Daytons Bluff: Beautiful, historic, and vacant [Strib]
A neighborhood with some of the best views of St. Paul's river valley and downtown has 100's of vacant homes. The community is hosting a vacant homes tour Sunday.
State Money Does Little for Foreclosure Relief [MPR]
State housing money will go toward affordable housing, new units. "The state can only do so much and it really will require some sort of federal relief. 28,000 foreclosures this year, I mean there aren't enough state resources around to have a significant response to that level of hardship,"
Elsewhere & Otherwise:
Housing Blogs Throw Stones [WSJ]
WSJ discovers real estate blogs are not immune to trolls. "Aggressively rude" commenters descend on blogs to mock pricing, finishes, decorating touches, and more.
Indy-mac Mtg Modification Plan: Still in the Real World [CR/Tanta]
The FDIC efforts to modify Indy-mac mortgages are proving every bit as tough as skeptics suggested. Turns out, it's not just uncooperative, unresponsive servicers that make large scale loan modifications tough. They just are tough, no matter who's trying to do them. Interesting to ponder as more and more government intervention in the workout/modification portion of the mortgage market seems likely.
Greenspan Admits Errors to Hostile House Panel [WSJ]
"The Meastro" admits he was out of tune, and surprised by the fact that house prices fell (they never had before) banks did not protect their own interests, did not recognize the housing bubble until 2006 (!!) (!!!!).
Private Sector Losses vs. Fannie/Freddie [Big Picture]
Bary Ritholtz summarily debunks the canard that Fannie/Freddie and the CRA was what led to the mortgage meltdown. Not subject-to-CRA private sector mortgage lending was upwards of 80% of the subprime/garbage paper lending, and ultimately what led us into this, not some bunk about CRA and Fannie/Freddie.