If you are paying attention to the collapse in the housing market, this weekend's press offers several worthy reads:
The Star Tribune has printed two (one, two, three) installments of a three part series on the new ghost towns. [update 4/22 9:00am : 3rd installment printed]
Few counties in Minnesota benefited as much from the housing boom as Wright. And few have fallen as hard, with once high-priced subdivisions becoming virtual ghost towns. Unsuspecting home owners and the communities that built roads to welcome them are left paying the price.
MSNBC has a story detailing the same phenomenon in Phoenix
But sundown gives away a troubling secret: Behind dark windows and unanswered doors, it’s clear nobody is coming home.
A DailyKos diary looks at the Alt A (non traditional mortgage) time bomb in the bay area. The summary:
So you tell me: when a bunch of large mortgage holders with liar loans on speculative homes they don't live in, that are experiencing negative amortization, have their loans reset to much higher rates in a market with falling home values, what do you think they are going to do?
This should scare everyone here, because of the real estate and mortgage bond market is already on the scary edge of bankruptcy from the subprime mess. What will the Alt-A Crisis do when it hits?
All this as context as we look to developments in the coming months on Gladstone, Gethsemane, the monastery, and Carter Crossing.
No comments:
Post a Comment