New York City Housing Bubble: 'The Big Picture'

Talkaboutit or Fuggetaboutit 3

noreply@blogger.com (brooklynchic) — Wed, 06 Aug 2008 21:34:36 -0500

For all the Goodfellas, Babes and Wiseguys, this thread remains at the top for open discussion, anytime anywhere, outside the 'kool-aid drinkers' club. What's goin on with Real Estate or financial news in your boro, hood or head.

Talkaboutit or Fuggetaboutit

SF Chronicle - Homeowners delusional on value of Property

NewsMax - Roubini: Banks Losses Close to $2 Trillion

I.O.U.S.A.

noreply@blogger.com (brooklynchic) — Tue, 05 Aug 2008 17:33:09 -0500

CNBC Interview Merideth Whitney

Fortune - The woman who called Wall Street's meltdown

I.O.U.S.A.

DC Photos of Bailout Protest

The Next Wave: Alt-A & Prime Mortgages Default

noreply@blogger.com (brooklynchic) — Tue, 05 Aug 2008 17:33:00 -0500

Housing Lenders Fear Bigger Wave of Loan Defaults
by NYT - snips:

...The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.... "Subprime was the tip of the iceberg," said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. "Prime will be far bigger in its impact." In a conference call with analysts last month, James Dimon, the chairman and chief executive of JPMorgan Chase, said he expected losses on prime loans at his bank to triple in the coming months and described the outlook for them as "terrible."

Delinquencies on mortgages tend to peak three to five years after loans are made, said Mark Fleming, the chief economist at First American CoreLogic, a research firm. Not surprisingly, subprime loans from 2005 appear closer to the end of defaults than those made in 2007, for which default rates continue to rise steeply. "We will hit those points in a few years, and that will help in many ways," Mr. Fleming said, referring to the loans made later in the housing boom. "We just have to survive through this part of the cycle"...

The mortgage giants Freddie Mac and Fannie Mae, which own or guarantee nearly half of all mortgages... last week, they said they would pay more to the mortgage servicing companies that they hire to modify delinquent loans and avoid foreclosures. Delinquencies in prime and alt-A loans are particularly challenging for banks because they hold more such loans on their books than they do subprime...

Modern Day Ghost Towns

NY Newsday - NYC foreclosures up 14%

Bloomberg - Greenspan Says Housing Prices Not Yet Near Bottom

Bloomberg - Recession May Have Begun in Last Quarter of 07'

NYT - Fed Extends Borrowing Program To Jan 09

Mish - NY Governor Warns Of Economic Crisis In NY

Back UP

noreply@blogger.com (brooklynchic) — Sat, 02 Aug 2008 09:03:38 -0500

All, Sitemeter was causing problems globally with Java for all sites using it via IE, and a Spam filter at Google kicked in. Hope we're up and runnning now.

20-City Home-Prices Fall 15.8%

noreply@blogger.com (brooklynchic) — Mon, 04 Aug 2008 18:03:54 -0500

Chart Courtesy of:
Tradition Financial Services, Inc. / TFS Derivatives Corp.
http://www.tfsbrokers.com

Record Low Annual Declines Recorded in May 2008 for the S&P/Case-Shiller Composite Home Price Indices

S&P/Case-Shiller May 20-City Home-Prices Fall 15.8%

America's house price time bomb

When Dr. Doom speaks, we should listen

Freddie, Fannie `Fair Values' Hardly Look Fair: l

Crumbling bond market sounds distress alarm

FDIC takes over 2 more banks, closing 28 branches

The FDIC’s Secret Bank Failure List

The Road to Perdition: Visualizing Dow 6,000

Foreclosure filings up 120%

NY City and State Brace for Drop in Wall Street Pay

Stop The Bailouts

noreply@blogger.com (brooklynchic) — Tue, 29 Jul 2008 15:19:02 -0500

This is what you need to know, and what you need to do.