Is Now the Time for a Property Firesale?
Is Now the Time for a Property Firesale?
June 10, 2011, The Economist
On June 9, 2011, my colleague (S.C. | HONG KONG) sent around an interesting piece of analysis from GaveKal capital, which read in part: “We were once told by a client that "when the US government decides to sell, no price is cheap enough." Our friend then added: "This is how Onassis made his fortune; buying the surplus cargo boats the US Navy no longer needed following the end of WWII for cents on the dollar.”
Is Las Vegas the New Detroit?
June 14, 2011, MSN.com
When hard times hit, single-industry towns are especially vulnerable. And the combination of the recession and housing bust has Sin City reeling.
On Helens Pouroff Ave., Escaping Falling Home Prices
June 13, 2011, USA TODAY
Dayna and Scott Merritt ask themselves almost every day if they should keep paying their mortgage. Many other residents on their street, Helens Pouroff Avenue, stopped long ago. Since the 69 new homes on this street were sold in 2006, almost half the owners have defaulted on their mortgages. Most of the houses went into foreclosure, which helped drive prices down for others on the street.
US Housing Crisis Is Now Worse Than Great Depression
June 14, 2011, CNBC
It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression. Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.