Housing’s Treacherous Path: From 44 Percent Homeownership to 70 Percent. The Levittown Dream and Nothing Down Madness. How a Nation lost its way with Homeownership.
It is a fascinating case study in the perceived power of homeownership that even after our economy was brought to its economic knees by a massive housing bubble that the government, Wall Street, home buyers, and sellers somehow view homeownership as our ticket to getting out of the financial mess. That is, the housing poison [...]
Wells Fargo Solution to Option ARM Problem? Convert all Pick-A-Pay Mortgages to Interest Only Loans.
2010 will be a big year for four states because that is when the option ARMs are suppose to recast in droves. State Attorney General Jerry Brown of California sent a letter to the top 10 option ARM servicers and banks late last week requesting information requiring firms to stipulate how much of these loans [...]
Riverside and San Bernardino Housing: Two SoCal Counties with 4 Million People Experience 60 Percent in Housing Price Declines. And Prices are Still near the Bottom.
The Inland Empire of Southern California has been devastated with the current housing bubble bursting. A few other bloggers have covered this area in great detail but it is important to examine what is happening here. The Inland Empire is made up of two large counties, San Bernardino and Riverside. Before we look at details [...]