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Thursday, August 28, 2008

Housing/Subprime/Credit Roundup — August 28, 2008

Items of Interest:

Wall Street Journal:
Tight Credit Puts Squeeze On Big Three Auto Dealers -- The credit crunch squeezing Detroit's Big Three auto makers is now spreading to some of their dealers, adding financial pressure to a group already strained by this year's big drop in auto sales.

The latest and most prominent example is Bill Heard Enterprises Inc., one of the largest Chevrolet dealers in the country, with 2007 sales of $2.1 billion. Earlier this month GMAC LLC, the financing company partly owned by General Motors Corp., stopped doing business with Bill Heard over concerns about financial losses related to the privately owned chain of 14 stores, Bill Heard confirmed through a spokesman.

The weakening credit profiles of GM, Ford Motor Co. and Chrysler LLC and their finance arms are adding a new challenge for dealers...

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RealEstalker:
Michael Phelps Buys in Baltimore -- Just about every news and quasi-news outlet in the damn world is reporting that young Mister Phelps recently splashed out on a $1,690,000 condo overlooking Baltimore's revitalized Harborfront.

Details on the apartment are slim, but most reports say it measures 4,080 square feet. Your Mama can only hope it's got high ceilings and an extra-long bath tub...

Michael Phelps buys Baltimore condo
related:
CNBC / Realty Check:
Michael Phelps Fuels the Condo Market -- Not that he needs anymore, but yet another kudo to Michael Phelps for doing his part in the housing recovery.

Instead of heading for La-La-Land*, where all those cameras await, or for a spicier set-up in South Beach, the millionaire medal man reportedly decided to sink $1.69 million into his hometown of Baltimore...

TMZ:
Phelps -- Now a Real Homie -- [photo gallery]
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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

Gold / Oil

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