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...Which candidate has Gerald Ford's fundamental decency? Both. Jimmy Carter's discipline? Obama. Ronald Reagan's sunny optimism? Obama. George H.W. Bush's diplomatic instincts? Both. Bill Clinton's intellectual curiosity? Obama. George W. Bush's dogged determination? Both. The score: Obama 6, McCain 3. Victoria Brago, Los Angeles...
...Los Angeles (and even in Miami), there is evidence that the housing market is lifting its head off the deck, even as foreclosures continue to pile up and prices edge downward. Properties are at least moving again there, many at 30% to 40% off even last year's lowered prices. "In Los Angeles, one year ago, the median home price was $582,450; this September, it was $376,790," says Leslie Appleton-Young, chief economist for the California Association of Realtors. That may sound awful, particularly if you're the seller, but it may represent a clearance level - i.e., prices...
...Oddly enough, though, talk of the Federal Government's possible mortgage bailout is beginning to slow things down. In Los Angeles, it has plugged the deal flow, because banks are now less willing to work things out since they suspect that Uncle Sam may offer better mortgage buyouts. "Recently, a lot of the financial institutions have stopped accepting short sales to find out if the government is going to buy their loans that are in default. They're waiting to see what happens with the recent rescue plan to buy back mortgages," says Fred Arnold, president of the California Association...
...similar story in California, where the median price for houses dropped 41% in a year, according to the California Association of Realtors. In the Los Angeles area, the outlying suburbs of San Bernardino and Riverside have been hit the hardest due to the high number of homes owned by marginal and subprime borrowers. As a consequence, sales of distressed properties are up significantly. Also in the Los Angeles area, housing sales were up 83% in September over the prior year, with distressed properties notably contributing to the surge. "We're seeing a significant increase in sales activity over the last...
...With reporting by Steven Gray / Chicago; Siobhan Morrissey / Miami; and Alison Stateman / Los Angeles...