Search results for housing
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Posted
Sep 30 2009, 10:41 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
 The huge wave of layoffs that hit this country has given rise to a new word, one that irks me almost as much as "bromance." This new word I'm talking about is "mancession," which describes the fact that this recession has hurt men more than women.
In fact, women are on the verge of surpassing men on the nation's payrolls, The New York Times reports. In July, women had 49.9% of all payroll jobs. But this isn't because more women are working. What has happened instead is that more men have lost their jobs. And presto: A "mancession" is upon us. Dr. Phil devoted a show to men who couldn't deal with their wives becoming the family breadwinners. Are we headed for a social crisis?
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Posted
Jul 23 2009, 03:44 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Here's the strangest proof we've seen to date that the airline industry ain't what it used to be. According to the Los Angeles Times, airline pilots and other employees are living in a collection of 100 campers and RVs in Parking Lot B of Los Angeles International Airport, less than 3,500 feet from the south runway.
It has the feel of a modern-day shantytown, replete with the sounds and smell of jets coming in for a landing at the nation's third busiest airport. Parking the motor home at a Wal-Mart sounds glamorous compared with this.
The LA Times reports:
It is a drab expanse of crumbling gray asphalt, approach lights, chain-link fencing and rows of beige and white RVs -- some battered, others grand. A splash of color comes from the red and white blooms of about a dozen rose bushes along the colony's northern edge.
But it's a steal. Rent for each space is only $60 a month.
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Posted
Mar 21 2008, 12:26 PM
by
Robert Walberg
Rating:
Money Blog: Top Stocks Blog - MSN Money
Perhaps David Batchelder, a director of Home Depot, was inspired by the Easter theme of the resurrection when he decided earlier this week to spend more than $28 million to purchase 1.1 million shares of the home improvement retailer's stock. Batchelder now owns 1.9% of Home Depot. Not surprisingly news of the transaction sent shares of the beleaguered retailer sharply higher in Thursday's trading.
But should you follow the lead of this insider and start accumulating Home Depot stock? Investors often perceive insider buying as a strong (re)entry signal for beaten down stocks. Home Depot definitely fits that description, as the company has seen its share price tumble by 27% over the past year. Nevertheless, there is no reason to hurry back into the stock -- despite the bold action taken by Mr. Batchelder.
First of all, the housing market isn't getting any better as evidenced by the weakness in the most recent housing starts data. Fewer homes being built means less commercial business for granite countertops, kitchen cabinets, floor tile, etc. Meanwhile, the lifeblood of home remodeling projects -- home equity loans -- are increasingly difficult to come by these days. Toss in the slumping economy and reduced consumer spending into the mix and it's safe to assume that the pace of remodeling efforts will remain slow for the balance of 2008 and into 2009.
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Posted
Jul 09 2009, 11:27 AM
by
Anthony Mirhaydari
Rating:
Money Blog: Top Stocks Blog - MSN Money
Although Wall Street's focus has turned to other matters, the housing crisis continues to smolder and burn like an abandoned campfire ready to reignite. Heck, the banks are even restarting the mortgage repackaging business -- once again turning questionable loans into "investment grade" securities.
But just as we look the other way, the next phase of the housing crisis is about to begin according to new analysis by hedge fund owner and value-investing guru Whitney Tilson. Since home prices peaked in 2006, the Case-Shiller Home Price Index has fallen 34%. This, of course, was driven by a huge spike in defaults and delinquencies among subprime borrowers as interest rates and payments reset.
In a recent update to his housing overview from last December, Tilson says the next phase will be driven by prime and Alt-A borrowers who owe more than their house is now worth. The catalyst will be ongoing job loss, falling wages, and rising interest rates. Add to this a huge wave of Alt-A loan resets over the next five years. The result: Home prices will fall another 10%, possibly more.
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Posted
Aug 21 2009, 05:11 PM
by
Anthony Mirhaydari
Rating:
Money Blog: Top Stocks Blog - MSN Money
The march of good news continues for housing. Existing home sales jumped 7.2% between June and July -- the largest increase in over a decade and the fastest pace in nearly two years -- according to the National Association of Realtors (NAR). Prices are down 15% compared to last year.
