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	<title>Housing Doom Housing Bubble Blog</title>
	<link>http://housingdoom.com</link>
	<description>A nation that forgets its past is doomed to repeat it. - Churchill</description>
	<lastBuildDate>Sat, 10 May 2008 07:03:03 +0000</lastBuildDate>
	<docs>http://backend.userland.com/rss092</docs>
	<language>en</language>
	
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		<title>Fannie&#8217;s New Plan Helps Keep Borrowers Underwater</title>
		<description><![CDATA[No, the headline isn&#8217;t a typo. From today&#8217;s Wall Street Journal- Bailout ideas just keep getting dumber.&#160; Here&#8217;s a gem from Fannie Mae: [Thanks John!]

Normally, it is impossible for underwater borrowers to qualify for refinancing because the collateral isn&#8217;t worth enough to support new loans that would let them fully pay off the old ones. [...]]]></description>
		<link>http://housingdoom.com/2008/05/10/fannie-keeping-borrowers-underwater/</link>
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		<title>A Sign of the Times</title>
		<description><![CDATA[L thought this looks like a sign of the times, and I had to agree.&#160; If you have MLS access, check out #2895409.&#160; It looks like the granite countertop business isn&#8217;t what it used to be:

$200,000.00 PRICE REDUCTION !GREAT LOCATION/ GOOD INCOME BUSINESS. HIGHLY  POTENTIAL GROWTH GRANITE COUNTERTOP AND CABINET RETAIL AND WHOLESALE STORE. [...]]]></description>
		<link>http://housingdoom.com/2008/05/10/a-sign-of-the-times/</link>
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		<title>Arizona&#8217;s in Recession- But We Knew That</title>
		<description><![CDATA[Moody&#8217;s is saying what we&#8217;ve been saying for awhile- Arizona is in a recession:&#160; [Thanks L!]

The Phoenix and Tucson metropolitan areas, as well as the state of Arizona, are in a recession, economists at Moody&#8217;s Economy.com have declared. 
The company first concluded several weeks ago that Arizona was in a recession and, in a separate [...]]]></description>
		<link>http://housingdoom.com/2008/05/09/arizonas-in-recession-but-we-knew-that/</link>
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		<title>Twist Is Taking A Road Trip</title>
		<description><![CDATA[Austin is beautiful this time of year, but I&#8217;m headed back to Phoenix for a few days. [Yeah it&#8217;s in the 90s this week- but it&#8217;s a dry heat.]
I&#8217;m driving this trip, so my internet access will be spotty. I&#8217;m counting on our usual cast of characters to keep the party going.
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		<link>http://housingdoom.com/2008/05/08/twist-is-taking-a-road-trip/</link>
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		<title>Las Vegas Median Price At Lowest Level In Four Years</title>
		<description><![CDATA[According to data released by the Greater Las Vegas Association of Realtors, the median price of single family homes in Las Vegas fell 22.7% in April, from $305,000 in April 2007 to $235,875 in April 2008. Prices haven&#8217;t been this low since February 2004, when the median price was $220,000.

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		<link>http://housingdoom.com/2008/05/08/las-vegas-home-prices-at-lowest-level-in-four-years/</link>
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		<title>National Pending Home Sales Hit A New Low In March</title>
		<description><![CDATA[It&#8217;s enough to make you burst out singing &#34;Blue Skies&#34;. From the National Association of Realtors&#8217; chief economist:

Two things homebuyers shouldn&#8217;t have to worry about is a recession or  long-term credit crunch. 
That&#8217;s what Lawrence Yun, chief economist with the National  Association of Realtors, told real estate practitioners who gathered at the  [...]]]></description>
		<link>http://housingdoom.com/2008/05/08/pending-home-sales-hit-new-low-in-march/</link>
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		<title>Congress:  You Can&#8217;t Stop A Hurricane</title>
		<description><![CDATA[According to Wickipedia:

Hurricane Katrina was the costliest and one of the five deadliest hurricanes in the history of the United States.[1] It was the sixth-strongest Atlantic hurricane ever recorded and the third-strongest hurricane on record that made landfall in the United States.

In spite of the devastation, there were no &#34;hurricane prevention&#34; bills.&#160; Congress recognized that [...]]]></description>
		<link>http://housingdoom.com/2008/05/07/congress-cant-stop-a-hurricane/</link>
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		<title>High Gas Prices Popped Suburbia&#8217;s Bubble</title>
		<description><![CDATA[When you ask &#34;Who&#8217;s responsible for the bursting of the housing bubble?&#34;&#160; Fingers fly in every direction to point out the guilty- naive buyers, crooked lenders, low interest rates- you&#8217;ve probably know the possible suspects by heart by now.&#160; An interesting paper called &#34;Driven to the Brink&#34; however, points the finger in a different direction- [...]]]></description>
		<link>http://housingdoom.com/2008/05/07/high-gas-popped-housings-bubble/</link>
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		<title>Flawed Indexes and Flawed Logic</title>
		<description><![CDATA[Blanche Evans, editor of Realty Times says:
Stop listening to the media. Go buy a home.
&#160;Her logic?

