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March Foreclosures Surge To Absolute Record, At 369,491, 19% Jump from February
RealtyTrac reports the next catalyst that will surely take the Dow to 12,000 by 9:31 am tomorrow. "Foreclosure filings were reported on 367,056 properties in March, an
increase of nearly 19 percent from the previous month, an increase of
nearly 8 percent from March 2009 and the highest monthly total since
RealtyTrac began issuing its report in January 2005." And people were wondering where consumers get all their money from. Of course, those foreclosed upon have likely figured out ways to continue squatting in their house so they dont have to pay mortgage and rent. Nothing beats living for free in America, especially in a 2,000 sq. foot average home. We can't wait to hear Jamie Dimon's rebuttal on how this data massively misrepresents the optimism that JP Morgan is seeing everywhere, and how the JP Morgan unicorn ranch is about to issue a royal smackdown on those speculative traitors over at RealtyTrac who, unlike JPM, dare to speak the truth.
“Foreclosure activity in the first quarter of 2010 followed a very
similar pattern to what we saw in the first quarter of 2009: a shallow
trough in January and February followed by a substantial spike in
March,” said James J. Saccacio, chief executive officer of RealtyTrac.
“One difference, however, is that the increases were more tilted toward
the final stage of foreclosure, with REOs increasing 9 percent on a
quarterly basis in the first quarter of 2010 compared to a 13 percent
quarterly decrease in REOs in the first quarter of 2009.
This subtle shift in the numbers pushed REOs to the highest quarterly
total we’ve ever seen in our report and may be further evidence that
lenders are starting to make a dent in the backlog of distressed
inventory that has built up over the last year as foreclosure
prevention programs and processing delays slowed down the normal
foreclosure timeline.”
More on REOs:
Bank repossessions
(REOs) also hit a record high for the report in the first quarter, with
a total of 257,944 properties repossessed by the lender during the
quarter — an increase of 9 percent from the previous quarter and an
increase of 35 percent from the first quarter of 2009.
We await to find out just how the bottom having finally fallen out of the US ho(u)sing market is a definitive victory for the bulls.
And what state has the most foreclosures if not that one what is first and last out of and into every single bubble there is:
California alone accounted for 23 percent of the nation’s total foreclosure activity in the first quarter, with 216,263 properties receiving a foreclosure notice — the nation’s highest foreclosure activity total.
Florida’s total was second highest, with 153,540 properties receiving a foreclosure filing during the quarter, and Arizona’s total was third highest, with 55,686 properties receiving a foreclosure filing during the quarter.
Despite a nearly 5 percent decrease in foreclosure activity from the previous quarter, Illinois documented the fourth highest foreclosure activity total, with 45,780 properties receiving a foreclosure filing — still a 17 percent increase from the first quarter of 2009.
A total of 45,732 Michigan properties received a foreclosure filing during the quarter, the fifth highest state total. Michigan foreclosure activity increased nearly 11 percent from the previous quarter and was up nearly 38 percent from the first quarter of 2009.
Other states with foreclosure activity totals among the nation’s 10 highest were Georgia (39,911), Texas (37,354), Nevada (34,557), Ohio (33,221) and Colorado (16,023).
The only beneficiary out of all this seems to be the cable (GBPUSD), which is now back to mid-February levels. Good thing that whole housing/Greek thing is contained.
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This story is being spun as a positive. They are saying that at least the banks are now dealing with their problem loans. Way too funny. Should be good for 10+ points on the S&P tomorrow. Full steam ahead! lol
Hey, mattco! Any anecdotal stories on commercial space in greater NYC?
Available at about a 50% discount from peak in most cases.
But Cramer said the housing downturn ended in June 2009...
369,491 is not bad at all. Actually its a bottom so clear skies from here.
America, stand up.
Amen!!!
NATIONAL STRIKE
April 15 to April 18TH
Tell Everyone You Know
POST THIS ON EVERY DISCUSSION BOARD
www.taxfree15.com
Wow....
No wonder these are flying.....
SRS 5:1 reverse split tomorrow... They should have put in for a 50:1...!
I'm going to hold my SRS until it goes to zero. Then I'm going to purchase an infinite amount of shares in it. That's my plan and I'm sticking to it.
