Tuesday Afternoon Reading

Housing

JPMorgan, BofA Strain for Qualified Staff to Clear Foreclosures – Bloomberg

Bulk REO pilot plan disappoints – HousingWire

Dale said he is “disappointed that 85% of the REO units due to be sold are already occupied by tenants.”

“The pilot plan will therefore do almost nothing to reduce the number of vacant homes for sale or provide more homes to rent,” he said.

Why banks are reluctant to foreclose on expensive homes – Felix Salmon

For all the talk of strawberry pickers buying McMansions at the height of the subprime bubble, expensive homes are much more likely to be owned by rich people than cheap homes are. And if a rich person owes a bank somewhere north of a million dollars, the bank is likely to be quite aggressive in attempting to get all of the money it’s owed, rather than simply letting the borrower walk away from their house.

Real House Prices and Price-to-Rent fall to late ’90s Levels - CR

No Longer Home Sweet Home: The Ongoing Housing Crisis and the End of an Era – Robert Reich

Optimists point to declining home inventories in relation to sales, but they’re looking at an illusion. Those supposed inventories don’t include about 5 million housing units with delinquent mortgages or those in foreclosure, which will soon be added to the pile. Nor do they include approximately 3 million housing units that stand vacant – foreclosed upon but not yet listed for sale, or vacant homes that owners have pulled off the market because they can’t get a decent price for them. Vacancies are up 1m from 2006.

Robosigning 2.0: Coming to a Foreclosure Review Near You – Credit Slips

California AG Harris wants halt to foreclosures - McClatchy

California Attorney General Kamala Harris on Monday called on mortgage giants Freddie Mac and Fannie Mae to temporarily suspend all foreclosure sales statewide.

In a letter to Federal Housing Finance Agency acting director Edward DeMarco, Harris said “a good-faith pause” is needed following the recent multi-state settlement with the nation’s largest lenders over mortgage abuses.

Economy & Europe

Not What Paul Volcker Had in Mind – NY Times

A U.S. Boon in Low-Cost Borrowing – NY Times

A combination of unusual and unsustainable forces has pushed the cost of borrowing as low as it has ever been, so low that many investors effectively are paying to lend money to the government.

Wealthy, motivated by greed, are more likely to cheat, study finds – LA Times

Greece’s default gets messier – Felix Salmon

Local

California Democrats push pension plan for nongovernment workers – SacBee

Senate Bill 1234, written by Sen. Kevin de León,D-Los Angeles, would require businesses with five or more employees to enroll them in a new “Personal Pension” defined benefit program or to offer an alternative employer-sponsored plan.

The new system’s investments would be professionally managed by CalPERS or another contracted organization. Employees would contribute about 3 percent of their wages through a payroll deduction, although they could opt out of the plan. Employers could make voluntary contributions into the fund.

 Weekend in SF

Misc. Tuesday Afternoon Reading

iPad Event Confirmed: Apple Invites Press to ‘Touch’ Something - Mashable

It’s all but a done deal now: Apple will unveil the iPad 3 on March 7. The event is due to begin at 10 a.m. Pacific Time (1 p.m. ET).

Apps for Apes: Engaging Orangutans with iPads - Scientific American

So far, the animals have been watching videos of themselves and playing with simple games or an app for finger painting. They might one day also be able to connect to animals in other parts of the zoo—or even other zoos—through Skype or programs like it.

The Mounting Minuses at Google+ – WSJ

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Greg Fielding

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http://gregfielding.com

J. Rockcliff Realtors

15 Railroad Avenue

Danville, CA 94526

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About Greg Fielding

I am a longtime real estate agent who has pretty much seen it all during the housing boom as bust. With experience in selling high-end property and low-end foreclosures, raw land, short sales, development work, apartment buildings, and working with investors, I bring a well-rounded perspective to my work.I also have started to do some paid real estate consulting. If you have questions or just need some good real estate advice, book an appointment at http://whattodorealestate.com/In addition to selling real estate, my insights have been featured in The New York Times, The Big Picture, and regularly on Patrick.net. I have also done consulting work with ForeclosureRadar.Starting my career, in 2003, I have sold homes throughout Alameda and Contra Costa counties, specializing in Danville, Alamo, Blackhawk, San Ramon, Dublin, Pleasanton, Walnut Creek, Lafayette, and Orinda. I live in Danville with my three kids.


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