Tuesday April 29 Housing and Economic stories

Top Stories:

Condo is Tower of Solitude - (www.tampabay.com) – This is just a great story. Condo owner has almost the entire hi-rise to himself.
Maintenance is slow. Not long ago, Johnny clogged the garbage chute with pizza boxes, and when no one showed up to fix the problem, he dragged a concrete block five flights up and dropped it in the chute. When that failed, he tried another. "It just exploded," he says. The pool isn't heated. Johnny suspects it's because there aren't enough residents to justify the bills. He did figure out how to activate the waterfall, which pours down from Disneyfied bluffs. Still, instead of mingling beauties on lounge chairs and late-night Red Bull-and-vodka parties, the only real action on pool deck is the occasional Realtor networking social. Yay.
Raised in boom times, many Gen-X and Yers see their dreams go bust - (www.latimes.com) – Hmm, it’s just hard for me to feel sorry for these guys.
Jason Liebrecht used to write about his motorcycle adventures on his blog. But since early this month, the 36-year-old San Diego computer software engineer's daily musings have been about a less thrilling new experience: unemployment. "Do I find a job, or do I head to Central and South America on the motorcycle?" he wrote on Day 4. By Day 7, he had become more realistic. After selling some stock and applying for unemployment, Liebrecht figures he can pay his $2,300-a-month mortgage and other bills for just two months. When his company health insurance runs out in a few weeks, he'll go uncovered because he can't afford the premiums. "You have to just hope you land on your feet," Liebrecht said in an interview.
New Houses Turning Old as the Inventory Piles Up - (www.nytimes.com)
History Hints a Recession Would Hit City Hard - (www.nytimes.com) - The situation has worsened enough that the New York City Independent Budget Office, which said a month ago that it expected a brief and mild recession, is preparing a forecast that is likely to be significantly bleaker, said Ronnie Lowenstein, the director.
While You Weren’t Looking: FHA-Insured Jumbos on the Move - (www.ml-implode.com) - Under the Economic Stimulus Act of 2008, The Federal Housing Administration received a huge shot in the arm when it saw its lend...
Bank of America to Modify Mortgages, Help Homeowners - (www.ml-implode.com) - Bank of America Corp., seeking approval of its Countrywide Financial Corp. takeover, plans to modify at least $40 billion of mor...
Walkaways Are Over Already? - (www.ml-implode.com) - Alan Nevin, chief economist for the California Building Industry Association and San Diego-based MarketPointe Realty Advisors, predicted foreclosure sales could account for as many as 15,000 out of 25,000 total sales this year. But at some point, the foreclosures will drop off, he Nevin said. “Anybody who's going to walk away from a house or condo has already done it,” Nevin said. “Now it's just a matter of the pig going through the snake.”
Taxpayers Already Bailing Out Housing Market - (www.ml-implode.com)
S&P delivers blow to CDOs - (www.ft.com)
RBS May Cut 7,000 Investment Banking Jobs, People Say - (www.bloomberg.com)
Eos is Fourth U.S. Airline To Shut Down This Month - (online.wsj.com)
Greenspan, Bush to blame for U.S. crisis - (www.reuters.com)



Other Stories:

CA Median House Prices Down 29% In March - (Mish at globaleconomicanalysis.blogspot.com)
"Financial" Crisis? - (www.atlanticfreepress.com)
Good-Bye, Cheap Oil. So Long, Suburbia? - (www.businessweek.com)
Dealers see SUV glut as drivers trade in gas guzzlers - (www.nytimes.com)
Scholar threatened for warning of housing bubble in Taipei - (au.biz.yahoo.com)
'Estate agents' offer empty houses for squat - (www.dailymail.co.uk)

Pipeline Shock: Wells Wholesale adds 3 points - immediately!!! - (www.ml-implode.com) - "Due to secondary market execution risk, Wells Fargo Wholesale Lending has implemented a new 3.00 price adjuster." We were warn...
How the mortgage industry nurtured deceit - (www.slate.com)
Privatized profits and socialized risk - (www.nytimes.com)
Prosecute the Mortgage Sharks - (www.washingtonpost.com)
I wasn't wrong in '02, just early - (www.ocregister.com)
Mr. Mortgage: Gov’t Reports Record Number of Vacant Homes - (www.ml-implode.com) - ``What does this mean? It means the ’Month’s Supply’ figures, which the press and market get so hot and bothered over each month ...
The Shrinking Pie Effect - (www.ml-implode.com)
Iowa's Largest Home Builder Implodes - (www.ml-implode.com)
Will They Call FHA A Predatory Sub Prime Lender Too? - (www.ml-implode.com)
Investors pull out of mutual funds - (www.ml-implode.com)
The Brighter Side of Housing: LOWER PRICES - (online.wsj.com)
Housing Market is Nowhere Near Bottom - (www.huffingtonpost.com)
Brookfield Net Income Declines as Property Sales Fall - (www.ml-implode.com)
U.K. House Prices Decline the Most in Three Years - (www.ml-implode.com)
Too Many Houses, Not Enough People - (www.ml-implode.com)
Prices down 20% in Bangalore, India - (business.timesonline.co.uk)
Three Reasons Why Mortgage Bailout Is a Terrible Idea - (www.homeguide123.com)
Fed rates down, Mortgage rates up - (www.seekingalpha.com)
6.5 Million Foreclosures; Is There a Behavioral Problem? - (www.seekingalpha.com)

Gold Rises as Oil Costs Jump, Signaling Inflation; Silver Gains - (www.bloomberg.com)
Fed's Bailout Is Questioned By Ex-Staffer - (online.wsj.com)
Home vacancies rise to record 2.9% in first quarter - (www.marketwatch.com)
Truckers protest high gasoline prices - (www.ap.com)
Stimulus program rebates start today - (www.latimes.com)

Amid High Oil Prices, Danger Signs in Production - (www.nytimes.com)
Muni Auction Market Shrinks by 33%, Driving Down Interest Costs - (www.bloomberg.com)
S&P Lowers CDO Assumptions, Signaling More Downgrades - (www.bloomberg.com)
OPEC president sees $200 oil possible: report - (www.reuters.com)
Credit card rates hustle higher - (www.usatoday.com)
Resales of homes a house divided - (www.signonsandiego.com)

Loan Industry Fighting Rules on Mortgages - (www.nytimes.com)
Canadian economy stalling - (money.canoe.ca)
Trichet Says Beating Inflation Is Sole Aim of ECB - (www.bloomberg.com)
Turf wars hobble China's financial markets - (www.reuters.com)
Russian Central Bank Raises Rates by Quarter Point - (www.bloomberg.com)
Brazil Oil Trapped by 500-Degree Heat, Salt Barrier - (www.bloomberg.com)
Japan's Inflation: Bad Timing - (online.wsj.com)
Panel to Look at Foreclosure Practices - (www.nytimes.com)
Global adjustment will be long and painful - (www.ft.com)
Where Every Meal Is a Sacrifice - (www.washingtonpost.com)