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	<title>Housing Doom</title>
	<link>http://housingdoom.com</link>
	<description>"He who defends everything defends nothing." - Frederick the Great</description>
	<lastBuildDate>Fri, 20 Nov 2009 20:25:17 +0000</lastBuildDate>
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		<title>Flag Day at Igor&#8217;s Dungeon</title>
		<description><![CDATA[Doom Transcripts: Index &#38; Guide
Doom&#8217;s collection of transcripts of AEI seminars now features a date-order list of our transcripts and the same list in the context of close to a hundred further events that throw light on some aspect of the subprime crisis, housing bubble or credit crunch while offering an audio and/or video record.&#160; [...]]]></description>
		<link>http://housingdoom.com/2009/11/20/flag-day-at-igors-dungeon/</link>
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		<title>Foreign Cenbank Holdings of US Obligations Weekly Update — to November 18, 2009</title>
		<description><![CDATA[The Board&#8217;s H.4.1 statistical release, &#34;Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks,&#34; has been modified to include information related to TALF LLC, a limited liability company formed to purchase and manage any asset-backed securities that might be received by the Federal Reserve Bank of New York (FRBNY) in [...]]]></description>
		<link>http://housingdoom.com/2009/11/20/foreign-cenbank-holdings-of-us-obligations-weekly-update-%e2%80%94-to-november-18-2009/</link>
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		<title>Op-Ed Friday:  Fighting For The Right To Hang</title>
		<description><![CDATA[It&#8217;s Friday, and if you are part of our Doom&#8217;s typical demographic, likely as not you are an affluent white male- and this issue might not be near and dear to your heart.&#160; For this mother of five though, I&#8217;m watching the battle of HOAs vs. clotheslines heating up- and I&#8217;m on the side of [...]]]></description>
		<link>http://housingdoom.com/2009/11/20/op-ed-friday-fighting-for-the-right-to-hang/</link>
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		<title>Will Court Ruling Help Kill Commercial Real Estate Lending?</title>
		<description><![CDATA[A recent court ruling forcing Citibank to continue funding a New York development might be a case where developers win a battle, but loose the war:

A ruling that Citigroup Inc. must resume lending to a stalled Syracuse, N.Y., mall project could push banks to revisit how they draft construction-loan agreements. 
The New York State Supreme [...]]]></description>
		<link>http://housingdoom.com/2009/11/20/will-court-ruling-help-kill-commercial-real-estate-lending/</link>
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		<title>Toxic Loans Ruled Cause Of Death For Banks</title>
		<description><![CDATA[This had to be an easy call- no one suspected the Butler.&#160; Toxic loans have been found to be the cause of death for many banks: [Hat tip Freedom's Phoenix!]

The coroner&#8217;s report left no doubt as to the cause of death: toxic loans. 
That was the conclusion of a financial autopsy that federal officials performed [...]]]></description>
		<link>http://housingdoom.com/2009/11/19/toxic-loans-ruled-cause-of-death-for-banks/</link>
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		<title>Good News- Housing Starts Down</title>
		<description><![CDATA[&#160;
Wall Street may not like it, but lower housing starts is good news for the housing market:

Privately-owned housing starts in October were at a seasonally adjusted annual rate of 529,000. This is 10.6 percent (&#177;8.7%) below
the revised September estimate of 592,000 and is 30.7 percent (&#177;8.3%) below the October 2008 rate of 763,000.
Single-family housing starts [...]]]></description>
		<link>http://housingdoom.com/2009/11/18/good-news-housing-starts-down/</link>
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		<title>There are none so blind to bubbles as those who will not see</title>
		<description><![CDATA[&#160;
Former Federal Reserve Chairman Alan Greenspan said it&#8217;s impossible to know that you are in a bubble when you are in one.&#160; It isn&#8217;t impossible for most of us, but it sure seems to be tough for the Fed. Federal Reserve Vice Chairman Donald Kohn who seems to have the same problem:

