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
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:http://tinyurl.com/qf6mm
(don't worry... your government is on the case...)
United States Senate
Wednesday, Sep. 13, 2006
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.