Showing posts with label housing bubble. Show all posts
Showing posts with label housing bubble. Show all posts
More crisis talk
Banks could be looking at a further $100 billion of losses by the end of the year. Housing will get a lot worse before it will get better.
Bloomberg special on the subprime market
Here is a bloomberg special on the subprime market. It includes some stark, yet strangely under-stated comments from Shiller. "It is called mean-reversion".
Start at the top and work your way down.
The latest Peter Schiff Interview
Peter is the man. Every time he turns up on the TV he wipes the floor with every other panel member. He is the voice of reason, good sense and financial prudence.
Here Peter predicted that the price of oil going to $150 a barrel. The logic was straightforward. One day, China will stop keeping their domestic currency low relative to the dollar. Once the Yuan appreciates, the dollar price of oil will fall, and then demand from Asia will shoot up. This increased demand for oil will push the price up towards $150 a barrel.
Go, Peter, Go.
Start at the top and work your way down.
Japanese real estate - bubbling again
Here is a short news clip about the recovery of the Japanese real estate market. Since it crashed in 1989, the Japanese market has been in more or less constant freefall. Given the unfolding disaster here in the US, it could take a similar length of time before we hear about a recovery here.
The real estate bubble - where did it go?
This old chi-lites hit is one of my favorite songs from the 1970s. It is now put to good use lamenting the disappearance of the housing bubble.
The ARM still lives
Whatever you might have read in the press, the subprime option-arm is still lurking in the darker corners of the credit market.
A sign of the times
Here is a 45 second silent movie about the current state of the housing market. Everywhere is for sale these days.
I laugh in your face
Mortgage rates are spiking, defaults rising and and inventories at all time highs; as the man in this clip says "if anyone tells you that the housing market has bottomed out, you have my permission to laugh in his face".
Turn the music down.....
Another wierd realtor ad - here some guy yacking on about working with first time buyers. However, his sales pitch is drowned out by some really irritating muzak.
Anyway this realtor is going to "work your transaction" - what exactly does that mean?
Remember?
No one in the UK now remembers that between 1989 and 1996, house prices fell by 35 percent in real terms. Here is a reminder courtesy of Spitting image.
It is the sub prime crisis - clean up your credit ratings, folks
The sub prime crisis - can it really be that bad? "Clean up your credit ratings", that is the advice from this CNBC clip.
One minute primer on subprime mortgages
The delivery is a bit dry, but the content is clear enough; here is a one-minute primer on subprime loans. The main lesson is that if you are a realtor and you sell one of these loans, you get more money. What could be simpler? Well, you would think that people would take a look at the repayment capacity of people taking out these loans. Judging by the massive increase in subprime defaults, that simple point was not well understand by many lenders.
Belfast housing
Check out this mad speculator queuing up to buy a pre-construction condo in Belfast, Northern Ireland. This guy thinks that property prices will "increase by 100 percent" in two years. 15 years ago, Belfast was a war zone, today it is bubbletown.
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