Confidence in the President is falling like a stone. This can not be good for America.
His ability to lead is being seriously compromised as even democrats withhold support.
We need a Chief Executive with some clout. I wonder if President Obama can turn things around. Zogby has the numbers, the LA Times has the story.
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This chart produced by a Harvard economics professor suggests that the average unemployment up-tick after a banking crisis is 7%…We were at about 4% before our banking crisis…4+7=11%. Yikes!
The good folks over at the American Apartment Owners Association blog are happy that the FHA has eased restrictions on the number of loans an investor can have.
It is, of course good news for those who rent out residential housing, but I would remind all that it is easier to manage one 10 unit building than it is to manage 5 duplexes, and investors in commercial multi-family (6 units +) don’t have to worry about the FHA limits.
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A study of history by two academic types; Carmen Reinhart (U. of Maryland) and Ken Rogoff (Harvard) strongly suggests that this boondoggle of an economy is going to get worse (quite a bit worse) before it gets any better.
12-15% unemployment…could be…home prices down another 20-25%…very possible…stagnant growth or continued recession…most likely…
Those of you into bad news are welcome to read their conclusions.
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Is land worth anything today? Sure it has an intrinsic value, but in a world dominated by “mark-to-market” accounting how can we as investors, lenders, developers and appraisers put a dollar value on land?
Not a-lot of buyers are making offers and the ones that are can’t find financing to actually close the deal.
Robert Kankal at StreetWise wonders if “Land Value” has become an oxymoron.
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The Dow Jones Industrials closed down more than 600 points. Ouch!
We’ve given back almost half of last week’s gains.
This time Wall Stree is worried about consumer credit rather than commercial mortgage loans.
A market wrap-up can be found at Yahoo! Finance.
Wells Fargo is a huge servicer of commercial mortgage backed securities. Wachovia is also a huge CMBS servicer. Fitch is a company that rates bonds, including many, many CMBS. Wells Fargo and Wachovia are merging. This will make them one massive servicer of CMBS. That fact is making Fitch a little nervous. Fitch may down grade Wachovia’s CMBS servicer ratings. Fitch has placed them on “Rating Watch; Negative” while it makes up its mind. Read all the nitty gritty details over at marketwatch.com.
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