Real Estate Archive
Same Story At WaMu
Today after the close Washington Mutual (WM) announced a $3.3 billion 2nd quarter loss driven by a $6 billion provision for loan losses (WM Earnings Release).
WaMu has a quarter trillion dollar ($250 billion) loan portfolio, ...
Posted by Greg Feirman · No Comments »
The Banks Are Getting Killed
As we all know, the housing market is driving everything in this bust. And the financials, as the source of all the financing for the housing market, have borne the brunt of the pain and ...
Posted by Greg Feirman · 1 Comment »
WSJ: Construction Loans Could Be Next Big Headache
The Wall Street Journal had an interesting article today ("Small Banks Reckoning Day Is Coming" (subscription required), Wednesday July 2, C2) on rising delinquencies on construction loans made to builders by regional banks. This chart of soaring ...
Posted by Greg Feirman · No Comments »
Same Story At KB Homes
June 27, 2008 · Category: Real Estate, Stocks
The new home market continues to be brutal as we saw yesterday with Lennar and today with KB Homes (KBH Earnings Release).
I created the same chart for KB Homes of new home deliveries and backlog ...
Posted by Greg Feirman · No Comments »
House Of Pain At Lennar
June 26, 2008 · Category: Real Estate, Stocks
Homebuilder Lennar (LEN) reported 2nd quarter earnings today and they were not pretty (LEN Earnings Release).
I put together a chart of Lennar's new homes delivered and backlog going back 5 years which pretty much tells the ...
Posted by Greg Feirman · No Comments »
Some Signs Of Improvement In Sacramento Home Market
May 20, 2008 · Category: Real Estate, Local Business
DataQuick yesterday released April Sales numbers for the Sacramento region and they were somewhat encouraging. The most encouraging number is sales volume which was up 10% for the 8-county region compared to last year. Even ...
Posted by Greg Feirman · No Comments »
Fannie Mae’s Thin Margin
"The new capital will enable Fannie Mae to maintain a strong, conservative balance sheet...."
- Fannie Mae 1st Quarter Earnings Release
The Heard On The Street column in today's WSJ, "Will $6 Billion Do For Fannie?" (subscription required), caught my ...
Posted by Greg Feirman · No Comments »
Trader Of The Year: John Paulson Made Billions Shorting Subprime Mortgages
Trader Monthly recently named John Paulson trader of the year for 2007.
Duh!!!!
Funds run by Paulson, a hedge fund manager, were up $15 billion in 2007 and he is estimated to have made beteween $3-$4 billion ...
Posted by Greg Feirman · No Comments »
Why Homeowners Can’t Cut Their Losses
"Even a small loss evokes a sense of frustration. There's something magical about 'at least breaking even'."
- David Laibson, Behaviorial Economist, quoted in "Be It Ever So Illogical: Homeowners Who Won't Cut the Price" , The New ...
Posted by Greg Feirman · No Comments »
Reverse Wealth Effect Saps Consumer Spending
March 10, 2008 · Category: Macro Economics, Real Estate
Data from DataQuick show that Sacramentans extracted $2 billion less (-34%) from their homes in 2007 - via refinancings, home equity loans, outright sales - than they did in 2006. For the state of California, it was ...
Posted by Greg Feirman · No Comments »
