By no way do I consider myself an authority on American politics, but I do believe it was a very smart move by NYC Mayor Michael Bloomberg to quit the embattled Republican party and reposition himself as an independant.
By politically disassociating himself with Bush and pals and furthermore, by not returning to his old party, the Democrats, Bloomberg positions himself strongly for the White House as a true independent. Bearing in mind that in 2001, right after 9-11, Bloomberg joined the Republicans when New York and the rest of the country was standing with Bush and Rudy. Now however, for the most part, the Republicans are a bunch of losers, and there really is nobody in the Democratic party that’s looking much better either. So Bloomberg proves himself to be politically astute. Besides that, he’s done a pretty good job in managing New York City these past 6 years. Just look at the Manhattan property market, when compared with the rest of the country.

News just in that phone giant Motorola is planning 3,500 job cuts as well as Time magazine slashing 250 people. Worrying trend for the overall US economy, consumer spending and the deflating housing market.
Update 01.22.07: Pfizer Cuts 10,000

Three major trade shows are happening this week and frankly I wish I could be at all of them,
First and foremost is the Inman’s Real Estate Connect in New York; Second is the Detroit Motor Show, and last but certainly not least is the gigantuous Consumer Electronics Show, celebrating 40 years in Las Vegas this week

Is this the “pop” in the bubble?

Mortgage Lenders Network USA Inc. stopped making new loans through its wholesale arm, becoming the third mortgage company in a month to curtail operations as housing sales slowed and defaults by borrowers rose.
Executive Vice President James Pedrick: “The economics of this market are not good, and it deals with the performance of loans, and to a lesser extent the value of homes,”Pedrick confirmed that the company won’t fund any more mortgages arranged by brokers, even if they’ve already received final approval. “We’re talking to a group of Wall Street firms about the feasibility of an alliance,” such discussions would have to conclude within a “short window of time,” he said, because employees may start looking for other jobs.
One Maryland client received approval last week to refinance a $300,000 mortgage with two mortgages from MLN totaling $350,000, The man planned to use the $50,000 in extra cash for renovations. MLN is “not taking phone calls, we can’t get through, now we’re going to have to try and resubmit a loan application somewhere else.”

BANKRUPTCY

Lenders including Ownit Mortgage Solutions Inc. and Sebring Capital Partners LP, which also specialize in “sub-prime” mortgages, were among companies that closed operations and cut staff in 2006 as loans to high-risk customers soured. Nationwide, late payments on sub-prime loans rose during the third quarter to 12.56 percent of the total, the most since the first quarter of 2003, the U.S. Mortgage Bankers Association said.
Ownit, based in Agoura Hills, California, and the 16th- biggest issuer of sub-prime home loans, filed for bankruptcy court protection last week. Sebring, of Carrollton, Texas, closed in December. Morgan Stanley bought mortgage lender Saxon Capital Inc. for $706 million early last month and announced plans to slash 170 jobs.

bkeoun@bloomberg.net

UPDATE: January 15th 2007

MLN is now claiming “human error” caused it to lend $600 million at below-market rates, fueling losses that led to the closure of its biggest unit.

We’re proud to have played an organizational role in Kendra Todd’s Nubricks podcast interview.
Entrepreneur and Apprentice winner; Kendra opens up about her Apprentice win, working with Trump and where to invest in the US to beat the bubble. Well worth having a listen

Poor sod can’t remember the name of the program, but “likes to look at the maps”

Just ask Reverend Creflo A. Dollar Jr of Atlanta Georgia, who preaches a message of “opportunity for prosperity.”
Mr. Dollar, whose Rolls-Royces, private jets, million-dollar Atlanta home and $2.5 million Manhattan apartment, furnish proof to his followers of the validity of his teachings, is a leading apostle of what is known as the “prosperity gospel.”



Well with the slowing real estate market in the US, now may be a good time to think of a change careers; and if “prosperity preaching” tickles your fancy, whatever you do, just dont follow this guy’s example:

[via Bossip]

IMMIGRANTS DRIVING GROWTH
At precisely 7:46 a.m. ET yesterday morning, the 300 millionth American was birthed; according to Uncle Sam’s Census Bureau, ranking them an impressive third, behind China and India in terms of population growth. 39 years ago, the U.S. population reached 200 million.
Since then, about 55% of the growth has come from immigrants, their children and their grandchildren, according to a recent report by the Pew Hispanic Center. When the population hit 200 million in 1967, more than 80% of Americans were white and less than 5% were Hispanic. Less than 1% were Asian. Today, Hispanics make up nearly 15% of the population and Asians about 5%. White non-Hispanics account for about 67%, blacks a little more than 13%. By 2043, white non-Hispanics are expected to be a little more than half. That’s the year the population is projected to hit 400 million, though the numbers could change significantly depending on immigration and birth rates. [via Booker Rising]

Former Apprentice winner and author Kendra Todd, claims that “the bubble is a myth”:

Talking about a bubble implies a sudden burst, and real estate does not work that way. You don’t go to sleep one night with your house worth half a million dollars and wake up to find it’s lost half its value. Also, the real estate market is a regional phenomenon based on all kinds of factors: migration to or from an area, job growth and local economies. So while there is no bubble, there are areas in the U.S. that are experiencing corrections that will continue over the next six to 24 months. There are also markets that will appreciate over that same period. The trick is keeping your cool and taking advantage of the opportunities.

Her advice to investors is to focus on the “secondary markets” and highlighted Tucson, AZ and Orlando, FL as examples.
link

San Francisco based Trulia, the real estate search engine, is widely expected to launch its nationwide service today, adding properties for sale in 25 new states across the US, including detailed neighborhood data and property comparison tools. According to GigaOM, the site will offer neighborhood information including schools and crime data, as well as trends for sales and listing pricing, number of sales, and Trulia search traffic; and “heat maps” to visually communicate the “dense tables of numbers.”
[via 360 Digest]