The Great Loan Blog
Here is a blog devoted to "A spirited discussion of real estate, the mortgage business and the economy." A sample:
...the cheap Jumbos are not coming back anytime soon. Why? These loans are for the most qualified borrowers at the higher end of the income spectrum so you have to ask yourself… what is wrong with affluent borrowers being required to put 20% down, verify income, and pay a premium for a large principle loan?The key point here is that the terms have just come back to normal… NOT tightened! Also, remember that, unlike the subprime issue, there is not even the slightest chance that any government program, Fannie, Freddie, FHA, VA, etc. or for that matter any politician can do or will do ANYTHING about it...why is this important?Because, in the last 5 years (really the last 10 years in the ultra-hot bubble metro markets) it’s NOT been the Vanderbilt’s who have been making use of Jumbo loans… it’s been the middle class dual income couple (DINKS and with kids) and the upper middle class professional individual.
Saturday, August 18, 2007
My Way News - Ammunition Shortage Squeezes Police
Barney Fyfe got by on one bullet, but I don't think that will suffice these days.
Barney Fyfe got by on one bullet, but I don't think that will suffice these days.
Where Housing Remains Strong
Amidst all these national stories of doom and gloom, here is a little perspective. Some parts of the country have a nice, strong housing market. So, it's bad out there...
Unless, of course, you live in Salt Lake City. Or Binghamton, N.Y.; Salem, Ore.; or Allentown, Pa. In these U.S. metropolitan areas, and in 93 others, existing single-family home prices actually increased in the second quarter of 2007 from a year earlier, according to the National Association of Realtors. The national median home price, meanwhile, fell 1.5%, to $223,800, in the same period.
Amidst all these national stories of doom and gloom, here is a little perspective. Some parts of the country have a nice, strong housing market. So, it's bad out there...
Unless, of course, you live in Salt Lake City. Or Binghamton, N.Y.; Salem, Ore.; or Allentown, Pa. In these U.S. metropolitan areas, and in 93 others, existing single-family home prices actually increased in the second quarter of 2007 from a year earlier, according to the National Association of Realtors. The national median home price, meanwhile, fell 1.5%, to $223,800, in the same period.
The world's strangest laws - Times Online
Here's my favorite: It is illegal to die in the Houses of Parliament.
Here's my favorite: It is illegal to die in the Houses of Parliament.
Beware Of Condo Association Bylaws - Consumer News Story - WRC | Washington
WASHINGTON -- Realtors are warning people interested in buying condos to be careful of condo association bylaws. Sharon Black is in the middle of a condo-fee fight. She said she was late with only one condo fee payment, but within two weeks, management at her Temple Hills Condominium towed her car twice. It was parked right outside her front door. "Just to know you can't park your car on your property that you're paying for is a little much for me," Black said.
WASHINGTON -- Realtors are warning people interested in buying condos to be careful of condo association bylaws. Sharon Black is in the middle of a condo-fee fight. She said she was late with only one condo fee payment, but within two weeks, management at her Temple Hills Condominium towed her car twice. It was parked right outside her front door. "Just to know you can't park your car on your property that you're paying for is a little much for me," Black said.
Friday, August 17, 2007
Clock is Ticking on Las Vegas' Water Supply
So, all those new gated communities in the Vegas area are looking at a water shortage coming down the pike. This is what happens when people (over)build the nation's fastest growing metro area in a desert. As Gomer Pyle used to say, "Surprise, surprise, surprise!" Maybe somebody should turn off that hourly water show at the mega-fountain outside the Bellagio.
The news coming from the Southern Nevada Water Authority Thursday about the valley's future water supply is worrisome. Unless we act quickly, there will be no water for hundreds of thousands of Las Vegas Valley residents in just three years.
So, all those new gated communities in the Vegas area are looking at a water shortage coming down the pike. This is what happens when people (over)build the nation's fastest growing metro area in a desert. As Gomer Pyle used to say, "Surprise, surprise, surprise!" Maybe somebody should turn off that hourly water show at the mega-fountain outside the Bellagio.