The market WILL NOT TANK until I dump my SRS.
YOU'RE WELCOME, everybody.
Thanks for taking one for the greater ZH community, Rusty. That's teamwork.
I take my investing cues from late night infomercials when I can't sleep (since the market operates like one big dream anyway). Apparently we should all be getting rich from foreclosures. All hail real estate.
Holy crap, Rusty! That's genius!
better off selling srs and taking loss and shorting iyr - the 2xdaily change will screw u in srs
I sold SRS and bought an SKS.
Saiga over SKS, IMO. Super-Conviction-Buy on all AK stock.
I bought 10 shares of VXX almost 2 weeks ago. I thought I caused this explosive rally. Since my purchase was not even worth the commission I paid, the VIX can go to zero and I too will buy more.
Out of the mortgage and off to the mall, then to Uncle Ben's house we go...
End of empire, coming into view..
Dave Rosenberg counted $120bln to $190bln in household cashflow improvement from wink-wink official encouragement of strategic defaults.
That's a lot of cash for retail therapy.
Portrait: Bernanke, Summers and Geithner...
How come little Timmay looks ill?
I couldn't be more proud than if my daughter just graduated top of her class at Harvard Medical School, or won the "Nobel Peace Prize"!
Yes, little Jamie delivered. Our boy went and showed us all today why it was in our best interest to bail him out (plus all his classmates) with ZIRP, TARP, TALF, FDIC guarantees, QE I, AIG payouts, $2 trillion in secret loans (it really isn't any of our business who got what we have to pay for!). America was founded on that sacred principle of No Taxation without Obfuscation! Damn if we should let some malcontents get in the way of that.
Absolutely astonishing results from little Jamie's hedge fund...whoops! Bank Holding Company. Sure he was given a heads up most of the time, kind of like one of those lifeline things on Who the Fuck Only Wants to be a Millionaire When You can be a Billionaire?. Be sympathetic, please! People were all a-hating on little Jamie and his other bank holding company types not so very long ago. If all of our gifts helped lift his spirits so that he could front run and rig the market with a clear conscience, well, it was worth it.
Truth be known, I'm a little disappointed that the actual banking work little Jamie should at least pretend he wants to do didn't go as well as the trading, but I don't want to bring it up because his ego is still pretty fragile.
Hey, it's not like we attached any strings to the trillions in bailouts! I mean, if little Jamie thinks all of our taxpayer dollars are best used in the pursuit of his own profit for his own in-house trading activities, well this is America and he has every right to do that. There's a reason we voted him, or the people he owns, into office. That's democracy, damn-it.
Really really really proud of you, Jamie. You represent everything that is America today. I salute you! Oh, I needed those other three fingers for something else, but at least I can show you the big one.
Thats how I feel.
no matter how large of a bed he sleeps on, little Jamie still can't escape the childhood memories of growing up in Queens being taunted by the boys in the projects more virile than he.
"No Taxation without Obfuscation"
Love it.
Personally, my fave is "Who the FSck Only Wants to be a Millionaire When You can be a Billionaire?"
You have a way with words Chindit13, which I am envious of. My country of origin is very close to where you reside currently ( Myanmar is what I think you mentioned the other day ). Maybe, one day, our paths will cross and we both can enjoy a cup of tea/coffee and talk much about the ****ed up world we live in today. I am sure you will do most of the talking and I the listening.
Thanks for your insightful posts. Always enjoy them immensely.
I recall Denninger's prognisis for 2010:
Banks will "give up" on holding their real estate as rates start to backup and will dump their foreclosure inventories.
"Why? Because the regulators may let them to play games with alleged "values" when people can get mortgages at 4%, but at 7% there's just no way the numbers work and the fraud becomes too difficult to countenance. There are rumors of major banks dumping hundreds of thousands of homes on the market next year - this is likely the backstory on 'why.' "
Denn is perceptive, if not perfect.
Bank of America has already come out and said they will increase their foreclosures 600%. My question is will JPM, WFC, and C follow? I assume so considering that Bank of America is going to get first crack at higher prices by foreclosing first. It will be a race for the exits.
Of course they'll follow suit. They kinda-sorta must, right? I mean, it's a prisoner's dilemma now - only this time the first who panics gets the best deals.
