Friday, December 22, 2006
Yes I DID!
I think I'm gonna take a nap.
If you're looking for news, try Calculated Risk, The Housing Bubble Blog and these items:
The new terms with JP Morgan Chase & Co., Credit Suisse Group and Lehman Brothers Holdings Inc. require Fieldstone to maintain its tangible net worth at $365 million, as opposed to the $400 million set previously. In addition, the lenders agreed that the operating loss projected by Fieldstone for the second half of this year will not result in a breach of agreements. Fieldstone said it is continuing to negotiate with the lenders to extend the current terms beyond Jan. 31.HMIC folds (subprime).
Raleigh Durham's housing is slumping due to the national housing recession. This is significant; the region itself has some of the best economic fundamentals in the nation:
"Now that we've seen a second month of similar data, this confirms where we are heading," Moody's.com economist Michael Helmar said. "The forces pulling the nation down will pull Raleigh and Durham down, just not as low. Slower job growth, spent up demand for housing and higher adjustable rate mortgages will impact your area."Last month 35% of all listings had reduced in the Triangle. I had not expected to see this until spring.
We are not even close to a bottom. While permits have fallen sharply, starts have remained strong as builders try to build on and clear land liabilities. In the general economy, things are just quietly slowing. Aircraft remains the growth sector. I don't think it's going to be able to pull the whole economic train.