Top Real Estate Links for Tuesday, May 25th, 2011.
The death toll from the devastating tornado that tore through Joplin, Missouri, continues to rise and now stands at least 122, authorities say. Another 750 people have been injured.
What happens when Greece defaults – Telegraph
It is when, not if. Financial markets merely aren’t sure whether it’ll be tomorrow, a month’s time, a year’s time, or two years’ time (it won’t be longer than that). Given that the ECB has played the “final card” it employed to force a bailout upon the Irish – threatening to bankrupt the country’s banking sector – presumably we will now see either another Greek bailout or default within days.
Why Bernanke will be forced to institute QE3 – MarketWatch
While Shostak concludes that the Fed is wary of price inflation (that they are causing) and that this will deter another round of money pumping, I think the primary motivation behind QE is unemployment, not price inflation.
“This recession was unique in that certain consumers who defaulted on mortgages would otherwise be good credit risks,” said Ezra Becker, VP of research and consulting in TransUnion’s financial services business unit. “It appears their actions were driven more by difficult economic circumstances than by any inherent inability to manage debt.”
Today’s spectacle had the Republicans looking like idiots who resorted bullying when their initial salvos failed to hit their target. Chairman Patrick McHenry came off like a an angry amateur, trying ineptly to play prosecutor by demanding yes and no answers to questions that were clearly setups or couldn’t be answered that simply. The problem is that this tactic works only if you have legitimate questions and keep your cool.
Another Republican, Trey Gowdy, tried this trick and when Warren patiently explained why a yes or no answer couldn’t be accurate, he simply got more and more pissy. Earth to base: you won’t find “pissy” on any map of moral high ground.
“Our market moves very closely with the financial markets,” Pruner, based in Greenwich, said in an interview. “Deferred compensation has totally hammered the over-$10 million market because people just aren’t getting large amounts of cash, and that market has traditionally been a cash market.”
Fifty-two houses in that price range were listed for sale as of May 19, according to Pruner. Four have sold this year and two are in contract. At that pace, it would take 52 months to sell the inventory, he said. If that backlog remains through the end of the year, it would be the biggest in his data going back to 2004.