Kohn said it&#8217;s wise [...]]]></description>
		<link>http://housingdoom.com/2009/11/17/there-are-none-so-blind-to-bubbles-as-those-who-will-not-see/</link>
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		<title>Morgage Delinquencies Are Up 58% From Last Year</title>
		<description><![CDATA[Unemployed people can&#8217;t pay their mortgages.&#160; Unemployment is up, and so is mortgage delinquencies:

The pace at which people fell  behind on their mortgages slowed during the summer for the third consecutive  quarter, but the overall delinquency rate hit another record, a new report  shows.
For the three months ended Sept.  30, 6.25 [...]]]></description>
		<link>http://housingdoom.com/2009/11/17/morgage-delinquencies-are-up-58-from-last-year/</link>
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		<title>More Can Still Go Wrong With Housing</title>
		<description><![CDATA[&#160;
Chris Low, chief economist of FTN financial recently said:

[A] stable housing market is essential to a stable banking system, and he  believes &#8220;everything that can go wrong in the housing market already has.&#8221;

I would disagree. One of the things that housing can still suffer from is attrition.&#160; Some problems get worse over time.
One of [...]]]></description>
		<link>http://housingdoom.com/2009/11/16/more-can-still-go-wrong-with-housing/</link>
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		<title>AEI Subprime VI: Complete Annotated Transcript</title>
		<description><![CDATA[1:36:34 &#8230; This crisis was caused by massive government subsidies to purchase homes by people who couldn&#8217;t really afford them.  So what does Congress do?  They pass an $8,000 tax credit for people who can&#8217;t really afford to buy a home to buy one.  I mean, how stupid can you get? - [...]]]></description>
		<link>http://housingdoom.com/2009/11/16/aei-subprime-vi-complete-annotated-transcript/</link>
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		<title>AEI Credit Crunch II: Complete Annotated Transcript</title>
		<description><![CDATA[
1:27:42 No, might go wrong. - Allan Meltzer

Doom Transcripts: Index &#38; Guide
Almost 19 months later, Doomers may enjoy putting some of these opinions up against what actually took place.
Housing Doom is pleased to present a complete unauthorized annotated transcript for the American Enterprise Institute&#8217;s April 28, 2008 event &#34;What Lies Beyond the Credit Crunch? Part [...]]]></description>
		<link>http://housingdoom.com/2009/11/15/aei-credit-crunch-ii-complete-annotated-transcript/</link>
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		<title>Yun Delivers Fantasy Real Estate Report</title>
		<description><![CDATA[
&#34;&#8230;.and then the great housing bust ended in 2010 and they all lived happily ever after&#8230;.&#34; - Lawrence Yun, chief economist, National Association of Realtors


O.K. Yun may not have said it exactly like that, but this looks pretty darn close. [Thanks L!]

Home sales will increase 15 percent to about 5.7 million  units and REALTOR&#174; [...]]]></description>
		<link>http://housingdoom.com/2009/11/14/yun-delivers-fantasy-real-estate-report/</link>
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		<title>Phoenix Housing Recovery?  Not Really</title>
		<description><![CDATA[&#160;
Dr. Jay Butler of ASU&#8217;s Realty Studies has released his monthly report on the Phoenix housing market.&#160; He says he see&#8217;s &#34;signs of recovery&#34; in the market, but then goes on to say the market is &#34;still bottoming out&#34;.&#160; Here&#8217;s what Butler said about sales:

In October, foreclosures on 3,815 homes accounted for 38 percent of [...]]]></description>
		<link>http://housingdoom.com/2009/11/13/phoenix-housing-recovery-not-really/</link>
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		<title>Foreign Cenbank Holdings of US Obligations Weekly Update — to November 13, 2009</title>
		<description><![CDATA[UPDATE: Oops! of course the title should have read &#34;&#8230; to November 11, 2009&#34;.&#160; I hate it when that happens  

