Book Review: LEED Materials

LEED Materials: A Resource Guide to Green Building by Ari Meisel
Princeton Architectural Press, 2010
Paperback, 224 pages



For those not familiar with the workings of LEED -- the Leadership in Energy and Environmental Design certification system for measuring sustainability -- the different certifications (Platinum, Gold, Silver, Certified) are determined by a weighted point system in various categories (Sustainable Sites, water Efficiency, Energy & Atmosphere, Materials & Resources, Indoor Environmental Quality), which also includes prerequisites that must be met. The system works so that certain points can be ignored, but achieving LEED-Platinum and, more importantly, trying to create the most sustainable building possible means that no criteria are overlooked or not considered. This guide to materials and their application is indispensable for practicing architects looking to maximize points, particularly because many of the materials featured can go towards categories beyond the obvious Materials & Resources.

Published by Princeton Architectural Press, Ari Meisel's book follows the format of the popular Transmaterial series by Blaine Brownell. Materials are arranged by constituency or application and include photos above a description of the material, advice on using it towards credits, and other information like the manufacturer's contact information. The most valuable text, the book's raison d'etre, is the list of LEED credits where each material works. For example, one see that Agriboard prefab panels can fulfill six points in three categories. A LEED credit index is also helpful for architects looking to fulfill one particular credit. Like the Transmaterial books and web page, Meisel's book has the potential to expand into a series, given the plethora of materials out there and the constant innovation, now in the service of LEED and other systems. It's a simple but smart idea to target material use in LEED; the product is a book that fits well alongside other LEED references in any architects' library.

US: CA: UK:

Homeowner's Association and a Commercial Banker Chime in on Riverwalk Condos; How Debt Collectors Can Make You Miserable, Years later

In response to Redmond, WA Condo Association Votes to Mass Default I received a couple of emails worth sharing. One is from the vice president of the Riverwalk Homeowner's Association, the other from my California Commercial Banking friend.

From Bill Landon, Riverwalk Association

Hello Mish,

My name is Bill Landon and I am the Vice President of the Riverwalk HOA in Redmond WA. On behalf of the Association's Board of Directors, I would like to address the primary subject of your recent article "Redmond, WA Condo Association Votes to Mass Default."

The headline is incorrect, and the information (believed to have been provided from the friend of an owner) is not entirely accurate. Neither the Board nor the homeowners have voted to "Mass Default." There has been NO vote to terminate the condominium at this time.

The Board called an official membership meeting last month to discuss the current situation we find ourselves in due to the condition the developer has left the Association and our property.

During that meeting, we had our legal experts go over a whole host of options for the owners to consider in regards to our situation. We also had a report of findings from our architect that detailed a rough outline as to the condition and repair plan of our buildings.

Two weeks ago, there was a non-official meeting of a group of concerned homeowners who got together to brainstorm ideas for addressing our situation. As requested for that that meeting, I arranged for the Association's architect to answer technical questions.

The Board's take on both meetings is that owners want, and are coming to, a better understanding of the situation faced by the Association and themselves with respect to their investment. As a result, several homeowners have formed action committees to look into other "outside the box" options such as contacting the mayor, contacting their mortgage holder as a group, looking into government programs, etc.

The upshot is, this Association's Board, along with its legal team, is still formulating a game plan and way forward. There will be additional meetings before we even consider voting on anything. Meanwhile, your blog readers should know that the headline is flatly wrong. This community's members have not voted to walk away from their Units or this Condominium.

Thank you for your time,

Bill Landon

My Response to Mr. Landon

Thanks Bill

It's important to get the facts straight. I am happy to print your email response.

However, my personal opinion still stands. Writing the mayor, seeking help from government programs, etc, is an enormous waste of time, offering nothing but false hope.

Moreover, If mortgages are spread out among lenders, contacting lenders is highly likely to be futile as well. Even if the majority of loans are with a single bank, If I was a bank I would not do a thing. I am not a bank, so your results may vary.

My opinion still stands, that everyone in the building who is underwater should immediately consult an attorney familiar with real estate law in the state of Washington.

Clearly, anyone who eventually decides to walk away, is far better doing it now rather than a year from now, wasting 12 months of mortgage payments and 12 homeowners association dues in the meantime.

For many if not most, and on advice of their attorney, I suspect walking away will be the best option. Once again that is obviously an opinion, and best resolved with legal representation on a case by case basis.

