Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate

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Belmont Shore Real Estate Market Report

Including Belmont Park, Naples Island and Marina Pacifica

Homes, Condos and Income Properties

Long Beach California

Last Updated 8/22/2008

 

Belmont Shore boundaries: North - Broadway East - Bay Shore South - The Ocean West - Livingston Drive

Belmont Park boundaries: North - Monrovia Avenue East - Marine Stadium South - Broadway West - Bay Shore

Naples Isand boundaries: North - Belmont Park East - Marina Pacifica South - The Peninsula West - Belmont Shore

About Belmont Shore and Naples Island California

Long Beach Homes For Sale in Belmont Shore, Belmont Park and on Naples Island

 

There are currently 95 Long Beach homes for sale in Belmont Shore, Naples Island and Belmont Park.

• 2 homes are for sale between $500,000 and $600,000
• 3 homes are for sale between $600,000 and $700,000
• 10 homes are for sale between $700,000 and $800,000
• 12 homes are for sale between $800,000 and $900,000
• 9 homes are for sale between $900,000 and $1,000,000
• 30 homes are for sale between $1,000,000 and $1,500,000
• 15 homes are for sale between $1,500,000 and $2,000,000
• 7 homes are for sale between $2,000,000 and $3,000,000
• 6 homes are for sale between $3,000,000 and $4,000,000
• 1 home is for sale at $5,500,000

 

• Average Price: $1,564,786
• Average Days on Market: 114

 

Search homes for sale in Belmont Shore, Belmont Park and on Naples Island

 

• Belmont Shore-Naples Island Homes For Sale under $1000000
• Belmont Shore-Naples Island Homes For Sale $1000000 to $2000000
• Belmont Shore-Naples Island Homes For Sale $2000000 and up
• Bay Harbour Homes For Sale

 

 

 

There are currently 19 homes pending (in escrow) in Belmont Shore, Belmont Park and on Naples Island.

 

• 6 Homes are accepting Back-Up offers.
• 13 Homes are pending

 

Back-Up Offers:

• Average Price: $1,286,983
• Average Days on Market: 84

Pending Offers:

• Average Price:$1,311,130
• Average Days on Market: 81

 

 

46 homes closed escrow (SOLD) in Belmont Shore, Belmont Park and on Naples Island in 2008.

 

• Lowest Price Home Sold: $625,000
• Highest Price Home Sold: $4,450,000

• Average Price: $1,171,889
• Average Days on Market: 66

 

42 Homeowners Cancelled their Listings

• Average Price: $1,395,220

• Average Days on Market: 147

1 Homeowner Withdrew their home from the market

• Average Price $1,250,000

• Average Days on Market: 68

37 Listings Expired

• Average Price: $1,193,391

• Average Days on Market: 155

 

 

 

 

Long Beach Condos For Sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

 

There are currently 23 Long Beach Condos for sale in Belmont Shore, Naples Island, Belmont Park and Marina Pacifica

• 3 for sale between $200,000 and $300,000
• 7 for sale between $300,000 and $400,000
• 3 for sale between $400,000 and $500,000
• 5 for sale between $500,000 and $600,000
• 2 for sale between $600,000 and $700,000
  
• 1 for sale at $795,000
• 1 for sale at $1,249,000
• 1 for sale at $1,495,000

• Average Price: $531,386
• Average Days on Market: 109

Search Condos for sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

• Belmont Shore and Naples Condos For Sale

• Marina Pacifica Condos for Sale

 

 

 

There are currently 9 condos in escrow in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica.

 

• 7 condos are accepting Back-Up offers.
• 2 condos are pending

 

Back-Up Offers:

• Average Price: $541,628
• Average Days on Market: 113
  

Pending Offers:

• Average Price:$407,450
• Average Days on Market: 28
  

 

 

31 condos have closed escrow (SOLD) in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica in 2008.

 

• Lowest Price Condo Sold: $225,000
• Highest Price Condo Sold: $735,000

• Average Price: $513,912
• Average Days on Market: 85
  

 

18 Homeowners Cancelled their Listings

• Average Price: $535,622

• Average Days on Market: 126
  

1 Homeowner Withdrew their home from the market

• Average Price $439,000

• Average Days on Market: 39
  

 

22 Listings Expired

• Average Price: $591,895

• Average Days on Market: 182
  

 

 

 

 

 

Long Beach Income Properties For Sale in Belmont Shore, Belmont Park and Naples Island

 

There are currently 21 Long Beach Income Properties for sale in Belmont Shore, Naples Island and Belmont Park.

