The residential real estate market is still in trouble across the country. On Tuesday, the National Association of Realtors released a report saying that 80% of all homes in major cities had home prices fall in the 3rd quarter of the year. They said that more than 30% of [...]
Wow, things are moving fast. Just a week after 8 banks were closed in one week, 7 of them in one day, the federal government broke its own record by closing 9 banks this past Friday. This isn’t anything anyone can be happy about, but it is what it [...]
On the heels of Capmark Financial Group filing for bankruptcy last week, this week saw another super huge commercial real estate lender file for bankruptcy.
This time it’s CIT Group, a lender to way more than 100,000 small and medium sized businesses. This is one of the largest companies in history [...]
My goodness! We had been sitting on 98 bank closures for close to 3 weeks, and I started wondering if maybe we were just going to limp over the 100 mark, if we actually reached it.
It seems this one wasn’t even going to be close, as 7 banks were closed [...]
I’ve decided to pause for a bit on the budgeting posts. The statistics seem to indicate that almost no one is reading them, and they take a lot of work, so maybe I’ll save the rest of this series until there’s more readers of this blog.
In the meantime, I’m going [...]
I was reading an article on Newsweek’s online site titled Bank On More Failures. The writer was interviewing Lawrence J. White, a professor at New York University’s Stern School of Business on the subject.
White basically believes that hundreds of small banks are going to fail, not necessarily because of the [...]
I thought I’d written on this one before, but I don’t see it so I’ll write about it now. I’ve heard people ask this question over and over; where did all the money go that was lost in the stock market and in real estate?
The answer is nowhere. The [...]