Obama has come up with a new plan to save the economy. The following are instructions on how to make the equivalent of between $52,000 and $76,000 (or more) for at least two years, and possibly up to six years… Read More ›
Housing Market
You Are Not Entitled To A House – You Just Aren’t
These people are in Washington D.C. to take advantage of a program that may prevent them from losing their home. The reporter captures some poignant observations from these individuals to elicit a feeling of empathy and sadness from the viewer…. Read More ›
Housing Market Double-Dip – Right On Schedule and My Future Predictions
As dozens of bloggers have been predicting for over a year now, yours truly included, the housing market is entering its double-dip phase of dropping prices, as reported in today’s WSJ. Despite the lowest interest rates since 1971, home inventories… Read More ›
An Economic Recovery Driven By Foreclosures? Interesting idea…
In roaming through my research sites, a fascinating possibility was offered up to account for the “green shoots” and “economic recovery” that we have heard so much about lately. The theory starts with the millions of foreclosures in the United… Read More ›
Foreclosed Homeowners In California Get $100,000 To Pay Their Mortgage
As reported today by the Sacramento Bee, The federal government has stepped in to help California homeowners in foreclosure by confiscating $420 million from taxpayers all over the country to assist overextended home debtors who bought homes they couldn’t afford… Read More ›
Housing Market Double-Dip Roller Coaster, Hang On To Your Hats!
The fact that the housing market recorded its largest ever home sales decline in history last month proves yet again that government stimulus does not work, and in fact makes things worse, while articles such as the one today continue to… Read More ›
How Many Days Can A Squatter Live Mortgage Free?
A lot. And it’s getting worse. Every time a state or federal government steps in and demands a moratorium on foreclosures, it just makes the process take even longer. As the rate of foreclosures increase, the system falls ever more… Read More ›
How To Live Life Large While In Foreclosure
In recent Angrywoodchuck posts you’ve read about how strategic default is the new black. For Alex Pemberton and Susan Reboyras, their foreclosure has been a blessing in disguise. They’ve been able to use the money that they once wasted on… Read More ›
Federal Government Reinflates Housing Bubble
Let’s review a dirty little secret where the federal government is making you pay more for a house. On purpose. I call it fraud, but they call it “stimulus.” According to the Irvine Housing Blog last week, there are currently 650 homes officially… Read More ›
Government Encourages Strategic Default – More Rewards For The Irresponsible
Strategic Default is when a homeowner’s home has depreciated so much that they will never recoup the full loan amount they have on the home when they sell it, even if they wait 30 years. So instead, they decide to… Read More ›
New $10,000 Home Buyer Tax Credit In California-Can It Get Any Worse?
On Thursday, March 25th, the Governor of California signed a new law that sets aside $200 million to make $10,000 tax credits available for new home purchases. The tax credit is available from May, 2010 through August 1, 2011. What… Read More ›
Housing Market Update – Fear Creeps In
The Main Stages in a Bubble graphic (below) has been around for a while, and in my opinion the rise in home prices recently has been a bull trap. I first discussed the possibility of a bull trap in this… Read More ›
Aggressive Lending Practices – Subprime Again? Nope, This Time It’s Our Own Government
As I’ve mentioned countless times, FHA loans are the new subprime, and we all remember how subprime ended… Well, before subprime ended, a whole lot of something else was going on…does any of this sound familiar? According to HousingWire, “Lend… Read More ›
Congrats! You Are A Co-Signer On Your Neighbors House
FHA (Federal Housing Association) loans used to make up only 3% of home loans in the U.S. In just three years that number has moved to 30%. FHA loans are backed by the Federal Government which means the taxpayer is on… Read More ›
FDIC – Time To Pay Your Neighbors Mortgage
Another example today of moral hazard as the FDIC announces plans to test principal reductions. A principal reduction is when the bank allows a foreclosed homeowner to have their total home loan value reduced, also known as a “cram-down” or “principal… Read More ›
Man Bulldozes His Home To Avoid Foreclosure
You can read the article here. This man had a lien put on his house because of his failing business and the IRS and his bank were fighting over what was left of his assets, namely his home and a… Read More ›
Six Miles of Orange County
I’ll be gone for the three day weekend so I did two posts today. This map is from Zillow. The city shown is Orange, CA which is not a high-end part of the OC but it’s not bad either…it’s a… Read More ›
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