Tanta Passes Away

From the New York Times:

The blogger Tanta, an influential voice on the mortgage collapse, died Sunday morning in Columbus, Ohio.

Tanta, who wrote for Calculated Risk, a finance and economics blog, was a pseudonym for Doris Dungey, 47, who until recently had lived in Upper Marlboro, Md. The cause of death was ovarian cancer, her sister, Cathy Stickelmaier, said.

Tanta used her extensive knowledge of the loan industry to comment, castigate and above all instruct. Her fans ranged from the Nobel laureate Paul Krugman, an Op-Ed columnist for The New York Times who cited her in his blog, to analysts at the Federal Reserve, who cited her in a paper on “Understanding the Securitization of Subprime Mortgage Credit.”

Read the Calculated Risk post about Tanta’s passing.

See an earlier post that featured Tanta in her heydey.

-55% is the new -40%

Christopher Thornberg, the most bearish of the housing experts quoted in the Los Angeles Times earlier this year (predicting in March that Southern California home prices would eventually fall 40% from their peaks), now expects that prices will keep dropping throughout 2009, until they’ve fallen 55% from their peak.

Even I found that a sobering estimate.

That would mean that the median Southern California home price will have done this:
    $505,000 (top $) July 2007
    $300,000 (-41%) October 2008
    $227,250 (-55%) Eventual Bottom

There’s also a table, showing various regions in Southern California, and along with sales and price figures compared to a year ago.

Read the full story in the Los Angeles Times
“Price of Southern California homes falls 41% from peak”
November 19, 2008

Hat Tip: Larry Helmerich