The real estate crash: We’ve only just begun

A real estate industry group today announced that there was a nine percent jump in foreclosures during the month of May.

RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January. Bank repossessions climbed steeply, up 7% to 54,844, after hitting a four-year low in April.

The report also noted that foreclosures made up 26% of U.S. home sales in first quarter and that more than 30% of mortgage borrowers were still underwater.

As someone who just moved to Tucson and spent more than six months searching for and finally purchasing a home, I can add a bit of personal experience to these dry statistics. And my perspective is sadly not encouraging.
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China is in its final preparations for the launch of its next manned mission.

The new colonial movement: China is in its final preparations for the launch of its next manned mission, expected any day now.

This is the key quote from the article:

China aims to build a space station around 2020 based on the space rendezvous and docking technology that is currently being tested. Several components will be sent into space separately before being assembled into a space station through a variety of docking procedures.

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Unless they can find a buyer the United Kingdom will close down its 3.8 meter infrared UKIRT telescope on Mauna Kea in 2013.

Telescope for sale: Unless they can find a buyer the United Kingdom will close down its 3.8 meter infrared UKIRT telescope on Mauna Kea in 2013.

This is a tragedy. A 3.8 meter telescope is no slouch and can do amazing research. The problem is that all the available money in ground-based astronomy is now being eaten up by the construction of giant telescopes in the 20 to 40 meter range.

What astronomy needs are some wealthy philanthropists who would like to buy these mid-sized telescopes, put their names on it, and finance their operation. This is how most big telescopes were made possible before World War II.

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Congressman Frank Wolf (R-Virginia) has backed down and modified the language he had inserted in the NASA budget bill that would have limited the number of commercial space companies NASA could subsidize.

Good news: Congressman Frank Wolf (R-Virginia) has backed down and modified the language he had inserted in the NASA budget bill that would have limited the number of commercial space companies NASA could subsidize.

From Clark Lindsey:

Rep. Frank Wolf (R-VA) , who is Chairman on the Commerce-Justice-Science subcommittee of the House Appropriations committee, put language into the recent House budget for NASA that requiree NASA to down-select immediately to one primary contractor in the commercial crew program. This would obviously eliminate competition on price and rule out redundancy in case one system is grounded. He has now relented and is willing to allow for “2.5 (two full and one partial) CCiCAP awards”.

As I wrote earlier, the success of Dragon is putting strong political pressure on Congress to support the independent commercial space companies over the NASA-built and very expensive Space Launch System (SLS) that Congress had mandated. Expect to see more elected officials back down in the coming year, with the eventually elimination of SLS from the budget.

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