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Thursday, March 13, 2008

Housing/Subprime Roundup — March 13, 2008

Items of interest:

PalmBeachPost.com
Hundreds seeking housing vouchers leave empty-handed, angry -- BOCA RATON — A crowd of more than 500 people waiting for hours for housing voucher applications Wednesday morning at the Boca Raton Housing Authority was dispersed by police in riot gear when the applications ran out sooner than expected.

The action prompted complaints that officers used excessive tactics and housing authority officials were ill prepared.

Two people were arrested. Six to eight people were hospitalized for exhaustion during the ordeal, paramedics said. [...]

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Barry Ritholtz / Seeking Alpha:
Freddie Mac CEO: Home Price Drops Only 1/3 Done - It's only one man's opinion, but Freddie Mac (FRE) Chief Executive Officer Richard Syron had some rather astounding comments to analysts Wednesday:

- HOME PRICE DROPS "ONLY" ONE THIRD DONE
- WE'RE IN A 100-YEAR STORM IN HOUSING
- US IS IN WORST HOUSING MARKET IN A CENTURY
- APARTMENTS' ROLE IN HOUSING TO BE "MUCH BIGGER"

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Wall Street Journal:
Mind the Gap: Home-Price Downside -- The economic balance hangs in large part on how much further home prices will fall. A look at one important measure -- the relationship between home prices and household income -- suggests we might not even be halfway there.

Over the long run, home prices and income should march along the same path. As households earn more, they can afford to pay for more expensive homes.

But the two can get out of whack. During much of the 1990s, incomes grew faster than home prices. The landscape shifted around 2000. From the start of the decade through the mid-2006 peak, home prices nearly doubled, thanks in part to falling interest rates. Over the same period, income per household rose just 26%, according to Moody's Economy.com [...]
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zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia