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Tuesday, April 1, 2008

Housing/Subprime Roundup — April 1, 2008

Items of Interest:

Paulson Plan = Wild Pitch

Democrats dismiss White House financial reforms as 'wild pitch' -- Top Democrats Monday dismissed the Bush administration's plan to overhaul the nation's financial regulatory system as inadequate, with one leading senator calling the proposals a "wild pitch."

Treasury Secretary Henry Paulson Monday proposes a set of sweeping changes to the nation's financial system.

Sen. Chris Dodd, the chairman of the Senate Banking Committee, said he "welcomed the idea" of updating the way bodies such as the Federal Reserve Board oversee the U.S. economy.

But the Connecticut Democrat and former presidential candidate said the plan laid out by Treasury Secretary Henry Paulson "doesn't relate to the issues they are trying to confront." [...]

Twilight of the vacation-home buyers - The National Association of Realtors announced last week that vacation-home sales dropped 31% in 2007 from 2006. Sales of homes for investment fell 18%. That compared to a drop of 10% in sales of primary residences.


“The typical vacation-home buyer in 2007 was 46 years old, had a median household income of $99,100, and purchased a property that was a median of 287 miles from their primary residence.”

“Investment-home buyers last year had a median age of 42, earned an income of $92,900, and bought a home that was relatively close to their primary residence – a median distance of 27 miles.” ...
The Big Picture:
Internet Hoax Gooses Stock Market -- Traders woke up to a pleasant surprise on Tuesday morning, with equity Futures strongly higher. CNBC anchors were exuberant as previous earnings and credit fears melted away.

The cause? An internet April Fool's hoax that backfired...

Calculated Risk

MishTalk - Mike Shedlock

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