OnPointRadio.org, a nationally syndicated talkshow on NPR, is hosting a program NOW entitled, "The Subprime Mop-Up."
If you live in Greater Boston, you can listen to 90.9FM from 9-10am
this morning, Thursday, September 6, 2007, or the rebroadcast tonight
from 7-8pm. Beyond Boston, you can also listen to the program LIVE
online now or access the audio anytime later at your convenience:
Aired: Thursday, September 06, 2007 10-11AM ET
Program description: The Subprime Mop-up
you thought the subprime mortgage mess was behind us, think again. In
the next year, another two million adjustable-rate mortgages are
scheduled to reset from low "teaser" rates to household budget-busting
Foreclosure rates are already soaring. In some
regions, whole neighborhoods risk going under. A credit crunch backlash
has markets around the world in turmoil.
Now Washington is girding to weigh in. But who, if anyone, should be bailed out? Who punished? Who reined in?
This hour On Point: homes, high-rollers, and moral hazards in the subprime mop-up.
Housing economist Karl Case just ducked a question on the implications of the subprime crisis on housing prices nationwide and Congressman Barney Frank just finished speaking. The complete line-up of guests include:
The map may take a couple seconds to load.
UPDATE: Added wiki-version of national RealEstateBubbleMap.com. Contributors welcome.
A year after The Real Estate Cafe speculated about whether bloggers would help pop the real estate bubble,
househunters turned citizen journalists now have the opportunity to use
online maps to move past theories and debates, to document price reductions, pre-foreclosure notices, and properties selling for below their assessed value. This map, for example, shows some of the largest recent savings in Greater Boston. Interested in using Platial to create real estate bubble maps in "overpriced" housing markets across the nation? Here are three options:
1. Register to use Platial so you can add "Places" to the Boston regional map above. It’s easy to add a new property, post comments on an existing one, and upload photos to any Place whether it is yours or not. Videos and audio clips can be embedded in the descriptions of the Places you add. To republish this map on your website, click here and simply cut and paste the html. The map can be re-sized to fit any page layout. Contributions from fellow bubble bloggers and their readers, particularly those in 71 cities called "extremely overvalued" by USA Today are welcome. Want to correspond with each other and become bubble buddies? Start by adding your comments to the Boston bubble map or this national map / wiki of overvalued housing markets.
There was a time when CENTURY 21, the world’s largest real estate organization with 110,000 brokers and agents in more than 25 countries, used the slogan, "We sell a home every minute of every day." On the day after Halloween, transactions per minute have come back into the real estate vocabulary with a frightening, downward spin that could make recent and potential homebuyers run for cover, at least in the UK. There, an article entitled, Increase in repossessions show housing bubble is close to bursting, published this stunning statement and the statistics on the link below: "in England and Wales a repossession order is made every seven minutes and an action is entered into every four minutes."
Think It could never happen here? Don’t be so sure… check out the nearly 1.5 million foreclosures, foreclosures, bankruptcies, and tax liens already recorded nationwide on Foreclosure.com and speculation earlier this summer about the prospect of "repossession riots" in the future. (The Real Estate Cafe’s predecessor, the Massachusetts Homebuyers Club helped the federal government sell foreclosed properties in 50 major cities across 25 states in the last real estate recession from 1991 to 1995.)
This doomsday scenario is worth
scanning, not just because the author — a former editor of Rolling
Stone magazine and author of three books on suburban sprawl — calls the
real estate bubble the “last act in the sorry drama of the hallucinated
economy” but because it’s the second economic doomsday scenario we’ve heard in 36 hours and offers some potential decision-making criteria for home buyers. Writing about James Howard Kunstler’s new book The Long Emergency,the Santa Cruz Sentinel says:
"Understanding the deep changes the United States and the rest of the
world will experience as early as this decade, he said, could be the
deciding factor in which thriving communities of today become the ghost
towns of tomorrow."
class will become distressed, the construction industry flat,
interstate hauling will disappear, airlines will become toast and our
daily lives will be defined by what’s within walking distance."
"Suburbs, large cities and McMansions will become slums."
good news is that “Some communities will fair better than others during
the “Long Emergency.” So how do you find one if you are planning on buying a home this year despite repeated warnings of the real estate bubble?