I understand the bind you are in. I wish you had better options. But it's time to be honest. You simply have to realize that those "outside the box" solutions are an enormous long shot at best, perhaps akin to winning the lottery.

In the meantime here is what you are hoping for

• An engineers' report that says the problem can be fixed.
• The engineers' report is correct and does not result in people throwing more money down a bottomless hole.
• That homeowners do not walk-away anyway, dumping excessive costs on those who stay.
• That the building appreciates in value and people can break even.
• That even if owners can break even, that it makes economic sense to stay.

That combination is another lottery in and of itself.

Mish

I exchanged several amicable letters with Bill Landon. In one quick comment Bill said

Thank you for updating the story. I agree, individuals need their own legal advice. We have a long road ahead of us.

Thanks,

Bill

Debt Collectors Can Make You Miserable, Years later

The Washington Post has a good article outlining the need to seek professional legal advice. Please consider Debt collectors can come calling years after a mortgage default

Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars -- and that a collection agency is coming after them to get it.

That's because lenders have been quietly selling second mortgages and home-equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim.

If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even to garnish their wages, said Scott CoBen, a Sacramento bankruptcy attorney.

"The only relief a consumer will have is entering into a debt-negotiating plan or filing for bankruptcy," said Sylvia Alayon, a vice president with the Consumer Mortgage Audit Center. The firm provides mortgage analysis to lenders, advocacy groups and attorneys.

Seek Legal Advice Before Walking Away

Here is my caution once again...

Before Walking Away Consult An Attorney. There are a lot of potential snags to consider if you go it alone.

California Commercial Banker Chimes In

Here is an email from my California commercial banker friend.

Hey Mish

Loved the blog about the Redmond condo complex. I have several clients who buy distressed real estate, and have performed condo conversions from apartments. You�re correct on the valuation model being virtually nothing. Should everyone walk away, and the loans are dispersed amongst many banks, it would be near impossible to sell units one at a time, while the entire complex needs repairs.

The only real value in this complex would be to a large real estate investor with very deep pockets in the form of cash and very long investment time lines. It would take years to get the potential banks of those foreclosed condos together to sell the building in bulk to one investor, which is the only real way to return this real estate asset to the real world.

I have a client that�s worth $150 million, and they purchased, 10 years ago, a multifamily project with over 600 units for just $7K a unit. That�s how cheap this kind of distressed situation can become, and this is in CA were real estate prices are very high. It�s taken them 10 years to get roughly 80% renovated and leased out. They have invested well over $20 million in improvements, on top of the $4-5 million purchase price.

The property's value is only what we term in banking/real estate investing as the bulk value, and given the circumstance, that�s well below retail values or what�s owed.

California Banker

This is a tough choice for many at Riverwalk. Good luck to you.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Sunday Funnies 2010-05-02: "Brown Chip" Investing; Bubble Pricing in Vancouver

Reflections on Vancouver Bubble Pricing

Matt writes ...

Hi Mike

I like your blog, and have been interested to read some of the comments about the housing situation in Canada. I noticed this on my walk through downtown Vancouver yesterday and thought you might be interested.

Looks like an informal rating agency is out there!

Cheers

Matt

Bubble Pricing Take 1



Bubble Pricing Take 2



Matt sent two additional images as well. Thanks Matt!

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

1099 Mandate from Hell Slipped into Health Bill; Global Warming Profiteering; Fannie Mae Owns Cap and Trade Patents; Shock and Pain Coming to UK, US

With news on Goldman Sachs and Greece dominating the news let's take a look at some other significant stories the past week you may have missed.

1099 Mandate From Hell Slipped into Health Bill

The CATO Organization is noting Costly IRS Mandate Slipped into Health Bill

In a recent summary, tax information firm RIA notes the types of transactions covered by the new 1099 rules...

Basically, businesses will have to issue 1099s whenever they do more than $600 of business with another entity in a year. For the $14 trillion U.S. economy, that�s a hell of a lot of 1099s. When a business buys a $1,000 used car, it will have to gather information on the seller and mail 1099s to the seller and the IRS. When a small shop owner pays her rent, she will have to send a 1099 to the landlord and IRS. Recipients of the vast flood of these forms will have to match them with existing accounting records. There will be huge numbers of errors and mismatches, which will probably generate many costly battles with the IRS.