It's entirely possible, if not likely, we could see the entire bloody shadow housing inventory dump into the market over the next 6-9 months.
Yep, he pegged that call pretty well and good. Needless to say, I've been rather impressed by his accuracy.
Overnight CNBS crews working on DOW 12k hats now.
Back in the halcyon days of early 2006, when I was doing my last few months in Uhmerryca, my out of work Uhmerrrycan wife and the long jobless me were offered a $1 million Ninja to buy our dream house in Berkeley.
Of course, we had to agree to sign a mountain of faxed documents that the loan arranger was to send us (we had watched the process vicariously through a flipper pal). We were so kicked. The homeowner turned down our bid (thank you god).
The only deal was "Just Sign the Papers", don't read the print, fine or otherwise.
So anyways, that was a cool brush with real(i)ty and a few months later I was back in my homeland.
Only to discover (and master and visa) that the self-same credit spigot was drenching the unwashed here in India too. And continues to do so, with a mild blip in late Oh Eight and early oh niner!
Unbridled credit and the unearned sense of entitlement that it gives conned-sumers is a terrible thing for the fabric of society and India is coming apart at the seams, literally, figuratively (fattys chowing McDaddys and Tacos and KFC wing buckets abound) and in every other sense and non-sense of the words.
Having had the queasy making pleasure of having been in Umrika's credit freebasing days (1995 through 2006) and seen an entire society of essentially good folks hit the skids faster than the herminator did a double diamond, I can only offer this.... the name of the game is the same. Everywhere.
The parallax inducing parallels are shockingly obvious (in a subtle, cheaply Indianised way).
By the way, GM is rocking in India!!! What a sham.
Much regards to all the intelligent posters here.
I wish the rest would stop using the word B@#$#tches referring to each other. They usually get F@#@$ed by the biggest baddest dog in town. Mercilessly. And have to carry their pups to boot. Be kind to yourselves. Words are immensely powerful things.
In a bit then.....
Thanks for this great post.
Bija creates all.
You are welcome and it does indeed.
All things grow in the dark and wither or get consumed by light.
We have to educate those masses to prevent the damned banks from winning again. Fractional-reserve banking with TBTF is the ultimate scam. The banks "loan" money they don't have, then seize assets when they're not "paid back". Bring back the gibbet.
"When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, 'Who is destroying the world? You are"
SW, sadly for India, inspite of the much hyped Anglicization/education, truth is that the tidal force of Tellalie-vision has done us in too.
I'm sure TD will concur that ZH has an almost zero readership from India.
http://www.alexa.com/siteinfo/zerohedge.com#trafficstats
India is listed, but way down on the list. Don't worry, implosion will happen. 'tis just a matter of time. Save as much as you can, and when the bubble bursts, you can probably pick up Mayawati's palatial mansions for a few thousand INRs. Or maybe Ambani's.
so embarrassed with my ignorance. i just realized this tracking device on ZH, in regards to following what i read and post. plus, not sure how to interpret and read this track platform. now these statistics of traffic stats. are we being watched? i don't understand?
Unless you are behind an anonymous proxy, pretty much everything you do on the Net is being logged, your IP address that is, somewhere by someone. So, yes, in a way, you are being watched, everyone is.
Sisyphus, it's not the implosion happening or not that I'm worried about.
Fact it, we are all in the same boat, and it is going down. Only difference is that the view from the Captain's chair is a tad different than the engine room.
From up there, at least you get to watch the majesty of the storm!
Yes, 'tis going down. Don't have a clue when, but it is. I have tried my best to awaken people; most don't want to wake up, a few that are willing to listen, keel over and start vomiting on hearing the truth, straighten up, punch me on the face and then continue on their merry ways. It like getting drunk, heaving and drinking again.
India is a wonderful country, misunderstood by many, riduculed by the rest. It is what I call a WYSIWYG country. No hiding the stark reality, everything is blatant and obvious. You don't have an artificially created veneer hiding the mess inside. There are many countries that sport this look of a facade hiding the cancer on the inside. India doesn't. Like it, live it or get out of the way.
