Sacramento Office Vacancy Rate Surges Over 20%
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Peter Goodman Revisits Cape Coral, FL
Reading Time: 2 minutesWe’re not in a recession. We’re in a depression. – Bobby Mahan, a local real estate broker Two years ago, Peter Goodman wrote an award winning piece on the real estate bust in Cape Coral, FL: “This Is The Sound…
Don’t Believe The Realtors: CA Housing Bust Just Getting Started
Reading Time: 7 minutes“No question that the bottom of the market hasn’t hit yet.” – Esmael Adibi, Economist, Chapman University in Orange County “I think we’re going to be dealing with this all the way through 2008.” – Jack Haynes, Executive Vice President,…
NY Times: FHA Headed For Same Fate As Fannie, Freddie
Reading Time: 3 minutesLet me simply state at the outset that based on current projections, absent any catastrophic home price decline, F.H.A. will not need to ask Congress and the American taxpayer for extraordinary assistance – we will not need a bailout. –…
August Sacramento Home Sales Data Support Stabilization Thesis
Reading Time: 2 minutesClick here for larger graphic The overall volume of home sales in the 8-county Sacramento region dropped about 16% from the year ago period while prices were firm month to month. The median sales prices of a home in Sacramento…
WSJ: The House the Fed Built
Reading Time: 3 minutesThe Wall Street Journal today published an editorial, “The House the Fed Built” (subscription required), echoing the interpretation of recent Fed history I posted a couple weeks ago: This is the housing market the Federal Reserve built. That is to say,…
Reverse Wealth Effect Saps Consumer Spending
Reading Time: 2 minutesData 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 $25 billion less (-21%) (Sac and…