The Skinny on the Housing Crisis: What Every Homeowner and Homebuyer Needs to Know

Overview

The Skinny on the Housing Crisis is an in-depth look into how America dragged itself into the worst housing and credit crisis since The Great Depression. The story is told through the experience of a young couple, Billy and Beth, who in 2006 buy their first house. Two years later, they lose their house to foreclosure. The very first book in The Skinny On™ series, Jim Randel received the 2009 Robert Bruss 1st place Book Award for The Skinny on the Housing Crisis, bestowed by the National Association of Real Estate...
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The Skinny on the Housing Crisis: What Every Homeowner and HomeBuyer Needs to Know

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Overview

The Skinny on the Housing Crisis is an in-depth look into how America dragged itself into the worst housing and credit crisis since The Great Depression. The story is told through the experience of a young couple, Billy and Beth, who in 2006 buy their first house. Two years later, they lose their house to foreclosure. The very first book in The Skinny On™ series, Jim Randel received the 2009 Robert Bruss 1st place Book Award for The Skinny on the Housing Crisis, bestowed by the National Association of Real Estate Editors (NAREE), an organization of more than 650 writers and editors writing in the fields of real estate, business, and finance. Here is what one of the judges for the award wrote about Jim Randel's award-winning book:

"Wow. What a concept, having stick people tell the story of one of the beefiest, multifaceted, complex and confusing bits of recent economic history in terms everyone can understand, I wish I had this on my desk when I was editing all those stories about the impact of the collapse of the real estate market. Original. Informative. Easy to read. And funny to boot . . . ."
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Editorial Reviews

Midwest Book Review
The Skinny on the Housing Crisis is critically important reading for anyone contemplating the buying or selling of a home in today's drastically chaotic housing market and an ideal addition to personnel and community library reference collections.
—Michael Dunford
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Product Details

  • ISBN-13: 9780981893525
  • Publisher: Rand Media Co
  • Publication date: 4/1/2009
  • Series: The Skinny On Series
  • Pages: 176
  • Product dimensions: 5.50 (w) x 8.50 (h) x 0.25 (d)

Read an Excerpt

the skinny on the housing crisis

what every homeowner and homebuyer needs to know
By JIM RANDEL

RAND Publishing

Copyright © 2009 Jim Randel
All right reserved.

ISBN: 978-0-9818935-2-5


Introduction

As this book goes to publication in the spring of 2009, the United States is struggling with the hangover from one heck of a party: a long housing boom starting in 2000. From 2000 to 2006 home prices grew almost 15% per year and about 3,000,000 households became new homeowners. What could be bad about that?

What could be bad is that the foundation for these increases was shaky. Housing prices were fueled in large part by easy credit mixed with buyer mania and speculation. During that same period, mortgage debt rose from $6 trillion in 2000 to $13 trillion in 2006 - premised on the belief that housing values would always go up.

The problem with every boom, however, is the inevitable bust that follows.

Beginning in 2006 U.S. housing prices began to fall. According to the Case-Shiller Housing Index, the median price of housing in the United States has dropped (on average) about 30% from the 2nd Quarter of 2006 to the 2nd Quarter of 2009. As a result, about 1 in 4 homes with a mortgage are worth less than the amount of debt on the property.

The above statistics are the big picture which is, of course, the aggregate of tens of thousands of individual stories of normal people. We are going to decipher the big picture by looking at the story of one such couple, Billy and Beth, normal in most respects - they just happen to be stick people.

Finally, I want to make it clear that in the story which follows, the illustrated personalities are meant to be caricatures. I am very well aware that there are great, hard-working and very honest people in all the professions and businesses represented in our story. But, as with all parodies, there is some amount of truth that we must all accept.

(Continues...)



Excerpted from the skinny on the housing crisis by JIM RANDEL Copyright © 2009 by Jim Randel. Excerpted by permission.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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Sort by: Showing 1 Customer Reviews
  • Posted May 30, 2010

    more from this reviewer

    The Skinny On Series...

    If you understand what happened to the housing market my guess is you helped create it. The rest of us are scratching our heads thinking what just happened. Read this book and you will get all fired up and wonder who really is in charge.

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