Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-60760 Wed, 28 Sep 2016 15:29:20 GMT Main Street Sucker Punched on the Housing "Recovery" -- Fed Left No Way Out http://implode-explode.com/viewnews/2016-09-28_MainStreetSuckerPunchedontheHousingRecoveryFedLeftNoWayOut.html iehi-feed-60759 Wed, 28 Sep 2016 14:27:04 GMT Wells Fargo Tries To Evict Woman From House They Don't Own http://implode-explode.com/viewnews/2016-09-28_WellsFargoTriesToEvictWomanFromHouseTheyDontOwn.html iehi-feed-60746 Mon, 26 Sep 2016 15:06:32 GMT Wells Fargo Created A Decade Of Hell For Michigan Homeowner http://implode-explode.com/viewnews/2016-09-26_WellsFargoCreatedADecadeOfHellForMichiganHomeowner.html iehi-feed-60732 Sat, 24 Sep 2016 16:08:36 GMT Canadian Housing Bubble, Debt Stir Financial Crisis Fears http://implode-explode.com/viewnews/2016-09-24_CanadianHousingBubbleDebtStirFinancialCrisisFears.html iehi-feed-60727 Fri, 23 Sep 2016 19:07:01 GMT You're Not as Rich as You Think - Satyajit Das http://implode-explode.com/viewnews/2016-09-23_YoureNotasRichasYouThinkSatyajitDas.html iehi-feed-60719 Thu, 22 Sep 2016 14:36:41 GMT With Mortgage Rates So Low, Why Are So Many People Still Renting? http://implode-explode.com/viewnews/2016-09-22_WithMortgageRatesSoLowWhyAreSoManyPeopleStillRenting.html iehi-feed-60716 Thu, 22 Sep 2016 14:26:09 GMT House-Flippers Turn to the Crowd for Quick Cash. What Could Go Wrong? http://implode-explode.com/viewnews/2016-09-22_HouseFlippersTurntotheCrowdforQuickCashWhatCouldGoWrong.html iehi-feed-60682 Sat, 17 Sep 2016 14:08:00 GMT China's Housing Gets Scarily Expensive http://implode-explode.com/viewnews/2016-09-17_ChinasHousingGetsScarilyExpensive.html ... in the past few years, with economic growth sluggish, the planners became much more tolerant of rising prices, even as signs of a bubble emerged. Official data shows the price-to income-ratio hitting 9.2 at the end of 2015; housing prices have continued to rise significantly since. All this has led to some widespread distortions.

China's homeowners have come to see near double-digit real-estate returns as a birthright, a bet on par with death and taxes. According to one study, more than 70 percent of Chinese household wealth is in housing. Investors believe there's an implicit guarantee that the government won't let home prices drop, even as many buildings sit empty.

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In urban China, the average price per square foot of a home has risen to $171, compared to $132 in the U.S. In first-tier cities such as Beijing and Shenzhen, prices have increased by about 25 percent in the past year. A 100-city index compiled by SouFun Holdings Ltd. surged by a worrisome 14 percent in the last year. Developers are buying up land in some prime areas that would need to sell for $15,000 per square meter just to break even.

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iehi-feed-60678 Sat, 17 Sep 2016 01:36:54 GMT Resurgence of PMI Puts Pressure on FHA http://implode-explode.com/viewnews/2016-09-16_ResurgenceofPMIPutsPressureonFHA.html PMI's volume of origination increased in the second quarter by 56 percent to $72 billion, the highest quarterly volume since the first quarter of 2008.  When it reported this, the Urban Institute noted that, "if the shift back to PMI takes away a significant part of FHA's lower credit risk business it could put pressure on FHA's balance sheet, possibly pushing the agency to lure higher quality business back with another premium cut."

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Kaul says that in 2016 there has also been an increase in originations by large lenders of low-downpayment mortgages outside the FHA due to new programs from the GSEs (Fannie Mae and Freddie Mac.) These products allow for down payments as low as 3 percent along with reduced mortgage insurance. While these loans were introduced nearly 20 months ago there was no big move toward them because FHA still had a price advantage. The April restructuring of PMI premiums changed this, giving lenders an alternative. This, he says, was especially appealing to those "already wary of the FHA's heavy enforcement."