This on your face reality is what shocks the living daylight off most people, and they go into convulsion and shock. The country and its people have great potential; however, whether the country will reach the epitome of its potential is something that we will have to wait to see. Right now the politicians are looting the country and, it seems, every citizen of the country is oblivious of this fact. If they wake up and take back the reigns, then there is hope, else the ride down could be very painful, if not life ending.
oh we are all being watched. maybe monitored. i'm not afraid though.
if your in india was it 13:03 (time stamp) your time or my time? i guess we can pick any time. doesn't really matter, could use it for an alibi.
Sisyphus, concur on most all fronts.
If you are a firangi (foreigner in farsi/urdu), your views are remarkably well formed and in-formed.
And by the way, the thugs are firmly in the seat and it cannot end any way but badly......sadly.
Imagine, one sixth of the world's population has barely a voice, in real terms.
Serf nation.
Hmmmmmmmm.........
+ 1 cycle of the kali yuga
Indeed Tippy. Talk about long waves eh? :-)
surf's up!
+1000 Super post.
Glad it struck a chord Something.
Was it a major?
You Almost "Owned" a MILLION DOLLAR Home in Berkeley!
Whatsamatta with you?
You COULD have been Amerikan middle class!
NOW is the time to buy! Hurry! Before you are left behind! Supplies are limited! Act today!
*laughing)
I know, I know. Divine providence I think saved me from that white elephaunt!
That and the wise fairies in Fairfax, bless them!
Systemic failure is a design feature of the credit-money system. Over thousands of years, the credit-money system has been repeatedly placed in service not to facilitate commerce, but to achieve higher purposes for its practitioners. The real game within the game, if you will.
Consider this: In my not so humble opinion, ZH has by far & away the most aware and knowledgeable group of people on financial & economic matters. Yet, how many really understand the true inside baseball of what's goin' down? Mako, Travis, myself and a few others provide hints, but who really works through the numbers of exponential math as it pertains to compounding principle+interest?
Guys like Denninger clearly understand what's happening, but he seems to actually believe the credit-money system has functional utility. He doesn't seem to grasp that the entire point of the exercise is for lenders to take possesion of the real property & productive assets that have been pledged as collateral, thereby reducing borrowers to debt peonage.
Of course, the next generation is going to repudiate the debt. That's also part of the plan - duh! Like any of my kids or others are going to slave away attempting to pay-off this debt. So what happens after repudiation? Huge cuts in both welfare & warfare programs, which ushers in a new era of social chaos between generations, races & income classes, and of course, war. All so predictable.
Benign, the wisdom is much appreciated.
But interpreting the tone of your post (frustration), I can empathize completely.
Seems like everyone is just left preaching to the choir and carrying coals to Newcastle.
The prevelant attitude in the world (again painting with a broad brush) is head in the sand or stars (literally and fig) in the eye.
Very glad that fora like this, with the odd distraction, allow for intelligent dialouge and the sharing of some genuine wisdom.
Prescience, as Muad'dib found out, is a dangerous blessing.
Thanks for the update from India. Very Interesting. Really glad that RE deal didn't go through for you
Most welcome Hulk and I'm really glad too.
Glad to add the India view, since having lived abroad, I understand that it is largely misrepresented, usually to one extreme or the other.
Quite a mess we have on our hands here, a sadly ugly mish-mash of the east and west.
"They (record forclosure numbers) mostly come out at night...mostly."
Newt!
http://www.youtube.com/watch?v=uDLQg8ZKBS8
Going down!
Sooner or later the banks will get into the rental business.
Rent to Own is now a popular business model in Texas...
When I was younger, we used to call that a "Payment plan" and repo men would come take your stuff back if you didn't pay. Is rent to own the "nicer" way to handle repo? lol
more adhocracy - what will the banks do with their bank-owned houses?
fuck you, mr. dimon and the horse you rode in on.
Wow. I just multiplied 370,000 by $250,000 for a rough guesstimate on how much housing loans bled in March. $92,500,000,000
If we can expect things to get worse we're basically going to be bleeding 100 billion in home loans a month (not the peak mind you imo but where we are along the road). Of course that's going off a 250k per house guesstimate but regardless it's the scale that's important for understanding.