Tax CPA Chris Hesse of LeMaster Daniels tells me:

Under the health legislation, the IRS could be receiving billions of more documents. Under current law, businesses send Forms 1099 for payments of rent, interest, dividends, and non-employee services when such payments are to entities other than corporations. Under the new law, businesses will be required to send a 1099 to other businesses for virtually all purchases. And for the first time, 1099s are to be sent to corporations. This is a huge new imposition on American business, costing the private economy much more than any additional tax that the IRS might collect as a result.

The Air Conditioner Contractors of America said:

The House bill would extend the Form 1099 filing requirement to ALL vendors (including corporate) to which they pay more than $600 annually for services or property. Consider all the payments a small business makes in the course of business, paying for things such as computers, software, office supplies, and fuel to services, including janitorial services, coffee services, and package delivery services.

In order to file all these 1099s, you�ll need to collect the necessary information from all your service providers. In order to comply with the law, you would have to get a Taxpayer Information Number or TIN from the business. If the vendor does not supply you with a TIN, you are obligated to withhold on your payments.

Clearly this is insanity. If enacted, it will be the most widely ignored IRS regulation in history.

Obama Administration Global Warming Profiteering

Pajamas Media is highlighting More Global Warming Profiteering by Obama Energy Official

Surprising documents made available to this author reveal that Assistant Secretary of Energy Cathy Zoi has a huge financial stake in companies likely to profit from the Obama administration�s �green� policies.

Zoi, who left her position as CEO of the Alliance for Climate Protection � founded by Al Gore � to serve as assistant secretary for energy efficiency and renewable energy, now manages billions in �green jobs� funding. But the disclosure documents show that Zoi not only is in a position to affect the fortunes of her previous employer, ex-Vice President Al Gore, but that she herself has large holdings in two firms that could directly profit from policies proposed by the Department of Energy.

Among Zoi�s holdings are shares in Serious Materials, Inc., the previously sleepy, now bustling, friend of the Obama White House whose public policy operation is headed by her husband. Between them, Zoi and her husband hold 120,000 shares in Serious Materials, as well as stock options. Reporter John Stossel has already explored what he sees as the �crony capitalism� implied by Zoi being so able to influence the fortunes of a company to which she is so closely associated.

In addition, the disclosure forms reflect that Zoi holds between $250,000 and $500,000 in �founders shares� in Landis+Gyr, a Swiss �smart meter� firm. She also still owns between $15,000 and $50,000 in ordinary shares.

�Smart meters,� put simply, are electric meters that return information about customer power usage to the power company immediately and allow a power company to control the amount of power a customer can consume. These smart meters are a central component of the Obama administration�s plans to reduce electricity consumption as part of the �smart grid.�

Conflict of interest anyone?

Fannie Mae owns patent on residential 'cap and trade' exchange

The Washington Examiner reports Fannie Mae owns patent on residential 'cap and trade' exchange

When he wasn't busy helping create a $127 billion mess for taxpayers to clean up, former Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the "green" movement were inventing a patented system to trade residential carbon credits.

The patent, which Fannie Mae confirmed it still owns with Cantor Fitzgerald subsidiary CO2e.com, gives the mortgage giant a lock on the fledgling carbon trading market, thus also giving it a major financial stake in the success of cap-and-trade legislation.

The patent, which covers both the "cap" and "trade" parts of Obama's top domestic energy initiation, gives Fannie Mae proprietary control over an automated trading system that pools and sells credits for hard-to-quantify residential carbon reduction efforts (such as solar panels and high-efficiency appliances) to companies and utilities that don't meet emission reduction targets. Depending on where the Environmental Protection Agency sets arbitrary CO2 standards, that could be every company in America.

So Fannie Mae, a quasi-governmental entity whose congressionally mandated mission is to make housing more affordable, has been a behind-the-scenes participant in a carbon trading scheme that would do just the opposite.

Layoffs at casino in Bethlehem

Philly.com is discussing Layoffs at casino in Bethlehem

Less than a year after a grand opening that rivaled the glitz and glamour of a Las Vegas revue, Sands Casino Resort in Bethlehem is laying off 80 employees.

The 9 percent reduction brings the casino's workforce to 780, down from its current 860, and nearly 200 fewer than when it opened last May 22 with 3,000 slot machines.