 

• 10 are duplexes
• 6 are triplexes
• 2 are four-plexes
  
• 1 has 9 units
• 1 has 10 units
• 1 has 23 units

 

• Lowest Price: $789,900
• Highest Price: $6,950,000
  

• Average Price: $1,946,614
• Average Days on Market: 138
  

Search Income Properties for sale in Belmont Shore, Belmont Park and Naples Island

 

• Belmont Shore-Naples Island Income Properties For Sale-Long Beach Real Estate

 

 

There are currently 3 income properties in escrow in Belmont Shore, Belmont Park and Naples Island.

 

• 2 income properties are accepting Back-Up offers.
• 1 income property is pending.

 

Back-Up Offers:

• Average Price: $881,500
• Average Days on Market: 124
  

Pending Offers:

• Average Price:$1,699,000
• Average Days on Market: 142
  

 

 

12 income properties have closed escrow (SOLD) in Belmont Shore, Belmont Park and Naples Island in 2008.

 

• Lowest Price income property Sold: $849,500
• Highest Price income property Sold: $3,500,000

• Average Price: $1,734,041
• Average Days on Market: 135
  

 

5 income property owners Cancelled their Listings

• Average Price: $1,226,560

• Average Days on Market: 246
  

1 income property owner Withdrew their property from the market

• Average Price $849,500

• Average Days on Market: 0
  

16 Listings Expired

• Average Price: $1,214,306

• Average Days on Market: 218
  

 

 

*All statistics are as represented by the MLS and are not to be interpreted as the representations of the author.

http://www.lauriemanny.com/0041D6

Downtown Long Beach Real Estate Sales-Market Report

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Downtown Long Beach Real Estate Sales-Market Report

 

Homes, Condos, Coops, OYOs, Income Properties

 

Updated 8/11/08

 

 

 

Downtown Long Beach Homes

There are 28 Downtown Long Beach Homes For Sale ranging in price from $184,900 to $1,300,000.

4 homes are for sale under $200,000

4 homes are for sale between $200,000 and $300,000

7 homes are for sale between $300,000 and $400,000

5 homes are for sale between $400,000 and $500,000

Average Price:  $432,110

Average Days on Market:  140

There are 2 Downtown Long Beach Homes pending in escrow

1 @ $219,000

1 @ $275,500

Average Price:  $247,250

Average Days on Market:  53

3 Downtown Long Beach Homes have closed escrow in 2008.

1 @ $184,000

1 @ $330,000

1 @$355,000

Average Price:  $289,666

Average Days on Market:  8

Downtown Long Beach Condos, Coops and OYOs

There are 182 Downtown Long Beach Condos For Sale ranging in price from $75,000 to $2,699,999.

Average Price:  $410,332

Average Days on Market:  99

There are 14 Downtown Long Beach Condos in escrow accepting Back-Up offers.

Average Price:  $288,750

Average Days on Market:  79

There are 24 Downtown Long Beach Condos Pending in escrow. 

Average Price:  $255,854

Average Days on Market:  95

84 Downtown Long Beach Condos have sold (closed escrow) in 2008.

Average Price:  $325,239

Average Days on Market:  88

Downtown Long Beach Lofts

There at 30 Downtown Long Beach Lofts For Sale ranging in price from $244,990 to $875,000.

Average Price:  $548,656

Average Days on Market:  168

There are no Downtown Long Beach Lofts in escrow at this time.

8 Downtown Long Beach Lofts have sold (closed escrow) in 2008. 

Average Price:  $559,812

Average Days on Market:  139

Downtown Long Beach Income Properties

There are 45 Downtown Long Beach Income Properties For Sale ranging in price from $225,000 (duplex) to $1,999,999 (18 units). 

