More Videos- Cheap Gas, Cheap Gifts
- Revenge of the Gangsta Nerds
- It's Beginning To Look A Lot More Riskless
- Topless Business Is Taking Off
- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- The Lloyd's Prayer, Leggo My Eggo, Plate Hate & Your Emails
- Help Wanted—Please Run $4 Billion University
- Madoff—The Holiday Drink
- Drugs, Booze and Vegas
- Happy World Toilet Day
MOST SHARED
- GE, Comcast Complete Deal Over NBC Universal: Source
- Keeping America Great
- Kohlberg Kravis Bidding for Morgan Stanley's CICC Stake
- Australia Parliament Rejects Carbon Trade Laws
- Toyota Takes Lead Position in Canada in November
- New Incentive To Improve... Your Home, That Is!
- Hyundai's US Auto Sales Jump 46% in November
- Trump: Time to Force Banks to Start Lending
- Unemployment to Peak at 10.5%: Moody's Economist
- 8 Stocks to Gain on Obama's Afghan Plan: Analysts
- BofA On Proposed Changes In The Housing Bailout Program
- The Future of The Media Landscape
- November Auto Sales Muddle Along
- Busch: What Obama Won't Say Tonight
- Stick with Equities—Avoid Emerging Markets: Laszlo Birinyi
- Pfizer Chomps On A Carrot
- Predictions 2010: Technology
- Obama to Send More Troops; Seeks Afghanistan Exit
- GM Removes CEO Henderson; Whitacre is Interim Chief
- Who Were the Biggest Winners And Losers This Year?
- Look Ahead: Markets Count Down to US Jobs Report
- GE, Comcast Complete Deal Over NBC Universal: Source
- US May Raise Rates Before Jobs Recover: Fed's Plosser
- Super Fantasy Christmas Gifts of 2009
- Cramer: Watch Tech Stocks Wednesday
- Stocks Likely Don't Need Santa to Keep Rally Going
RSS FEED
Funny Business
Text Size 
 |
First, the good. Home sales are on the rise in Stockton, California. Coldwell Banker Grupe-TrendGraphix reports that in June, 493 homes sold in Stockton (mostly foreclosures), compared to 141 a year ago.
And for San Joaquin County, sales hit a six-year high, 921, up 200 percent from a year ago.
Now, the bad. Much of the buildable land in the area remains about as attractive to investors as buying in Sadr City.
I'm told IndyMac has been trying to raise some cash by selling its land there, so has Keybank, and it hasn't been easy. According to a source, IndyMac offered almost 100 loans it had on land valued at $630 million, while Keybank offered even more loans on land valued close to $1 billion (mostly in California).
Both sales "were deemed unsuccessful." I'm told some bidders were only willing to pay 23 cents on the dollar for IndyMac's entire portfolio. Apparently now IndyMac is trying to split the portfolio and sell individual loans--but they couldn't get the deal done in time to stave off the FDIC.
Questions? Comments? Funny Stories? Email
Data is a real-time snapshot *Data is delayed at least 15 minutes