WaMu's SEC Visit Not Covered HMO - 12/29/07 02:01 AM
It's that time of year. No, not year end holidays, but time for the nation's largest savings and loan's proctology exam by the Securities and Exchange Commission, which is probing how Washington Mutual Inc. handled mortgages that were possibly based on inflated home appraisals.In a prepared statement, WAMU said, "We are voluntarily and fully cooperating with the SEC's inquiry as well as the (Office of Thrift Supervision) and look forward to bringing the facts to both the regulators and public,"
This on the heels of a lawsuit filed in November by New York's attorney general against one of its real estate … (0 comments)

Chicken Little or Ostrich with Your Head in the Sand - 12/29/07 01:37 AM
I am amazed at the number of agents who do not understand that their job is not to be the market cheerleader, but simply to broker the deal.
You did not see stock brokers talking about  why it was a good time to buy Lucent when it had dropped 75%, instead they madesuggestions about where to invest.
The problem agents have in a down market is that if their particular local market is tanking, they have few options if they want to eat.
… (1 comments)

RB and 4s Ranch Market Update - 12/29/07 01:24 AM
Market Update for 92127
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Home Prices Record Steepest Drop Since 1991 - 12/29/07 01:19 AM
The Standard & Poor’s/Case-Shiller home price index released October numbers on Wednesday and the news was not good.
For the 10th straight month, U.S. home prices fell, with the steepest drop since 1991 - a 6.7 percent slide in the Case-Shiller home price index.
“No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim,” said Robert Shiller, the Yale professor who helped create the index.
Florida saw the biggest year over year drop, while San Diego saw the biggest monthly drop.
Can you say RECESSION? 
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New Home Sales See Staggering Drop - 12/29/07 01:10 AM
The Commerce Department reported Friday that new-home sales dropped a whopping 9 percent in November from October. The seasonally adjusted annual sales pace of 647,000 is the worst sales pace since April 1995.
It won't get better anytime soon.
Richard Yamarone, economist at Argus Research stated the obvious. “It was ugly, It is the one sector of the economy that doesn’t show any signs of life. It doesn’t look like there is any resuscitation in store for housing over the next year,” he said.
What many don't realize is that these numbers are worse than they look. New home sales are measured at … (0 comments)

 

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