Why buy a house now? You&#8217;ve been getting bad information. Here&#8217;s why. 
The financial press is worried that they might have gone too far &#8212;  paralyzing the nation into recession by piling on housing. So they&#8217;re finally  beginning [...]]]></description>
		<link>http://housingdoom.com/2008/05/06/flawed-indexes-flawed-logic/</link>
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		<title>Shouldn&#8217;t This Loan Have Funded By Now?</title>
		<description><![CDATA[We received an interesting question from a reader in Florida.&#160; I thought perhaps some of our Florida Doomers might be able to answer her question:
I recently did a refinance on my home. Getting a good loan was difficult since I do not have much in verifiable income,&#160; but in assetsI have more than enough to [...]]]></description>
		<link>http://housingdoom.com/2008/05/05/shouldnt-this-loan-have-funded/</link>
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		<title>Obama&#8217;s Going To Be Busy</title>
		<description><![CDATA[I hope I don&#8217;t regret this.&#160; I rarely weigh in on any of the presidential candidates, as I&#8217;m not completely happy with any of them.&#160; This comment from presidential hopeful Barak Obama however,&#160; was simply too silly to ignore:

Obama made a &#34;surprise&#34; stop in North Bend, Indiana Thursday at the local VFW, and was asked [...]]]></description>
		<link>http://housingdoom.com/2008/05/03/obamas-going-to-be-busy/</link>
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		<title>Washington Was Promoting The Wrong Dream</title>
		<description><![CDATA[The best thing I&#8217;ve read this week comes from CBS News this morning:

In the midst of the subprime crisis, there&#8217;s an important question that analysts  and policymakers have neglected: Did so many people need to own homes in the  first place? The dream of home ownership has long been part of the American [...]]]></description>
		<link>http://housingdoom.com/2008/05/02/washington-promotes-wrong-dream/</link>
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		<title>Foreclosure:  It&#8217;s Not Just For Poor Folks Any More</title>
		<description><![CDATA[Even rich guys are walking away from their underwater properties these days:
[Thanks L!]
Former U.S. baseball star Jose Canseco said on Thursday he had lost his California mansion to foreclosure &#8212; one of the first celebrities to publicly admit being a statistic in the U.S. housing crisis.
Canseco, 43, one of the most flamboyant U.S. baseball players [...]]]></description>
		<link>http://housingdoom.com/2008/05/02/foreclosure-its-not-just-for-poor-folks/</link>
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		<title>So Much For The Jumbo &#8220;Rescue&#8221;</title>
		<description><![CDATA[Remember how we were told that raising the conforming limits would help higher priced markets?&#160; It doesn&#8217;t seem to be working:&#160; [Thanks G!]

The New York Times reported on Wednesday that there are real  problems with the jumbo mortgage aspect of housing  rescue.
Several months ago Congress, in an attempt to loosen up credit in [...]]]></description>
		<link>http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/</link>
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		<title>Vacancies Are Up- Way Up</title>
		<description><![CDATA[Can&#8217;t sell it, can&#8217;t rent it?&#160; You&#8217;ve got company:&#160; [Thanks G!]
&#160;




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		<link>http://housingdoom.com/2008/05/01/vacancies-are-way-up/</link>
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		<title>Save Me Fannie!</title>
		<description><![CDATA[A big thank you to VERSUS, who give us a chance to laugh at the &#34;Doom&#34; and sent us this video:
&#160;



]]></description>
		<link>http://housingdoom.com/2008/04/30/save-me-fanne/</link>
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		<title>It&#8217;s Not A Subprime Crisis- It&#8217;s A Consumption Crisis</title>
		<description><![CDATA[From Minyanville today- a great quote ofnthe current &#34;crisis&#34;:&#160; [Thanks L!]
Unlike many, I have never thought that the U.S.&#8217; current crisis was a &#8220;subprime&#8221; crisis, or even a more-broad mortgage crisis. No, to me, this has been and will continue to be an evolving consumer consumption crisis which started with the largest and most leveraged [...]]]></description>
		<link>http://housingdoom.com/2008/04/29/its-a-consumption-crisis/</link>
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		<title>Foreclosure &#8220;Cleansing&#8221;?</title>
		<description><![CDATA[In spite of government efforts to reduce the foreclosure rate in the U.S., the percentage of Americans going into foreclosure is accelerating: [Thanks G!]

April 29 (Bloomberg) &#8212; U.S. foreclosure filings more than doubled in the  first quarter as payments rose for subprime adjustable mortgages and falling home prices left property owners unable  to [...]]]></description>
		<link>http://housingdoom.com/2008/04/29/foreclosure-cleansing/</link>
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		<title>Financing Just Got Tougher For Real Estate Investors</title>
		<description><![CDATA[Thinking of buying a nice investment property in this &#34;buyer&#8217;s market&#34;?&#160; Financing that dream &#34;flip&#34; just got tougher: [Thanks L!]

Major lenders and mortgage insurers are turning off the money spigot for  investors who want to buy rental houses or condos with minimal downpayments. 
The most dramatic cutback takes effect next week, when giant mortgage [...]]]></description>
		<link>http://housingdoom.com/2008/04/29/financing-got-tougher-for-real-estate-investors/</link>
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		<title>Crack of Doom: &#8220;Overwhelming Negative Sentiment&#8221; in the Credit Markets</title>
		<description><![CDATA[It&#8217;s Monday, and we&#8217;re hearing a number of opinions on the credit crisis.&#160; Is in nearing the end, or only the beginning? Here&#8217;s the opinion of a number of industry sources:

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		<link>http://housingdoom.com/2008/04/28/overwhelming-negative-sentiment/</link>
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