Foreclosures

Foreclosures
Tyler Durden's picture

Middle Class Destitution – A Devastating Tale From America's Heartland





"We're becoming like a third-world country. This is how it feels to be sold out by your country. We’re going to have nothing left but fast food... Fast food and hedge funds. That's where we're going."

 
Tyler Durden's picture

US Futures, Europe Stocks Jump On Oil, USDJPY Surge; Ignore Poor China Data, Iron Ore Plunge





The overnight session has been one of alternative weakness and strength: it started in China where stocks tumbled 2.8% to a two month low following some unexpected warnings in the official People's Daily newspaper and poor trade data. Concerns about China, however, were promptly forgotten and certainly not enough to keep global assets lower, with European stocks gapping higher at the open and rallying from a one-month low, driven by a "surprising" surge in the USDJPY which has moved nearly 200 pips higher since its post-payrolls low. Another driver is the jump in oil, which rallied just shy of $46 a barrel, buoyed by Canadian wildfires that are curbing production and speculation that the Saudi Arabian oil minister succession will be bullish for oil prices.

 
Tyler Durden's picture

The Whole System Is Built Upon Lies And "We're In The Terminal Phase"





"We’re in the terminal phase of the greatest debt bubble in all of human history... The crisis that happened last time around… it was just a warning signal of what would happen if we didn’t fix our problems... and of course we didn’t fix them. It’s not sustainable... There’s going to be a permanent, massive adjustment and a loss of faith in the current system..."

 
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NAR Warns Of Overheating Home Prices As Existing Home Sales See Biggest Annual Jump Since 2013





Despite the biggest annual jump in existing home sales since July 2013, even the NAR's perpetually cheerful Larry Yun is starting to get worried about the bubbly nature of the existing housing market:  "The spring buying season is right around the corner and current supply levels aren't even close to what's needed to accommodate the subsequent growth in housing demand," says Yun. "Home prices ascending near or above double-digit appreciation aren't healthy – especially considering the fact that household income and wages are barely rising." 

 
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Fannie, Freddie May Need Another Bailout As Washington Drags Feet On Housing Finance Reform





“The most serious risk and the one that has the most potential for escalating in the future is the enterprises’ lack of capital," Fannie's top regulator, Mel Watt says. The GSEs' capital buffer is being steadily depleted as the government sweeps the entirety of the businesses' profits, putting taxpayers in the absurd position of having to bail out two entities they've already bailed out due to the constraints imposed in an effort to recoup the first bailout.

 
Tyler Durden's picture

S&P Futures Storm Above 1900, Europe Jumps Despite Gloomy Asian Session





It has been a morning session of two halves. In Asia, the mood was somber, and stocks fell with the Shanghai Composite (+1.1%) outperforming on another late session binge-fest by the National Team. The European session on the other hand surged higher and did not look back when the USDJPY proceeded to soar 100 pips from overnight lows, and push the Stoxx 600 +1.7% and US equity futures up with it, with the ES trading above 1900 as of this posting, adding to the best 2-day rally in the S&P in five months.

 
Tyler Durden's picture

Market Euphoria Fizzles As USDJPY Resumes Slide; Crude Disappointed By Lack Of Production Cut





One day after markets saw a violent return of optimism, which sent stocks around the globe and US equity futures soaring (the US was closed for President's Day) driven by terrible Japanese and Chinese economic data which in turn hinted at more central bank easing, animal spirits have cooled off despite some truly unprecedented Chinese credit numbers.

 
Tyler Durden's picture

Why Commercial Real Estate Is Next: 'Challenging Technicals' Are About To Become 'Weak Fundamentals'





There is a growing sense of tighter financial conditions, particularly to the commercial real estate sector. Late last year the regulators issued a joint statement on Prudent Risk Management for Commercial Real Estate Lending and the latest Senior Loan Officer Opinion Survey (SLOOS) shows that banks tightened their lending standards to commercial real estate meaningfully in 4Q15.... The growing sense of gathering clouds in terms of tightening financial conditions to commercial real estate translates into a more challenging road ahead for US commercial real estate.

 
Tyler Durden's picture

"Jingle Mail" Makes Comeback In Canada As Underwater Borrowers Mail Keys Back To Banks





"People [are] saying that we can't make a go of it and mail the keys to the bank. In the big cities, not so much because the average sale prices haven't really dropped much, we haven't seen the pain yet. But Calgary is getting pretty tight."

 
Tyler Durden's picture

"How Bad Can Texas Get?" Goldman Answers





As we put it on Friday, "the Texas recession is only in its early innings," because we are just now beginning to witness the bankruptcies and shut-ins that will soon become endemic and sweep across the entire US oil patch as revolvers are reigned in and Wall Street suddenly refuses to finance uneconomic producers' funding gaps. So how bad can things get in Texas, you ask? Goldman has ventured a guess.

 
Tyler Durden's picture

Canada's "Other" Problem: Record High Household Debt





"Household vulnerabilities could be exacerbated by a severe recession that is accompanied by a widespread and prolonged rise in unemployment. This could reduce the ability of households to service their debt and cause serious and broad-based declines in house prices."

 
Tyler Durden's picture

Futures Resume Slide After Oil Tumbles Below $35, Natgas At 13 Year Low; EM, Junk Bond Turmoil Accelerates





With just 72 hours to go until Yellen decides to soak up to $800 billion in liquidity, suddenly we have China and the Emerging Market fracturing, commodities plunging, and junk bonds everywhere desperate to avoid being the next to liquidate.

 
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