We might have just found the issue and story that crystalizes the anxieties of all Americans around a protectionist message. The story is: Citigroup Inc., the biggest U.S. bank by assets, will receive a $7.5 billion cash infusion from Abu Dhabi to replenish capital after record mortgage losses wiped out Read more
A friend of mine is a lobbyist. He was on the Hill and asked a bunch of GOP members what they thought. Their position was basically: This is a blue state problem and the people affected are going to vote Democrat anyway Moral Hazard arguments and federal gov’t should not intervene Read more
Haven’t I been saying this? The housing crunch is most severe in some of the most hotly contested political battleground states, a trend that could spell trouble for Republicans next year. Six of the 10 states with the highest foreclosure rates in the country last month are considered by leaders Read more
The Foreign Policy blog has some interesting details about rich people losing their homes: A good example of this is the greater Washington, D.C., area. One might think that subprime loans would be most popular in poorer areas of the District. And they’d be right. According to a study by Read more
Another month. More lousy housing numbers: A total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago, according to Irvine-based RealtyTrac Inc. The number of filings in September was down 8 percent from August’s 243,947, the firm said. Sounds like it Read more
From WESH Orlando: Flagler County is the fastest-growing county in the United States. One of every five homes in Flagler County is for sale. Celebration is feeling the same pain because 50 percent of the homes there are for sale. Moss Park, east of Orlando International, where nearly 9 percent Read more
This struck me as an interesting point from Capital Commerce, one of my favorite blogs that links economics and politics: "A record 26 percent of U.S. homeowners say the value of their homes has fallen during the past year, above the previous peak of 24 percent seen in 1992, a Read more
Top line numbers: The number of foreclosure filings reported in the U.S. last month more than doubled versus August 2006 and jumped 36 percent from July, a trend that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a national housing Read more
I have argued that housing will be a big issue in 2008. Matt Stoller of Open Left has a great example of one way that this is playing out in a Maryland Democratic primary. The Washington Post has a story about how the housing crisis is impacting the Fort Myers Read more
The AP has a story on Bush’s proposals on housing and the subprime mess. I am glad to see that "no bailout" is part of the answer. A lot of people are saying that we have pulled out of it. There were two sentences that should remind people that the Read more