What a difference a year makes. In May of 2007 the median price for a California home was $595,000. Today the median price stands at $350,140, a drop of 41% from the peak. The drop in itself is stunning but what is more amazing is the speed in which this correction has occurred. The previous [...]
Total California Housing Inventory 159,898: Or is it Higher? Foreclosures and Playing with Actual Inventory Numbers.
Many readers to this site know that I am fascinated with trying to get an actual overall housing inventory number for the state of California. Conflicting reports, REOs, and inventory that doesn’t show up on the MLS makes it very difficult to get a handle on what is going on in the market. We do [...]
Fannie Mae Mortgage Portfolio: $64.5 Billion in Alt-A or Sub-prime Loans. Why This is not a Conservative Bailout.
As we inch closer and closer to a full fledged bailout of the two giant government sponsored entities, Fannie Mae and Freddie Mac it would be useful to dig into their financial statement to see how one of their portfolios’ is structured. Unfortunately the general public is under the impression that Fannie Mae somehow operated [...]