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The process is exceedingly slow. There was a piece in the NYT today on financial disincentives to mortgage servicers to foreclose. http://www.nytimes.com/2009/07/30/business/30services.html?_r=1 CNBC later had a response that pointed out that costs also rise in foreclosure offsetting...

Port Carlisle, was delisted and just popped up again at a nice discount to the previous ask. The prior listing was $398 a square foot, roughly $120/square below comps in the port streets. Now it is even cheaper. http://www.redfin.com/CA/Newport-Beach/2324-Port-Carlisle-Pl-92660/home/4723153

Nice piece by Kasriel at Northern Trust. Note that a valuation metric very similar to rental parity is used to examine the national housing market about 2/3s of the way through the article. http://www.safehaven.com/article-13886.htm

http://lansner.freedomblogging.com/2009/06/17/chapman-sees-oc-home-prices-up/26481/ Key takeaway from this article was the long term median home price to median income in Orange County is 5.7. I have to see the data series on that.

North of Y, West of the 405, and south of the bay. It is pretty narrow opportunity set, but within it the Irvine swath is the most affordable. Commuting time, schools, build quality and weather are my primary considerations.

http://correspondents.theatlantic.com/conor_clarke/2009/06/an_interview_with_paul_samuelson_part_one.php I know Keynes is a heretic around these parts, but I thought this was a pretty good interview anyway.

Old Ben is going to have to whip out his $1T checkbook.