Posts under ‘Real Estate’

The sad reality is that the first package did little in the way of promoting real organic economic growth despite goosing the GDP figures, primarily because most of it was horribly misdirected.

The FDIC 2nd Quarter Banking Profile is out. Problem banks increased by 54 to 829 involving 403 billion in assets, a decrease of 28 billion from the first quarter.

The result will be that markets don’t recover which means the economy wont recover as we pursue an extend and pretend strategy just like the Japanese.

The amount of time between actual default and foreclosure which has reached 469 days or 15.4 months a figure that has been steadily increasing and provides a strong financial incentive to pursue strategic default.

A detailed look of the banks deliberate promotion of the sub-prime lending fraud and other credit bubble blowing strategies that ultimately precipitated the housing crash and financial crisis we have today.

The FHFA or Federal Housing Finance Agency reported that home prices fell 1.6% in the 2nd quarter from a year ago, as foreclosures became an increasing percentage of available inventory. Following a record 269,962 2nd quarter foreclosures.

New Home Sales for July came in at 276,000 units annualized, a big miss just like yesterdays existing home sales data, and for similar reasons.

What we got was a 27.2% plunge in existing home sales to the lowest figure since 1999, when the NAR started keeping records, as sales hit 3.83 million units annualized. A record drop to a record low as months supply hit a record high of 12.5.

Perhaps Mr. Cuomo should look into that as well because just like the AIG deal, their both dirty and quite probably involved the breaking of more than a few laws.

A report that figures the large national banks are facing losses of between 55.3 billion in a best case scenario, up to 179.2 billion in a worst case situation.