Not much has been said of the synergy between housing-related employment and real estate values. So says Dr. Housing Bubble, who examines California's churn and burn economy in which jobs dependent upon ever-increasing home prices and sales volumes began disappearing as market trends pushed prices to bargain basement levels. For that story and more, check out Big Builder's bi-weekly blog roundup.
In light of the recent 8.2% year-over-year drop in median price for existing homes, The Wall Street Journal questions whether or not sellers are finally adjusting to reality.
However, Seeking Alpha points out that the National Association of Realtors' assertion that "Sales of existing homes increased in February and remain within a fairly stable range" is in fact fictional, as year-over-year changes show that single-family home sales were down 23.8% for February.
North Carolina posts pricing declines while foreclosures are on the rise in Northern Virginia and Maryland, according to The Housing Bubble.
Inman News reports on the launch of PennyMac--the Private National Mortgage Acceptance Co. LLC--which will purchase distressed mortgages. With it's tongue-in-cheek name, 27-year Countrywide veteran Stanford Kurland at the helm, and financial backing from investment management firm BlackRock, the new company is expected to cause quite a stir.
Reggie Middleton's Boom Bust takes a look at ratings-agency and media reports indicating that the investment banking industry is on the brink of a steep cyclical decline.
BusinessWeek's Hot Property takes on the troublesome issue of parking--and the results of a recent University of California study that estimates 75% of Los Angeles's middle-class homeowners don't park their cars in their garages.
Learn more about markets featured in this article: Los Angeles, CA.
