The Housing Bubble Blog

The Desert Sun reports from California. "Theresa Sandoval sets statues of Jesus that relatives send from Mexico under a lit shrine to Our Lady of Guadalupe in an alcove of her home in La Morada on a regular basis. The mother of five, who paid $385,000 for her home in October 2006, signed a mortgage...

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The Mansfield News Journal reports from Ohio. "Ralph Hunt, emeritus professor at The Ohio State University-Mansfield, found himself caught up in a local real estate vortex. Hunt started out asking about $170,000 for his Woodland-area home. The two-story, Tudor-style house, for which he paid around...

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A report from the Arizona Daily Star. "This housing downturn is so vast that even the high-end custom market is getting battered and bruised. For proof, look no further than the SAHBA Parade of Homes. In a sign of the times, only two of the homes have sold, and at least four of the builders are in...

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The LA Times reports from California. "The Obama administration's budget threatens to cut a benefit many Americans view as practically a right -- the mortgage interest tax deduction -- and powerful real estate interests are fighting back. The move would affect only households earning $250,000 or...

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It's Friday desk clearing time for this blogger. "Lizzette Nieves keeps the blinds down during the day, makes sure someone is always at home and never leaves the house after sundown. In her Venetia Groves community in Homestead, vandals have targeted vacant homes -- a trend on the uptick as the...

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Two readers wrote in todays topic. The first, "We built our custom Southeast FL home in late 2004 and it was completed in 2006. Unfortunately during the construction process the home was completely destroyed in a hurricane. We missed the deadline for completing construction and lost our fixed rate...

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Please visit the HBB Forum. Post off-topic ideas, links and Craigslist finds here.

The News & Observer reports from North Carolina. "Danny Creech took the call last August. It was his bank, SunTrust. He owed the Atlanta lender $1.5 million, but the debt wasn't a worry. Creech, president of Landon Homes in Raleigh, routinely borrowed to buy and build homes. When homes lingered on...

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The Union Leader reports from New Hampshire. "About 300 investors, prospective first-time buyers and merely curious onlookers, all gathered for an auction of more than 200 foreclosed properties in New Hampshire and Massachusetts. The auction took place in Boston, with a simulcast feed to the...

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KARE 11 reports on Minnesota. "A KARE 11 News investigation shows banks are often not very motivated to work with homeowners who are in financial distress. Kevin Paulson's been trying to work with his mortgage lender for months now, to negotiate the short-sale of his townhome. Paulson's townhome in...

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The Orange County Register reports from California. "An appraiser lost her license after state regulators concluded her evaluation of a home for $625,000 in a declining Santa Ana real estate market was 'grossly misleading,' a scheme first exposed last year by The Orange County Register. Todd...