Do I dare tread on Gimleteye's turf: The housing bubble bust? It is either that or talk about gambling (which is in today's herald). I am going to an Army Corps panel discussion on Rapanos (see comment section if you care to find out what this is) which is going to be held at the Airport Hilton in Ft. Lauderdale so I don't have a lot of time. You get what you pay for.There are two real estate articles I found interesting in today's Business Section of the Miami Herald, Walkaways increase at WCI condos. WCI is a publically traded developer of condos and single family homes. They report that people walking away from their down payment on properties is up to 17%. The company had predicted 8 to 10 percent. WCI stock has fallen to $6.64 from $24 last year.
Second article: MORTGAGES: Countrywide: $186.5 billion shields us from risky market. They claim that this dough will get them through this bad market. They are the nations biggest lender. This article also states that American Home Mortgage (Not a sub-prime lender) is also in bankruptcy (joining about 50 other lenders this year alone). Bad sign when a more prudent lender is in bankruptcy.
2 comments:
By CRAIG PITTMAN AND MATTHEW WAITE
St. Petersburg Times.
"In the more contentious case, John Rapanos in 1988 filled some of his 175 acres to sell to a mall developer. The wetlands are 11 miles from the Kawkawlin River but connected through a man-made drain and a creek. The river flows into Lake Huron.
A consultant Rapanos hired warned him about wiping out the wetlands without a permit. But "Rapanos asked the consultant to destroy any paper evidence of wetlands on his property and then threatened to fire him and sue if he did not comply," a federal court later wrote.
Rapanos proceeded without a permit and was convicted of willfully violating the Clean Water Act. Property rights advocates portray him as a victim.
"Overzealous federal prosecutors have used every tool available to punish a 70-year-old Michigan grandfather for moving sand from one end of his property to another," said Reed Hopper of the Pacific Legal Foundation, which is representing Rapanos.
"This case is about the federal government overstepping its authority, not about whether our water will be clean."
http://www.sptimes.com/2006/02/21/State/Two_high_court_cases_.shtml
Countrywide's days are numbered. When it happens, blood will truly flow in the streets.
Post a Comment