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iehi-feed-60675 Fri, 16 Sep 2016 14:37:36 GMT Deutsche Bonds "Dropping Like A Stone" As 'Most Dangerous Bank In The World' Plummets http://implode-explode.com/viewnews/2016-09-16_DeutscheBondsDroppingLikeAStoneAsMostDangerousBankInTheWorldPlum.html iehi-feed-60655 Tue, 13 Sep 2016 14:17:04 GMT Attorney Nick Wooten is Suing Banks in Illinois for Breaking Into Homes | Mandelman Matters http://implode-explode.com/viewnews/2016-09-13_AttorneyNickWootenisSuingBanksinIllinoisforBreakingIntoHomesMand.html iehi-feed-60643 Sun, 11 Sep 2016 13:25:07 GMT The Single Best Tool for Downsizing in Retirement is Called: HECM-for-Purchase | Mandelman Matters http://implode-explode.com/viewnews/2016-09-11_TheSingleBestToolforDownsizinginRetirementisCalledHECMforPurchas.html iehi-feed-60627 Fri, 09 Sep 2016 15:10:20 GMT Deutsche Bank nearing mortgages settlement with U.S. authorities: sources http://implode-explode.com/viewnews/2016-09-09_DeutscheBanknearingmortgagessettlementwithUSauthoritiessources.html iehi-feed-60617 Tue, 06 Sep 2016 17:26:49 GMT Home Sales Plunge: A Good Reason to Panic? http://implode-explode.com/viewnews/2016-09-06_HomeSalesPlungeAGoodReasontoPanic.html iehi-feed-60604 Sun, 04 Sep 2016 18:21:08 GMT Experts "Don't Want to Be Alarmist" About "Breather" in LA's "Nuanced" Housing Market; Which "May Peak in A Year" http://implode-explode.com/viewnews/2016-09-04_ExpertsDontWanttoBeAlarmistAboutBreatherinLAsNuancedHousingMarke.html iehi-feed-60583 Thu, 01 Sep 2016 22:31:16 GMT "Making Home Affordable" Con Arist-Scammed Widow Gets 11th-hour Reprieve | Mandelman Matters http://implode-explode.com/viewnews/2016-09-01_MakingHomeAffordableConAristScammedWidowGets11thhourReprieveMand.html In short, what Kevin Carter/Rasher/Fox was doing was telling people that he worked for the Treasury Department and "HUD Making Home Affordable," which incredibly, was the name of his company.  He'd tell homeowners that he had gotten their loans modified and then instruct them to send their payments each month to his address via cashier's checks made out to HUD Making Home Affordable... his own bank account.

After two years, give or take, the bank would foreclose on the home and sell it at a trustee sale... and that's when the couples that Kevin scammed would discover that they'd been scammed.  They thought that they'd been making their payments on time each month, only to learn the hard way that they were paying Kevin Carter/Rasher... and no one else.

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iehi-feed-60581 Thu, 01 Sep 2016 21:45:51 GMT London's elite 'pushed out of exclusive postcodes by super rich' http://implode-explode.com/viewnews/2016-09-01_Londonselitepushedoutofexclusivepostcodesbysuperrich.html London's traditional elite, such as lawyers, architects and academics, are being pushed out of their enclaves in Mayfair, Chelsea and Hampstead by an influx of global super rich investors, causing a chain reaction of gentrification across the capital, according to research by the London School of Economics.

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"The changes happening at the top end of the market are real, and although they do not affect large numbers of people directly, the ripple effects they generate do resonate across London," Glucksberg said.

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"The old elite would have bought their curtains and food locally. Now the hairdresser comes to you, the food is delivered. Even going to restaurants -- chefs come and cook [for the super rich] in their house."

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iehi-feed-60567 Wed, 31 Aug 2016 15:08:27 GMT Let The Viewer Beware -- Case Shiller Lags and Understates the Housing Bubble http://implode-explode.com/viewnews/2016-08-31_LetTheViewerBewareCaseShillerLagsandUnderstatestheHousingBubble.html iehi-feed-60553 Tue, 30 Aug 2016 05:18:24 GMT "I've Never Seen Anything Like This Before" - The Housing Markets In The Hamptons, Aspen And Miami Are All Crashing http://implode-explode.com/viewnews/2016-08-30_IveNeverSeenAnythingLikeThisBeforeTheHousingMarketsInTheHamptons.html [Why the downturn?] Ask a dozen market watchers why, and you'll get a dozen answers. Uncertainty around the presidential election. Fear of Trump. Fear of Clinton. Growing trade imbalances with China. Brexit. Roller-coaster oil prices. Zika. Wobbling economies in South America. The list goes on.

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"People are worried about all kinds of stuff these days," says longtime Aspen broker Bob Ritchie. "I've never seen anything like this before."

The speed of the collapse has been stunning... This year ... "a slowdown in January turned into a free fall." Sales volume in Pitkin County is down 42%, according to data compiled by Land Title Guarantee Co.

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As noted here over the years, In the case of Miami, like in other most other coastal markets such as New York and Los Angeles, the housing boom was heavily boosted by foreign buyers, who used US luxury real estate as their new form of anonymous "offshore bank accounts" courtesy of the NAR's exemption from Anti-Money Laundering Provisions. However, after the recent drops in commodity prices and the spike in the USD, they have scaled back their purchases.

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iehi-feed-60546 Mon, 29 Aug 2016 14:50:50 GMT Michigan sets parole for robo-signer ‘Linda Green' http://implode-explode.com/viewnews/2016-08-29_MichigansetsparoleforrobosignerLindaGreen.html