Average Price:  $735,611

Average Days on Market:  119

5 Downtown Long Beach Income Properties are Pending in escrow.

Average Price:  $506,940

Average Days on Market:  62

15 Downtown Long Beach Income Properties have sold (closed escrow) in 2008.

Average Price:  $741,706

Average Days on Market:  111

 

 

Call Laurie to view Downtown Long Beach Properties

Laurie knows Downtown!

http://www.lauriemanny.com/0040C8

Belmont Heights Neighborhood Market Report-Long Beach California Real Estate

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Belmont Heights Market Report

Homes, Condos and Income Properties

Long Beach California Real Estate Sales - 2008

Updated 8/11/2008

 

Belmont Heights is bounded by:

 

• Ocean Blvd and Livingston Drive on the South
• Redondo Avenue on the West
• 4th Street to the North
• Nieto Avenue to the East

 

The Belmont Heights neighborhood of Long Beach California is a lovely, ecclectic mix of early century homes, low rise condos, smaller apartment buildings (including some fabulous spanish duplexes), restaurants, coffee shops, funky stores, galleries and a nice mix of neighborhood friendly small business. Just blocks from the bluffs, overlooking the harbor, the beach, and a short walk into Belmont Shore, Belmont Heights is a tree lined Long Beach Community developed in the early 20th Century, and a great place to call home. Many of the neighborhood homes were originally built as summer cottages mostly between 1905 and 1939, later becoming year round residences. More bungalow style homes can be found here than in any other community of Long Beach.

 

 

Read Also:

• Belmont Heights Neighborhood of Long Beach California Resource Guide
• Bluff Park Historic District Neighborhood Market Report
• Long Beach California Beach Communities
• History of Long Beach California
• Long Beach CA Historic Homes and Districts
• THE MILLS ACT

 

 

 

Belmont Heights Homes - Sales 2008

 

There are currently 26 Homes for sale in Belmont Heights, ranging in price from $449,000 to $1,795,000.

• Average Price: $1,066,071
  
• Average Days on Market: 78
  

 

There are currently 4 Belmont Heights Homes in escrow, accepting Back-Up offers.

• Average Price: $863,749
• Average Days on Market: 136
  

 

and 4 Belmont Heights Homes are Pending in escrow:

• Average Price: $673,225
• Average Days on Market: 45
  

 

22 Homes in Belmont Heights have closed escrow in 2008.

• Average Price: $1,013,409
• Average Days on Market: 96
  

 

Belmont Heights Homes For Sale

• Belmont Heights Homes For Sale $800000 and less
• Belmont Heights Homes For Sale $800000 to $1200000
• Belmont Heights Homes For Sale $1200000 and higher

 

Belmont Heights Condos-Coops-OYOs - Sales 2008

 

No Coops or OYOs have sold in Belmont Heights in 2008.

 

There are 9 Belmont Heights Condos For Sale ranging in price from $205,000 to $949,000.

• Average Price: $454,555
• Average Days on Market: 52
  

1 Belmont Heights Condo is accepting Back-up Offers

• Average Price: $381,500
• Average Days on Market: 34
  

12 Belmont Heights Condos have closed escrow in 2008.

• Average Price: $416,407
• Average Days on Market: 106

 

Belmont Heights Condos For Sale

• Belmont Heights Condos For Sale $300000 to $400000
• Belmont Heights Condos For Sale $400000 to $500000
• Belmont Heights Condos For Sale $500000 to $600000
• Belmont Heights Condos For Sale $600000 to $800000

 

Belmont Heights Income Properties - Sales 2008

 

There are 11 Belmont Heights income properties for sale, ranging in price from $675,000 to $1,900,000.

• Average Price: $1,277,909
• Average Days on Market: 158
  

 

Belmont Heights Income Properties For Sale

 

7 Belmont Heights Income Properties Sold in 2008, ranging in price from $735,000 (Duplex) to $3,125,000 (14 Units).

• Average Price: $1,417,142
• Average Days on Market: 111
  

 

