Sonoma Housing Bubble

Pulling the cork out of Sonoma's bubbly housing foolishness

Wednesday, September 06, 2006

Popping the Credit Bubble

Check out the excellent analysis over at the SoCal Bubble Blog

Southern California Real Estate Bubble Crash: Did you hear the credit bubble pop last week?

"If there was any doubt about the creditworthiness of the housing bubble belief, you need to look no further than the credit expansion that created it. In the end, our housing bubble, like all financial manias of the past, rested on a great willingness to expand credit at a rate greater than the growth of the economy. Our credit bubble likely popped last week."

Also... read about the Third Best Year Ever over at Calculated Risk.

"Right now 2006 sales are in third place, through July, behind 2004 and 2005. But if the recent sales rate continues, annual sales for 2006 will probably fall into fourth place behind 2003...."

A bit of a scoop from a poster over at Ben's place:

Comment by Mike in Pacific Beach
2006-09-06 17:01:27

Here is what happens when you do an investigative report on the fraud going on in the mortgage industry:

“Investigative journalist John Mattes is an attorney and reporter known for his tenacity in tracking down cases of deception and consumer fraud. It was one such story John was working on today when he was viciously attacked by a man who had been making threats for weeks. The attacker is Sam Suleiman and his wife Rosa."


"Earlier in this newscast we showed you dramatic footage of one of our reporters being physically attacked and beaten. It was an assault that left him bloody and in an emergency room but earlier tonight John Mattes was able to share his thoughts with us on the conflict."


Text story which links to both videos:

Upcoming News:
(don't worry... your government is on the case...)

United States Senate
Wednesday, Sep. 13, 2006
10 a.m.

Banking, Housing, and Urban AffairsHousing and Transportation Subcommittee
Economic Policy Subcommittee

To hold joint hearings to examine the housing bubble and its implications for the economy.

The witnesses will be announced at a later date.


At 9/07/2006 11:07:00 AM , Blogger marin_explorer said...

John was working on today when he was viciously attacked by a man who had been making threats for weeks.

I saw that footage--yikes. In a way, it's funny since they knew a camera was running. I hope they try to represent themselves in court.

At 9/07/2006 12:24:00 PM , Blogger Athena said...

people are so dumb! It is hard to believe how dumb... when will people stop shocking me?

At 9/07/2006 12:32:00 PM , Anonymous tom stone said...

never Athena,i have had people try to carjack me in front of a dozen witnesses where ther was a very obvious security camera trained on the scene...too little too late as far as the coverage,where was it 2 years ago?and will martha stewart go to jail again?

At 9/07/2006 02:47:00 PM , Blogger Marinite said...

Athena -

Is it just me or are you getting an inordinate number of hits via search terms like this: "the new road to serfdom harpers".

What does it mean, if anything? Is that Harpers article just now being discovered by people? Is its relevance only now becoming appreciated?

At 9/07/2006 04:00:00 PM , Anonymous tom stone said...

BTW had one off those lovely presentations by a lender today,the pizza was excellent,and you can still get 100% financing with mortgage lates,or with a score of 525...yup,525 fico score.why do people buy mbs based on these loans is when they could lease a toll both on the golden gate bridge as a drive thru espresso bar?these loans are 80/20's and the rates are special...50 and 45 year amortizing loans due in 30 years.

At 9/07/2006 05:09:00 PM , Anonymous tom stone said...

Athena,check your e-mail re 660 e washington.

At 9/07/2006 08:01:00 PM , Blogger Athena said...

Thanks Tom! Will do!

Marinite, I am getting hits looking for the Harper's article. It is very odd indeed. There seem to be quite a few telling themes to the searches bringing people here lately.


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