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Washington’s involvement in the real estate industry is quite substantial every year, totaling hundreds of billions of dollars in direct expenditures and tax breaks.
A new report from the nonprofit organization Smart Growth America says federal financing and spending on real estate totals about $450 billion annually. This investment by the government ranges from loan guarantees to commercial tax credits, and helps Americans with things such as rent, first-home purchases and assistance for business development. [...]
 Report: Asian Credit Boom Planting Seeds for Next Financial Crisis
via Money News:
The current Asian credit boom is much like the credit explosion in Ireland and the Baltic countries in their run up before the 2008 financial crisis, the report warns. The situation is particularly dangerous in Hong Kong, Vietnam and China.
…
In China, an increase in lending has prompted a strong increase in its manufacturing.
In Vietnam, the country’s property bubble is [...]
Charles Scaliger
The New American
Sunday, September 16, 2012
Everybody knew it was coming. With the economy continuing to founder, it was only a matter of time before Ben Bernanke and the Federal Reserve decided to turn once again — like the proverbial pig to its wallow — to printing money in a vain attempt to jolt the moribund American economy back to life. As with the first two such feckless efforts, they’re dressing this [...]
Short sales (sales of properties in default) and sales of bank-owned homes fell in the second quarter, according to the latest report from RealtyTrac.
The declining levels of foreclosure inventory are driving up prices of foreclosed homes.
But foreclosure sales still account for 23 percent of all residential sales in the second quarter, and many homebuyers still look to these properties for their home purchases.
So, we drew on RealtyTrac’s latest report to highlight the 8 [...]
Two-thirds of college graduates leave with an average of $25,000 in loans, according to a report by younginvincibles.org. That makes the debtor ineligible for the typical home mortgage.
The effect is devastating to the U.S. economy, according to the report:
“Debtors who graduated in 2004 and start looking for a mortgage to purchase a home in the next year – the average age for home purchases is 30 – will face some difficult realities.The impact of [...]
As RBS’ ATM “Glitch” Enters Fifth Day, The Bailed Out Bank Issues A Statement
Over the past week, various entities controlled by bailed out UK-bank RBS, focusing primarily on NatWest, have seen clients unable to access virtually any of their funds, perform any financial transactions, or even get an accurate reading of their assets. The official reason: “system outage”… yet as the outage drags on inexplicably for the 5th consecutive day, [...]
The reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.
The provision is part of a larger package of immigration measures, co-authored by Sens. Charles Schumer, D-N.Y., and Mike Lee, R-Utah, designed to spur more foreign investment in the U.S.
Foreigners have accounted for a [...]
WASHINGTON (AP) — The American dream of homeownership has felt its biggest drop since the Great Depression, according to new 2010 census figures released Thursday.
The analysis by the Census Bureau found the homeownership rate fell to 65.1 percent last year. While that level remains the second highest decennial rate, analysts say the U.S. may never return to its mid-decade housing [...]
As the second decade of the 21st century began, the US economy had not recovered from the Great Recession that began in December 2007.
The economy’s failure to recover was despite the largest fiscal and monetary stimulus in the country’s history. There was a $700 billion bank bailout, a $700 billion stimulus program, a couple of trillion in “quantitative easing,” that is, in debt monetization [...]
by ZH
From Market News:
Prices of new homes in China’s capital plunged 26.7% month-on-month in March, the Beijing News reported Tuesday, citing data from the city’s Housing and Urban-Rural Development Commission.
Average prices of newly-built houses in March fell 10.9% over the same month last year to CNY19,679 per square meter, marking the first year-on-year decline since September 2009.
Home purchases fell 50.9% y/y and 41.5% [...]
via ZH
What do you think the impact of the Japanese crisis will be on the economic recovery and global financial markets?
From a human perspective, it is obviously a tragedy. Economically, I do not think the Japanese crisis will have a major impact on overall recovery. Japan accounts for 8% or 9% of the global economy. This disaster could slow the growth of Japan’s GDP by 2% [...]
China’s home prices rose 0.5 percent in February, the slowest monthly gain since August, after the government expanded efforts to curb risks of asset bubbles, said SouFun Holdings Ltd.
Residential prices rose in 80 out of 100 cities tracked by SouFun from January, with average home values nationwide climbing to 8,686 yuan ($1,322) a square meter (10.76 square feet). Home prices increased 1 percent in January from December, SouFun, the nation’s [...]
by ZH
The patently obvious deterioration in housing just took one big step for the worse, after the Mortgage Banker Association reported that the Market Composite Index, a measure of mortgage loan application volume, decreased 9.5 percent on a seasonally adjusted basis from one week earlier. The Refinance Index decreased 11.4 percent from the previous week and is the lowest Refinance Index [...]
bloomberg:
China’s four biggest state banks will not issue any new loans to property developers for the remainder of the year, the state-run China Real Estate Business reported, citing unidentified executives at the banks.
Industrial & Commercial Bank of China Ltd., China Construction Bank Corp, Bank of China Ltd. and Agricultural Bank of China Ltd., had met their allotted loan targets for the year, according to a copy of a report e-mailed [...]
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