By: brukevlay
16/10/2009
6:53 pm Yahoo! Profile:
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| What seems surprising to me is how long it is taking for the DOW to tank. Manipulation has something to do with it I suppose but it has it's limits. |
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By: reynard2008@y7mail.com
16/10/2009
6:19 pm Yahoo! Profile:
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| bump bump |
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By: perceptions_now
16/10/2009
9:38 am Yahoo! Profile:
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Foreclosures: 'Worst three months of all time' (Cont)
No end in sight
The foreclosure crisis may not diminish anytime soon. "The fastest growing area is in the 180 days late-plus category, the most seriously delinquent borrowers," Sharga said. "It's going to be a lingering problem."
Plus, the RealtyTrac statistics may understate the depth of the foreclosure mess because lender and government actions have delayed many filings. As a result, some delinquencies have not been counted on the foreclosure tallies. That means the crisis may not end quickly.
And because there are so many delinquent borrowers, Sharga predicts the banks will be slow to take back their properties and put the repossessed homes back on the market.
"It's hard to envision [the banks] putting millions on properties up for sale and cratering prices," he said. "Recovery will be slow and gradual. I don't see home prices getting much better until 2013."
Link -
http://money.cnn.com/2009/10/15/real_estate/forecl osure_crisis_deepens/inde x.htm?postversion=2009101 503
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The period thru to 2011 shows high rates of US foreclosures are likely. US Banks, in concert with US Administrations & Regulators are continuing to do everything possible to hide the effects!
If proper accounting proceedures were still in place, then most US Banks would be under water and the flow on thru the worldwide financial sector would impact on OZ banks borrowing capacity. |
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By: perceptions_now
16/10/2009
9:37 am Yahoo! Profile:
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Foreclosures: 'Worst three months of all time' (Cont)
"REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan-modification efforts and high volumes of distressed properties," James Saccacio, RealtyTrac's CEO, said in a statement.
Most disturbing is that all foreclosures -- not just repossessions -- are rampant despite efforts to corral them. Not only has the Obama administration's Making Home Affordable foreclosure prevention program taken a bite out of REOs but lenders themselves have scaled back repossessions over the past few months to give the program time to work.
And in some low-price markets, lenders simply aren't following through on foreclosures, according to Jim Rokakis, treasurer for Cuyahoga County, Ohio, which includes Cleveland.
"They'll even set the date for the sheriff's sale, but they don't file the final papers," he said. "They hold it in abeyance and let the residents stay in the house."
In ever more frequent cases, delinquent borrowers want out of the mortgage worse than the lenders. There are no firm statistics for it, but many industry watchers claim the percentage of REOs caused by borrowers voluntarily walking away from their homes is skyrocketing.
A study of the trend by the Chicago Booth School of Business and the Kellogg School of Management determined that when home price declines drop home values 10% below the mortgage balances, people start to give up their homes. When "negative equity" approaches 50%, 17% of households default, even when they can still afford their mortgage payments. |
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By: perceptions_now
16/10/2009
9:37 am Yahoo! Profile:
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Foreclosures: 'Worst three months of all time'
Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter - a sign the plague is still spreading.
NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.
Nevada continued to be the worst-hit state with one filing for every 23 households. But even tranquil Vermont, where the foreclosure crisis has barely brushed the housing market, saw foreclosure filings jump nearly 170% compared with the third quarter of 2008. Still, that resulted in just one filing for every 5,023 households in the state -- the best record in the country.
The RealtyTrac report also unveiled the results for September, and it found that there was slight relief from foreclosure filings. Last month, notices totaled 343,638, down 4% compared with August. Unfortunately, that total accounts for 87,821 homes that were repossessed by lenders.
That deluge contributed significantly to the quarter's record 237,052 repossessions, a 21% jump from the previous three months. So far this year lenders have taken back 623,852 homes. |
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By: dcleary88
15/10/2009
10:49 pm Yahoo! Profile:
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what about this
http://money.cnn.com/2009/10/15/real_estate/forecl osure_crisis_deepens/index.htm?postversion=2009101 503 |
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By: jasonwaroo
15/10/2009
5:05 pm Yahoo! Profile:
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If you didn't buy the banks when they where low early this year then more fool you!
The big 4 banks operate in a system that almost guarentees they will not fail! |
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By: pickupk85
15/10/2009
8:55 am |
Message deleted. |
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By: pickupk85
15/10/2009
8:53 am |
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By: reynard2008@y7mail.com
15/10/2009
8:30 am Yahoo! Profile:
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Alistair Darling is ready to hand over up to £5bn of taxpayers' money to the part-nationalised Lloyds Banking Group in order to shore up its finances.
Lloyds, which is 43% owned by the taxpayer, is seeking £25bn of extra capital so it can escape the multibillion-pound cost of the government's toxic asset insurance scheme. Selling new shares worth up to £5bn to the Treasury is part of the complex plan currently being considered by the regulators.
Any fresh cash injection would follow the £17bn poured into Lloyds after its rescue takeover of HBOS last year when the collapse of Lehman Brothers sent the financial markets into a tailspin.
Lloyds has managed to repay £3bn but is now asking the taxpayer for more cash at a time when concerns over the vast budget deficit have led both major parties to promise severe cuts in public spending. |
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By: reynard2008@y7mail.com
4/10/2009
11:43 am Yahoo! Profile:
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| more to the point - how many bonuses did all these banks pay their executives whilst they were going broke? |
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By: pickupk85
4/10/2009
11:10 am |
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By: reynard2008@y7mail.com
4/10/2009
10:58 am Yahoo! Profile:
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| Three more banks gone bust this week |
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By: endlesswaffle.bruce
27/09/2009
3:31 pm |
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By: endlesswaffle.bruce
26/09/2009
7:25 pm |
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By: reynard2008@y7mail.com
26/09/2009
6:51 pm Yahoo! Profile:
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Marius
The bluebird of happiness is sh!tting in its nest and getting depressed........
I hope you are having a really sh!t weekend |
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By: endlesswaffle.bruce
26/09/2009
3:59 pm |
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By: reynard2008@y7mail.com
26/09/2009
3:56 pm Yahoo! Profile:
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| what an amazingly stupid question Marius |
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By: endlesswaffle.bruce
26/09/2009
3:23 pm |
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By: reynard2008@y7mail.com
26/09/2009
8:59 am Yahoo! Profile:
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| Georgian Bank, Atlanta, GA - down - $2B in losses |
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By: reynard2008@y7mail.com
20/09/2009
8:56 am Yahoo! Profile:
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| 2 down this week |
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By: reynard2008@y7mail.com
14/09/2009
10:42 am Yahoo! Profile:
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correction:
3 USA Banks went down on Friday - they must have added one after I posted |
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By: alwaysbeingright
13/09/2009
5:09 pm |
Message deleted. |
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By: wrongallthetime@rocketmail.com
13/09/2009
1:48 pm |
Message deleted. |
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By: wrongallthetime@rocketmail.com
13/09/2009
1:40 pm |
Message deleted. |
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