Foreclosures Now are Just ‘Tip of the Iceberg’
Foreclosures Now are Just ‘Tip of the Iceberg’
March 1, 2010, Orange County Register
Despite some reports that suggest the housing crisis may be hitting bottom, foreclosures so far represent the “tip of the iceberg,” real estate analyst, investor and lender Bruce Norris says. Norris told hundreds of investors attending a seminar he held in Costa Mesa this past weekend that numbers indicating the appearance of firming home prices and fewer foreclosure auctions are “illusions.”
As Foreclosures Continue …
February 28, 2010, New York Times (Editorial)
President Obama went to Henderson, Nev., the other day to show Americans that he was responding to the cries for help from struggling homeowners (and maybe give a boost to Senator Harry Reid’s re-election). He announced a $1.5 billion effort to prevent foreclosures in five states hard-hit by the housing bust — Nevada, Arizona, California, Florida and Michigan — by feeding money into programs that would be developed and carried out by the housing agencies in the targeted states.
Obama Must Turn his Attention to Mortgage Crisis
February 28, 2010, New York Daily News (Editorial)
Whatever President Obama and Congress are going to do with health care — pass a monstrosity, not pass a monstrosity - they must get it over with and move on to more urgent matters. Namely, the economy. Specifically, the housing crisis. That leak in the roof isn't going away. Water is pouring in. The latest Holy Hell headline came Friday, as Fannie Mae, the nation's largest provider of residential mortgage funds, reported a loss of $16.3 billion for the fourth quarter - and asked for an additional $15.3 billion from the Treasury to
Lake Las Vegas: A Shining Lakeside Oasis Loses its Luster
March 1, 2010, Las Vegas Sun
The pitch was right out of a travel brochure for Tuscany. Italian-style architecture, miles of greenery, wineries and sidewalk cafes, all set around a 320-acre lake. Lake Las Vegas would be a Mediterranean oasis plopped in the middle of the desert, developers promised. Nearly 20 miles and a lifestyle removed from the glitz of the Strip, the lakeside community would provide refuge for visitors and residents alike. It was supposed to be an elegant residential hideaway, a place for cocktails on pontoon boats at sunset, top-caliber golf and dining at fine hotels free of slot machines. Who could resist?