Sep 19 2011

The banking gears of housing – Bank of America sells mortgage servicing rights on large loan pool to Fannie Mae. 400,000 loans shifted to Fannie Mae with $73 billion in unpaid principal.

Things just seem to get more perplexing with the housing market.  Back in August the Wall Street Journal discussed a deal between Fannie Mae and Bank of America.  The deal is odd even for the current banking system we have in place.  It was reported that Fannie Mae purchased the servicing rights to 400,000 loans […]

Sep 6 2011

The giant gamble in the desert – how Las Vegas bet big on commercial and residential real estate and lost big. Home prices in Las Vegas now down 60 percent from their peak and nearly 1 out of every 5 mortgages is in foreclosure.

Las Vegas is an economic enigma.  A gambling and resort paradise planted in the middle of the barren Southwest desert like an electrical oasis.  Very few areas witnessed such a large boom in both residential and commercial real estate rolled into one.  In a city known for big wins and even bigger defeats the real […]

Aug 3 2011

The 20 year financial depression in American real estate. Why housing will remain a poor investment well into 2020.

The American housing market is floundering like a fish out of water.  The economy is puttering along as middle class Americans confront a quality of life that is declining.  Household incomes have fallen for well over a decade yet the dialogue from Wall Street and their political partners seems to focus on home prices rising.  […]

Jun 24 2011

The desert heat melts Arizona home prices – Phoenix home prices now back to late 1990s levels while state tax collection drop to 1998 levels. The second lost decade in the desert.

The real estate crash is much deeper than the media is making it out to be.  Entire life savings are being wiped out in markets that are tanking like the Titanic.  What is troubling is that some markets are having depression like symptoms with home prices falling 50, 60, and even 70 percent in a […]

May 9 2011

The financial bubble that is still popping – Home prices enter a deep double dip because household incomes are still in a rut. Housing bubbles in Los Angeles and San Francisco persist while Miami and Phoenix metro areas face double digit annual price declines.

Some people are stunned that home prices continue to sink as if a lead weight was placed on the value of housing.  The mainstream press never sliced and diced the minor jump in prices we had last year because much of the increase occurred around tax credit gimmicks and the Federal Reserve using artificially low […]

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