"Faced with the local real estate slump, some agents are helping sellers tap the overseas thirst to own property in the Golden State.
THERE is a new pond emerging in which to fish for home buyers -- overseas.
" (2008-3-23)
March 22, 2008
Foreigners are buying into the California dream
March 21, 2008
Wary banks revert to strict lending standards
"Banks and mortgage insurers, which have lost billions because of bad bets made during the housing boom, are now reverting to strict lending standards not seen in nearly 20 years." (2008-3-20)
March 20, 2008
Tougher financial oversight urged
"A key House Democrat is calling for tougher and broader regulations of the financial system after the fall of investment bank Bear Stearns." (2008-3-20)
Grossly distorted picture
"If you look at GDP per head, the world is a different?and, by and large, a better?placeWHICH economy has enjoyed the best economic performance over the past five years: America's or Japan's? Most people will pick America. The popular perception is that America's vibrant economy was sprinting ahead (albeit fuelled by credit and housing bubbles that have now painfully burst), whereas Japan crawled along at a snail's pace. And it is true that America's average annual real GDP growth of 2.9% was much faster than Japan's 2.1%. However, the single best gauge of economic performance is not growth in GDP, but GDP per person, which is a rough guide to average living standards. It tells a completely different story.GDP growth figures flatter America's relative performance, because its population is rising much faster, by 1% a year, thanks to immigration and a higher birth rate. In contrast, the number of Japanese citizens has been shrinking since 2005. Once you take account of this, Japan's GDP per head increased at an annual rate of 2.1% in the five years to 2007, slightly faster than America's 1.9% and much better than Germany's 1.4%. In other words, contrary to the popular pessimism about Japan's economy, it has actually enjoyed the biggest gain in average income among the big three rich economies. Among all the G7 economies it ranks second only to Britain (see left-hand chart). ..." (2008-3-13)
Eyeing the wages of war
"Two economists take an unflinching look at the costs of invading IraqSUPPOSE that, five years ago, George Bush had asked every American household to stump up $25,000 to pay for an imminent war on Iraq. How would they have responded? That money, suitably husbanded, would have paid for arming, provisioning and remunerating the troops; treating the wounded; and restoring the army's strength in the aftermath. It would have paid just compensation for the death and injury of American servicemen and contractors, and it would have covered America's outlays on reconstruction. It would also have allowed America to subsidise the price of oil by $10 a barrel?offsetting the disruption to Iraq's supply. ..." (2008-3-13)
March 19, 2008
Fed cuts fail to lower 30-year mortgage rates
"They remain roughly where they were a year ago amid banks' wariness about making loans.
The Federal Reserve has been slashing short-term interest rates since August with precious little effect on the one that matters most to homeowners and home buyers: the 30-year fixed mortgage rate.
" (2008-3-19)
Kass: More to Consumer Weakness Than Meets the Eye?
"We all have a notion about how the housing slump has hurt the consumer, but what about the reverse effect?
" (2008-3-19)
A few good machines
"Exports are cushioning America's downturn. But for how long? AMID the ageing brick warehouses of South Boston, an assembler at the Cole Hersee switch plant inserts the pin into a roller connecter, flattening each end with a metal press to keep it secure. With the economy in a funk, you might expect such an old-style manufacturing firm to be struggling. But many of the company's switches are destined to regulate the power flow on the rigs that Caterpillar, an Illinois-based heavy-equipment manufacturer, exports in skyrocketing volumes to Asia and Latin America. According to Don Mayer, Cole Hersee's vice-president, the company's revenue grew a tad last year. Domestic demand for many of its wares slowed, but sales to Caterpillar rose smartly. That, writ large, is the story of America's economy. The housing bust, the credit crunch and a weakening labour market have dragged down domestic spending. The economy has probably slipped into recession--but exports are easing the pain. ..." (2008-3-13)
Ahern at bay
"Another economy suffering from a property bustSPAIN is not the only country in Europe to be feeling the after-effects of a burst property bubble (see article). Another may well be Britain; and a third, even more spectacularly, is Ireland. In the Irish case, the prime minister, Bertie Ahern, is suffering as well.Indeed, when Mr Ahern meets George Bush next week for the annual St Patrick's Day bash in the White House, it may be the last such party for both men. Mr Bush will be gone by next year. And Mr Ahern, who was returned only last May to a third term as head of a three-party coalition, is struggling to stay in power. A Teflon taoiseach (prime minister) for most of the past 11 years, Mr Ahern has lost his non-stick coating. ..." (2008-3-13)
Fighting Back Against Corrupt Appraisals
"Property appraisers have been warning about it for a decade, and the real estate market is reaping the whirlwind: The home price declines around the country are partly the result of systemic, intentional overvaluations on home appraisals -- much of them at the behest of loan officers illegally in...
" (2008-3-15)
Pressures Grow for Good Appraisals and Bad
"Everyone has the same question about homes now: What is one really worth? Professional real estate appraisers are paid to come up with a reliable answer -- one good enough to take to the bank, you might say. But they aren't finding the task much easier than the rest of us.
" (2008-3-9)
Mortgage Foreclosures Reach All-Time High
"Stocks on Wall Street fell sharply yesterday with fresh concerns over the health of financial firms that have invested heavily in mortgage-backed securities and a new report showing that more homeowners had fallen into foreclosure than ever before.
" (2008-3-7)
Roadblock to Refinancing
"Everybody wants to help keep people in their houses and out of financial stress and foreclosure, right?
" (2008-3-1)
Housing Sales Slowest on Record
"Sales of existing homes fell for the sixth straight month in January, dropping to the slowest pace on record. Median home prices were also down, and many analysts predicted further declines given high levels of unsold homes.
" (2008-2-26)
Delinquent Borrowers Get Extra Time, but the Problem Remains Massive
"Retail sales were up more than expected last month. Is it a sign that the great residential real estate slowdown is almost over?
" (2008-2-23)
Starting the Clock Again
"When home shoppers see that a house has been on the market for months, they will probably conclude that it's priced too high -- and that there could be room to negotiate a lower offer.
" (2008-2-23)
New Md. Rules Aim To Aid Those Facing A Risk of Foreclosure
"Citing an "alarming" rate of mortgage foreclosures in Maryland, Gov. Martin O'Malley announced emergency regulations yesterday requiring loan service companies to tell the state when residents are in danger of losing their homes so the government can offer preemptive help.
" (2008-2-20)
Adding Names to a Title
"Q: My husband bought our house in his name only before we were married. My credit wasn't as good as his, and I wasn't making much money, so not being on the mortgage and title was fine with me.
" (2008-2-17)
Foreclosure Isn't a Foregone Conclusion
"When it comes to foreclosure, most homeowners are clueless.
" (2008-2-9)
March 18, 2008
A video ballad of bubble and foreclosure
"On YouTube, former Ventura County appraiser finds humor in the housing bubble collapse.
It starts off happy and bouncy -- smiley faces, granite countertops, instant equity, a cash-out refi, a vacation in Hawaii, and a brand-new Hummer. But you know how the song ends: in foreclosure.
" (2008-3-18)
Can't Sell Your Home? Try Something Else
"More homeowners are trying alternatives to an actual sale amid such depressed house prices.
" (2008-3-18)
Triple Assessment
"Combination apartments are usually hard to price; the right figure can be more or less than the sum of the parts." (2008-3-17)
March 16, 2008
New accord to curb inflating appraisals
"Property appraisers have been warning about it for a decade, and the real estate market is reaping the whirlwind: The price declines under way around the country are partly the result of systemic, intentional overvaluations on home appraisals - many at the...
" (2008-3-16)
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