Even in Death, King of Pop Not Recession Proof Michael Jackson’s mansion, which rented for $100,000 a month until the time of his death, was just reduced in price. For a mere $29 million you too can enjoy the 17,000 square foot estate modeled after a French chateau.
Glass Half Full or Empty? The forecast for a speedy and prosperous housing recovery does not look promising in the near future, with Fannie reporting $1.2 billion in losses last quarter.
Mortgage Hail Mary, cont There’s a lot of chatter brewing over whether the Obama administration will order Fannie and Freddie to forgive the mortgage debt of millions of struggling homeowners, effectively creating a massive, GSE-generated “stimulus.”
The Holy Grail Nick Timiraos, in today’s WSJ blog, boils down how to solve the housing crisis with simple economics. He cites jobs as the most important housing market factor because they are able to boost housing demand and limit supply. Now, if only we can figure out a way to create millions of jobs. . .
Image: Michael Jackson in his younger years, via cleancutmedia.com
Image: Jackson’s Hollywood Hills home, via blogs.wsj.com