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- dracostimpy, on 10/12/2007, -4/+3I'll take "Duh" for $500, Alex.
- dreicher, on 10/12/2007, -2/+2A pretty good blog at http://housingpanic.blogspot.com (no affiliation) about the housing market in the US. It's a bit "the sky is falling at times" and has all sorts of conspiracy theorists - so Digg users should love it!
- EvilStickMan, on 10/12/2007, -1/+0@dreicher
There's also a decent blog at http://www.thehousingbubbleblog.com - again, no affiliation. It's a doom and gloom site, to be sure, but it is an excellent counterpoint to the crap spewed by the NAR - Rodzirra, on 10/12/2007, -0/+3If anyone's really interested in understanding the precarious state of the US economy, and the housing market's part in it, I can't possibly give higher recommendation to the Financial Sense Newshour:
http://www.netcastdaily.com/fsnewshour.htm
These guys really know their stuff. They'll tell you how to make money while everyone else gets wiped out in the next recession/depression.
And no, I'm not in any way affiliated with them. (They don't even have a product to sell.) I'm just a great admirer of their work. - popothebright, on 10/12/2007, -0/+1And there's http://www.housebubble.org for those who prefer a Digg style interface...
- realethicalslut, on 10/12/2007, -0/+2I second the good information provided by the Financial Sense website. Jim Puplava's weekly podcast the Financial Sense Newshour has a lot of great interviews and analysis from an Austrian school of economics background.
http://www.financialsense.com (daily feed of economy related articles)
http://www.netcastdaily.com/fsnewshour.htm (weekly podcast)
- EvilStickMan, on 10/12/2007, -1/+0@dreicher
- phynodedotnet, on 10/12/2007, -2/+16This has been known for the last seven years. You know what also threatens the economy? Lowering the prime rate so much that a flood of liquidity forces capital misallocations in housing and equities among other sectors so we're teetering on the edge of a disaster. How about negative savings rates, subprime lending games, derivatives worth 50x more than every source of labor and wealth on the planet, importing an economic underclass, offshoring manufacturing, Easy-Money-Al recommending everyone get an ARM right before he knew he would start raising rates, big box stores full of shiny cheap junk to offset the inflation we would be feeling if we weren't anesthetized by American Idol and H2's with the 20" dubs. So tell me again, why are the world markets in a panic right now?
- sergeantmudd, on 10/12/2007, -1/+4I disagree that the liquidity guaranteed by ARM financing lets the air out of post-closing mortgage wholesale trades. The whole market is going south when the corporate savings rate declines and is essentially dumped onto to the international market anchored by China. But the currency transactions when you do that are what is really killing the dollar's liquidity. And we all know what happens then. That's right, people don't understand your post so they assume you're smart and digg you up.
- phynodedotnet, on 10/12/2007, -2/+2I realize I'm not smart, just observant. But riddle me this, Skippy, after the gravy from those refi's has been shared what happens to the homeowners with a combined annual income of $45k when their mortgage payments jumps 10% during the course of a year? Especially when they're feeling the pinch of higher prices in everything from food to fuel to healthcare? Way to parrot your macro-econ professor, but we're seeing this playing out right now as a result of economic policy negligence.
- sergeantmudd, on 10/12/2007, -0/+4"You speak Burmese, Mr Peterman?"
"No, Elaine that was gibberish" - phynodedotnet, on 10/12/2007, -1/+3Yeah, I misread your post the first time. After a second reading, it appears you set up a straw man and knocked it down in fine fashion. Bravo.
- FoxifiedNutjob, on 10/12/2007, -5/+2HOW'S YOUR AMERICAN DREAM?
In the United States we promote the "American Dream" --a marketing scheeme-- because it keeps the tax machine going. People fall for this "American Dream" bullcrap and they fall into the trap. They fund a huge war machine, keep the rich filthy rich, the same political parties in power, and all is well. Keep your eyes closed and keep dreaming the American Dream. Sleep you silly sheep...sleep and dream the American Dream. - texpundit, on 10/12/2007, -0/+8"People fall for this "American Dream" bullcrap"
The "American Dream" itself isn't crap...it's what is marketed as the "American Dream" that is crap. The idea that we must work 80 hours a week to buy huge houses and BMWs and sacrifice a good relationship with our families to get ahead, when we actually *need* a lot less to survive and be happy, is crap.