Just mind boggling when you consider this is just for one month, just one section of the economy, and is no doubt skewed due to banks not foreclosing.
but, but, but...I heard a report that March delinquencies were down? green shoots, right?
...hm, maybe the surge in foreclosures had something to do with the lower number of delinquencies.
Latest data from Statsweeper shows a huge spike in bank consumer loans of the order of 370 billions. Does anyone have more details about this?
I believe this was part of a reclassification which was discussed here earlier...so not necessary new loans.
duplicate...sorry
Anonn: Me-thinks Karl Denninger's forecast may indeed be starting to come true (i.e., concerning banks generally beginning to face at least some residential real estate reality this year). Now if the false propaganda machine could just get the rest of us to damn well already drink our Jonestown Kool-aid before we see the wheels fall off that particular bus, then all would be fine in the world of economic make believe. Repeat after me, "extend and pretend can go on forever, extend and pretend can go on forever, ..."
Happy dreams, and remember, "mortgage debt is people."
fyi-Denninger's 20-or-so predictions were from 12-31-09 [or a day previous]...probably available from his website archives.
More foreclosures means a HIGHER consumer spending!!
RALLY!!! BUY BUY BUY!!! RALLY!!!
just means that all the rest of the homes .. are now hunky dory,,, no more bleeding , it can't possible get any worse . all hands on deck.
all the empty homes will be new locations for macdonalds and starbucks, and swap meets
a retail buying spree will sweep the nation. a new buying power grips the land .
fed shoves money in the direction of banks... the consumer now has roughly another 1600 or so for gizmos ,,
a jobless recovery ,
Hey where did you get that old photo of Summers, Geithner, and Bernanke?
^10. That's priceless. Nice work.
old photo lol that was taken just last week .
By way of first post,perhaps I should introduce myself. I am a Mathematician specializing in the thing you hate (algos) but I use it for program logic control - PLC's as process engineer. Given enough variables I can calculate an outcome - for anything - my 'handle' Mentalius-anything hints at something else as I set the questions.
Thanks for letting me in, I have been lurking at the window of the house of ZH for a long time, peaking,reading, analyzing comments. I want to date Marla and I want to bed Robotrader. Cognitive dissonance and Faustian bargain just 'GET IT'. TD is- well a sick puppy comes to mind - but you have to be to get up every morning waiting for justice to be dealt with by divine intervention only to see evil win because it holds all the cards ( in Algo speak - 'tweaked the weak to make the meat'
Been following Ze hedge for while, in fact its the first place I go for a read every morning and the best site I have found for exposing the dirt , the dead and the festering.
I live in a country that has not been touched by the World recession because like Canada it is a supplier of raw materials to Asia (Oh but it will pay the ferryman a coin very soon)
My rules are as follows
The Debt remains stupid
For the second rule see the first.
Principal + interest is the problem. Think about that because it is the way the Banks are set up with reference to this blog. Your banks are being hit twice Principal (the asset) is declining and the interest is missing for those in foreclosure. Ever heard of the saying caught between a rock and a hard place. Thank goodness they relaxed FASA so they who are blessed can mark to fantasy. You only have to go to your Failed bank list to see the extent of the Fraud. They are failing with assets overvalued at 30% as an average. Shitty Bank, Bank of Amerrymob, Smells Fagot and 16 others have assets are just as corrupted. Every month they have a burn rate combined of $100 Billion a month (if you include the greatest fraud of all, Credit Cards.)
You will be forced to Nationalize your banks, well in truth you have done so already but the debt remains stupidly on the books and it is increasing daily. If the 'pump' fails because of the many leaks you have only one SANE alternative option - the Let it fail, give up on the handle - take the hit (as the 369,419 families have). Foreclose the banks that borrowed short and lent long. QE only destroys savings in every form as it will cost you as you import the subsequent Inflation (read higher costs of everything)
Why was your TARP wasted - Banks make nothing, they skim or work on margin. What they skim can't be worn or used as a tool or eaten or used productively. Credit cards are simply counterfeit dollars as they don't exist any where (even the Federal Reserve cant control a banks issuance of this 'print') Yes the banks are counterfeiters on Credit Cards.
The Greek thing shows you how corrupted the whole thing is.
