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With only 40% of student debt being actively paid back, this problem is growing worse quickly. Bankruptcy laws need to be changed immediately. Banks and colleges would drastically scale back lending, which is a good thing. College demand would drop, and colleges would be forced to live within realistic means again.

David Neithercut, chief executive of Equity Residential, the nation’s largest landlord, has noticed this “psychology change” in consumers.

Foreclosure is the story of a broken family striving to stay together while a curse and the ghosts of a haunted house try to tear them apart.

This story is somehow being spun as a positive in other places…that 59 percent of borrowers say they wouldn’t default…but the real story is that a huge number, 41 percent, would.

Irish citizens are beginning to protest their fleecing (via bank bailouts) more aggressively.  At least they understand that they should be angry.  Americans still have their heads in the sand.

Imagine buying a housing in 2000 for $300,000.

Now imagine that, today, some sucker would buy that house for $2,400,000. Today would be a great time to cash-out, wouldn’t it?

Mountain House never should have been created. There was no need for it, and now it’s the poster-child for housing-bubble construction gone wrong.

And, it’s a stupid name for a town in the Central Valley. (no mountains)

In one of his newsletters, John Mauldin correctly pointed out that, if the IMF is bailing out these banks, then it’s really the U.S. leading the charge.
Let me start this week’s Outside the Box by venting a little anger. It now looks like almost 30% of the Greek financing will come from the IMF, rather [...]

If you thought that the U.S. housing bubble was bad, check out some of these other countries!
The Economist has an interactive chart showing home price appreciation from different countries. This one shows the U.S. versus Britain, Spain, Australia, and New Zealand. (they are all much worse)  And, Spain is in enormous trouble.

This is great.

At first I thought this was a joke…or maybe from The Onion.
The Feds have established a website where you can make “donations” to pay down the national debt.

Welcome to the United States Treasury’s site for making donations to help reduce the public debt.  If you would like to make a
donation, please fill [...]

One of the pioneers and leaders in the housing blog-0-sphere.

Government “extent and pretend’ housing initiatives have done a marvelous job of temporarily propping up the housing market. Over the last 6-8 months, home prices have generally stabilized. Interest rates are low. First-time buyers are active. House-flipping is back. Foreclosure activity is a fraction of what it once was.
If only this could go on forever….
But, [...]