Category Credit crisis

While driving through mostly rural eastern Connecticut yesterday, Sue and I noticed more than a few signs on phone poles, “Foreclosure? We buy houses” followed by a phone number. There must be some serious hurting going on there… and it’s…

The latest verbiage from the world’s most vocal housing-bubble cheerleader, NAR economist David Lereah, actually predicts that home prices will drop by 0.7 % in 2007. Lereah is notorious for his delusionally optimistic real estate estimates that run directly contrary…

Ordinarily, high-priced homes are mostly immune from gyrations in the market. But these aren’t ordinary times. In Santa Barbara California even the 2 million dollar+ homes are sitting on the market with sellers being forced to drop prices. This is…

Now the Alt-A loans are getting hit with more defaults, and this sector was originally considered safe. Not any more. More defaults means housing prices will drop because of all the distressed homes on the market. Current homeowners who are…

My favorite: Best Subprime Couple: Maria Bartiromo of CNBC and Angelo Mozilo, chief executive of subprime mortgage giant Countrywide Financial. On March 13th, Bartzilo canoodled on Closing Bell. Maria looked soulful as Angelo bemoaned the liquidity crisis that will result…