by Reuters - 10/11/07 cut:Moody's Investors function on Thursday cut its ratings on home builders Centex Corp. Lennar Corp and Pulte Homes to junk status saying it expects bleak housing industry conditions to persist at least until 2009. Separately. Fitch Ratings said in a inform that pressures on home builders are likely to get worse as the housing downturn proves more severe than previously thought...
by Bloomberg - 10/11/07 cut:U. S domiciliate foreclosures doubled in September from a year earlier as subprime borrowers struggled to make payments on their adjustable-rate mortgages. RealtyTrac Inc said. There were 223,538 foreclosure filings measure month including default and auction notices and bank repossessions an 8 percent change state from August the research company said today. California had the most with 51,259 and Florida was second with 33,354. The national foreclosure evaluate was one for every 557 households according to RealtyTrac. Foreclosures are deepening the U. S housing recession by pushing more homes onto a merchandise where sales and prices are dropping. The glut of unsold homes makes it difficult to change or refinance without losing money. As many as half of the 450,000 subprime borrowers whose mortgages ordain re-set through November may lose their homes because they can't afford the higher payments according to a inform by Credit Suisse Group. "The truth of the be is that borrowers are going into default as soon as they hit their adjustments,'' said Rick Sharga executive vice president of marketing at Irvine. California-based RealtyTrac. Prices in 20 U. S metropolitan areas cut 3.9 percent in the 12 months through July the most on preserve according to the S&P/Case-Shiller home-price index...
by WSJ - 10/11/07 snips:As America's mortgage markets began unraveling this year economists seeking explanations pointed to "subprime" mortgages issued to low-income minority and urban borrowers. But an analysis of more than 130 million home loans made over the past decade reveals that risky mortgages were made in nearly every corner of the nation from small towns in the lay of nowhere to inner cities to affluent suburbs. The analysis of loan data by The Wall Street Journal indicates that from 2004 to 2006 when home prices peaked in many parts of the country more than 2,500 banks thrifts credit unions and owe companies made a combined $1.5 trillion in high-interest-rate loans. Most subprime loans which are extended to borrowers with sketchy credit or stretched finances go into this basket... High-rate mortgages accounted for 29% of the be number of domiciliate loans originated last year up from 16% in 2004. About 10.3 million high-rate loans were made in the past three years out of a be of 43.6 million mortgages.. the data depart the conventional wisdom that subprime borrowers are overwhelmingly low-income residents of inner cities. Although the concentration of high-rate loans is higher in poorer communities the numbers show that high-rate lending also rose sharply in middle-class and wealthier communities. The Journal's findings reveal that the subprime aftermath is hurting a far broader array of Americans than many realize cutting across differences in income race and geography... The data also show that some of the worst excesses of the subprime eat continued come up into 2006 suggesting that the hurt could measure through next year and beyond especially if housing prices remain sluggish. Some borrowers may not run into trouble for years...
by Reuters - 10/11/07 cut:Countrywide Financial Corp said on Thursday it funded 44 percent fewer mortgage loans in September as it tightened lending standards while delinquencies increased and foreclosures more than doubled. The largest U. S owe lender also said it eliminated 4,935 jobs measure month leaving it with 55,932. It has said it plans to cut as many as 12,000 jobs or 20 percent by December to cope with a deepening U. S housing slump. Separately. North Carolina Treasurer Richard Moore said he asked the U. S. Securities and Exchange equip to analyse the timing of have sales over the measure year by Countrywide Chief Executive Angelo Mozilo. Many predated the bulk of Countrywide's 56 percent share determine decline this year...
by Jim Sinclair - 10/11/07 cut:The Fed's comment on the FAKE employment figures as a demonstration of economic strength has resulted in a deceleration of the dollar decline as improved business conditions would evince higher interest rates. The problem is that the employment figures as part of operation "White Noise" are a statistically manufactured fabrication. Gold is fighting the $751 to $761 area of give but will overcome this area and act above $1,000. All of what you are seeing now is funds powered by black boxes running amuck hither and yon with no significance at all. The time for zig-zag is over just as it was in the lay of 1979. You may sell as a trading fiend but one day soon gold will act off desire a arise.
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