RIN	Status	Units	GSI	Cap	GRM	Net Inc	Address	Yblt	Bldg SF	Sty	Price	DOM
1	A	2	$26,400	3.76%	25.57	$25,400	309 Prospect Ave	1923	1,550		$675,000	202
2	A	3	$37,800	0%	20.87	$0	3519 E 4th St	1920	1,755		$789,000	123
3	A	5	$61,980	3.78%	17.42	$40,821	207 Mira Mar Ave	1922	4,160		$1,080,000	19
4	A	3	$0	0%		$0	218 Mira Mar Ave	1927		2	$1,195,000	326
5	A	1	$1,300	0%	923.08	$0	251 Mira Mar Ave	1924	2,363		$1,200,000	23
6	A	4	$51,300	2.54%	25.24	$32,900	3543-3549 E Broadway	1910	2,544	2	$1,295,000	147
7	A	2	$48,000	2.49%	28.13	$33,600	4609 E Colorado St	1972	2,822	2	$1,350,000	195
8	A	3	$0	0%		$0	249 Loma Ave	1918	4,160	2	$1,399,000	278
9	A	4	$0	0%		$0	231 Roswell Ave	1977	4,174		$1,479,000	82
10	A	4	$81,240	3.93%	20.86	$66,617	218 Roycroft Ave	1923	4,398		$1,695,000	48
11	A	6	$122,400	5.07%	15.52	$96,280	206 Belmont Ave	1964	6,242	2	$1,900,000	298
12	S	2	$43,200	5.55%	18.03	$43,200	268 Bennett Ave	1923	1,944	1	$735,000	26
13	S	2	$29,400	2.06%	29.56	$17,930	3939 E 2nd St	1921	2,076		$850,000	179
14	S	2	$0	6.91%	14.48	$69,000	256 Euclid Ave	1973	2,632		$895,000	23
15	S	4	$74,100	4.46%	16.19	$53,515	3715 E 4th St	1981	4,080		$1,100,000	448
16	S	5	$124,200	0%	13.52	$0	15 Loma Ave	1936	8,190		$1,615,000	53
17	S	8	$130,200	5.15%	13.44	$90,200	3417 E 2nd St	1964	7,435		$1,600,000	24
18	S	14	$250,000	5.65%	12.6	$178,000	4035 E Livingston Dr	1923	11,844	2	$3,125,000	26

*All statistics are as represented by the MLS and are not to be interpreted as the representations of the author.

DOM = Days on Market

 

 

Visit our blog for more helpful Long Beach Real Estate Information and Updates

Long Beach Real Estate Home Blog>>>

• 
  
• Belmont Shore and Naples Condos For Sale
• Belmont Shore CA Homes for sale under $1000000
• Belmont Shore-Naples Homes For Sale $1000000 to $2000000
• Belmont Shore Naples Homes For Sale $2000000 and up
• Marina Pacifica Condos for Sale Long Beach CA
• Bay Harbour Homes For Sale Long Beach California
• Luxury Homes For Sale in Long Beach California
• Long Beach CA Ocean Blvd Condos For Sale

Call Laurie for an appointment to view Belmont Heights Homes or Condos in Long Beach California.

 

 

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Bluff Park Historic District Neighborhood Market Report - Long Beach CA Real Estate Sales

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Bluff Park Historic District Market Report

Homes, Condos and Income Properties

Long Beach CA Real Estate Sales - 2008

Updated 8/8/2008

 

The Bluff Park Historic District Boundaries are:

 

• East 2nd Street to the North
• Loma Avenue to the East
• East Ocean Boulevard to the South
• Junipero Avenue to the West

• Bluff Park Historic District Map PDF

Bluff Park Historic District is a small, very upscale neighborhood which contains some of Long Beach's most dignified homes. The historic district includes a variety of architectural styles, including Greene and Greene, American Craftsman, California Bungalow, Spanish Revival, Prairie Style, American Colonial Revival, Tudor and Mediterranean, constructed between 1903 and 1949.

 

Bluff Park is home to The Long Beach Museum of Art. Built in 1912 the stately Craftsman building is the former Elizabeth Milbank Anderson house; it is located on the bluffs at 2300 E. Ocean Bl. Bluff Park is also home to a Buddhist monastery that once was a Roman Catholic convent.

 

Back in the 1930's Long Beach was known as the motion picture capital of the world until post World War I when Hollywood developed around the glitz of the era. With its perfect Southern California climate, Long Beach afforded the perfect setting for the industry. There were eight film houses, two stock companies, roller-coasters and bath houses at the historic Pike, along the shore of Downtown Long Beach. This was the home of the Balboa Amusement Production Company, the world's most prolific silent-film studio. W. C. Fields and other stars lived in beautiful mansions in the Bluff Park neighborhood along Ocean Boulevard and First Street, many of which remain in the families to this day.

 

Bluff Park is one of Long Beach's most coveted neighborhoods.

Read Also:

• Long Beach California Beach Communities
• History of Long Beach California
• Long Beach CA Historic Homes and Districts
• THE MILLS ACT

 

 

Bluff Park Historic District Homes - Sales 2008

 

There are currently 6 Homes in Bluff Park Historic District For Sale, ranging in price from $699,900 to $3,875,000.

