000

- Whitney Houston reportedly faces foreclosure http://news.yahoo.com/s/ap/20061116/ap_en_ce/people_houston



By: GetStucco

Fri, 17 Nov 2006 23:20:59 +0000

In case anyone has access to the Sydney Morning Herald, here is a story that is worth a look. It brings to mind California fruit growers who sometimes allow the fruit to rot on the vine rather than incurring the cost of picking it and selling on a glutted market. ----------------------------------------------------------------------------------- Empty homes that will make renters weep AS SYDNEY'S rental crisis deepens, public housing worth millions is being left to rot or sit empty in a prestigious city location with harbour views. Sydney Morning Herald 18/11/2006



By: GetStucco

Fri, 17 Nov 2006 23:05:45 +0000

Maybe Lereah and friends are have the inside scoop on the silent bailout at Fannie Mae. They must have some reason to be so utterly confident that housing inflation will get rolling again by late 2007...



By: GetStucco

Fri, 17 Nov 2006 23:00:47 +0000

Don't you hate reading sugar-coated commentaries? ------------------------------------------------------------------------ Housing Free Fall Turning into Meltdown...2007 Recession Ahead Nouriel Roubini | Nov 17, 2006 For the last few weeks and months I have been writing dozens of detailed notes and blogs (see my latest here) rebutting the utter nonsense that has been spewed - based on little or no data - on the alleged bottoming out of the housing recession. Even Alan Greenspan - the allegedly careful reader of macro data - had joined this cheerleading clown show and the NAR spin of half-lies that "we are near the bottom of the housing recession". The actual data that were coming out of the housing market in the last few weeks were clearly inconsistent with this cheerleading non-sense and spin. So, maybe these delusional optimists will now shut up for a while and listen to the numbers after today's announcement that housing starts fell over 14% last month and that they are now at their six year low. Even worse, building permits, that are THE leading indicator of future housing activity, fell further by 6.3% and they are now at their lowest level since 1997.



By: dagan68

Fri, 17 Nov 2006 22:46:13 +0000

You gotta love this guy - http://360.yahoo.com/profile-Z_CEVEQ1dLM4G5ZxiF9kXtrUIyw-?cq=1 Indicted on mortgage fraud in Oklahoma City - and still finds time to do a blog - ( hmm, does that sound familiar, Casey? ) and even moan about how busy things are in real estate in OKC. Read his blog - it is a lot of laughs - "Anyone who thinks we are in a downturn in real estate is crazy - things have been SOOOO busy here" --- I guess they are busy when you are committing fraud --- http://www.mortgagefraudblog.com/index.php/weblog/permalink/seven_indicted_in_oklahoma_cash_back_at_closing_scheme/ Come to think of it, Mr Casey Serin - iamfacingforeclosure.com - what this guy got indicted for and what you did by defrauding the lenders - are not that far apart. I wonder how long Casey has....before iamfacingcriminalindictment.com Time will tell.



By: Hoz

Fri, 17 Nov 2006 21:42:28 +0000

"...The net effect of the dual January-March increase is that homeowners who have Citizens policies and live in coastal sections of Pinellas could see their premiums rise a total of 97.4 percent." So from ~$20.50 / $1000 to $40.50 / $1000 - and with commercial going up "average yearly premium soar from $1,514, to $16,190." Now the jobs are going to be further jeopardized. Good catch Paradise. Anybody still want to move to Florida?



By: phillygal

Fri, 17 Nov 2006 21:30:07 +0000

Unbelievable. "What made me smile most of all is the thought that I had forgotten people even had such questions"...THEY LEFT OUT THE REST OF HIS QUOTE: "...and that I'd just discovered a fresh supply of GFs to help me pay for my 7series Beemer." These RE guys are masters of the non-violent shakedown.



By: GetStucco

Fri, 17 Nov 2006 21:29:16 +0000

"For first-time home buyers, though, falling home prices are great news. For them, declines get translated directly to the bottom line of how much house they can afford to buy. But there could be one harmful consequence for home buyers if prices fall too far: They might find that they will have to pay a higher interest rate on the mortgage they get to buy those lower-priced houses." Before you read on, let's dispel one oft-repeated misconception which is parroted in the story. The big risk to new buyers is not that they might have to pay off a loan with an unacceptably large interest rate. The big risk is that if they buy now, they may find out they caught themselves a falling knife. --------------------------------------------------------------------------------- Real Estate Weekly http://www.marketwatch.com/news/story.asp?column=Real+Estate+Weekly&dist=nwtreal&siteid=mktw ______________________________________________________________________ THIS WEEK'S REAL ESTATE STORIES Homeowners do not want to see home prices fall. A drop in the value of your house lowers your net worth, gives you less equity against which to borrow and can generally sour your mood on a host of other financial topics, including how much you are going spend on holiday gifts this year. Home sellers might be ambivalent about falling home prices. You certainly don't want to get less value on the selling end, because that leaves you with less down payment for your new place. But if prices are also falling in the place you're looking to buy, you will need less down payment in the first place. So as long as you are making it up on the buying end, lower prices aren't necessarily the worst thing that could happen. For first-time home buyers, though, falling home prices are great news. For them, declines get translated directly to the bottom line of how much house they can afford to buy. But there could be one harmful consequence for home buyers if prices fall too far: They might find that they will have to pay a higher interest rate on the mortgage they get to buy those lower-priced houses. Admittedly, that scenario is a stretch. But here's how it could work. Fannie Mae and Freddie Mac, the two giant mortgage agencies, can only buy mortgages that are under what is called the conforming loan limit. That limit is tied to an index of home prices, which has been rising smartly most of this decade, pushing up the limit and expanding the pool of loans Fannie and Freddie can jump into. That is generally good for home buyers, since conforming loans carry interest rates about half a percentage point lower than noncomforming loans, also known as jumbos. The reset of the conforming loan limit comes each year based on the Office of Federal Housing Enterprise Oversight's October price numbers, based on the difference in price from the previous October. This year, for the first time, there is a danger that the 2006 price could be significantly below the 2005 value, since October looks like it was an especially rough one in the housing market. That would create a problem for OFHEO and for Fannie and Freddie since theoretically they could be forced to lower the conforming limit. And that would push more home buyers into the jumbo category, particularly in the highest cost markets in the country. Before facing that conundrum, however, OFHEO said this week that if prices do show a drop, it will allow the conforming limit to stay put for 2007. That means loans of $417,000 and below will still be eligible for Fannie and Freddie participation. You could hear the big sigh of relief in mortgage circles. The question, though, is what happens if there is a sustained downturn in home prices? That would be unprecedented in the post World War II er[...]