Wednesday April 23 Housing and Economic stories

Top Stories:

Starting over at 40 because of a foolish house purchase - (money.cnn.com) – Similar to Pip in Great Expectations starting, this story profiles 10-20 people who are starting over in their 30s and 40s.
The End of Shopping - (www.newsweek.com) - At the end of 2007, household borrowing was a dizzying $14 trillion.For the past quarter century, Americans have gone on an unprecedented consumption binge—for cars, TVs, longer vacations and just about anything. The consequences have been profound for both the United States and the rest of the world, and the passage to something different and unknown may not be an improvement.
Arson to avoid foreclosure? - (www.latimes.com)
Regulator fears wave of bank failures - (www.ft.com) US bank failures could rise above “historical norms” as a weakening economy puts pressure on badly underwritten loans, particularly in commercial real estate, according to a bank regulator - 23:52
The new underground currency - (www.startribune.com) - Thieves are ransacking house after house in search of copper they can sell to scrap dealers for as much as $20,000 a month.
Condos with absolutely zero value - (seekingalpha.com) - AIG, Fannie and Freddie Put the Crunch on Condo Mortgages. imagine a world where condos (outside of NYC, Boston, Chicago and LA) have absolutely no value. They are simply transferred between “owners” for the assumption of operating expenses. Don’t laugh. Operating expenses and taxes, without even considering a mortgage, can easily run over $3000 a month for a nice 2 bedroom/2 bath in southeast Florida. Few retirees could swing this. I do not know how real estate taxes would be calculated, but I would not doubt government’s creativity in collecting revenue.
California foreclosure "surge": Up 327% from '07 levels - (www.ml-implode.com) - "Sinking home values and the collapse of flimsy mortgages sent a record number of California homes into the foreclosure process ...
Housing slump may exceed Depression - (www.ml-implode.com) - ''An influential economist who long predicted the housing market bubble cautioned Tuesday that the slump in the U.S. housing mar...
Condo buyers had a lot to beware of - (www.floridatoday.com)
Oil nears $120 as market tightens - (www.ft.com) - Opec attempts to reassure on supplies
Call Goes Out to Rein In Grain Speculators - (online.wsj.com)
Lenders derail plan to let bankruptcy judges modify mortgages - (www.latimes.com) – Thank god someone derailed this idiotic law, even if it is the lenders. If we change 200 years of contract law in this country, we are all in trouble.
Shanghai down over 50% from peak - (www.ft.com) – Yes, I would call this a stealth crash.
Duesseldorfer Hypo Rescued by Bank Group After Crisis - (www.bloomberg.com)


Other Stories:

Less leverage means smaller deals - (www.financialweek.com)
Renters can't escape housing foreclosure crisis - (www.ml-implode.com) - ''The most brutal real estate slump in decades is reverberating through the rental market. Renters in properties that are being ...
Too many people own houses - (www.tnr.com)
The Houseownership Ideologues - (www.truthout.org)
Government deaf to simple plea: less debt! - (patrick.net)
Falling San Diego house prices are a great thing - (www.signonsandiego.com)
Florida luxury house market shows signs of wear - (www.reuters.com)
Foreclosure Group Says Servicing Efforts Still Fall Short - (www.ml-implode.com) - The group noted that at-risk borrowers are receiving more help than in the past, but most are still not on track for any meanin...
If Lawrence Yun wanted to be more helpful... - (www.ml-implode.com) - ''NAR chief economist Lawrence Yun spun Greenspamisims not the truth of the facts
BofA, Countrywide to Curtail Risky Mortgage Lending - (www.ml-implode.com)
Black Swan song - (www.ml-implode.com)
Option ARM Specialist Downey Financial Loses $248 Million in Q1 - (www.ml-implode.com)
Most Home-Equity Line Delinquencies Keep Rising - (www.ml-implode.com)
SF Bay Area prices continue to fall - (eastbayhousingbubble.blogspot.com)
Graphs of CA Prices Crashing - (patrick.net)
What Ails American Economy? Everything, and Worse to Come - (www.nytimes.com)
The market's worst is yet to come - (articles.moneycentral.msn.com)
It’s Not What You Take, But How You Take It - (www.ml-implode.com)
The Ponzi Smokin’ Gun - (www.ml-implode.com)
The Credit Crunch is Dead! Long Live the Credit Crunch! - (www.ml-implode.com)
The Trillion Dollar Bailout - (www.ml-implode.com)
Concerns rising that Fannie and Freddie could need bailout - (money.cnn.com)
Quelle Surprise! National Association of Realtors Says Many Housing Markets Doing Well - (www.ml-implode.com)

Crude Oil Reaches All-Time High Above $119 on Record Euro - (www.bloomberg.com)
U.S. Stocks Retreat on Earnings Concern, Record Oil Prices - (www.bloomberg.com)
Euro Surpasses $1.60 for First Time on ECB's Inflation Outlook - (www.bloomberg.com)
U.S. Existing Home Sales Fell in March; Prices Lower - (www.bloomberg.com)
Corporate earnings about to take a tumble - (www.financialweek.com)
California foreclosure "surge": Up 327% from '07 levels - (www.latimes.com)
California's Home-Mortgage Defaults More Than Double - (www.bloomberg.com)
Arts institutions feeling impact of ailing economy - (www.azcentral.com)
With gas hitting record highs, drivers feeling squeezed - (www.ap.com)
Renters can't escape housing foreclosure crisis - (www.usatoday.com)

Loan Losses Pose Threat to Banks - (online.wsj.com)
Why stocks go up when they shouldn't - (www.nypost.com)
So Far, So Good on Bailouts, but How Long Will They Last? - (online.wsj.com)
Prices slashed on Chrysler loan sales - (www.ft.com)
Most Troubled Mortgage Borrowers Without Plan, Report Finds - (www.washingtonpost.com)
Rise in secret stock trading - (www.financialweek.com)

Florida luxury home market shows signs of wear - (www.signonsandiego.com)
New rules propose added scrutiny for sovereign wealth fund transactions - (www.financialweek.com)
Saudis warn on oil capacity - (www.ft.com)
Art market shrugs off credit crunch - (www.ft.com)
Gannett profit declines 9% on weaker ad sales - (www.marketwatch.com)
National City Follows Wachovia, WaMu, Taps `Abundance' of Cash - (www.bloomberg.com)
Fannie Mae, Freddie Mac Warned on Accounting - (www.washingtonpost.com)
SunTrust Quarterly Profit Falls 45% on Provisions for Bad Loans - (www.bloomberg.com)
Bank of America to alter loan practices - (www.chicagotribune.com)
RBS to Sell $24 Billion in Shares After Markdowns - (www.bloomberg.com)
Triple-A Failure - (www.nytimes.com)
The new face of hunger - (www.economist.com)