Suddenly here&#8217;s another week where there&#8217;s just about no movement in foreign central bank holdings.  The Fed&#8217;s own MBS holdings ticked up $1.179 billion, and the cenbanks&#8217; total went down just a tad [...]]]></description>
		<link>http://housingdoom.com/2009/11/13/foreign-cenbank-holdings-of-us-obligations-weekly-update-%e2%80%94-to-november-13-2009/</link>
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		<title>Op-Ed Friday: Make A Contribution To The National Debt</title>
		<description><![CDATA[It&#8217;s Friday. Do you find yourself tired of huge deficits and a burgeoning national debt? The Treasury would be more than happy to accept your donation: [In the immortal words of Dave Barry, &#34;I am not making this up.&#34; Hat tip L!]

WASHINGTON (Reuters) &#8211; Not sure what to give Uncle Sam this Christmas? How about [...]]]></description>
		<link>http://housingdoom.com/2009/11/13/op-ed-friday-make-a-contribution-to-the-national-debt/</link>
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		<title>Chase apologizes for selling off couple&#8217;s home</title>
		<description><![CDATA[&#160;
Oops.&#160; It looks like one couple&#8217;s home loan was modified right out from under them:

PHOENIX &#8212; Despite being up-to-date on their modified mortgage payments, a Valley couple found Chase foreclosing on their home.
&#34;You work so hard. Put a lot of money down on your house. You pay your taxes. You pay your mortgage, and it&#8217;s [...]]]></description>
		<link>http://housingdoom.com/2009/11/12/chase-apologizes-for-selling-off-couples-home/</link>
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		<title>Landlords- Double Check The Insurance Policy On That Vacant Rental</title>
		<description><![CDATA[Rental vacancy rates in the Phoenix area are at an all-time high.&#160; Landlords are often stuck with empty properties for months, increasing the risk of vandalism and increasing the risk of loosing their insurance: [Thanks L!]

Liz and Jerry Dawson expect their three Valley rental homes to be vacant at times, but they were unprepared to [...]]]></description>
		<link>http://housingdoom.com/2009/11/12/landlords-double-check-the-insurance-policy-on-that-vacant-rental/</link>
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		<title>Treasury Suffering From An Appalling Lack Of Curiosity On Loan Mods</title>
		<description><![CDATA[Yesterday, the U.S. Treasury released it&#8217;s Making Home Affordable Program Servicer Performance Report.&#160; Interestingly, the report didn&#8217;t actually say how well the loan mods were performing. [Thanks L!]

Good news that more than 650,000  borrowers have been put into trial mods, no news that we have no idea how  successful those mods are now [...]]]></description>
		<link>http://housingdoom.com/2009/11/11/treasury-suffering-from-an-appalling-lack-of-curiosity-on-loan-mods/</link>
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		<title>There is no royal road to homeownership</title>
		<description><![CDATA[Extreme Makeover has been a very popular show.&#160; It&#8217;s enjoyable to see people who are down on their luck get a chance at a nice place.&#160; For some of the recipients though, a better home has brought an unwelcome side effect&#8211; foreclosure:

I can&#8217;t help but wonder if Extreme Makeover isn&#8217;t a miniature example of subprime [...]]]></description>
		<link>http://housingdoom.com/2009/11/10/there-is-no-royal-road-to-homeownership/</link>
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		<title>Where have all the bubble bloggers gone?</title>
		<description><![CDATA[&#160;
It&#8217;s been nearly three and a half years since I put up Doom&#8217;s first, rather uninspiring post. [In my defense, it was only a test.]&#160; We were joining the ranks of a number of &#34;bubble bloggers&#34;.&#160;
Bubble bloggers were for the most part, regular folks who saw an insane real estate market and said, &#34;It&#8217;s going [...]]]></description>
		<link>http://housingdoom.com/2009/11/10/where-have-all-the-bubble-bloggers-gone/</link>
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