Slots revenue is taxed at 55 percent in Pennsylvania, compared with 9.25 percent in New Jersey. Pennsylvania uses the gambling proceeds toward property-tax relief (wage-tax relief in Philadelphia) and aiding the horse-racing industry.

Look at the insanity of it all. Imagine using slot revenue to prop horse betting. What's next, using internet bingo to prop up casinos?

There are only so many consumer entertainment dollars out there. What people spend at the casino does not go to the horse track or to movies or to eating out elsewhere. No jobs are created out of these maneuvers although there may be some slight shifting of jobs from one community to the next.

Harrisburg, Pennsylvania, Council Told to Consider Bankruptcy

Bloomberg is reporting Harrisburg, Pennsylvania, Council Told to Consider Bankruptcy

Harrisburg, Pennsylvania, which has missed $6 million in debt payments since Jan. 1, should consider seeking Chapter 9 bankruptcy protection, City Controller Dan Miller told a three-hour special committee hearing.

Harrisburg, the capital of Pennsylvania, the sixth-most populous U.S. state, has guaranteed payments on $282 million in bonds on the incinerator, run by the Harrisburg Authority. The payments on the bonds and on a working-capital loan this year add up to four times the amount the city collects in property taxes each year, budget documents show.

The city this month skipped a $637,500 payment due on a loan to Fairfield, New Jersey-based Covanta Holding Corp., operator of the incinerator.

On April 23, the Harrisburg Authority told the city that it won�t make a $425,282 payment due May 1 on a $17 million bond issue the city has guaranteed, said Robert Kroboth, interim finance manager. Kroboth said it isn�t likely that the city will honor its guarantee, meaning the payment will fall to the bond�s insurer, Hamilton, Bermuda-based Assured Guaranty Municipal Corp.

A decision other than bankruptcy is lunacy. The sooner Harrisburg files the better. Los Angeles and Houston ought to do the same.

Union Prohibits Weekend Volunteer Work Party To Fix Elementary School

The News Tribune reports Union squelches Tacoma school volunteers at weekend work party

Volunteers at a weekend work party at Fawcett Elementary School in East Tacoma came prepared to get their hands dirty.

But some say they felt like they were working with one grubby hand tied behind their backs last weekend due to school district and union rules.

�There was a lot of work that could have been done, but wasn�t,� said Ron Joslin, whose daughter is a third-grader at the school.

Tacoma Public Schools spokesman Dan Voelpel said the district appreciates volunteer efforts to help make schools better, but there�s a protocol for volunteer cleanups. First, volunteers must fill out a form detailing what the work party plans to do.

�Our buildings and grounds supervisory staff need to review it to make sure that what people want to do is safe and up to school standards,� Voelpel said. �And we have to, by union contract, notify the unions affected. They can determine if the work being performed substantially takes away from union labor. They can object to the work proposed.�

Mark Martinez, executive secretary for the Pierce County Building and Construction Trades Council, put it this way: �Sometimes people don�t appreciate our craft.� His union represents an estimated 60 Tacoma schools employees.

Parents say one of the vetoed Fawcett projects would have removed overgrown bushes that block views of the street from the school. Other proposed projects that didn�t happen include painting a Fawcett Falcons mascot on a school wall and spreading 40 yards of beauty bark on school playgrounds and elsewhere.

No, Mark Martinez, I do not appreciate your craft because your "craft" is nothing but bloodsucking.

Taxing Trip

Please consider KCTV5 INVESTIGATION: Taxing Trip

In 2001, Congress passed a law mandating every school district in America provide its homeless kids with a ride to and from school. For example, a school could be required to pick up a child at a shelter in Kansas City and drive them to an Olathe school every day.

While it seemed like a good idea in sound economic times, the recession has exploded the number of homeless students who need help.

But transporting kids to their original schools comes at a staggering cost. In Olathe, the district will pay $44,000 to transport kids this year. In Shawnee Mission, the tab is $150,000. The Kansas City, Mo., district will spend $194,000. And in Kansas City, Kan., the district served 471 homeless students and spent $295,000 transporting the kids.

Here is a 6 minute video that shows what the kids have to endure.

Mervyn King Warns UK Will Hate The Next Government, No Matter Who Wins

The Times Online reports Austerity Britain will hate its new Government, says King

The Governor of the Bank of England was at the centre of an electoral storm last night after saying that the austerity measures needed to tackle Britain�s budget deficit would be so unpopular that whoever wins next week would not get back into government for a generation.

