California Total General Fund down $237 Million in August. Recent Estimates Put State in Deficit of $8 Billion for Next Year.
It only took a few weeks for California to miss its budget estimates again. The California State Controller’s Office released data for August receipts last week and the state is already under by $237 million from the recently revised budget figures. Keep in mind that the recent budget figures were completed in the midst of [...]
The Forgotten GSE: Fannie Mae Backs 1 out of Every 4 U.S. Residential Mortgages. Default Rates Have Tripled Since Last Year.
The two enormous government sponsored entities Fannie Mae and Freddie Mac have garnered little attention since their government take over late in 2008. Fannie Mae was placed into conservatorship on September 6, 2008 when it was brought under the Federal Housing Finance Agency (FHFA). But the losses keep mounting. In the second quarter Fannie Mae [...]
The Volatile California Housing Market – 10 Reasons why there will be no Recovery in 2010. The Seamless Short Sale and Renting back in Vogue.
The California housing bubble will go down in history books right along the Florida real estate bubble of the 1920s where speculators flipped swampland contracts over a nice lunch. The unique aspect of the California housing bubble is that it engulfed the entire nation and to a large degree, other cities in the world. This [...]