• Average Price: $1,448,983
  
• Average Days on Market: 69

4 Homes in Bluff Park Historic District have closed escrow in 2008.

• Average Price: $835,500
• Average Days on Market: 24
  

 

 

RES	Status	Type	Address	Address	Bd	B t/f	Sty	Gar	SqFt	Yr Blt	Price	DOM
1	A	SFR	2401 E Ocean Blvd	2401 E Ocean Bl	6	6/5	S	4	5,000	2008	$3,875,000	32
2	A	SFR	3513 E 2nd St	3513 E 2nd St	3	2/1	1	2 A	1,662	1911	$699,900	81
3	A	SFR	2424 E 2nd St	2424 E 2nd St	2	1/1	1	2	1,285	1910	$750,000	53
4	A	SFR	24 N Redondo Ave	24 N Redondo Ave	2	2/1	1	2	1,390	1916	$925,000	36
5	A	SFR	3039 E 2nd St	3039 E 2nd St	4	4/3	2	2 D	2,438	1946	$1,195,000	142
6	A	SFR	2919 E 1st St	2919 E 1st St	4	3/1	2	2	2,859	1922	$1,249,000	0
7	S	SFR	2609 E 2nd St	2609 E 2nd St	2	2/1	2	1 D	1,848	1909	$682,000	6
8	S	SFR	2424 E 2nd St	2424 E 2nd St	2	1/	1	2	1,285	1910	$650,000	5
9	S	SFR	32 Kennebec Ave	32 Kennebec Ave	3	3/1	2	1 A	1,628	1911	$785,000	77
10	S	SFR	115 Paloma Ave	115 Paloma Ave	4	3/	2	1 D	2,433	1913	$1,225,000	9

 

Today on 8/8/08 Bluff Park Historic District Home located at 2609 East 2nd St Closed Escrow.   8/8/08 is considered by the Chinese to be a very lucky day. The number is coveted for addresses, phone numbers and bank accounts. A single 8 on a piece of property lends a sense of high status among the Chinese, as they know top dollars were paid just to obtain that number.   Lucky 8 is so lucky, that the Beijing Olympics are due to open today on 8/8/08 at exactly 8:08:08 PM.

 

 

Just Sold

 

 

Bluff Park Historic District Closed Sale 8/8/08

2609 East 2nd Street Long Beach, CA 90803 2 Short Blocks to the Beach Craftsman Home 2 Story 2 Bedroom 2 Bath 1,848 Square Feet 4,785 Sq Ft Lot 2 Car Garage + Driveway Beautifully Landscaped Great Floorplan Formal Entry Hardwood Floors Plantation Shutters French Doors to Rear Deck Private Back Yard Formal Dining Room Office (3rd Bdrm?) Den (4th Bdrm?) Front Porch Large Wood Burning Fireplace High Coved Ceilings with Detail Basement Lots of Storage

Buyer Represented by Laurie Manny (562) 212-5420

Offered at: $679,000 Sold at: $682,000

Tale of the Sale

Bluff Park Historic District Condos-Coops-OYOs - Sales 2008

 

There are 8 Bluff Park Historic District Condos For Sale and 1 OYO ranging in price from $250,000 to $774,900.

• Average Price: $504,955
• Average Days on Market: 141
  

2 Bluff Park Historic District Condos are accepting Back-up Offers

• Average Price: $324,825
• Average Days on Market: 78
  

8 Bluff Park Historic District Condos have closed escrow in 2008.

• Average Price: $521,250
• Average Days on Market: 127
  

 

