Foreclosures continue to escalate.
A story published on CNBC on October 15, 2009 titled, “US Foreclosures Continued to Rise in the 3rd Quarter” stated the following (emphasis mine):
“The number of Americans receiving a foreclosure notice in the third quarter continued to grow, according to a new report, despite government programs intended to attack the problem.
Foreclosure notices were up 5 percent in the third quarter from the previous quarter, and up 23 percent from the same quarter a year ago, according to a report released by foreclosure tracking Web site RealtyTrac. Foreclosure notices are defined as a default notice, bank repossession or auction sale notice. Read more »
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This from economist Nouriel Roubini quoted in Reuters on October 8, 2009 (emphasis mine):
“U.S. housing prices may still fall more than 10 percent, killing an incipient recovery, as demand from first-time home buyers fades, leading economist Nouriel Roubini said on Thursday.
Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said massive losses in commercial real estate loans will add to the problem, forcing banks to raise more capital. Read more »
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For the remainder of November, I’ll be featuring excerpts from the November issue of my ‘Moving Markets’ newsletter. For a free subscription click on the link here: www.usawealthmanagement.com.
Let’s begin with the housing market. The Case-Shiller® home price index tracks residential housing prices in 20 metropolitan regions across the country.
Interestingly enough, the report issued on October 27, 2009 had a positive tone, but merely celebrated slowing declines in housing prices. In other words, prices of homes are still dropping in year over year terms, but not as fast as they once were. This from the report: Read more »
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