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Some analysts and homebuilders alike are calling price reductions 'backfired tactics'. In response Homebuilders Are Rethinking Price Reductions. BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? When freebies like granite countertops and no-cost closings didn't woo back buyers, homebuilders began trying to outdo one another with bigger and better price cuts. The reductions, builders complain, have sliced into already thin margins. And buyers, fearful their house will depreciate faster than a new car, won't make purchases until prices stabilize. 'If people stop cutting prices, that's actually good,' said David Goldberg, an analyst with UBS Investment Bank. 'If everybody does it, it works. If one builder does it, it doesn't.' Nonetheless Lennar is determined to not only hold out until prices get better, but to keep building homes in the meantime. Unfortunately for Lennar ...

In response to Drowning in Debt: How do we protect ourselves? I received the following Email advice from my friend Heinz:Find a safe bank with a Weiss rating above 200 - a bank that has at least the bulk of deposits covered by its own free capital resources. Thanks Heinz. With that in mind let's now consider Mortgage Mistakes Help Tank NetBank. BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Find a safe bank with a Weiss rating above 200 - a bank that has at least the bulk of deposits covered by its own free capital resources. Alpharetta, GA-based NetBank Inc., the first online bank to tank, in part, because of mortgage market missteps, is also the first federally-insured thrift to go because of mortgage issues. NetBank is also the largest federally-insured bank to go under since the Savings and Loan Crisis cost the nation as much as $500 billion beginning decades ago. The event raises red flags for con...

BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Money market investors staged a dramatic flight to safety, knocking down yields on short-term US government debt in early US trading on Monday, as top Treasury and Federal Reserve officials continued behind-the-scenes efforts to shore up confidence in the credit market. The yield on the one-month Treasury bill fell 160 basis points to 1.34 per cent in early trading. The yield on three-month Treasury bills tumbled to 2.51 per cent, 123 basis points below Friday's close – a sharper fall than during the October 1987 stock market crash. The scramble to obtain government paper at any price is a sign of extreme risk aversion, and suggests the Fed's actions have yet to stabilise sentiment in the credit markets. While conditions elsewhere in the credit markets remained broadly stable on Monday, the big shift in Treasury bill yields encouraged speculation that ...

Over the weekend I received some taunts about how 'great' Black Friday was. Bloomberg reported U. S. Shoppers Spend 19% More on Thanksgiving Weekend. BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Nov. 26 (Bloomberg) -- U. S. shoppers spent 18.9 percent more over the Thanksgiving weekend than last year, kicking off holiday gift buying with purchases of discounted wide-screen televisions and clothes, the National Retail Federation said. Consumers spent an average $360.15 each over the weekend, up from $302.81 a year earlier, the NRF said today in a statement. Fewer people shopped, with about 140 million visiting stores during the four days including Thanksgiving, down from 145 million last year. Wal-Mart Stores Inc. predicted surprisingly weak November sales on Saturday, but a survey of thousands of retail locations pointed to a relatively healthy start to the holiday shopping season. Wal-Mart estim...

I came across yet another blog run by real estate professionals trying to put on a brave face by saying everything is OK. This one is called Rain City Guide and the article in question is called No, Chicken Little, the sky isn’t falling… BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? I came across yet another blog run by real estate professionals trying to put on a brave face by saying everything is OK. A friend of mine that works in a small town bank in Kansas called me in a panic the other day because the officers at the bank were freaking out during a meeting saying that Countrywide was going bankrupt. For them there is concern because Countrywide buys all of their residential loans. Apparently they must have seen some similar version of the story that the local Seattle Times had about the lender’s trading shares nosediving. I contacted a long time lender friend of mine (and 25 year lending veteran) who...

As noted in Thursday’s blog Free Trade? What Free Trade? talk of trade wars are looming. The silliness continued today and the US Senate is set to get tough over the renminbi. The US Senate will vote no later than July on legislation that would slap across-the-board tariffs on imports of Chinese goods unless China agrees to revalue its currency. In the House of Representatives, Duncan Hunter, the powerful Republican chairman of the armed services committee, on Thursday also introduced legislation that would define currency manipulation by a foreign government as an export subsidy. This could then allow the US to offset the subsidy by imposing duties on imports. In a sharp exchange yesterday with John Snow, Treasury secretary, Mr. Schumer charged that 'this administration, on this issue, has had the strength of a wet noodle'.Regi on Silicon Investor writes:This is pure and simple economic blackmail! In fact, it puts self determination of any nation that presents an economic chal...