(CNBC)Financials have taken a big hit related to subprime problems, but now it's looking like no firm is safe — the mortgage mess is now having an impact on a number of other sectors. They're not taking multi-billion-dollar charges like the financial firms, but plenty of companies in industries ranging from pharma to tech are getting pinched by subprime. And they're getting pinched where they'd least expect it — in their cash accounts. These firms bought auction-rate securities — bonds... Read Full Story
Dear Banks,
The streets are full of your irresponsible lending practices. When checking the MLS this evening and pulling up homes built from 2004 till now in just Sacramento County , there were 182 homes listed as short sales .
This figure doesn’t account for those homes that have already been repossessed and are now owned by the Bank, nor does it account for the homes that you have sold when hiring an auction company. The figure only accounts for today’s actively listed houses that... Read Full Story
I have been predicting that this would occur. This week's report on the huge down swing in retail sales with normally strong retailers like Wal-Mart, Target, Macy's, etc. has the analysts on Wall Street beginning to see the possibility of the R word - recession before the end of 2007. It is my contention as a former econ college student that the slow down of homes across the USA has caused the Domino Effect that we learned could occur. Would you agree? Read Full Story
October's home sales numbers are certainly no surprise. Santa Maria and Lompoc have been experiencing foreclosures and REO sales that have been inhibiting the number of real estate sales in these areas. There were 95 sales recorded this year compared to 133 sales in October of 2006. That is over a 28% decrease in home sales. Lompoc was hit the hardest with only 22 sales this year compared to 53 in October of 2006. Santa Maria was pretty close to last years number of 80, there were 73 for... Read Full Story
Yes, with the gas prices shooting out of sight and closer and closer to $4 per gallon people are looking at ways to cut back so they can continue to drive their vehicles. I predict that we will see a spike in late mortgage payments as they begin to juggle their money. Hey watch out Starbucks! People may also for go those expensive lattes! Read Full Story
CORT and Dataquick got to the numbers out to us quickly this month. That can only mean 1 thing, there weren't many sale transactions in Santa Barbara County. There were 109 transactions from Goleta to Carp. That compares to 151 transactions in 2006. That is almost a 28% drop in transactions for the month. The areas that were most affected were Santa Barbara and Goleta. Goleta's number dropped 56% from 48 transactions in 2006 to 21 transactions in 2007. Santa Barbara's number of sales wasn't... Read Full Story
Bu-bu-bu-bull crap!! had to get that out of my system. Well, the market was up today on hopes of Fed Rate Cut . How many time can the market rally on hopes alone. I got killed today. I am down a whole 1.33 %, there goes my down payment for my dream house. Oh, the humanity. I was only up 8.3% yesterday and the market punished me mercilessly today with the negative 1.33%. Here are the two position that I sold yesterday. 88% gain for less than 3 month, damn, I bet Cramer can do better than that... Read Full Story
Whew, with all the bad news coming out everyday, I though we be in recession by now. I mean just look at the headlines today alone. Job cuts as US housing mortgage crisis deepens Financial sector bleeds jobs Gov't Official: Hit to Economy Not Over Even Realtors Are Rattled Now FDIC anticipating 1.5 mln borrowers unable to make mortgage payments after reset Pending home sales plunge record 12.2% in July Credit market turmoil 'far from over'-US Treasury Housing recovery getting further away... Read Full Story
Builders feeling pinch of housing slowdown Three years ago, builder Tom Doucette was "moving at 100 miles per hour" trying to keep up with the demand for new homes at his project sites. Potential buyers were "camping out" at his FCB Homes subdivisions, hoping to snatch up a piece of real estate at the peak of the housing boom. Business is no longer a blur for Doucette. He and other local home builders are still making and refining future home plans. But actual construction has slowed... Read Full Story
Investment firm sacked HRJ Capital LLC , the investment firm whose partners include retired football stars Joe Montana and Ronnie Lott, said one of its funds lost 12.3 percent in the first half of August, erasing most of its 2007 gain. Blame the subprime mortgage crisis for the decline, the fund said. Montana is an equity partner in the firm, and Lott is a founder and managing partner. Harris Barton, another managing partner and founder, also played professionally with Montana and Lott for... Read Full Story
