From today’s San Francisco Chronicle: The subprime mortgage fiasco stands to cost the Bay Area economy more than $5.4 billion next year, according to the latest report intending to put a dollar figure on the rising wave of real estate foreclosures. The lending crisis will cost the national economy $166 billion and 524,000 potential jobs, … Continue reading More mortgage fiasco reporting
Category: Doom & Gloom
Is Help on the Way?
“Countrywide, GMAC, Litton and HomeEq – which collectively service more than one quarter of subprime loans to people with poor credit – agreed to maintain the initial, lower interest rate for some subprime borrowers whose rates are scheduled to jump significantly higher. To qualify, borrowers must occupy their homes, have made their payments on time … Continue reading Is Help on the Way?
Not such a pretty picture for Bay Area housing
Is that why this guy is so smiley? His predictions are coming true? For those wondering, that is “[e]conomist Ken Rosen, a notorious bear on housing who has called for a correction for several years, [who] said home prices in the urban core of the Bay Area could drop 5 to 10 percent – but … Continue reading Not such a pretty picture for Bay Area housing
An Interesting Twist to an Already Twisted Tale
From a reader: “This happened to a unit in my building, #108 over here at 88 King. They auctioned it off during the all star game and it went for $840,000.” From the article: “Mortgage scams involve a cartel of inside players — colluding property appraisers, real-estate brokers and accountants willing to draw up fake … Continue reading An Interesting Twist to an Already Twisted Tale
A call to comment (our market, overbids, mortgage mania)
Calling all Realtors, bloggers, and readers in San Francisco! Share your experiences on the market in this thread. I, Alex Clark (the editor), am actually feeling chatty and have been chiming in, and would love some insight from my colleagues as well as all you readers and bloggers. Go ahead…comment. It’s actually kind of fun. … Continue reading A call to comment (our market, overbids, mortgage mania)
Point, counter point, more Sub Prime mortgage blaming
We’re not ones to only tell one side of the story (although continually blamed for it, and admitadly a bit bullish). We’re certainly not ones to always point to roses, and we’re definitely not afraid of helpful comments and good articles to keep us thinking, so keep sending them, and please discuss. At the heart … Continue reading Point, counter point, more Sub Prime mortgage blaming
DQ news: triple soft serve data?
From a reader: I think a great topic is to discuss the latest DQ News SF numbers. September was supposed to be the month where all hell broke loose for home buyers. NO JUMBO LOANS everybody screamed since the credit meltdown occurred in Aug. And yet, SF prices STILL went up 1.9%! There goes the … Continue reading DQ news: triple soft serve data?
Nobody likes a bully
So here’s a story. In case you haven’t noticed, the weather has been pretty nice. That usually translates into good surf. (You out of towners {SoCal} don’t get any ideas, the surf is only marginal here.) So I’m in the water picking up clients (my board will soon be emblazoned with Zephyr stickers so I … Continue reading Nobody likes a bully
Mattell Recalls Toys…Again!
Why is this significant to real estate? Because it has given the media something else to beat to death, which is pushing the mortgage reporting to the bottom of the pages, and allowing a healthy market to return. We can also thank Felix and Henriette for turning their attention elsewhere.
San Francisco Foreclosures UP!!!!!
Yup, it’s true. Foreclosures in San Francisco are up from a whopping 62 63 notices in 2006 to 65 in 2007, or 3%. Dave, it looks like you were one of a very few to get your hands on a foreclosure in San Francisco. Hats off to you. We anxiously await the story. As always, … Continue reading San Francisco Foreclosures UP!!!!!
Keep pumping the bull shit, and the public will likely keep buying it
…and the downward spiral will continue until everyone forgets about it. We’re not denying the real estate market has/is experiencing a bit of a shake up, but all the “sky is falling” reporting is getting a bit tiring, and in no way an entirely accurate representation of the San Francisco real estate market. Don’t call … Continue reading Keep pumping the bull shit, and the public will likely keep buying it
Mortgage Reportage
Big news yesterday in the world of Big (Jumbo) Loans, and big rate hikes, that fortunately appear to be stabalizing. Talk about creating panic. If you have the time, scan the links, then make sure to read “Some Reactions as well. Thanks to DL for sending the link and this quote below: The Fed leaving … Continue reading Mortgage Reportage
“Foreclosures go through the roof”…Really?
Today is another day of stellar reporting on the state of the San Francisco market in one of our largest publications. We’re not trying to brush the whole “subprime debacle” under the rug, or hide the fact that foreclosures are definitely on the rise, or that sometimes real estate can go south, but we’d like … Continue reading “Foreclosures go through the roof”…Really?
What a buzz-kill, but does it apply to San Francisco?
Thanks to our Reader DL for sending this in. We we were not going to post it, because we really don’t feel it has any bearing on the current San Francisco market (things could always change), but it is another point of reference for you. What do you think? “California’s Real Estate Crisis Will Be … Continue reading What a buzz-kill, but does it apply to San Francisco?