Headlines...

NEW -> Contingent Buyer Assistance Program
It turns out that less polluted air is a contributor to global warming.

<a href="http://www.bloomberg.com/apps/news?pid=20601124&sid=ahQ2SOJRxYTI&refer=home">London Fog</a>
 
Layoffs pick up speed - Is your company on the list ?



* need to add Warner Bros. to list - announced 10% workforce reduction today..... That's right down the hill from where I live, I could walk to it.



<a href="http://www.cnbc.com/id/28750173">Extensive list here</a>
 
[quote author="Trooper" date=1232509740]Layoffs pick up speed - Is your company on the list ?



* need to add Warner Bros. to list - announced 10% workforce reduction today..... That's right down the hill from where I live, I could walk to it.



<a href="http://www.cnbc.com/id/28750173">Extensive list here</a></blockquote>
On top of all those layoffs, many companies are either freezing or cutting the pay for their workers...



<a href="http://finance.yahoo.com/tech-ticker/article/160621/Amid-Layoffs-Companies-Take-Rare-Step-Cutting-Pay?tickers=AMD,CAT,BAC,CC,HTCH,YRCW,^DJI">http://finance.yahoo.com/tech-ticker/article/160621/Amid-Layoffs-Companies-Take-Rare-Step-Cutting-Pay?tickers=AMD,CAT,BAC,CC,HTCH,YRCW,^DJI</a>
 
<a href="http://www.marketwatch.com/news/story/Housing-appears-nearing-end/story.aspx?guid={0D95CF6E-08AA-4E07-9A7F-301F44A7C2F0}">Housing correction nearing an end?</a>



He has some observations that align with IR's predictions:



<em>"...by the time home prices bottom out, they will have fallen a total of 30% from their 2006 highs. In those markets where housing really got overheated, prices are already down by as much as 50%!...today's home buyers will be required to have some skin in the game. In other words, they will have to put down 20% or more. They will be required to document their incomes and be sure that the home they wish to buy is appraised at a realistic price."</em>



...but I'm not sure if I'm convinced of his thesis.



SCHB
 
[quote author="socalhousingbubble" date=1232674194]<a href="http://www.marketwatch.com/news/story/Housing-appears-nearing-end/story.aspx?guid={0D95CF6E-08AA-4E07-9A7F-301F44A7C2F0}">Housing correction nearing an end?</a>



He has some observations that align with IR's predictions:



<em>"...by the time home prices bottom out, they will have fallen a total of 30% from their 2006 highs. In those markets where housing really got overheated, prices are already down by as much as 50%!...today's home buyers will be required to have some skin in the game. In other words, they will have to put down 20% or more. They will be required to document their incomes and be sure that the home they wish to buy is appraised at a realistic price."</em>



...but I'm not sure if I'm convinced of his thesis.



SCHB</blockquote>


I could bring up the article but in some areas, like Stockton and Sacramento, the residential housing market may be close to bottoming. In other areas like NB or Irvine, it is not even close.
 
<a href="http://www.nytimes.com/2009/01/23/business/23thain.html">Merrill was buying mortgage backed securities in December</a>



Un-fricking-believable! This article describes a whole new level of stupidity.



Your tax dollars at work!
 
Dont worry, it'll be different now... Rep. Frank wants to just buy the mortgages directly.
 
<strong>THIS JUST IN!</strong>



Regarding new homes sales recording a historic low this week:

CNBC reports that the bottom is in.
 
[quote author="awgee" date=1233271603]<strong>THIS JUST IN!</strong>



Regarding new homes sales recording a historic low this week:

CNBC reports that the bottom is in.</blockquote>


Finally!
 
Who will eat the cramdown? I hope you are hungry.



<a href="http://www.forbes.com/2009/01/28/bankruptcy-mortgages-congress_0128_cramdowns.html">Somebody has to take a hit if bankruptcy judges forgive troubled mortgages. It's probably you.</a>
 
Plot alleged to destroy Fannie Mae computer data



A fired Fannie Mae contract worker pleaded not guilty on Friday to charges he planted a virus designed to destroy all the data on the mortgage giant's 4,000 computer servers nationwide, according to federal prosecutors.



<a href="http://www.dailynews.com/ci_11590948?source=rss">http://www.dailynews.com/ci_11590948?source=rss</a>
 
[quote author="freedomCM" date=1233553013]<strong>coming soon to a neighborhood near you?</strong>



Lenders are demanding 50% deposits on newbuilds



http://www.guardian.co.uk/money/2009/feb/01/banks-mortgages</blockquote>


In Colorado the new construction loan value of raw land is 40% or less of appraised value right now. If one is long-sighted and cash flush, the next few years could be righteous.
 
<span style="color: red;">The Tan Man strikes again...seems like he had A LOT of friends back in the day!</span>



HARTFORD, Conn. ? Connecticut Sen. Chris Dodd says he'll refinance two mortgages that he received through a VIP program from Countrywide Financial Corp.



Dodd says he's moving the loans in part because <strong>he was wrongfully labeled </strong>a friend of Countrywide's former CEO, <span style="color: red;">Angelo Mozilo.</span> Dodd says he never sought special treatment. <a href="http://news.yahoo.com/s/ap/20090202/ap_on_go_co/dodd_mortgages">Linky</a>
 
Another OC victim of housing and the recession



<a href="http://www.onenewsnow.com/Church/Default.aspx?id=404824">The Crystal Cathedral blames the recession for its woes. </a>
 
[quote author="morekaos" date=1233628070]Another OC victim of housing and the recession



<a href="http://www.onenewsnow.com/Church/Default.aspx?id=404824">The Crystal Cathedral blames the recession for its woes. </a></blockquote>


Sounds like some bad investments too, since it all fell apart during the 4th quarter of 2008. I really could give a rat's a**.
 
YAY!!!!



Another extension of the bubble!!!!



<a href="http://www.nytimes.com/2009/02/05/us/politics/05stimulus.html">Senate Advances Tax Break for Home Buyers</a>



$15K tax credit for buying a home.



Really?



Of course, it does NOTHING to ensure that people will keep their jobs so they can actually buy and keep that still overpriced home that they are using the credit on.



$15K isn't going to help me to buy a home in 2009 at $400 $/SF. Looks like I may be waiting until 2011.



I hope this doesn't pass.
 
[quote author="HB_Renter" date=1233835928]YAY!!!!



Another extension of the bubble!!!!



<a href="http://www.nytimes.com/2009/02/05/us/politics/05stimulus.html">Senate Advances Tax Break for Home Buyers</a>



$15K tax credit for buying a home.



Really?



Of course, it does NOTHING to ensure that people will keep their jobs so they can actually buy and keep that still overpriced home that they are using the credit on.



$15K isn't going to help me to buy a home in 2009 at $400 $/SF. Looks like I may be waiting until 2011.



I hope this doesn't pass.</blockquote>
Just another piece of gum used to patch the leaking damn. Don't they know all they are doing is delaying the ultimate recovery???
 
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