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.”

May 29, 2009 Posted by picklerealestate | Banking, Foreclosure, Lending, Real Estate, Stats | Leave a Comment