The news coming from the Southern Nevada Water Authority Thursday about the valley's future water supply is worrisome. Unless we act quickly, there will be no water for hundreds of thousands of Las Vegas Valley residents in just three years.
My Way News - Asian and European Markets Decline
Who could have envisioned that a world-wide financial crisis would result from opening up the mortgage market so people who formerly wouldn't have qualified could instead buy condos?
Who could have envisioned that a world-wide financial crisis would result from opening up the mortgage market so people who formerly wouldn't have qualified could instead buy condos?
'Freedom Is About Authority': Excerpts From Giuliani Speech on Crime - New York Times
Freedom is about authority? This is an issue in HOA and condo living, too. This speech is from 1994, but it is worth thinking about.
Freedom is about authority? This is an issue in HOA and condo living, too. This speech is from 1994, but it is worth thinking about.
Winfield Myers: Shedding light on the professoriate - Examiner.com
I believe in academic freedom, but I think it is appropriate that people learned about how politicized the academy has become, and about how one-sided that politicization is. Parents, alumni, and taxpayers foot the bill, so I think they ought to know how their money is being spent.
Academic radicals have for years controlled campus debate by blackballing internal opponents, intimidating students and crying censorship whenever their views or actions were challenged. They got away with such behavior for two principal reasons: A sympathetic media assured the nation that universities were in the front lines of the fight for liberty and justice, and there were few external organizations or individuals offering sustained critiques of politicized scholarship and teaching. These helped ensure that the public’s reservoir of good will toward universities remained full. But times are changing.
I believe in academic freedom, but I think it is appropriate that people learned about how politicized the academy has become, and about how one-sided that politicization is. Parents, alumni, and taxpayers foot the bill, so I think they ought to know how their money is being spent.
Academic radicals have for years controlled campus debate by blackballing internal opponents, intimidating students and crying censorship whenever their views or actions were challenged. They got away with such behavior for two principal reasons: A sympathetic media assured the nation that universities were in the front lines of the fight for liberty and justice, and there were few external organizations or individuals offering sustained critiques of politicized scholarship and teaching. These helped ensure that the public’s reservoir of good will toward universities remained full. But times are changing.
Report links White House hopeful John Edwards to subprime lenders - Aug. 17, 2007
While Hillary Clinton proposes legislation to crack down on these folks, John Edwards is investing in their companies? But...but...I thought he was the friend of the poor.
LONDON (CNNMoney.com) -- Democratic presidential contender John Edwards has investing ties to subprime lenders who are foreclosing on victims of Katrina, according to a report published Friday. The Wall Street Journal said there are 34 homes in New Orleans that face foreclosure from the subprime unit of Fortress Investment Group. Edwards has about $16 million in Fortress (Charts), a hedge fund and private equity manager, the newspaper said.
While Hillary Clinton proposes legislation to crack down on these folks, John Edwards is investing in their companies? But...but...I thought he was the friend of the poor.
LONDON (CNNMoney.com) -- Democratic presidential contender John Edwards has investing ties to subprime lenders who are foreclosing on victims of Katrina, according to a report published Friday. The Wall Street Journal said there are 34 homes in New Orleans that face foreclosure from the subprime unit of Fortress Investment Group. Edwards has about $16 million in Fortress (Charts), a hedge fund and private equity manager, the newspaper said.
Thursday, August 16, 2007
Las Vegas SUN: Editorial: Let the sunshine in
Thanks to Monica Caruso for this link to a story about an HOA that seems to be making some smart decisions about energy consumption.
R esidents of a North Las Vegas community are considering solar lights as replacements for gas lamps in the neighborhood's public areas. A story in the Las Vegas Sun on Saturday says homeowners association members for The Parks are weary of the $9,000 a month it costs to operate the gated community's 550 gas lamps and are considering retrofitting lamps with solar panels or switching them to low-voltage electric lights. Converting the lamps to solar power would cost just under $600 per light - more than the $440 per light the low-voltage fitting would cost. However, although solar power is more expensive at the outset, once it is installed the association no longer would have a monthly power bill for running the lights. The low-voltage lamps, on the other hand, would cost about $3,000 a month to operate. It is an interesting discussion and one that more communities likely will have as residents seek ways to cut energy costs and burn less fossil fuel .
