Is Oil Having an Impact on Housing? Taking a Look at Los Angeles County.
High gas prices are nothing new to those that live in Southern California. But there is something surreal about seeing prices quickly approach $5 per gallon. In fact, as you scroll through the list of your local gas station options, you’ll already see $5 a gallon for diesel serving as a highlight of coming attractions.
California Home Prices Down 35% From a Year Ago. Sales are up due to Distress Sales.
There may be a silver lining in falling prices and that is, homes are selling. Maybe not at the blistering pace of the early 2000s but there is definitely a minor jump in those searching for bargains in the now heavily hit California market. Incredibly prices are down statewide by a stunning 35%, the worst [...]
Revisiting the Last California Housing Slump: How bad are Things Currently for California Housing?
Sometimes the best way to measure one current downturn with one from a distant past is to look at the headlines. Many will recall that California in particular Southern California faced a boom and bust cycle; in the late 80s prices went up only to bust during the early 90s. Much was to blame including [...]
California Home Prices: SoCal Down 27 Percent Year over Year.
The California housing market continues to face severe pressure from distressed properties. Currently the amount of inventory on the market is near 1 year and prices for the region have fallen a stunning 27 percent on a year over year basis. Each of the major counties are now down $100,000+ from their bubble peaks. About [...]
Lehman Posts First Loss Ever: Almost $3 Billion in 2nd Quarter
If you needed any more evidence that the loss party on Wall Street isn’t anywhere near an end, just look at the whopping $2.8 billion loss posted by Lehman. This is the first loss ever posted by the Wall Street investment giant:
Credit Crisis: $390 Billion in Writedowns so Far. The Epic Housing Bubble Explained.
The Washington Post has an excellent three part series that will be highlighting the epic in progress housing bubble. For those of you who are still uncertain how this entire jigsaw puzzle comes together, this resource will prove to be invaluable. You have to wonder how the entire economy has become so dependent on structured [...]
NAR: How a 4% Quarterly Gain was Really a 30 % Drop. The New Housing Math.
You would think that someone would double check their own data given the situation in the housing market before reporting a statewide gain. You would assume that an organization that is the de facto standard bearer for Realtors would make sure that data accuracy would be the pinnacle of their mission. This is not the [...]
Loss Mitigation: Short Sales: Nothing Short about the Approval Process.
With the current housing mess people think that banks would be chomping at the bit to approve short sales. That is when a lender approves for a sale which is less than the face mortgage balance. Banks and lenders do not operate under a charity model. They will only approve a short sale if they [...]
Buy a Home to Bail on Your Current Home. New Face of Foreclosures.
You’d be surprised what is going on in the current housing market. Many people are now trying a new technique by bailing out on their current home in order to purchase a new home while their credit is good. If you do the math, it would make sense at least from the buyer/seller perspective. Say [...]
Doing The Housing Math on the Ed McMahon Home: Facing Potential Foreclosure in Beverly Hills.
Ed McMahon is a household name with most American families. His jovial attitude and his Publisher Clearing House awards are etched on the minds of many Americans. The idea of him knocking on your door and presenting you with an oversized check is at the core of the American dream jackpot. One would associate wealth [...]