The Governor�s prediction was made to the American economist David Hale, who passed on the remarks in an Australian television interview. Mr Hale, who has known Mr King for many years, was commenting on debt levels in major economies when he turned to the British election. �I saw the Governor of the Bank of England last week when I was in London, and he told me whoever wins this election will be out of power for a whole generation because of how tough the fiscal austerity will have to be,� he said.

Analysts have said that without commitment to severe austerity in the first weeks of a new Government, Britain could be heading towards a sterling crisis and a boycott of the gilts market.

The National Institute for Economic and Social Research said yesterday that whoever was in power by 2015 would have to raise the basic rate of income tax by 6p to reduce the budget deficit down towards 3 per cent.

That would be on top of cutting spending by an extra �30 billion in spending cuts and raising taxes to meet current targets. NIESR thinks the further tightening, in addition to what are expected to be the deepest cuts for half a century, is needed because the Government has been too optimistic about its economic assumptions. Simon Kirby, one of the report�s authors, said: �It will be a shock and very painful for almost everyone.�

Shock and pain for nearly everyone sounds about right. The same holds true for the US.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Hidden Camera Investigation Shows on Duty LA Dept of Water and Power (DWP) employees Visiting Strip Clubs, Drinking While Driving, Picnicking

Inquiring minds are watching a CBS2 hidden camera investigation of Los Angeles Department of Water and Power (LA DWP) employees visiting strip clubs, drinking while driving city owned vehicles, drinking and picnicking in the park, etc., all while on the job.



Many DWP workers make 6-figures not counting outrageous pension benefits. No doubt the union will strive to protect every one of those workers.

Regardless, the entire operation should be put up for competitive bid and outsourced, irrespective of these transgressions. Hopefully this will be a catalyst.

If you live in LA, please pass this video around. I also encourage you to dump your corrupt mayor and elect someone much more mindful of your tax dollars.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Texas Ratios, Capitalization Ratios, 30 Day Late Loans of Recently Failing Banks

Inquiring Minds just may be interested in the Texas Ratios, capitalization ratios, and percentages of 30 day late loans or higher at recently failed banks.

Texas Ratio Definition

The Texas ratio is a measure of a bank's credit troubles. Developed by Gerard Cassidy and others at RBC Capital Markets, it is calculated by dividing the value of the lender's non-performing assets (Non performing loans + Real Estate Owned) by the sum of its tangible common equity capital and loan loss reserves.

In analyzing Texas banks during the early 1980s recession, Cassidy noted that banks tended to fail when this ratio reached 1:1, or 100%. He noted a similar pattern among New England banks during the recession of the early 1990s.

Bank Failures 2010-04-30

Westernbank Puerto Rico: 136%
Total Capital: 8%
Total Capital% minus (30+ days late or more / Total Assets): -7%

Eurobank Puerto Rico: 213%
Total Capital: 4%
Total Capital% minus (30+ days late or more / Total Assets): -10%

R-G Premier Bank of Puerto Rico: 270%
Total Capital: 6%
Total Capital% minus (30+ days late or more / Total Assets): -19%

CF Bancorp (MI): 421%
Total Capital: -1%
Total Capital% minus (30+ days late or more / Total Assets): -10%

Champion Bank (MO): 344%
Total Capital: 2%
Total Capital% minus (30+ days late or more / Total Assets): -19%

Champion Bank (MO): 194%
Total Capital: 2%
Total Capital% minus (30+ days late or more / Total Assets): -6%

7 Bank Failures Cost FDIC About $7.4 Billion

The above 7 bank failures will take a $7.4 billion bite out of FDIC deposit fund.

Emergency Powers Stabilize Puerto Rico Banks

Inquiring minds are reading Puerto Rico Banks Seized as Regulators Waive Deposit Limits.

Regulators used emergency powers to stabilize Puerto Rico�s banks, putting almost a third of the U.S. territory�s deposits in Popular Inc. and giving control of another lender to a Canadian firm.

Deposit limits were waived to allow Banco Popular of Puerto Rico to hold $19.5 billion, or 31.4 percent of the island�s total, after its purchase of Westernbank Puerto Rico, the Federal Reserve said yesterday in a statement. Three banks on the island were shut at a cost to the Federal Deposit Insurance Corp. of $5.3 billion, the agency said in statements posted on its website. Combined with four other banks, the closures cost the deposit-insurance fund a total of $7.3 billion.

