An Eloquent Testament To A Series Of Bad Decisions

The Record Searchlight reports from California. "Michael Dastrup is a patient man. Four years after Big Wheels was destroyed by fire, Dastrup is still trying to rebuild the iconic Shingletown restaurant. But Dastrup has been unable to get a bank loan. The housing slump hasn't helped his cause....
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The Only Difference Is The Date And The Price

It's Friday desk clearing time for this blogger. "It was a symbol of Las Vegas largesse during the good times. Now it's an emblem of recession blues. The Lake Las Vegas resort development flouted good sense and modesty in the tradition of all great Las Vegas dreams. But it has fast turned sour for...
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Something Different Is Going On

The Philadelphia Inquirer reports from Pennsylvania."On its stylish Web site, Creating Real Estate Innovations promises 'unique, deeply satisfying living experiences' in Philadelphia. Yet after five years that spanned both the heady days of the real estate boom and the hellish days of the bust,...
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When Go-Go Went Bye-Bye

A report from the Times Publications. "At the end of this dusty dirt road, half-built casitas bake in the sun a few miles from the beaches of Puerto Peñasco, Mexico, better known as Rocky Point to the tens of thousands of Arizona tourists who visit here each year. Paint peels from two of the vacant...
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A Lack Of Scrutiny In Florida

The Miami Herald reports from Florida. "Adjustable-rate mortgages, or ARMs, popular during the housing boom, have lost both their appeal and the advantage they once offered borrowers. With the decline in home values, most South Floridians with option ARMs are, at best, stuck with them for now,...
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Culture Shock For California

The Associated Press reports on California. "Nowhere in the country has the bust arrived more abruptly. Santa Clara County, home to Silicon Valley, saw bankruptcies soar 59 percent in the past 12 months, and projections are that they’re still climbing. Almost every seat in the bankruptcy courtroom...
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The False Market Could Not Hold

It's Friday desk clearing time for this blogger. "One in eight households with a mortgage ended the first quarter late on loan payments or in the foreclosure process, the U.S. Mortgage Bankers Association said on Thursday. Foreclosures on fixed-rate mortgages, given to solid borrowers with good...
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