Bad Real Estate Loans Cause IndyMac Bank To Be seized By FDIC
Worried customers lined up outside IndyMac to withdraw their money this morning. IndyMac was seized by federal investigators on Friday. The Federal Deposit Insurance Corp automatically insures customers with accounts worth $100,000 or less.
IndyMac is the fifth U.S. banking company to fail this year, and the largest since the 1980s savings-and-loan crisis.
Gerard Cassidy, an analyst at RBC Capital Markets, on Sunday estimated that 300 U.S. banks might fail over the next three years because of credit losses and tight capital markets.
Regulators expect the IndyMac takeover to cost the FDIC $4 billion to $8 billion.
Real Estate – Jim Rogers says Fannie and Freddie are a ‘disaster’
"The U.S. Treasury Department's plan to shore up Fannie Mae and Freddie Mac is an “unmitigated disaster'' and the largest U.S. mortgage lenders are “basically insolvent,'' according to investor Jim Rogers.
Jim Rodgers, is the chairman of Rogers Holdings, in April 2006 he correctly predicted oil would reach $100 a barrel and gold $1,000 an ounce, also said the commodities bull market has a “long way to go''. Rogers, a former partner of hedge fund manager George Soros, predicted the start of the commodities rally in 1999. San Diego real estate agents
San Diego Real Estate Bubble … What Bubble?
It's Always A Good Time To Buy Real Estate…right??
In 2005, the media ‘talking heads’ adamantly asserted that a San Diego housing bubble was a myth. In the Spring of 2006 they said the ‘minor correction’ was over and in the Spring of 2007 said it was time to jump on the great home values. Most recently they were predicting a likely turnaround for the Spring of 2008. Yes, the industry ‘insiders’ have had a perfect record for being wrong. But, wait … the Spring of 2009 may see our long awaited turnaround. Just don’t bet your house on it! San Diego real estate agents
Housing Industry is In A Depression
One of the nation's largest home builders Toll Brothers Inc. chief executive said that the housing industry is in a “depression” and any recovery could be two or three years away. Robert Toll said he’s not ready to call a bottom yet because the housing market could still get worse.“Can the market go down another 10 or 20 percent? Sure,” said Toll, whose company will sit on cash unless a bargain land deal comes along.He said the current housing crisis is the worst he’s seen since the mid-1970s, but back then the decline was relatively short-lived. The current downturn started in late 2005. San Diego for sale by owner real estate
Housing Slump Will Go Continue at least To 2009
A record 2.47% of all home loans were in the foreclosure process at the end of the first quarter vs. 1.28% a year earlier, the Mortgage Bankers Association said Thursday.
Beyond that, 6.35% of all loans on one-to-four-unit residential properties are behind on payments. That's the highest delinquency rate since the MBA survey began in 1979. Nearly one-quarter of subprime adjustable-rate loans were seriously delinquent.
"Under normal circumstances, it would probably take a year or two to work through this kind of inventory," said Rick Sharga, director of marketing for RealtyTrac, referring to times when the credit markets and economic outlook are more favorable. "We're in anything but normal circumstances, and we see the housing slump going through at least 2009." San Diego California MLS listings
Home Prices … Sharpest Rate Drop in Two Decades
U.S. home prices dropped at the sharpest rate in two decades during the first quarter, the Standard & Poor's/Case-Shiller national index showed Tuesday, a somber indication that the housing slump continues to deepen.
Prices tumbled more than 14 percent during the quarter and are at levels not seen since the third quarter of 2004. While the index is still up 60 percent from 2000, millions of homeowners who bought in the past four years with little or no money down now owe more than their homes are worth. San Diego real estate agents