Some Sunday Reading

Wealthy homeowners seeking privacy are increasingly buying adjacent properties – LA Times

“A decade ago, the idea of combining properties was extremely rare,” Rappaport said. “Now in the ultra high end it’s the norm to strategize about amassing multiple properties.”

Young Greeks pose a challenge for government – LA Times

‘Generation 700,’ Greeks in their 20s and 30s who are highly educated but face high unemployment, are criticized by their elders for lacking initiative. They counter that the system has failed them.

“Frugality Fatigue”? – Economist’s View

The government releases its report on retail sales for May tomorrow, and economists [predict] total sales increasing 0.2% from April. … But a new poll from Gallup indicates that consumers who make more than $90,000 account for the bulk of that spending increase. …

Study Says Math Deficiencies Increase Foreclosure Risk – NY Times

IF you can’t divide 300 by 2, should you qualify for a loan?

Finally, Borrowers Score Points – NY Times

It’s a slow process, to be sure. But at least it is proceeding.

Ghost Town Detroit – Credit Writedowns

Even Mitt Romney’s childhood home, where his parents lived from 1941 to 1953 is a blight on the community and being torn down. And his father was both chairman of AMC and Governor of the state at one time.

Obama pleads for $50 billion in state, local aid – WaPo

President Obama urged reluctant lawmakers Saturday to quickly approve nearly $50 billion in emergency aid to state and local governments, saying the money is needed to avoid “massive layoffs of teachers, police and firefighters” and to support the still-fragile economic recovery.

Q1 2010: Mortgage Equity Withdrawal strongly Negative – Calculated Risk

For Q1 2010, the Net Equity Extraction was a record low of minus $122 billion, or a negative 4.4% of Disposable Personal Income (DPI).

Number of the Week: Default, Not Thrift, Pares U.S. Debt – WSJ

U.S. consumers are paring down their debts faster than many economists had expected. To understand what that means, though, it helps to know how they’re doing it.

State Plan Makes Fund Both Borrower and Lender – NYT

And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.

Anemic Retail Sales; Strength of Consumer Recovery Overstated – Mish

Housing is about to go into a nosedive, and that will without a doubt affect big ticket items like appliances.

CalPERS to resume seeking an additional $700 million in tax money – LA Times

California’s troubled, giant public pension fund is preparing to seek an additional $700 million from the state and school districts, after postponing a decision last month because of concerns about the state’s massive budget deficit.

The Daily Show – The Spilling Fields