Plus, you really can't achieve the real "American Dream" when your property rights are usurped and the gov't taxes you to near the point of poverty. All that does is make you work even harder just to keep up. It's a sad cycle that is perpetuated by our misplaced priorities coupled with an overbearing, overtaxing government.
- spinchange, on 10/12/2007, -1/+3Thanks Ben.
Fannie & Freddie may well be a concentrated risk, but they've held the damn up the damn US Housing Market and Broader Economy for years.
...Predictable comments amidst imploding Subprime Mortgage Credit Markets.- jsavage58, on 10/12/2007, -0/+3Read the business pages folks, and I mean, the real paper. The last two weeks have had alot of coverage on the sub-prime market. Basically, it's getting slaughtered. Alot of the easy money (refi an cut yuor payments in half, you don't have perfect credit, sure you can have a house) that you see available on late night and daytime TV is starting to dry up. Believe it or not, but sub primes were keeping the market propped up for the last 18 months. 30 rates dropped this week, and again there is a rash of refi's nationwide, but the subprimes are screwed because the banks are not going for it as much anymore. Look up these companies yourself:
Mortgage Lenders Network USA Inc., ResMAE Mortgage Corp, Ownit Mortgage Solutions.. BANKRUPT. H&R Block is selling it's subprime unit., Ameriquest Mortage.,,yeah, you see there TV commercials all the time, just layed off a bunch.
Call it a correction, or cheer because the market is "coming back to earth",, truth is in the facts.
LOTS OF RISKY LOANS OUT THERE> AND THE BANKS CAN'T SUPPORT IT ANYMORE. - TheUngod, on 10/12/2007, -0/+2It's not that the banks can't support them anymore, it's more that there is SO much regulation on high cost and sub prime loans, they won't make any money on the resale market. Nobody will touch a bad loan, and if they do, the inital loan company will take a huge hit (usually about 40% of the loan value is lost in resale). All this regulation is what is causing problems, making it harder for banks to make money, and trying much harder to not give out risky loans.
- jsavage58, on 10/12/2007, -0/+3Read the business pages folks, and I mean, the real paper. The last two weeks have had alot of coverage on the sub-prime market. Basically, it's getting slaughtered. Alot of the easy money (refi an cut yuor payments in half, you don't have perfect credit, sure you can have a house) that you see available on late night and daytime TV is starting to dry up. Believe it or not, but sub primes were keeping the market propped up for the last 18 months. 30 rates dropped this week, and again there is a rash of refi's nationwide, but the subprimes are screwed because the banks are not going for it as much anymore. Look up these companies yourself:
- wupike, on 10/12/2007, -1/+1Why does Fannie and Freddie need ANOTHER regulator? OFHEO (Office of Federal Housing Enterprise Oversight) isn't doing their job?
- edstate, on 10/12/2007, -0/+2Apparently not. And one could infer that they're in fact sharing a bed.
- FoxifiedNutjob, on 10/12/2007, -1/+3HI MY NAME IS PATTY AND I'M YOUR AGENT!
I'm going to speak really loudly and excited about whatever over-priced piece of cr@p house I try to shove down your throat! Did you notice my makeup and perfume? I put WAY too much on. It's my way of trying to cover up the 45 pounds I gained after I have birth to my kid. My husband then lost interest in me and now has sex with Thai hookers when he goes on business trips for his WIlly Lomanesque sales trips! Can I interest you in this split-level Colonial which has gone 500% in the past six months? The markets fueled by low interest, interest only loans which will entrap you like an 18th century negro south of the Mason Dixon Line- hi, I'm Patty!- dracostimpy, on 10/12/2007, -3/+3Could have been funny, but the following is what ruined it for me:
"after I have birth to my kid" - We GIVE birth here in the English-speaking world.
"on business trips for his WIlly Lomanesque sales trips" - that's a whole lotta trips.