RES	Status	Type	Address	Bd	B t/f	Sty	Gar	SqFt	Yr Blt	Price	DOM
1	A	OYO	2225 E 2nd St 1	1	1/1	1	0	524	1921	$250,000	31
2	A	CONDO	2204 E 1st 4	1	1/1	2	1	714	1962	$252,900	39
3	A	CONDO	2101 E 2nd 404	2	2/1	1	2	985	1968	$399,000	189
4	A	CONDO	2601 E Ocean Blvd 608	1	1/1	1	1	672	1973	$424,900	178
5	A	CONDO	2601 E Ocean Blvd 203	2	2/2	3	1	1,020	1973	$479,900	101
6	A	CONDO	2601 E Ocean Blvd 407	2	2/2	1	1	1,008	1973	$585,000	478
7	A	CONDO	2999 E Ocean Blvd 130	2	2/1	1	1	1,510	1967	$679,000	127
8	A	CONDO	2999 E Ocean Blvd 430	2	2/1	1	1 D	1,510	1967	$699,000	85
9	A	CONDO	2999 E Ocean Blvd 310	2	2/2	1	1	1,510	1967	$774,900	37
10	B	CONDO	2662 E2nd St G2	2	2/1	1	1	1,298	1966	$469,750	56
11	B	CONDO	2222 E 2nd St 10	0	1/1	1	0	424	1955	$179,900	100
12	S	CONDO	2131 E 1st St 202	1	1.5/	3	0	979	1975	$325,000	105
13	S	CONDO	2302 E 2nd St H-2	2	2/1	1	1	1,233	1964	$415,000	77
14	S	CONDO	2601 E Ocean Bvd 810	1	1/1	1	1 D	680	1973	$400,000	364
15	S	CONDO	2100 E 2nd St 305	2	2/	1	1 A	1,132	1966	$425,000	136
16	S	CONDO	2204 E 1st St 9	2	2/	1	1	1,193	1962	$460,000	28
17	S	CONDO	2319 E 2nd St 3	2	2/2	1	2 A	1,167	1980	$420,000	50
18	S	CONDO	3101 E 2nd St 4C	3	2/	1	1 D	1,481	1963	$475,000	251
19	S	CONDO	3305 E Ocean Blvd 201	3	3/3	2	2	2,300	1986	$1,250,000	5

 

 

Bluff Park Historic District Income Properites - Sales 2008

 

There are no income properties available at this time in the Bluff Park Historic District.

3 Bluff Park Historic District Income Properties Sold in 2008, ranging in price from $1,599,000 to $1,615,000

• Average Price: $1,604,666
• Average Days on Market: 69
  

 

RIN	Status	Units	GSI	Cap	GRM	Net Inc	Address	Yblt	Bldg SF	Price	DOM
1	S	5	$104,940	6.25%	15.24	$100,000	3065 E 2nd St	1968	6,050	$1,599,000	131
2	S	5	$124,200	0%	13.52	$0	15 Loma Ave	1936	8,190	$1,615,000	53
3	S	8	$130,200	5.15%	13.44	$90,200	3417 E 2nd St	1964	7,435	$1,600,000	24

 

*All statistics are as represented by the MLS and are not to be intrerpreted as the representation of the author.

 

Call Laurie today to view any Bluff Park Historic District properties.

 

 

Laurie Manny Long Beach Realtor (562) 212-5420
Prudential Calfornia Realty Bixby Knolls/California Heights Historic District 3728 Atlantic Avenue Long Beach, CA 90807
Long Beach Real Estate Blog Long Beach Real Estate Website

 

http://www.lauriemanny.com/004028

Long Beach Mortgage Rates Report - July 14, 2008

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Mortgage rates in Long Beach, California  for July 14, 2008.  Loan amounts up to $417,000:

3/1 ARM              5.125%
5/1 ARM              5.250%

7/1 ARM              5.625%

10/1 ARM            5.750%

30 Yr Fixed          6.000%

All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling at the number below..

LONG BEACH CALIFORNIA  MORTGAGE RATE TREND:

Next 7 days:       Neutral 

Next 30 days:      Higher 

Next 3 months:    Higher

Last week was a scary one if you've been following the mortgage industry:

Senator Schumer (NY) caused an old-fashioned bank run when he wrote a letter to the San Francisco Fed President concerned about IndyMac Bank's ability to weather the storm....then, he made that letter public. IndyMac Bank ceased new loan operations, in an effort to manage the loans they have on their books, on Monday. On Friday, the Feds closed IndyMac Bank down.

This was political grandstanding at its worst:

Sen. Schumer rejected that, saying that, while banking regulators do their work in private, lawmakers typically do theirs in public. Sen. Schumer, the head of Senate Democrats' re-election effort, threw in a political jab as well. "Clearly what was happened here was the OTS, having the second-biggest bank failure on their watch, sought to blame the messenger. In sum, it's sort of classically what this administration does. Blame the fire on the guy who called 911."

The New York Times asked if Fannie Mae and Freddie Mac were insolvent and Wall Street went nuts.  Treasury Secretary Paulson stepped in and offered government support SHOULD the big mortgage guarantors fail.  Are Fannie and Freddie too big to fail?  Well, they insure almost half of this nation's $12 trillion worth of mortgage debt.  A failure would be a major disruption to housing capital and drive mortgage rates to the a MUCH higher level.

Read more »

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