Sin City and Nevada suffer brunt of recession – 25 percent underemployment rate for Nevada reflecting depression like stats. Foreclosure data on home that was picked up for $120,000 but had a second mortgage of $1.2 million.
The great recession has touched every state across the United States with a reverse Midas touch. Every average American has felt this recession to one degree or another. Yet few states have felt the economic implosion like Nevada. Here we have a state that highlights the heavy reliance on the housing bubble, conspicuous consumer spending, […]
Middle class in shambles – more debt, more job losses, more deceit. Banks attempt final push to break up the middle class. Housing values down by 30 percent but total household debt only down by 2 percent.
On Friday the grim reality of more job losses for Americans was plastered across headlines. What makes this even more distressing is this is occurring during what is supposed to be a recovery. Yet most Americans realize that there is no recovery outside of Wall Street. If anything, things have gotten progressively worse as foreclosures […]
Commercial real estate maturities will peak in 2012 – $350 billion in loans coming due and hundreds of additional bank failures. Bank lending in the CRE market collapsing.
The commercial real estate disaster is sinking banks on a weekly basis. Talk of a V-shape recovery is now largely a moot point since we are past the point of a quick and strong recovery. The question now revolves around what we are going to face for the next few years. Commercial real estate really […]
40 years of housing data – U.S. homes still too expensive for typical families. In 1970 the median home could be purchased with 657 ounces of gold. Today, it only requires 155 ounces. The erosion of the U.S. dollar
The last 40 years have seen the U.S. housing market transform into a market largely driven by incredible amounts of debt. The credit card companies understood the basic notion that the monthly payment drove most financial decisions. Even though people purchase a home with a 30 year mortgage, the implicit understanding was that in a […]