"split-level Colonial which has gone 500%" - Gone 500% where?
The fact that you incorporated somewhat obscure references like Willy Loman and the Mason-Dixon Line would lead me to believe you're an educated person, yet your intelligence is betrayed by your inability to put together coherent sentences. Please brush up on your writing skills so I can properly enjoy your humor. - EvilStickMan, on 10/12/2007, -0/+0For a moment, i thought you were actually a realtor! Except you forgot the one tell-tale comment - "You better buy now before you're priced out forever, because everyone knows real estate only goes up!"
- FoxifiedNutjob, on 10/12/2007, -0/+1"dracostimpy" = Digg.com spelling checker and English grammer Cop.
Glad we have him. - joaob, on 10/11/2007, -0/+1dsfafdsfas
- dracostimpy, on 10/12/2007, -3/+3Could have been funny, but the following is what ruined it for me:
- edstate, on 10/12/2007, -2/+1These guys are crooks and they're going to ruin this country's economy... and possibly the world's. F'n DBs.
- Brain1, on 10/12/2007, -2/+0 The War in Iraq, Outsourcing Jobs Overseas,and ILLEGAL IMMIGRANTS are ruining this economic upswing .Good Jobs that pay a family wage don't exist,therefore , there is no TAX REVENUE!!
Just watch the fun when the next recession gets going, the Tax Revenue will be 50% of what it is now!!!
- robman30, on 10/12/2007, -0/+1those who don't remember history are doomed to repeat it.
- trilith, on 10/11/2007, -0/+0Quite strange, Is anyone able to open this link?
- FranroseO, on 12/15/2008, -0/+0A couple of months ago, mortgage and consumer credit giants Fannie Mae and Freddie Mac were given enormous stimulus packages in order for them to stay afloat in the wake of the recession. The mortgage firms were subject to a hearing by the House Oversight Committee in Washington DC on Tuesday, December 9th, where former executives were grilled by Congress over their corporate strategies that led to the near collapse of their companies. What had been done was that the leadership of those companies had invested in mortgage backing for their cash flow. What this means is that they basically bought other people's debts, thinking that would mean instant cash flow, especially when they raised the interest rates on the mortgages that they purchased. When the borrowers started defaulting because they had been lent money by irresponsible lenders, the companies that had bought their debt started teetering towards the brink. House Oversight Committee Chairman Henry Waxman termed their actions over the last few years irresponsible, especially after senior risk managers had questioned the call to make and invest in such loans. The irresponsibility on the part of these large companies is shocking, but it drives home a universal truth – that responsibility and security in your finances is paramount to maintaining financial health. Budget properly, save money, and don't put money in anything that looks too good to be true, because it probably is, and if you need a stop gap because a sudden emergency expense has popped your budgeting bubble, you can get payday loans at reasonable rates to keep your head above water until your next payday.
Click to read more on http://personalmoneystore.com/moneyblog/2008/12/10 ... - FranroseO, on 01/06/2009, -0/+0Tracks residential housing contract activity of existing single-family homes. The Pending Home Sales report is an advanced read on trends in the US housing market. Housing is typically correlated to the overall state of the economy; particularly indicative of economic turning points. The recession has people in a frenzy to repair credit, especially since the mortgage market all but collapsed, but the lower prices in the Western U.S. have been driving prices up. There may be signs that the market is beginning to correct itself in a display of good, old fashioned, supply and demand. In the western U.S., home sales climbed 13%, whilst prices dropped 26%. It’s the most basic of economic principles – as the supply increases, with the increased number of foreclosures and the decreased availability of credit, the demand drops. Eventually, the decrease in demand drops the price to a point where it stabilizes against the supply, and the system equalizes itself naturally. The western states are beginning to normalize, but the overall American home sales are still down about 11% - as the eastern states have been a bit slower to equalize to the demand curve, but they ought to sort themselves out soon enough.
To read more about the real estate market and tips on how to <a title="READ Despite widespread need to repair credit, home sales rise in West" rev="vote-for" href="http://personalmoneystore.com/moneyblog/2008/12/26 ... credit</a>, check out this article.
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