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June Case Shiller Housing Numbers Support Idea Of Low End Housing Bottom
Reading Time: 2 minutesThe widely followed Case Shiller index of home prices showed a sequential increase in home prices for June, marking the second straight month of sequential price increases for the first time since early 2006. This supports the idea, which I’ve…
The Inland Empire: The Sacramento of SoCal
Reading Time: 2 minutesOne of the interesting features of the real estate boom was the way that outlying areas from major metros took off. As real estate got more and more expensive in the big metros (Bay Area, LA, etc…), a lot of…
Same Story At WaMu
Reading Time: 2 minutesToday 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, almost entirely in real…
WSJ: How Lennar Survived
Reading Time: 2 minutesBy selling land at huge discounts to what it was once valued, big builders generated large losses for tax purposes. By applying those losses against profits during prior years, they have collected about $2.55 billion in tax refunds this year,…
Sac Bee: New Meltdown Looms As Sacramento Area Commercial Vacancy Rate Rises
Reading Time: 2 minutesIt’s very analagous to what happened with the residential market. Money was cheap, growth was rapid, and we built a lot more product than we needed. – Mark Friedman, a prominent Sacramento commercial developer Good article on the coming commercial…
The Story of Taylor, Bean & Whitaker Mortgage Corp.
Reading Time: 4 minutesThe Wall Street Journal ran a fascinating front page story last Thursday on the implosion of Taylor, Bean & Whitaker Mortgage Corp, the nation’s 12th largest mortgage lender: “With a Quick Rise, Hard Fall, Home Lender Marked an Era”, The…