�The Puerto Rican banking system is somewhat unique� in being concentrated among a small number of lenders, FDIC Chairman Sheila Bair said on a conference call with reporters. �We think this will help the banking system in Puerto Rico and improve its capacity to provide credit support for the economy.�

Bank Failures 2010-04-23

New Century Bank (IL): 320%
Total Capital: 3%
Total Capital% minus (30+ days late or more / Total Assets): -21%

Citizens Bank & Trust Company Chicago (IL): 500%
Total Capital: 3%
Total Capital% minus (30+ days late or more / Total Assets): -29%

Broadway Bank (IL): 476%
Total Capital: 3%
Total Capital% minus (30+ days late or more / Total Assets): -15%

Amcore Bank NA (IL): 155%
Total Capital: 3%
Total Capital% minus (30+ days late or more / Total Assets): -8%

Lincoln Park Savings Bank (IL): 404%
Total Capital: 2%
Total Capital% minus (30+ days late or more / Total Assets): -18%

Peotone Bank & Trust Company (IL): 314%
Total Capital: 3%
Total Capital% minus (30+ days late or more / Total Assets): -12%

Wheatland Bank (IL): 601%
Total Capital: -1%
Total Capital% minus (30+ days late or more / Total Assets): -44%

Winners and Losers

The losers (failed bank) all had high Texas ratios. 12 of the 14 failures in the last two weeks had Texas Ratios over 200%. Wheatland bank had a Texas Ratio of 601%, negative reported capital, and an astonishing 43% of loans 30 days late or more.

Wow! Congratulations to Wheatland for such a remarkable record. It's not easy to be that inept!

How pray tell did the FDIC let this go on so long?

Banks with low Texas Ratios are generally picking up the assets of failed banks. For example, Northbrook Bank & Trust (IL) with a Texas Ratio of 13% took over Lincoln Park Savings Bank.

Wheaton Bank & Trust Company (IL) with a Texas Ratio of 20% took over Wheatland.

Texas Ratio List - How Safe Is Your Bank?

To find the Texas Ratio for over 7,500 banks in the country, please see How Safe Is Your Bank? Texas Ratios of 7,500+ Banks

Inquiring minds might also be interested in an Interactive Map of Worst Banks in the U.S. by Texas Ratio, Non-Performing Assets, and Total Capital.

Recent bank failures may not be noted as such in the above interactive map.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Patrick at Google

Patrick at Patrick.Net gave a speech at Google last month about housing.



You can subscribe to his free email list by signing up on his site on the upper right side of his site.

I have been a subscriber for years. A new list comes out once a day, with 10 to 20 news stories to consider. Here is his latest email list.

• Housing Recovery Hoorah! Or Is It a Decline? (housingwatch.com)
• Housing Rebound at Least 3 Years Away (businessweek.com)
• Not all is well on the housing front (mybudget360.com)
• Laguna foreclosures jump 66.7% over year (lagunahomes.freedomblogging.com)
• Four of nation's top 10 foreclosure cities in CA Central Valley (centralvalleybusinesstimes.com)
• Tustin base project called worthless bc of falling land prices (lansner.freedomblogging.com)
• Redmond, WA Condo Association Votes to Mass Default (Mish)
• South Florida foreclosures way up in first quarter (miamiherald.com)
• W Hotel's developer says it is bankrupt (boston.com)
• Realtor: What is so wrong with renting? (realtytimes.com)
• For Many Horse Breeders, a Losing Bet in Kentucky (nytimes.com)
• Hedge Funds Could Crush Bank Cartel, Keep Buyers in Foreclosures (irvinehousingblog.com)
• Provision would break up nine biggest banks (marketwatch.com)
• Goldman looking to settle SEC fraud case (nypost.com)
• Gosh, didn't we learn all of this in 1933? (bayarearealestatetrends.com)
• Housing Bubble Didn't Faze Irrational Housing Thoughts (theatlantic.com)
• Australian bubble still in full force despite rate increase (money.ninemsn.com.au)
• Pandora's box of lending toxics (theautomaticearth.blogspot.com)
• Care to donate money to the US government? (pay.gov)
• "Existing house on lot is older and has no inherent value." (patrick.net)

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List