A combination of cheap distressed properties, seasonal trends, low interest rates, and tax credits for first-time buyers is working its magic. But a number of issues have me worried that instead of an end to this epic housing nightmare -- we are about to enter a new stage.
Bing: More on home prices
The first problem is that the current buying trends are by no means normal with a large percentage of sales focused on foreclosures, short-sales, or other forced transactions rooted in financial distress.
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Posted
Sep 22 2009, 08:48 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
 The economic recession in the U.S. has taken a toll on construction jobs available, and as a result fewer immigrants are coming here from Mexico and other countries.
That's the general take after census numbers show the number of foreign-born people living in the U.S. has declined for the first time since 1970, The Wall Street Journal reports. About 38 million foreign-born people lived here in 2008, a decline of 100,000 from the previous year. Bing: Census figures on gay marriage, health insurance
If that doesn't seem like much of a drop to you, consider that between 2000 and 2006, the number of foreign-born in the U.S. grew by 1 million a year. Compared with that growth rate, the decline seen last year is staggering. Of course, it's hard to get an exact count on all this because millions of people are in the U.S. illegally, the Journal reports.
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Posted
Oct 16 2008, 07:24 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
As people wait for the federal government's various bailouts and rescues to trickle down and stabilize the economy, they got more bad news: The cost of financing or refinancing a home purchase has gotten more expensive.
The average interest rate on a 30-year fixed-rate mortgage jumped to 6.74% (6.4% for a 15-year), the biggest weekly increase in 21 years, according to Bankrate.com's survey of lenders. Last week's Bankrate benchmark was 6.2%.
According to Bankrate, the new rate means the monthly payment on a $200,000 mortgage would be $1,295.87, about $70 more than it would be for a buyer who locked in a rate last week.
So we're right where we were eight weeks ago. Why is this happening? Weren't we supposed to see help for the housing market?
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Posted
Sep 09 2008, 05:41 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
If you closed on a house recently, prepare to kick yourself. One of the outcomes of the federal takeover of Fannie Mae and Freddie Mac is the lowest mortgage rate in five months.
According to Bankrate.com, the rate on a 30-year fixed-rate mortgage dropped half a percentage point -- to about 6% -- on Monday after the takeover was announced. Rates dropped even further Tuesday, settling at 5.79%. (To figure out how long that rate will last, you will need a crystal ball.)
It's part of a mixed bag of results American consumers can expect now that the federal government has assumed responsibility for Freddie's and Fannie's debt. And it's just the tip of the proverbial iceberg.
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Posted
Jun 03 2008, 05:48 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
The grocery shopper's beloved BOGO -- buy one, get one (free) -- has moved into the realm of home sales. Yes, home sales. In yet another sign of how anxious sellers have become in today's housing market, a San Diego real estate developer has offered a free $400,000 row home to anyone who buys one of his estate homes starting at $1.6 million. "We want to reduce our inventory," Mark Connal, a vice president at Michael Crews Development, told the San Diego Union-Tribune. "We're prepared to bite the bullet. ... Right now, every builder I know is selling houses at less than it costs to build them."
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Posted
Mar 21 2008, 12:24 PM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
A little cleaning can save dollars along with your sanity. That's what Smart Spending message board reader "Lynn D" says, anyway. In a thread called "Making home a haven," the grad student notes that her formerly crowded condo made her feel "stressed and boxed in," which led to her wanting to go out, which led to her spending money. At first, she tried to combat the tendency by spending more money -- on storage bins, hooks, an entertainment center and other things allegedly designed to help. Finally, Lynn D figured out the real problem: "I needed to get rid of (junk)!" Now she finds herself staying at home more, whether it's to do her nails or watch a movie on a couch no longer littered with papers and books. Lynn D admits to another savings, too: She no longer has to buy things she already owns but couldn't find in all the clutter.
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