Headlines...

NEW -> Contingent Buyer Assistance Program
Looks like Mellon 1st Business Bank will soon be no more. I found the following while searching legal notices in the LA Times:



Notice of Merger of Mellon 1st Business Bank, National Association with and into U.S. Bank National Association Notice is hereby given that under 12 C.F.R. Part 5 of the regulations of the Office of the Comptroller of the Currency (the "OCC"), U.S. Bank National Association, main office located at 425 Walnut Street, Cincinnati, Ohio 45202 has filed an application with the OCC to merge with Mellon 1st Business Bank, National Association ("M1BB"), with its main office located at 601 West Fifth Street, Los Angeles, California 90071. Under the terms of the merger, M1BB would be merged with and into U.S. Bank National Association and U.S. Bank National Association would be the surviving bank. This notice is published pursuant to 12 U.S.C. Section 1828(c) of the Federal Deposit Insurance Act as well as 12 C.F.R. Part 5 of the regulations of the OCC. This notice will appear at approximately two-week intervals beginning on April 13, 2008 and ending on May 8, 2008. Anyone may comment on the application filed with the OCC by submitting written comments which must be received by the OCC no later than May 13, 2008 to: Director for District Licensing, Office of the Comptroller of the Currency, Central District Office, One Financial Place, Suite 2700, 440 South LaSalle Street, Chicago, Illinois 60605. The public file is available for inspection in the applicable office during regular business hours. Written requests for a copy of the public file on the application should be sent to the applicable address.
 
Ooh, that pesky Libor again. Wouldn't things be better if the msm just stopped being so negative about the stupid Libor. And who cares about interest rate derivatives anyway? They don't even have any real asset backing and the prices are just an overreaction that will clear up soon. Real soon. Right?



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http://www.bloomberg.com/apps/news?pid=20601087&sid=a_.vHTziE_zs&refer=home
 
[quote author="acpme" date=1208992878]<strong>Shiller: Housing slump may exceed Depression</strong>

Bailouts will be needed so millions don?t lose homes, top economist says



<a href="http://www.msnbc.msn.com/id/24257182/">http://www.msnbc.msn.com/id/24257182/</a>



note: that title is REALLY misleading. shiller is saying housing prices may decline greater than they did during the GD. the title suggests the housing slump will lead us into a depression worse than the GD.</blockquote>


Whether misleading or not, it may prove true!
 
It seems the much anticipated and ballyhooed spring buying season has arrived.<p>

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New home sales for March of 2008 are down 8.5% from February of 2008 and down 38% from March of 2007.<p>

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I am gonna repeat something here for y'all who aren't getting it. Lower prices make for less sales in a real estate cycle, until the bottom. And the bottom ain't even close.<p>

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I know, y'all have been taught that when something goes on sale, the buyers will come out. Well, it just ain't true with real estate. Yeah, there will always be a few knife catchers, but overall, depressed prices will cause fewer sales and further depressed prices.
 
here's a link!



<a href="http://New home sales plunge to lowest level in 16 1/2 years">New Home Sales Plunge to lowest in 16 Years!</a>



But....but.....I thought the realtards said we were on the road to recovery?
 
<a href="http://s.wsj.net/public/resources/documents/retro-HAGERTY.html">Very nice interactive chart at the WSJ</a>



OC Overall strength of metro area=weak. Employment outlook=weak.



Is OC really this bad? Apparently so. Doesn't make me want to go out and buy a house.
 
<a href="http://money.cnn.com/2008/04/24/news/economy/builders_forecast/index.htm?cnn=yes">Homebuilders: No recovery until 2009</a>



They almost get it, but they are still too optimistic.
 
My second favorite quote this year:



"I am seeing more confidence amongst the buyers. . .when I speak to other realtors in the other parts of the country, some of them are saying that they are having their best year yet. . .. " (1:43-1:57)



At least she seems at little more reasonable this time around.





<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
Trooper - maybe you can find a deal at an auction. ;-P

<a href="http://www.nytimes.com/2008/04/25/business/25foreclose.html?_r=1&ex=1366776000&en=814b9aa4be382f2f&ei=5088&partner=rssnyt&emc=rss&oref=slogin">Pain of Foreclosures Spreads to the Affluent in Conn</a>
 
The SoCal Pathology is going away...



U.S. consumer confidence fell more than forecast in April to a 26-year low

http://www.bloomberg.com/apps/news?pid=20601087&sid=ap4JffQHDqgE&refer=home



Americans tightening their belts

As paychecks shrink, consumers cut back on most non-essentials, polls say.

http://money.cnn.com/2008/04/25/news/economy/doing_without.ap/index.htm?source=yahoo_quote



Clothing stores feel sharp economic pinch

High fuel, food prices crimping spending on apparel

http://www.msnbc.msn.com/id/24261490
 
A very long, but interesting series of video interviews. Rather funny in the last one as Shiller describes new mortgage types that would protect buyers from themselves, and the newscasters attempt to add their two bits - which are totally off topic and show they themselves need innovations like that to protect them as they are unable to grasp what he's talking about

Where's the Economy Going? Nobel Winners Weigh In

http://www.cnbc.com/id/24313079
 
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