Orange County…the land that brought you Disneyland and the popular TV shows; The Housewives of Orange County, The OC, Laguna Beach and episodes of Beach Patrol and is now a scorched earth land of foreclosures. This is the same Orange… Read More ›
Housing Market
Government Christmas Eve Mischief
In keeping with the government’s tradition of voting on things they don’t want us to hear much about, Congress voted on Christmas Eve (when it would be least likely to get reported in the press) to raise the debt ceiling… Read More ›
Safe Mortgages Collapsing
After reading this L.A. times article from Saturday, I have to ask myself, why is the government surprised that conforming loans, the “safe bet investment” 30 year fixed rate loans that have been the bread and butter of mortgage loans for generations,… Read More ›
Why do the rich need a tax credit? Because they aren’t rich, that’s why.
Recent government market meddling, as you may have heard, has included extending the tax credit for first time home buyers. Joint filers (a working couple) who earn up to $225,000 are eligible for the total credit amount. We all heard… Read More ›
Case-Shiller Exposes A 45% Decline In Housing Ahead
Click to enlarge image The chart above of the Case-Shiller Index shows that home prices were on trend in the 90’s, then the start of the housing bubble around 2008, the bubble itself, and the current correction. The problem the… Read More ›
Where’s my foreclosure notice?
People all over America are reporting that they’ve stopped paying their mortgage…and it’s been months…and they haven’t heard anything from the bank. The banks are letting them live in their homes, mortgage free, for months…years. “Eight months after my last… Read More ›
The Continuing Collapse of Housing
The economy and the housing market are conjoined twins. What each does affects the other directly, and immediately. The economy is driving down the housing market, which in turn is driving down the economy. Where will the rabbit hole end?… Read More ›
Home Starts Drop 10.6% and Shock the Unconscious
In a recent L.A. Times article, “SHOCK” at the drop in home starts leads the story. Yawn. Bores me. I am not sure why anyone is shocked, and anyone shocked by a drop in home starts isn’t paying attention. I… Read More ›
Open Spaces Keep You Out Of A House
Open Space laws come in many shapes and sizes. They are sold by local governments to their citizens as the preservation of land for some purpose. Sometimes it’s to preserve the natural beauty of where they live or to protect… Read More ›
Deed For Lease:The Deadbeats Get To Rent Their Homes Now
You guys are the people on the bottom of the picture…the ones bearing the burden of this entire government mess. Unbelievable what happened today. I want everyone out there to know…if you did the right thing…if you did the responsible… Read More ›
Our Sub-Prime Government
The only thing missing from this cartoon is you, the taxpayer, driving the truck. Tax credits for home purchases are just re-distributions of wealth taken from all of us and given to first-time home buyers. Unfortunately for the rest of… Read More ›
FHA Buyers: 31% Fall off a Cliff
Americans are out of money. They just don’t have the cash they need to meet the down payment requirements of the major lenders. So what’s a politician to do? That’s easy. Just decide that the banks are being way too… Read More ›
Why Home Prices Skyrocketed
The easiest way to explain why home prices skyrocketed so quickly is with a graph… I made it myself. I kinda like it. The 1 million figure is an arbitrary number I chose for this example, the actual number is… Read More ›
Foreclosures Up 23% – “Worst three months of all time.”
Continuing to put downward pressure on home prices are steadily increasing foreclosures, with no end in sight. As unemployment continues and loans continue to recast to higher interest rates, more homes will enter foreclosure further depressing prices. As these prices… Read More ›
FHA Mortgage Implosion Happening Now
As I noted in a recent post, a mini-bubble began this summer caused in part, by FHA loans. The pin is finally here. The Horrifying Facts According to the L.A. Times in just the past eight months, the FHA has… Read More ›
The Housing Bubble Returns – Here we go again…
FHA loans now make up 25% of the mortgage loans in the U.S. That is up from 3% just a couple years ago. I smell a bubble. Meet Phil Phorclosure. Phil meets the minimum requirements for an FHA (government) home… Read More ›
The Coming Foreclosure Tsunami & Our Elected Madhatters
Was away for a few weeks for work and took a short vacation. Let’s get back to it… There is an excellent post on a blog I have been following for years, the Irvine Housing Blog. The IHB has been… Read More ›
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