Housing Foreclosures:
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"Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries." -Bill Gross
Signs continue that European markets are getting tired. The Spanish and Italian stock markets, big beneficiaries of the sharp decline in their bond yields over the past few months are falling to the lowest since Feb 1. The European bank index is at a 1 1/2 week low after earnings reports from Commerzbank and Credit Ag (RBS bouncing although reporting weaker than expected earnings) were disappointing. This market action is in spite of the German IFO business confidence figure which rose to a 7 month high coming in a touch above expectations and Italian consumer confidence which bounced more than...
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July 29th, 2009 at 11:42 am
[...] « Shiller: Home Prices Downward Momentum Abating Madoff & Bailouts: MSNBC Video 7/29/09 [...]
July 29th, 2009 at 3:45 pm
Foreclosures have been a major issue of the economic recession that has hit all countries across the world. The Bush administration overlooked the foreclosure issues of the average homeowners which the Obama administration is struggling to tackle with various initiatives.
California is one of the hardest hit because of the skyrocketing rate of unemployment in the states. With the rise in unemployment rates and inability of the helpless borrowers to repay the loans, mortgage delinquencies are on the rise. Among the 34 million loans that are tracked by The Office of the Comptroller, the foreclosure rates rose by 22% and surprisingly, this is a 73% increase as compared to the same period last year. This puts forth a question whether the banks and policymakers are intelligently tackling the problem.
Read More: http://www.housingnewslive.com/articles/housing-bottom.php