Thanks to Monica Caruso for this link to a story about an HOA that seems to be making some smart decisions about energy consumption.
R esidents of a North Las Vegas community are considering solar lights as replacements for gas lamps in the neighborhood's public areas. A story in the Las Vegas Sun on Saturday says homeowners association members for The Parks are weary of the $9,000 a month it costs to operate the gated community's 550 gas lamps and are considering retrofitting lamps with solar panels or switching them to low-voltage electric lights. Converting the lamps to solar power would cost just under $600 per light - more than the $440 per light the low-voltage fitting would cost. However, although solar power is more expensive at the outset, once it is installed the association no longer would have a monthly power bill for running the lights. The low-voltage lamps, on the other hand, would cost about $3,000 a month to operate. It is an interesting discussion and one that more communities likely will have as residents seek ways to cut energy costs and burn less fossil fuel .
Investors seek refuge as credit worries snowball | Reuters
LONDON (Reuters) - Global investors slashed exposure to risk on Thursday, driving key stock benchmarks to multi-year lows and setting the yen soaring as traders exited high yielding assets and opted for the safety of government bonds and cash. Some measures of risk aversion reached their highest level since the September 11 2001 attacks as fears grew that fallout from the U.S. mortgage market could spark a funding crisis for financial institutions and companies worldwide.
LONDON (Reuters) - Global investors slashed exposure to risk on Thursday, driving key stock benchmarks to multi-year lows and setting the yen soaring as traders exited high yielding assets and opted for the safety of government bonds and cash. Some measures of risk aversion reached their highest level since the September 11 2001 attacks as fears grew that fallout from the U.S. mortgage market could spark a funding crisis for financial institutions and companies worldwide.
Community Associations Network - RSS News Feeds and Codes
If you haven't checked out Joe West's page of news feeds about community associations, maybe you should.
If you haven't checked out Joe West's page of news feeds about community associations, maybe you should.
Home Construction Down in July: Financial News - Yahoo! Finance
WASHINGTON (AP) -- Construction of new homes fell to the lowest level in more than a decade in July as builders continued to struggle with the steepest housing slump since 1991. The Commerce Department reported Thursday that construction of new homes and apartments dropped 6.1 percent last month to a seasonally adjusted annual rate of 1.38 million units. That was down 20.9 percent from the pace of activity a year ago and represented the slowest pace since January 1997.
WASHINGTON (AP) -- Construction of new homes fell to the lowest level in more than a decade in July as builders continued to struggle with the steepest housing slump since 1991. The Commerce Department reported Thursday that construction of new homes and apartments dropped 6.1 percent last month to a seasonally adjusted annual rate of 1.38 million units. That was down 20.9 percent from the pace of activity a year ago and represented the slowest pace since January 1997.
Credit crunch imperils lender - Los Angeles Times
Countrywide Financial Corporation claims to be the number one mortgage lender in the US.
Countrywide -- which made 1 of every 6 home loans in the U.S. in the first half of this year -- now finds itself battling not just its own growing defaults but also a widening credit crunch stemming from the nationwide sub-prime mortgage meltdown. On Wednesday, the company was said to be having trouble borrowing money on a short-term basis, securities analysts discussed the possibility of a Countrywide bankruptcy and the firm's stock price tumbled 13%, bringing its loss for the year to 50%.
Countrywide Financial Corporation claims to be the number one mortgage lender in the US.
Countrywide -- which made 1 of every 6 home loans in the U.S. in the first half of this year -- now finds itself battling not just its own growing defaults but also a widening credit crunch stemming from the nationwide sub-prime mortgage meltdown. On Wednesday, the company was said to be having trouble borrowing money on a short-term basis, securities analysts discussed the possibility of a Countrywide bankruptcy and the firm's stock price tumbled 13%, bringing its loss for the year to 50%.
