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Thursday, May 1, 2008

Housing/Subprime/Credit Roundup — May 1, 2008

Items of Interest:

Irish Independent;
Homes razed by Spain stun foreigners as slump deepens -- Over the past decade, developers built about 100,000 illegal homes in Spain, and consumer advocates say thousands of those are now threatened with demolition as regional governments try to deter clandestine construction. The crusade may discourage the foreign buyers who fueled Spain's housing boom, deepening a slump that began last year.

``The problem is very serious,'' says Rafael Pampillon, an economics professor at the Instituto Empresa in Madrid. ``When a country has a system or set of institutions that allow illegal houses to be built and corruption to exist then evidently foreign investment is going to flee.''

At least one house has already been bulldozed. In January, Len and Helen Prior lost their three-bedroom villa in Almeria. The 63-year-olds from Berkshire, England, paid 350,000 pounds ($694,155) for the house in 2003....

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Wall Street Journal:
Loan Plan for Homeowners -- Struggling U.S. homeowners could receive federal loans to pay down as much as 20% of their principal under a proposal by the FDIC to help stem foreclosures.

Another Full Year Of Housing Pain? -- June Fletcher explains why it may be another 12 months until the market improves...
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Forbes:
Inside The World's First Billion-Dollar Home -- Take a tour of Mukesh Ambani's $2 billion, 27-story Mumbai residential skyscraper...
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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