Investors dominate home flipping, auctions – The San Francisco Chronicle
California foreclosure data show that the number of houses purchased by investors at public auctions statewide climbed from 833 in December of 2008 to 2,648 in December of 2009, an increase of 218 percent.
One in 7 U.S. mortgages foreclosing or delinquent – Reuters
A record one in seven U.S. mortgages were in foreclosure or at least one payment past due in the third quarter, according to fresh data signaling the recovery in the housing market will be tepid at best.
Bank of America Posts Loss for Year and Quarter – The New York Times
Most major retail banks are facing the same problem: Citigroup said Tuesday that the $1.6 billion in losses it suffered in 2009 losses came in part from losses in the bank’s mortgage and credit card units, which overwhelmed gains from investment banking — a trend that is likely to continue. Last week, JPMorgan Chase said its consumer businesses, and particularly its credit card unit, were hemorrhaging money.
ECB prepares legal ground for euro rupture as Greek crisis escalates – Telegraph, Ambrose Evans-Pritchard
Fears of a euro break-up have reached the point where the European Central Bank feels compelled to issue a legal analysis of what would happen if a country tried to leave monetary union.
The NYT’s paywall – Felix Salmon
I suspect that what’s going to happen now is that as the moment of truth approaches, bloggers will increasingly search around for the NYT’s replacement as online paper of record: the way that blogs work is that they’re backed up by links to reliable sources, and a link is worthless if the person clicking on it risks running straight into a paywall, unable to read the information in question. The NYT’s journalism might well continue to be reliable, but its website won’t be, any more.
US commercial real estate in good news shock – FT Alphaville
US commercial real estate prices, as measured by Moody’s, increased by 1 per cent in November. This is the first such increase in more than a year, according to the rating agency’s REAL Commercial Property Price Indices.
“Hope” Has Been a Bust, It’s Time for Hope 2.0 – Arianna Huffington
On the eve of the first anniversary of President Obama’s inauguration, it’s become painfully obvious that elected officials are not going to save us. The 2008 election was all about “Hope.” But Hope is simply not cutting it.
