May 5 2010

California construction employment back to 1997 levels. California building permits at all time record low.

Solving the California state budget crisis just got that much tougher.  Estimated tax revenues came in nearly $3 billion less than expected wiping out a steady stream of months where things seemed to be improving at least on the revenue front.  And this should come as no surprise.  California has done very little to wean […]

May 2 2010

Commercial real estate pushes $7.4 billion in FDIC Losses in one day – Hard to hear the CRE collapse with investment banks finally being called out in the court of public opinion. $3 trillion CRE market will keep Fridays busy for the FDIC.

The $3 trillion commercial real estate market is still in a state of economic turmoil.  Many people might have missed the big news on Friday given the massive spotlight on Goldman Sachs.  On Friday, the FDIC closed down 7 banks at a stunning cost of $7.4 billion to the FDIC.  As we have mentioned, the […]

Apr 29 2010

Not all is well on the housing front. Housing still too expensive for middle class Americans – 9 Years of Housing Inventory and 7 Million Homes 30+ Days Late or in Foreclosure. How the government is keeping and encouraging expensive housing.

Since the recession started in December of 2007, over 7 million foreclosures have been initiated.  In no other time in history have we seen this magnitude of problems in the housing market.  And these problems still persist.  It is estimate that another 6 to 9 million homes are at risk of foreclosure in the upcoming […]

Apr 24 2010

The Futile Act of Saving in America Today – No Money Down Car Purchases, Low Down Payment for a big Mortgage, and High Interest Credit Cards for Everyday Spending.

This recession did change spending, at least for a few months.  When the recession hit Americans had a negative savings rate, the first time ever we had the ability to spend more than we actually brought in.  As the recession progressed, Americans did start saving and we took the personal savings rate to 6% (this […]

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