本书第3章房地产的萧条
press release issued by Standard 8c Poor’s titled “Home Price Declines Worsen asWe Enter the Fourth Quarter of 2008According to the S&P/Case-Shi1ler Home Price Indices.”That California was home to 16of the 25metropolitan areas with the steepest home-price declines was reported on page A13of a story beginning on the front page of the October 22，2008issue of the Wall Street Journal，under the headline “California Home Sales Revive，But Not Without Intense Pain.”The100，000price decline in California homes from 2007to 2008was reported on page 63of Stiztr oJt6e California Housing Market 2008-2009，published by the California Association of Realtors.The dramatic home price increases in San Diego from 2000to 2005were reported on page 40of the October 16，2006issue of Newsreel：，under the headline “The Worrying Housing Bust，”while the home price declines from 2006to 2008were reported on page C1of the December 31，2008issue of the San Diego Union-Tribune，under the headline “Home Prices Down26.70/o from Year Ago.”The extent of home price declines in the United States asmeasured by various indices was shown on pages 8and 9of 7’3e State oJt3e /Vizfiniii Housing 2008，published by the Joint Center for Housing Studies of Harvard University in 2008.
That there were great disparities in the severity of home price declines among different metropolitan areas was shown on page 8of the same report.The low rate of decline of home prices in Dallas during the housing bust，and its affordability during the boom years，were reported on page A2of the December 31，2008issue of the Wall Street Journal，under the headline “Home Prices Declined at Record Pace in October，”and pages Al and C9of the December 29，2005issue of the 7Veui WorZ Z’imei，in an article titled ”Twenty Years Later，Buying a House Is Less of a Bite.”The quote from Alan Greenspan about “local bubbles’in housing markets in the United States is from a front-page story in the May 23，2005issue of the Wall Street ，fournal，under the headline ”As Prices Rise，Homeowners Go Deep in Debt to Buy Real Estate.”That 55percent of borrowers who financed a home purchase with an option ARM owed more than the value of their home，and that 28percent of such mortgages were delinquent or in foreclosure was reported on page C1of the January 30，2009issue of the thrill SfreetJonriiiz/，in an article titled “Option ARMs See Rising Defaults.”The decline in the proportionadjustable-rate loans，interest-only loans，and payment——option loans was shown onpage 19of Z’Ze State ofthe N"ationt Housing 2008，published by the Joint Center for Housing Studies of Harvard University in 2008.
Federal Reserve Board Chairman Ben Bernanke’s testimony is from page 12of Hearing Before the Committee on memorial Srr init：U.S.House ofRef？resentatives，One Hundred Tenth Congress，first session，September 20，2007.The statement that minority homeowners took out a disproportionate share ofsubprime loans is from page C4of the December 20，2006issue of the 7Veui Won 7’imei，under the headline ”Study Predicts Foreclosure for 1in 5Subprime Loans.”The high rate of foreclosures among minority homeowners during the housing bust was reported on page 15of “Subprime Mortgages，Foreclosures，and Urban Neighborhoods，”Working Paper 2009——1，published by the Federal Reserve Bank of Atlanta in February 2009；page A12of the January 8，2008issue of the Next York Times，under the headline “Baltimore Is Suing Bank Over Foreclosure Crisis”；page B3of the May 4，2008issue of the Orlando Sentinel，in an article tided “Foreclosure Crisis Hits Hard in Black Communities”；pages A1and A10of the January 5，2009issue of the Wall Street Journal，in a story titled “Housing Push for Hispanics Spawns Wave of Foreclosures"；page A1of the November 4，2007issue of the Atlanta Journal-Constitution，under the tide “Black Adantans Frequently Snared by Subprime Loans”；and page B1of the April 26，2007issue of USA Today，under the headline “In 2005，Half of Minorities Purchased Their Homes with Subprime Loans.’The high number of foreclosed properties owned by speculators in the San Francisco Bay Area，Las Vegas，Arizona，and Florida was reported on pages A1and A10of the December 16，2007issue of the Sun "riiucisro Chronicle，in an article titled “Foreclosures：How Megaflipping Flopped.”The remarks of Holman Jenkins are from page AIS of the February 18，2009issue of the Wall Street Journal，under the headline “How Democracy Ruined the Bailout.”The fact that five states——California，Florida，Arizona，Nevada and Illinois——accounted for nearly 60percent of foreclosures in the first quarter of 2009was reported on page B1in an article tided .
“Foreclosures Take a Big Jump”in the April 16，2009issue of t7Szf 7’odiiy .The German bank that had to be bailed out by regulators due to losses on U.S.subprime mortgages was mentioned on page A18of the Octoberissue of the University of Colorado Law？Review in an article tided “The Law 8cEconomics of Subprime Lending.”The more than five-fold increase in the value of subprime mortgages from 1995to 2003was shown on page 20of the same article.The stability of the mortgage credit market in the early years of the twenty-first century was noted on page 154of Jiiiiiziciii/S6uck，by Mark Zandi.The foreclosure rates of subprime mortgages from 2005to 2008are shown on page 64of C"iui/Rights and the Mortgage Christs published by the U.S.Commission on Civil Rights in September 2009.Collateralized debt obligations were described on page 39of an article tided “Triple-A Failure”in the April 27，2008issue oY her York Times Magazine.The statement that the purchase of mortgage-backed securities was “a leap in the dark”is from page 13of a special report （with its own separate page numbers）titled “Greed——and Fear”within the January 24，2009issue of The Economist.The decision by Moody’s to revise its model for evaluating subprime mortgages is quoted from page 41of an article titled “Triple-A Failure”in the April 27，2008issue of /Veui York Times Magazine.