A survey of 1,500 registered voters shows that most citizens are still pessimistic towards California’s financial future. Default notices doubled in Los Altos, Greenbrae and Alamo from 2008 to 2009. Zillow reports that the number of under water mortgages decreased in the U.S. decreased by 2 percent in the third quarter.
The Senate is considering a proposal that would extend and cap the tax credit at $7,290. Interthinx estimates that mortgage fraud risk increased by 11 percent from quarter 2 to quarter 3 of 2009. Goldman Sachs claims that home price stabilization will not last, but Bank of America feels that the outlook for home prices is more positive.
Bruce continues his conversation with global finance expert, Peter Schiff with Euro Pacific Capital. Peter talks more about his book, Crash Proof. Peter discusses savings in America and the misconception that homes negated the need to save. Peter also talks about trade deficits, China, the stock market, and the concept of the “soft landing.”