Sep 22 2011
When you look out at the bay and notice all the water has been drained its usually a sign there is a large wave coming.
Last week BofA, one of the many TBTF, increased their NOD’s (Notice of Default) filings by 33% m-2-m. After several months since the robo-signing scandal the banks appear now poised to start moving on many of these non-performing assets. Some of which have not had a mortgage payment made in one to over two years.
Oct 02 2010
Thank goodness. It couldn’t have happen a day too soon.
NBC Nightly News (03-09-09) Tent Cities of Homeless Springing Up In Bad Times
http://www.youtube.com/watch?v=_F94f_Ycsjs
Tent City, USA
http://www.youtube.com/watch?v…
Feb 12 2010
Wednesday’s report from the Congressional Oversight Panel makes it very clear that while things may feel relatively stable right now on the commercial real estate front, the real bomb hits in 2011. Banks could lose $200 – $300 billion, and ‘every American’ could be affected:
The full force of the commercial real estate problem will be felt over the next three years and beyond, according to the panel’s February assessment, which means it starts to get worse starting today.
Download .pdf here (189 pages)
Dec 14 2009
Jim Cramer Media Shill or Housing Whore?
On December 17th, 2008 Jim Cramer pronounced that the housing bottom will be in by June 30, 2009.
Well, I now have another contrarian point of view to proffer: The converted bears, as well as the panicked sellers desperate to bail out and nervous buyers afraid to jump in, will be dead wrong nine months from now, when housing prices bottom. In fact, I’ll call the precise date of the housing-market turnaround. It will begin on June 30, 2009.
In 2007 housings subprime market was just beginning to melt down all the while candidates were proclaiming that ours was a strong economy, and the Fed chairman was stating that subprime was contained, and there was no spill over into the broader economy.
These are the experts and yet they have been wrong at almost every turn. Listen to these asshats at your own peril. The government, media and banks are lying to you.
Take the jump to look at some numbers.
Nov 20 2009
There are those that would like you to believe that the worst for housing has passed. Stories about depleted inventory, or multi-year lows.
Government programs, first-time home buyer tax credits and gifts to the builders…. heck even our propaganda machine is pushing the idea of getting people to buy a home.
(CBS) Real estate experts in many parts of the country are saying now’s the time to buy.
[..]
Early Show money maven Ray Martin weighed in on the Saturday Edition about whether buying is indeed the way go to now,
IS THIS A GOOD TIME TO INVEST IN REAL ESTATE?Yes, it is, and for a number of reasons. For one thing, housing prices are declining just about nationwide. Plus, mortgage rates are at a serious low. Rates on a 30-year, fixed-rate mortgage are at a level we won’t see again in our lifetime. Finally, if you buy before December 1, you’ll get an $8,000 tax credit if you’re a first-time buyer. For all those reasons, there’s really never been a better time to go shopping for real estate.
Nov 06 2009
Things are going from bad to worse at the mortgage giant Fannie Mae. They posted an $18.9 Billion loss in Q3, forcing them to borrow another $15 Billion fro the taxpayer. That raises the bailout total to $60.9 Billion, and counting.
These massive losses are originating from an unprecedented surge in mortgage delinquencies.
Fannie Mae said the delinquency rate on loans in its single-family guarantee business rose 0.28 percentage points to 4.45 percent in August, the latest month Fannie has data for, well above 1.57 percent in August 2008.
With disastrous results like this it is easy to see why someone might panic and try some crazy gamble against long odds. That appears to be exactly what the executives at Fannie Mae did today.
Oct 05 2007
The Crusty Arms Hotel
Location: if you have to ask you’re a dick
Rates: way beyond your expectations
Services: none
Things to do: sleep – fuck – shit
Other: Must supply your own linens, toiletries, and any other thing your whiny little ass needs.
Reservations: We’ll call you.
A rant on real estate below the fold:
