johnthebear

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  • Homebuilder Earnings Reports and Other Struggles - Housing Tracker
    You may find it interesting, a comment in London:

    "This is the first housing recession that resulted from the inability to get a house financed,

    rather than due to high unemployment or high interest rates."

    House prices tripled in England in the last 10 years, much like many markets here in the US.

    Like the US, they have fired a lot of people working in the home finance area that pushed the paper needed to close the loans. Many thousands of these fine people who had nothing to do with the loan approval process are now walking the street looking for a job. These people are needed to make the mortgage business function, but there are no lenders willing to hire. Lending standards are higher now, appraisals will get more close looks and many appraisers will likewise go without.

    Does not look good for the next few years as unemployment rises and vacancies rise in commercial property.

    I feel sorry for those losing their homes and jobs. I wish I could see a light at the end of the tunnel... instead I can only see the train coming my way and I wonder how to protect my meager retirement benefits. The state pension plan I rely on has been playing the same game as the banks, playing the spreads on interest rates and buying over priced commercial real estate. I hope the folks in my state will agree to a tax increase to cover the unfunded liability of the pension plans. Then there is social security. Sure wish I had control of my investments in SS rather than have the idiots in Washington manage my future. Too bad grand kids, the dems have really fixed it for us and they have no idea how stupid they are and the average American public is even more stupid than the dems that sell this crap.
    May 23 00:39 am |Rating: 0 0 |Link to Comment |View article
  • Homebuilder Earnings Reports and Other Struggles - Housing Tracker
    Any clue on how REITs earnings reports will look later this week? IYR could be very volitile if they show significantly lower expectations for the coming year.
    Apr 28 08:25 am |Rating: 0 0 |Link to Comment |View article

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