Items of interest:
Stephen Heise / stephenheise.com:
U.S. Real Estate Market Cooling Down -- Inflation adjusted analysis of mainland U.S. same home sales shows a cooling across Michigan and Massachusetts. For your enjoyment I have generated an animated heat map indicating the states that are burning above (red) and below (blue) the historical price trend for that area. The chart runs from 1975 through September 2007. [...]
Paul Kedrosky -- Absolutely fantastic graphical animation of U.S. real estate price changes from 1975 through September 2007 . . .
Peter S. Goodman / NY Times:
This Is the Sound of a Bubble Bursting -- Cape Coral, Fla. - TWO years ago, when Eric Feichthaler was elected mayor of this palm-fringed, middle-class city, he figured on spending a lot of time at ribbon-cuttings. Tens of thousands of people had moved here in recent years, turning musty flatlands into a grid of ranch homes painted in vibrant Sun Belt hues: lime green, apricot and canary yellow.
Mr. Feichthaler was keen to build a new high school. He hoped to widen roads and extend the reach of the sewage system, limiting pollution from leaky septic tanks. He wanted to add parks.
Now, most of his visions have shrunk. The real estate frenzy that once filled public coffers with property taxes has over the last two years given way to a devastating bust. [...]
Mathew Padilla / Mortgage Insider:
Credit card delinquencies rise -- From the Associated Press…
Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come.
An Associated Press analysis of financial data from the country’s largest card issuers also found that the greatest rise was among accounts more than 90 days in arrears.
Experts say these signs of the deterioration of finances of many households are partly a byproduct of the subprime mortgage crisis and could spell more trouble ahead for an already sputtering economy. [...]