Courts decide that bogus real estate predictions aren’t fraud.

Okay, so you’ve probably heard about “serial borrowers”: homeowners who, back in the easy credit days of the early 2000s, refinanced repeatedly to draw equity out of their homes. Lenders assured them that since “California real estate always appreciates”, they could avoid the downside of rock-bottom “teaser rates”, higher loan payments or negative amortization, by selling or refinancing.

How will this market end?

Last Thursday at a party celebrating the opening of the local branch of a national mortgage lender, the manager and I were talking about the mid-Peninsula real estate scene, a scene that even real estate’s biggest boosters acknowledge is running hot. I asked the manager, who’s been an active loan agent for years, how long he thought this market will last. He eyed me warily and shot back, “What are you seeing that makes you think it’s going to end?”

Grassroots movement strikes mighty blow!

Less than a year after a certain grassroots movement, which seems to consist mostly if not solely of one Midwestern attorney, denounced Nationwide Open House Weekend as a tool of the Devil, also known as the National Association of Realtors, and urged right-thinking citizens to boycott the event, the NAR has decided to call the whole thing…