REwired

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Open commentary on everything impacting the U.S. housing economy. The opinions expressed here represent the author's alone.

In San Diego, it's buy one get one free

BOGO -- buy one, get one -- isn't just for Payless Shoe Stores anymore. Reuters covers the case of Michael Crews Development, a San Diego developer that is promoting a free row house for upscale investors plucking down $1.6 million for one of its other single-family properties. From the story: "We are targeting a niche market of investors who are interested in the opportunity to buy a new home for themselves and get a free rental property or second home for family members," developer Michael Crews said in a statement.
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Well, that didn't take long

Barry Ritholtz should catch some hell for taking less than three days to be proven VERY wrong on his price of oil prediction. On June 3, he wrote the following, thanks to an Economist cover on oil prices: For those of us who believe in such things as contrary indicators, this suggests a short term top in Oil to me. I would bet we don't see new highs in Oil for the next 6 months, and perhaps even 12 months.
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Sex, lies and videotape

The New York Times' Floyd Norris has a torrid tale of a foreclosure mess that likely won't carry much currency in the "poor borrower" category. There's high finance, and there's low finance. If you like reading about the latter, be our guest. Just don't say you weren't warned.
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Holyfield caught up in foreclosure, and we don't have much sympathy

Unless his financial fortunes change, there won't be a split decision on the future of former heavyweight boxing champ Evander Holyfield's suburban Atlanta mansion. The Associated Press reported yesterday that Holyfield's residence is set to be auctioned off on July 1: Maybe now we know why former heavyweight champion Evander Holyfield wants to keep fighting at age 45. The "Real Deal" appears real broke.
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Like peas and carrots

Falling home prices equal delinquencies. A comment from one of our sources on the Street reminded us of that simple fact today -- which explains in part why our coverage of MBA's delinquency stats today didn't focus on the tired headline that delinquencies are on the way up, but instead on the more hidden trend that prime borrowers appear to be facing a wall financially. A freindly reminder:
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Lehman and the short seller wars

Yves Smith over at the Naked Capitalism blog asks a poignant -- and pertinent -- question: did Lehman, or someone connected to Lehman, violate SEC disclosure laws by leaking an internal memo covering details of alleged deleveraging at this week's favorite short-sale target, Lehman Bros?
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Primed for Trouble: Pace of Mortgage Distress Shifts to Prime Borrowers

While foreclosure activity hit an all-time record in the first quarter, according to statistics released Thursday morning by the Mortgage Bankers Association, a shift of the mortgage mess towards prime borrowers appears to be taking place as well -- signaling that the credit crunch that began among those with less-than-perfect credit may now be marching onward towards borrowers usually deemed better credit risks.
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Stop the insanity

Inman News' Matt Carter digs into the housing price index debate today, suggesting that those attempting to back indexes published by the NAR and OFHEO (and disparage indexes like the Case-Shiller) lack a basic understanding of what the indexes really capture.
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Ed McMahon could use some of that Publisher's Clearinghouse money right about now

We're not trying to make light of what is likely a tough situation -- facing injury and long-term disability, leading to the imperilment of mortgage and home -- but it's a little bit easier when we're talking about a multi-million dollar property in Beverly Hills. Via the WSJ comes news that Ed McMahon is the latest known celeb to face housing difficulties, but his are reasons more typical than most:
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Investors, seeking mortgage healing

Reuters' Al Yoon penned a story Tuesday that does a great job of bringing together the idea of "high touch" servicing that we've been covering here at Housing Wire. (In fact, I'm beginning to wonder if HW invented the term -- we were the very first to coin it, and now it's being used everywhere. Which, of course, gives us at least something in common with the inimitable Stephen Colbert and his now-infamous coining of "truthiness.")
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