Huffing and Puffing and Giving In (and other mid-week tidbits)

As the housing market continues to give many of us in and outside of the real estate business agina, it seems Mr. Bush has decided to back off his veto threat of the housing stimulus bill…

I guess just the unsubstantiated rumor that Fannie or Freddie to could be vulnerable to a collapse was enough to make him decide his legacy was already tarnished enough.

The news of the President’s decision to nix the veto threat is making the folks on Wall Street breath a little more freely. ( I can see them chair dancing right now. Ok, maybe just a little shimmy)

Perhaps, that is why the gas station on the corner was able to drop my brand from $4.25 a gallon to $4.19…I better go fill up before they come back to their senses.

Speaking of bank collapses, it seems IndyMac is set to be purchased by Prospect Mortgage.

Now, who really believes that Prospect is going to keep the banking services in tact???

And last, but not least, Secretary Paulson says we can exit this housing mess in a “matter of months.”

If I was a betting person, I’d bet not.

To Pay Rent or Eat? That is the Question? (And other interesting midweek tidbits)

• It seems that 1 in 3 New Yorkers is paying more than 50% of their take home pay in rent. If you’ve ever looked at the Real Estate section in a New York paper or been faced with the unfortunate task all NY’ers dread–looking for a no-fee apartment that isn’t rat infested, this is not a surprise.  I bet if we did a national study most people are paying more than the 30% standard applied in measuring housing affordability.

Sorry, NYC, we know how you like to be the exception to the rule. This time you simply prove the fallacy of the rule

 

• If you think the US Housing market is the worst in the world, try the UK on for size.

 

• Tomorrow, the House votes on the bill meant to help stimulate housing and stem foreclosures. Of course, after it passed the Senate, it pretty much wasted paper.  Don’t worry, I will be posting on what I think about it verrrrrry soon.

 

• Hmmm, who knew that the foreclosure crisis would adversely effect renters?  I wonder what types of renters those would be?

 

Well, I gotta go pay the man for the roof over my head and by some more Ramen.  Anybody got any positive housing news? Please share.