The Realty Buzz: economic news

Showing posts with label economic news. Show all posts

Sep 8, 2010

Real Estate and Economic Links

BiggerPockets.com:
* How Does Your Bank Define “Performing Loan”?

Inman News:
* Near-record affordability in real estate

HousingDoom.com:

* Is Using A “Victim Strategy” In The Housing Market So Bad?

MSNBC.com:
* Home lending pace rises; most are refinancings

Calculated Risk:
* Lawler: Again on Existing Home Months’ Supply: What’s “Normal?”
* Fed's Beige Book: Continued growth, but "widespread signs of a deceleration"

HousingWire.com:
* Double dip in home prices coming in 2011: Clear Capital

Sep 7, 2010

Real Estate and Economic Links

BiggerPockets.com:
* Housing Market Insight – Week of September 6th

Inman News:
* Most bankers don't see credit easing

RealtyTimes.com:
* From "Double Dip" to Double Opportunity

New York Times (Economix):
* Mortgage Rates and Home Prices
* Interest Rates and House Prices: A Murky World

Calculated Risk:
* Mortgage Rates and Home Prices
* Housing Starts and Vacant Units
* Housing Completions will set new record low in 2010

Sep 6, 2010

Jamie Dimon Singing the Real Estate Blues

The Los Angeles Times blog recently posted an article titled, "Jamie Dimon's real estate woes" noting that Dimon hasn't been immune to the housing downturn either as he has had to drop the asking price of his Chicago mansion:

"The mansion, where Dimon lived back when he headed up Bank One, originally went on the market for $13.5 million in 2007. The bad real estate market has forced a series of reductions that have brought the listing price down by nearly half, to $6.95 million."

As a result of Dimon's misfortune, the author (Daniel Popper) states:

"As homeowners have struggled to modify their mortgages with JPMorgan Chase & Co., more than a few have probably felt flashes of anger toward the company's chief executive, Jamie Dimon ...... It may be some comfort to these folks, then, to know that Dimon has not been immune from the problems of falling home prices."

I'm the last person to sympathize with the likes and ranks of people like Jamie Dimon, but I don't wish him ill will or find comfort in his circumstances despite not liking to deal with CHASE bank on any level.

Unfortunately, the greed and irrational exuberance at the highest levels (Jamie Dimon's world) of these uber and / or multinational corporations has created turmoil for the vast majority of people in this country. Furthermore, countless hardworking Americans have encountered these incredibly tough times to no fault of their own as a result of this unregulated mess and the slick maneuvering these uber banks use to assess account and various transaction fees.

For Jamie Dimon, the economic mess that he was complicit in developing (or stood by allowing it to happen) has now landed like a big pile of crap squarely in his mansion's backyard. Welcome to the sober party! Unlike many Americans, I'm guessing he'll fare a little better even if he does have to get more aggressive with price drops on his modest abode.

Sep 5, 2010

Tony Robbins Warns on Housing and the Economy

Tony Robbins gives a "special warning" regarding where he believes the U.S. economy is headed:

" ... the financial world, as you know it, is about to change radically at levels you won't even imagine and it's coming really quick. I can't tell you when, but I know it's coming quick; sometime in the next three, four, five, six, seven months it's going to happen".

In the same camp as many economists, Robbins' is predicting more difficult times around the corner (stock market and housing). In fact, Robbin's is citing that the U.S. economy is on the cliff again as the stimulus effect is weaning.

Times are difficult, but it's certainly not productive to be frozen by fear and to concentrate on everything that's not working. In fact, it's difficult to operate at any level when your actions are being guided by fear and negative emotion. As Robbins' states, "Put yourself in a position where you educate yourself."

Positive thinking and education don't guarantee that everything will come out rosy. However, simply look around to see what fear, ignorance, and negative thinking get you. It's a waste of time and leads to many bad and uniformed decisions. We all know times are challenging. How we deal with it will largely determine how we're going to get through it. Cliche, yet true.

For obvious reasons, millions are made during the most dire economic conditions. It's our job to figure out how we're going to be one of those who prospers.

Embrace the challenge!