So Yesterday was a HUGE day as Real Data on Housing Poured in
3 Fascinating articles. Woooooaah Nelly, it seems as things were not as rosy as we thought for the last month.
Mortgage Delinquencies, Foreclosures, Rates Increase
Bloomberg: http://www.bloomberg.com/apps/news?p…mO8&refer=home
“Mortgage delinquencies and foreclosures rose to records in the first quarter and home-loan rates jumped to the highest since March this week as the government’s effort to fix the housing slump lost momentum.”
Mortgage Marekt Seizes Up
Mish’s Global Economic Blog: http://globaleconomicanalysis.blogsp…-locks-up.html
“With respect to yesterday’s episode in the mortgage market — yes, it is as bad as you can imagine. Yesterday, the mortgage market was so volatile that banks and mortgage bankers across the nation issued multiple midday price changes for the worse, leading many to ultimately shut down the ability to lock loans around 1pm PST. This is not uncommon over the past five months, but not that common either. Lenders that maintained the ability to lock loans had rates UP as much as 75bps in a single day.”
THE CURTAINS ARE ON FIRE!!!
Denninger.net: http://market-ticker.denninger.net/a…e-On-Fire.html
“To put this in a bit more simple form, this means that while the banks are claiming to be increasing loss provisions, loans are going bad faster than their provisioning is increasing – which means they’re reporting “profits” that are false, as provisions for bad loans hit earnings. So we can take some more off those “reported earnings”, as much as another $6-10 billion dollars.”
Peter Schiff on Fox News “Gold will break $1000 soon”
Fox News
How Far From the Bottom?
2009-05-27 Ritzhold.com
” Searching for the housing bottom, with Barry Ritholtz, FusionIQ CEO and the Fast Money traders.”
Clayton, Re-Invents Mobile Homes
www.Claytonhomes.com - Take a look what the “new mobile homes” look like. WOW!
They are also moving forward on the concept of a “green manufactured home”, see the link below.
http://www.treehugger.com/files/2009/01/clayton-ihome-design.php – When Warren Buffet bought Clayton Homes in 2003 I was still working in the prefab biz; Punching well above my weight, I sent him an email about the business case for a mobile home manufacturer doing well designed green housing. I don’t know if he got it; I never got an answer.
I feel this might revolutionize homes as we know it.
Five Economic Storms Raging NOW!
2009-05-11
“JP Morgan Chase & Co., Citigroup, Wells Fargo & Co., Goldman Sachs Group, GMAC LLC, SunTrust Banks, Inc., and Fifth Third Bancorp — are at risk of failure and may have to cut back lending dramatically to stay alive.”
Economic casualties pile into tent cities
2009-05-06 USAtoday.com
The homeless include a startling number of first-time homeless, she says. We asked them what industries they were involved in. The majority were talking about construction, the housing industry, real estate. There was a direct correlation to the housing market crash.
Misleading jobless claims data and recessions
2009-05-06 Greenspan mess Blog
“One of the many “green shoots” that has popped up recently for the U.S. economy is the possible peaking of weekly jobless claims, what has been increasingly referred to as a “reliable” indicator for the end of recessions since 1967 when this data was first collected. The chart below, similar to the one published by CR in this item from a couple weeks ago shows the correlation.”
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