The empty city in China

If you want evidence of a Chinese housing bubble, and infrastructure too, take a look at this clip
An entire city was built in anticipation of demand, but sits empty. I especially like the shot at the end of the traffic cop dutifully standing at an intersection with no traffic.

Here is next wave of help from Fed and States

California gov signs homebuyer tax credit bill

SACRAMENTO, Calif. - Gov. Arnold Schwarzenegger on Thursday signed a bill aimed at selling California's vacant homes and encouraging new construction by extending a $10,000 state tax credit for first-time homebuyers.

The governor signed a bill the state Legislature passed on a bipartisan vote earlier this week. It provides a state tax credit to first-time homebuyers who buy new or existing homes from May 1 until the end of 2010.

Homebuyers can claim 5 percent of the purchase price against their California taxes, or up to $10,000. read more...

California Home Prices Head Higher The California housing market is showing more signs of stabilization

The California housing market is showing more signs of stabilization—at least for now—as sales of bank-owned and bargain-basement homes in inland areas partially give way to sales of costlier homes toward the coast, according to a new report.
California's median home price rose 11.2% in February from February 2009, although home sales in the state slipped for the second consecutive month compared with a year earlier, according to a report released Thursday by MDA DataQuick, a La Jolla, Calif., housing-data provider.
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A very ugly picture

The chart shows a very unpleasant situation of current real estate in US. The inventory is in historic high while new home sales in in historic low. One wishful thinking is that those high demand areas might have hit the bottom. The reality will not be unveiled until April 30 after the expiration of tax incentive. It really doesn't matter whether Obama will extend the incentive program or not. This market place is full of deep water, and only for brave and strong hearts. Till the reality sinks in, we really don't know what is lying ahead of us.

Washington DC ranked the Best City For New Jobs

Young guns can make a name for themselves in the Lone Star State.
A new study by Portfolio.com names Austin, Texas, as the best market in the country for young adults.
The news comes as Austin is hosting the annual South by Southwest conference, better known as SXSW, where CNBC's Julia Boorstin is reporting on the latest in original music, independent films and technology.
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Housing Market: Expert Views Still Divided

Experts share with CNBC their take on the future of the housing market and how government programs are impacting real-estate.
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Dare to live and drive in Virginia

Virginia Hands Out 6996 Traffic Tickets In One Weekend In An Effort To Raise Revenue For The State Government

In the old days, police officers wrote traffic tickers primarily to keep people safe and to prevent citizens from breaking the traffic laws. But in the new Amerika, all of that has changed. Now traffic tickets are primarily viewed as a revenue raising tool for state and local governments. For example, a federally funded ticketing blitz in the state of Virginia resulted in a total of 6996 traffic tickets being handed out this past weekend. This most recent ticketing blitz is part of a campaign code-named "Operation Air, Land & Speed". Last Saturday and Sunday state troopers were ordered to absolutely saturate Interstate 95 and Interstate 81 and to issue as many traffic tickets as humanly possible during those two days. Why? Well, it turns out that the state of Virginia has a 2.2 billion dollar budget deficit that they are trying to deal with, and so they need to find some quick sources of cash. read moor...

Cities Where the Recession is Easing

In these metro areas, jobs are projected to grow and the housing crisis is stabilizing.

In recent weeks business in Washington, D.C. ground to a halt as record snowfalls pummeled the area and a sparring match over national health care reform hijacked the political conversation. But the nation's capital is getting something right: It is emerging from the recession better than any other major city in the country, according to research by Forbes.

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