"Three days before Christmas 2006, as chef Matt Beville was sliding a tray of pastries into the oven at work, he had no idea events were unfolding at his 1924 Burbank home that would displace him for 18 months and lead to a $209,000 whole-house remodel." (2008-10-25)
October 25, 2008
Rebuilding a home after a fluke flood
Foreclosure king surfs troubled home waters
"Real estate broker Leo Nordine is working his well-timed magic in selling distressed houses.
The South Bay's reigning King of Foreclosures runs around barefoot, doesn't own a cellphone and drives an 8-year-old Toyota Tundra pickup." (2008-10-25)
October 23, 2008
Greenspan: 'Credit Tsunami'
"Testifying before the House of Representatives Committee on Oversight and Government Reform, former Federal Reserve Chairman Alan Greenspan said: 'We are in the midst of a once-in-a century credit tsunami.'
" (2008-10-23)
Economics focus: A helping hand to homeowners
"Some economists think the credit crisis needs to be fixed at its source—in America’s housing marketGOVERNMENTS across the rich world have taken drastic steps to save the banking system. As the fears of outright collapse recede, their focus has turned to improving the supply of credit to households and firms by pushing market interest rates down and encouraging banks to lend more freely. But a growing number of economists, and now the Bush administration, believe that the credit crunch also has to be addressed at its source—in America’s housing market, where prices have fallen almost one-fifth from their peak, and foreclosures have soared (see chart).Two features of housing finance make the crisis hard to resolve. The first is “no-recourse” home loans, which are standard in America (though not elsewhere). If a borrower defaults, a bank can claim back the property used as collateral, but nothing more. When the value of a home drops below the size of the mortgage, a borrower has a reason to default to escape his negative equity. ..." (2008-10-23)
Eastern Europe is battered by the financial and economic crisis
"Stockmarkets plummet in eastern Europe, as the economic troubles spreadHopes that eastern Europe would prove relatively immune to the global financial turmoil have evaporated as the financial crisis is turning into an economic crisis in the developed world. Stockmarkets have been plummeting throughout the region and several currencies have come under pressure. There are clear signs that the global credit crunch has finally started to bite, with access to external finance becoming much more difficult, as well as expensive. Hungary and Ukraine have turned to the IMF and European Central Bank (ECB) for support, and others may follow. As a result, regional growth in 2009 is set to slow sharply.For almost a year following the onset of financial turmoil in July 2007, ignited by the subprime crisis in the US, eastern Europe felt few effects. Growth held up extremely well, with the exceptions of Estonia and Latvia, which fell into recession some time ago after their home-made financial bubbles burst. High commodity prices continued to drive growth in much of the Commonwealth of Independent States (CIS). For most of the rest of eastern Europe, weakness in west European demand was offset by rising intra-regional trade and buoyant domestic demand. That has all changed in recent months, and eastern Europe is now among those emerging market regions that look to be hit the worst by the intensifying global financial instability and ensuing economic slowdown. The resilience of eastern Europe is disappearing. ..." (2008-10-23)
Foreclosure activity rises 70 percent
"The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of this year compared with the same period in 2007." (2008-10-23)
October 21, 2008
Tenant's tactics are a bunch of garbage
"Q: I have a small apartment building and we pay for the garbage pickup. A tenant did some spring cleaning and completely overwhelmed our bins with such things as mattresses and box springs and broken stereo shelving. The garbage company informed me that if it'...
" (2008-10-19)
September house prices off 1.3% in Britain
"Britain's biggest mortgage lender says that house prices fell by 1.3 percent in September, another indication of Britain's slumping housing market. Halifax said Thursday that average prices are 12.4 percent lower than a year earlier. The bank's chief...
" (2008-10-19)
Getting mortgage easier than some other credit
"Credit squeeze, credit freeze, credit system seizures: Everybody knows how severe and painful the global financial breakdown has been - with banks unwilling to lend even to other banks. But what about mortgages and real estate? Can you still get a home loan...
" (2008-10-19)
Rates on 30-year mortgages reach 8-week high
"Rates on 30-year mortgages jumped to the highest level in eight weeks, squeezing some potential home buyers out of the market, and reflecting how nervous lenders remain, despite the widespread global intervention in the credit markets. Freddie Mac reported...
" (2008-10-19)
Fannie, Freddie CEOs discuss foreclosures
"The new chief executives of Fannie Mae and Freddie Mac are trying do more to stop the home foreclosures hammering the housing market, but said it still might take years for real estate to recover in some cities." (2008-10-21)
October 19, 2008
September house prices off 1.3% in Britain
"Britain's biggest mortgage lender says that house prices fell by 1.3 percent in September, another indication of Britain's slumping housing market. Halifax said Thursday that average prices are 12.4 percent lower than a year earlier. The bank's chief...
" (2008-10-19)
Getting mortgage easier than some other credit
"Credit squeeze, credit freeze, credit system seizures: Everybody knows how severe and painful the global financial breakdown has been - with banks unwilling to lend even to other banks. But what about mortgages and real estate? Can you still get a home loan...
" (2008-10-19)
Rates on 30-year mortgages reach 8-week high
"Rates on 30-year mortgages jumped to the highest level in eight weeks, squeezing some potential home buyers out of the market, and reflecting how nervous lenders remain, despite the widespread global intervention in the credit markets. Freddie Mac reported...
" (2008-10-19)
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