Greece has now borrowed money to pay the interest on the principal it owes from the people it owes the debt to. Its a second Mortgage. There is not enough money in the World, in existence to pay back the World debt, there has never and will never be, simply because the interest compounds at a higher rate than the principal over a long enough time span (P+I) - Yes were all F#@*ed
Do you come from the land down under?
Yes but.............
perception? - it depends on your position of view when holding a map. Up or down or any reality requires a universe view separate from learned Pavlovian influence. Did you know that the human brain receives all visuals 'upside down' and corrects the optics. Much like your ever rising 2pm 'algo pumped' Indexes in the USA, they depict affluence but are an illusion based on learned influence. It's rise is reflective of your falling currency which has a value less than real inflation - A the fed rate 0.25% your giving Cash a negative (worthless) value
math specialist
4X 5 = ?
How can you say these things? The world's greatest investor Warren Buffet was an investor in "Bank of Amerrymob, Smells Fagot"! We all know he never makes mistakes.
Of course you are correct, but only in a superficial way. See my post above. Since systemic failure is indeed a design feature of the credit-money system (ie compounding principle+interest), what comes next?
First all of, we know for dead on, absolute certainty that the debt will be defaulted. What does this mean? It means huge reductions in both welfare & warfare expenditures. What does this mean? Social chaos ushering in a new era of generational, class & race divisions. Anything else? Of course, war.
That's why I sometimes wonder about the gold bugs. To what purpose is survival? When people emerge from their bunkers and the few with limited gold holdings exchange/barter these for goods/services, what about those with vaults of bullion safely tucked away in Zurich & Tel Aviv?
Won't they want to re-institute the very same credit-money system to re-start the game all over again? The only thing the money-changers fear, more than expulsion, confiscation or even attempted genocide, is to be prevented from re-engaging the great machine of deception & control.
Kill the credit-money system and you kill the beast. That's what we should be focusing on. Nathan's Freedom's Vision is the right idea, but it will never be implemented without a fight.
Q1 is going to PALE by comparison to Q2. Florida is well on pace to process over 200,000 new foreclosures this year, probably closer to 300-330K.
nothing to see here bitches, move along.
"RealtyTrac reports the next catalyst that will surely take the Dow to 12,000 by 9:31 am tomorrow."
*rofls* So sad and yet so true!
As I said yesterday and continue to say - a majority of these loans are guaranteed by FN/fh and FHA so it costs the taxpayers and not the banks. FN and FH DO NOT allow principal forgiveness on loans that are underwater but current so people are "encouraged" into a strategic default. The transfer of debt from private to public guarantee is just another wealth transfer. People are paying their credit cards and second liens but not the first liens. THey are defaulting to US.
And along with ABC figures falling back a lot -43 to -47, so has the UK consumer confidence fallen from 81 to 72.. but both are well after hours so no need to fiddle them so much!
The government is just pulling in the slack on the rope. A few million people lose their homes but walk away after living rent free a long while. The properties 'disappear' from the market so supply articificially contained. The banks get to print out of the hole, but the books never get marked so who cares anyway. Done. Solved. Aside from consumer confidence sucking wind, all sales and earnings indicators seem to be on the rise. Sure it took a few TN in debt to get there but the markets have short (or no) memory. And here we are.
Not even reported on Bloomberg website, which raises the question if bad news occurs and its not reported does it really exist?
Even if it is bad news and reported it doesn't exist for this market.....
Greece blowing out again...
http://www.bloomberg.com/apps/news?pid=20601087&sid=apGz8o99KTPE&pos=2
And how like the beloved Pimpco, to support government oppression in the service of banksters:
'Pacific Investment Management Co., which owns the world’s largest bond fund, said this week it’s not yet ready to buy Greek bonds. BlackRock Inc., the world’s biggest asset manager, said that donor countries need to demonstrate they can withstand a backlash from their citizens. '
I think we ought to revolt here if the IMF is asked for money. No more bailouts!
Advice to Jamie Dimon:
Buy your beachfront villa in Venezuela or North Korea NOW! Stay well ahead of the stampede of fleeing felons (oops), elder statesmen, seeking other venues.
Whatever... Best of luck as you pursue other interests, and are pursued by them.
Are you listening, Timmy????
