The Housing & Economic Recovery Act of 2008 was passed last August. It created the HOPE for Homeowners Program, which the Congressional Budget Office estimated would help 400,000 homeowners to refinance their loans and stay in their homes. Here's a stunning revelation: According to the Federal Housing Authority (FHA), in the first six months since the law was passed, exactly one (1) homeowner refinanced under the program! read more »
S&P released the December Case-Shiller Housing Price Index data this morning: no market has been spared from the free fall. Steep price declines continue in ultra-bubble regions Las Vegas, Miami, San Diego, Phoenix, and Las Vegas. Even the relatively healthy markets of Charlotte, Dallas, and Atlanta have been sliding since mid-2008. Here's the line chart: read more »
Today's latest release of the Standard and Poor's Case-Shiller Housing Price Index indicates a continued price free fall across the board. Hyper-inflated markets such as Miami, Los Angeles, Washington, DC, San Diego, and Las Vegas continue to come back to earth. Check out the chart. read more »
The late Jesse Unruh, longtime speaker of the California Assembly, was a giant of a man, both in accomplishment and girth. But he will be forever remembered for having said that “Money is the mother’s milk of politics”. read more »
In Boston, 65 parishes have been shuttered since 2004 and 30 have been sold - some to developers. And now, these former neighborhood institutions are becoming something truly unholy - high-priced condominiums. This article in the Boston Globe chronicles the trend. But hey, at least the priests are offering their blessings to these buildings' new uses at the developer's behest.