States are already spending settlement money on other things. Nice.
Total sales were up 4.7% compared to January 2011. Active Listing Inventory declined 49.4% from last January, and total inventory, including “short sale contingent”, was off almost 30% year-over-year.
JPMorgan expects more housing decline – HousingWire
The accounting in the settlement is somewhat confusing. The much-quoted $25 billion figure includes $17 billion that banks must spend on a variety of programs to help beleaguered borrowers. Banks will receive credits for each dollar spent. “Sometimes they get a dollar for dollar credit, sometimes they get 45 cents on the dollar, sometimes they get 10 cents on the dollar,” Iowa Attorney General Tom Miller explained during a press conference. “The benefit to homeowners on the full dollar amount is $32 billion.” In addition, the deal includes $3 billion dedicated to refinancing loans and $5 billion to be paid to federal and state governments.
Using these figures, the settlement totals closer to $40 billion. California will receive up to $18 billion … Florida Attorney General Pam Bondi estimated that her state will get $8.4 billion in the deal.
“Dealers who last year sold two house packages might sell four this year, but it needs to get back to 12. We’re still so far from the housing industry of five years ago,” she says.
Economy & Greece Riots
Athens Is Setting Itself on Fire – The Atlantic
The agreement requires the grocery store to pay a penny more per pound of tomatoes and to ensure better working conditions for tomato workers.
132-Room Estate Includes Personal Chef, 24-Hour Security Detail
The fund for lead-poisoning prevention was almost entirely eliminated. And here’s why this is such a big deal.