The following is taken verbatim from the National Association of Realtors press release today. I have read between the lines and translated the press release for the benefit of anyone who might be tempted to take the Realtors words at face value. Follow the money. Find the profits!Liquidity is money. Regardless of where in the…
The story is the same one that I have been chronicling since the tea leaves first clearly signaled the endgame unfolding in US housing back in 2004 and 2005. Since then it has been slowly but surely downhill. While all real estate is local, since all local markets have been largely homogenized by securitization, the…
Another day, another episode of being bathed in forest fire smoke for the city of Atlanta. We had a really bad day last week as well—and this unfortunately looks set to become a more frequent occurrence, much to the dismay of anyone even remotely sensitive or vulnerable to atmospheric pollutants.
“The bottom line here is very clear: The US Congress just doesn’t do macro.” –Stephen Roach, in Past The Point Of No Return
Isn’t it remarkable that the pea-brains on capitol hill don’t link the obvious negative consequences of the trade imbalance with China (manufacturing job loss) with the “positive” results we’ve come to depend on: […]
New article up at iTulip: “Say Hello To ‘Lendron’“, discussing propagation of the housing finance breakdown out of subprime, and the negative-amortization scam.
MorningStar has a pretty nice article out from yesterday featuring duelling analysts regarding the fate of NovaStar. After their almost naively-sanguine and narrowly-scoped Alt-A/banks article last week, I find this a breath of fresh(er) air. While I believe it is a little bit inane to be discussing subprime at this point (the […]
You really can’t. I am referring to this BrokerUniverse thread, entitled “Soon to be ex-New Century manager needs advice”. You know a thread with a title like that is going to be good. I’ll let the content do most of the talking for itself:
In the past day I’ve been gathering together what was intended to be a random collection of housing/housing finance updates that I thought worthy of additional comment. Upon taking a look at the assortment, much to my surprise, the first thing that struck me about them was how a nearly continuous thread of interconnection and […]
A few quick items this morning before I’m off to the factory. The main one is Monster Warns On Q1, on how the purveyor of job ads online is seeing its business take a hit. The reason given is openly described as “economic slowdown”. Labor conditions are noted as problematic. Very […]
In today’s top mortgage finance news, one of my absolute “favorite” subprime lenders, SouthStar, has shut down, and New Century has finally filed for bankruptcy.