A lot of people are jumping on the Las Vegas investment bandwagon. As they say, “buy when there is blood in the streets.” Although, I don’t see blood in the streets — I see a blood clot that is about to burst. I wouldn’t touch Vegas with a 275 mile long pole. [...]
Barry Ritholtz has been saying for years that humans are, “Slightly smarter, pants wearing primates.” In fact, he was interviewed in Forbes Magazine, and when asked, “What is the greatest financial lesson you’ve ever learned?” The first part of his response was:
You’re a monkey. It all comes down to that. You are a slightly [...]
There is definitely some controversy going on with the HAMP default numbers. From HousingWire:
“Since the Making Home Affordable report was posted on July 20th, Fannie Mae, which administers the program, has reported to Treasury an issue in its implementation of the delinquency statistic methodology used to report performance of permanent modifications. [...]
The Real Estate Channel has an interesting article: Why Are Banks Withholding Highend Repossessions Over $300,000 From the Market?
Here is what he had to say about OC:
Orange County is situated between Los Angeles and San Diego. With a population of roughly 3 million, it includes such cities as Irvine, Santa [...]
Most of the “high-end” debtors in OC were/are just a bunch of poseurs. They never had the money to pay their mortgage, and they never would have the money money in the future. I do think there are a few that are suffering from job losses, but they are not the majority, at least not [...]
First, hat tip to Edward Harrison over at CreditWritedowns for posting: Are the rich the biggest strategic defaulters? Not only is that post a must read, but I also suggest you take a gander at his blog, and consider becoming his friend on Facebook. Thanks to FB, I caught this great article. He has some [...]
I have been opining about shadow inventory for years, and in the mean time — the situation has only been getting worse. The backlog of REO homes in Orange County continues to increase, and the REO sales continue to decrease. REO sales are not keeping pace with the amount of foreclosures. As can be seen [...]
The April data from the government’s mortgage modification program, otherwise known as HAMP, was released this week. Calculated Risk is saying that the program is dying, others disagree with some of his assessments. So, I decided to dive into the data myself to see who is right or wrong. What I found may or may [...]
