I, too, have been surprised there hasn’t been a tsunami of foreclosures.  Perhaps my error was one of not understanding the totality of the system.  I suspect there has been a wave of defaults the data may not show yet; however, they are not foreclosures and the wave probably won’t be seen because of “system bandwidth“.


This is not a paid (or unpaid) endorsement, just a productivity tip.  If you’re one who text messages a lot, check out MightyText.  It links to your phone and allows you to send and receive text messages from your computer via your phone.  I don’t mind using my touchscreen to send messages but the ability to do so from the laptop is pretty useful.

What at first glance may have seemed a slam dunk may not be so.  Looks like BoA has some wiggle room in the characterization of the bad faith argument the government will need to prove.  As has been noted, it’s likely BoA will settle rather than risk the tricky argument and the triple damages the government could claim.

I would rather see a forced path out of this mess (in terms of requiring short sales, etc.) than a monetary settlement.  Here’s to hoping the consumer wins in this mess.

The folks who’s business it is to track trends say they have no idea.  Here’s my two cents: if you’re buying for the long term, rates are incredibly favorable.  However, make sure the market you’re in is the right one.  E.g., Colorado Springs not Las Vegas.  The former has a high occupancy rate and homes are selling in under 24 hours.  The numbers have been stable, too.  The latter has a massive overhang of houses and a lot of underwater homeowners which can only translate to downward trends in prices.

…Drudge linked this article with the headline, “Banks scrapping free checking accounts due to government regulations.”   This caught my attention; are the regulations so intrusive the banks must charge consumers?  No, as the actual article indicates, the banks simply won’t tolerate any intrustion into their profit margin.

hurt.  On the consumer level, I suspect spending will slow way down if the rates rise, too.

What’s been lost from American capitalism is any sense of a larger purpose, of how it fits into and serves society, broadly speaking…”

I am a capitalist free-market loving kind of guy.  However, what we have now is a special interests/political/corporate favoring hybrid.  That must change if this American experiment is to succeed.  It is a known in successful business that if you treat the customer right, they will come back to you…even if they must pay a premium (think Apple).   Most large companies have forgotten that, in favor of short term gain.  It will bite them in the ass, eventually.

some supporting data. All markets are local but taken as a whole, it’s going to be a while before we see prices rise.  There are two other points that bear repeating: 1) your home is NOT an asset unless it is generating revenue and 2) the historical appreciation on housing is ~ 3%.  Keep these things in mind when buying.

Most people who have done any analysis on the topic of the government’s (and industry’s) response to the housing crisis would say that it has been…lacking…to say the least.  They will probably categorize the response as terrible.  I am sure I have done so, too.  However, the truth is (IMHO) a bit more nuanced.   I think the response has been both lacking and terrible…on purpose. 

I say all that to say the bottom is nowhere in sight.  While I am not a conspiracy theorist, I do think that many individual actors acting at the same time in accordance with what they perceive to be their best interests will appear to be a conspiracy.  Along those lines, the end is nowhere in sight because “they” don’t want it to be.  Until such time as positive, direct action is taken to alleviate the toxic debt referenced in the preceeding link, nothing will change.

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