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 ›
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 ›
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 ›
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 ›
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 ›
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 ›
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 ›
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 ›
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 ›
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 ›
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 ›
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 ›
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 ›
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