The head of the Federal Deposit Insurance Corporation warns over the next two years an additional four to five million mortgages will enter foreclosure if Congress fails to get a handle on the nation’s foreclosure crisis. The remarks by Sheila C. Bair, the FDIC chairwoman, were made before a Congressional committee charged with the task… Continue reading FDIC Backs Housing Predictor Forecast
Category: Forecasts
Few Short Sale Approvals
James Wexler Short sales, a little understood part of the mortgage lending business, are receiving approvals from mortgage companies in increasingly fewer numbers as banks and mortgage lenders find themselves in growing financial jeopardy. Loan modifications and short sales are at the heart of the nation’s financial crisis since Mortgage Swap Securities traded on Wall… Continue reading Few Short Sale Approvals
Top Markets with Best Chance to Robust Return
There’s nothing wrong with having a little luck on your side when it comes to a bad economy. So with that made clear we list the Top markets with the Best Chance to a Robust Return in real estate. Chief among all of the candidates to return from the housing bust sooner is Austin, Texas,… Continue reading Top Markets with Best Chance to Robust Return
Real Estate Triggered Recession
Economist Fred Foldvary Real estate crashes have led to recessions in the U.S. economy the majority of times major recessions or economic depressions have developed since the early 1800’s. In California, Santa Clara University economist Fred Foldvary may have been the first to predict a recession for 2008 back in 1997. “Macroeconomists are not always… Continue reading Real Estate Triggered Recession
High End Homes Take Hit
The Luxury housing market is taking a hit of its own in the on-going national real estate slowdown, which ever way you want to put it. Home prices in the mightiest of all real estate sectors, from $5-million and up are taking a beating, and the forecast for the long term isn’t looking good, according… Continue reading High End Homes Take Hit
Debt Boom Backfires
It’s really so simple once you look through his looking glass. J. B. Richards has a simple way of looking at things as an economist for more than 40 years. “It’s been played out on Americans more than any other place on the planet,” he says. “It’s really a debt boom of monumental proportions. Banks… Continue reading Debt Boom Backfires
Avoiding Foreclosure with FHA Loans
Foreclosure is one of the largest and most talked about problems in the country today. The good news for some homeowners struggling to make payments is that FHA loans may be able to help. FHA, or the Federal Housing Association, has been designed to provide additional help to people looking to obtain a home loan,… Continue reading Avoiding Foreclosure with FHA Loans
Congress Fails America
Analysis of the Bailout Congress Fails America By Mike Colpitts When the nation’s economic disaster hit the breaking point Congress took action. The bailout approved by Congress gives the U.S. Treasury Department nearly complete discretion to purchase $700 billion of mortgage-backed securities and other troubled assets clogging the lending pipeline. But it fails to provide… Continue reading Congress Fails America
Dire Straits on Main Street
By Mike Colpitts Editor It finally hit the fan. The nation’s largest investment banks and mortgage companies developed the new financial trading instruments that triggered the credit crisis on Wall Street, and now the long expected financial melt down has finally entered its final stages. A few minutes before the New York Stock Exchange closed… Continue reading Dire Straits on Main Street
Desperation in New York City
By Mike Colpitts Desperate times cause people to do desperate things. We encountered one of these unfortunate souls on our trip last week to New York City, Marina Berkovich is an insurance agent in Brooklyn, who owns the apartment we rented. She said business has been lousy with the ailing real estate market. Marina was nice enough… Continue reading Desperation in New York City