OpinionJournal - The Death of Diversity
People in ethnically diverse settings don't care about each other
A lot of people, myself included, have wondered whether CIDs would produce more homogeneous (less diverse) neighborhoods because of the niche marketing that goes on, with people being targeted very specfically by age and other demographics with mailings and ads and other marketing appeals. The "seniors" community is the most obvious example of this. The implicit assumption behind this question is that diversity is a community asset, a position that is universally espoused by every political candidate, the media, and of course academia. Now here comes some evidence to the contrary.
Now comes word that diversity as an ideology may be dead, or not worth saving. Robert Putnam, the Harvard don who in the controversial bestseller "Bowling Alone" announced the decline of communal-mindedness amid the rise of home-alone couch potatoes, has completed a mammoth study of the effects of ethnic diversity on communities. His researchers did 30,000 interviews in 41 U.S. communities. Short version: People in ethnically diverse settings don't want to have much of anything to do with each other. "Social capital" erodes. Diversity has a downside.
People in ethnically diverse settings don't care about each other
A lot of people, myself included, have wondered whether CIDs would produce more homogeneous (less diverse) neighborhoods because of the niche marketing that goes on, with people being targeted very specfically by age and other demographics with mailings and ads and other marketing appeals. The "seniors" community is the most obvious example of this. The implicit assumption behind this question is that diversity is a community asset, a position that is universally espoused by every political candidate, the media, and of course academia. Now here comes some evidence to the contrary.
Now comes word that diversity as an ideology may be dead, or not worth saving. Robert Putnam, the Harvard don who in the controversial bestseller "Bowling Alone" announced the decline of communal-mindedness amid the rise of home-alone couch potatoes, has completed a mammoth study of the effects of ethnic diversity on communities. His researchers did 30,000 interviews in 41 U.S. communities. Short version: People in ethnically diverse settings don't want to have much of anything to do with each other. "Social capital" erodes. Diversity has a downside.
Wednesday, August 15, 2007
Existing Home Sales Fall in 41 States: Financial News - Yahoo! Finance
As the owner of an "existing home," I was wondering if there is such a thing as a "non-existing home." But in any event: ouch.
The new figures from the National Association of Realtors underscored the severity of the current housing slump, the worst downturn in 16 years. However, Realtors officials said they saw some glimmers of hope in the data. They noted that existing home prices were up in 97 of the 149 metropolitan areas surveyed compared with the sales prices of a year ago.
As the owner of an "existing home," I was wondering if there is such a thing as a "non-existing home." But in any event: ouch.
The new figures from the National Association of Realtors underscored the severity of the current housing slump, the worst downturn in 16 years. However, Realtors officials said they saw some glimmers of hope in the data. They noted that existing home prices were up in 97 of the 149 metropolitan areas surveyed compared with the sales prices of a year ago.
Feds OK aid for Manhattan traffic project
I am always grateful for the free parking we enjoy in suburbia. Soon I will be grateful that I can drive on the streets without paying the Mayor for the privilege. Watch out for the tax on taking a shower, coming soon to a city near you.
ALBANY - The imposition of fees on drivers traveling into the Manhattan business district took a step closer to reality yesterday when the federal Department of Transportation awarded $354 million to help the project along. The plan as envisioned by Mayor Michael Bloomberg calls for charging cars $8 and trucks $21 to travel south of 86th Street in the congested borough between 6 a.m. and 6 p.m. weekdays. It could be in effect as early as 2009.
I am always grateful for the free parking we enjoy in suburbia. Soon I will be grateful that I can drive on the streets without paying the Mayor for the privilege. Watch out for the tax on taking a shower, coming soon to a city near you.
ALBANY - The imposition of fees on drivers traveling into the Manhattan business district took a step closer to reality yesterday when the federal Department of Transportation awarded $354 million to help the project along. The plan as envisioned by Mayor Michael Bloomberg calls for charging cars $8 and trucks $21 to travel south of 86th Street in the congested borough between 6 a.m. and 6 p.m. weekdays. It could be in effect as early as 2009.
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