Earth to Ben.... Earth to Ben....
OT: Why has the hit & run suspect in the Macguire case not had his name released yet?
Oh, nothing to see here. Relax and watch PIIGS. =)
Cali is STILL #1
Blow me Florida! You can't touch this!
"California alone accounted for 23 percent of the nation’s total foreclosure with 216,263 — the nation’s highest foreclosure activity..."
Obummer WIll Claim Stimulus "Saved" Jobs
Considering every bank repo comes with a foreclosure attorney (or firm), a trustee, a title officer, an inspector, an REO agent, maybe a painter and a carpet cleaner... at least 7 bodies... at 257,944 new REOs... I am quite sure OBUMMER will claim the stimulus just saved another 1.8 million jobs!
"Okay Rahm, let's roll on to victory in November! Who can't love that number!"
This will surely be downward pressure on inflation. Therefore, DOW to 12000.
ROBOT TRADER: How do you embed charts?????
The same way "you" access the fed's discount window.
Hilarious...
Click disable rich-text in your comment and you will have access to *some* html which you can use to add a hard link to a picture. That's what I would do, but I am too lazy to even update my profile picture. (And don't have anything meanful to say most of the time anyway.)
I take it back, I am unable to access the discount windows as well. Must require a petition... probably to avoid nasty spam.
I think you have to stand on the porch for three days without food, shelter, or encouragement ....
Until Tyler says you are in...
Then you can post charts n' tits... like ROBO...
1) 2012 marks a 3yr period when 700B in junk bonds are due.
Chart:
http://graphics8.nytimes.com/images/2010/03/15/business/20090316_DEBT_19...
2) The gov't will also be competing for funds to finance it's debts.
3) Up to 10,000 Baby Boomers will be filing for Social Security each day for the next 18-20 years!
The first one filed on Oct 15th 2007 -- you guessed it -- right at the top for the S&P 500. Source = http://sushimoney.com/2007/10/16/baby-boomer-retirement-begins/
4) Peak oil.
5) Interest rates can only go up from 0%.
Green shoots??? Does Apple have an app for that? Cause it's obvious that the gov't *doesn't* have a viable plan.
Line (LIE) of the day:
"There was a sharp fall in utility output that held down production." -- Comment on MarketWatch.com on why March industrial output was only +0.1% vs +0.8% expected.
Could it have been a sharp fall in utility *demand* from a *LACK* of production needed?!?
Who is more corrupt: the media, the banksters, or the politicians?
BTW, jobless claims were up -- but it was because of the snow...err...used that one last month...umm...the Easter holiday...ya...that's why. *rolls his eyes...
Time to stash more FRN's in the Bank of Sealy. Just ordered another 2K of lead bullets. This will not end well. But why worry, we all get to die, eventually. Don't worry, be happy!
Pardon my interruption but....
What happened to deadhead?
TIA for any light shedding for a concerned citizen of ZH.
Back to shiny happy people holding hands in 3,2,1.
I was thinking about the exact same thing, spekulatn. Haven't seen him participate in a while. I hope all's well with him. You know what else, I was wondering what happened to dyingbear, too?
ya know i noticed the same thing and made a holler out to him. i had read about his particular situation in an open forum thread. i think, upstate NY, and he seemed pretty honest, not good. than he came back and participated momentarily, gone again. deadhead i know your email address†
This economy brings a new, obscene meaning to "clogging the equity of redemption."
"Happy Days are Here Again" was the official song for FDR's 1932 campaign. Over the next 10 years, it was used in about 60 movies.
Obviously, singing that song did not change the realities of the Depression. CNBC spends all day trying to paraphrase that song. That won't change our realities either.
Will the American public ever wake up and realize what we are facing? If they do, will they demand simple (but totally ineffectual, or hurtful) responses like the TARP bill under the assumption that borrowing money will get you out of debt?
At one time, I would have answered "yes" and "no" to those questions. I'm now not so sure.
I suspect, as do many of you, that the younger members of our society will not accept being debt slaves for the convenience of their elders. Hopefully, their response to "when in the course of human events" will be as good as those of 230 odd years ago.
Apparently the Fiat Reserve isn't devaluing it's paper fast enough to get these mortgages back above water.