List/Grid Tag Archives: economic indicators

Was “Flip That House” A Sign Of An Upcoming Mortgage Crisis?

In a 2005 meeting between economists and then Federal Reserve Chairman Alan Greenspan as the housing market was continuing to inflate a chief economist named David Stockton remarked about how he had come across a television show where the “gist of the show was that with some spackling , a few strategically placed azaleas and access to a bank, you too could tap into the great real-estate wealth machine. It was enough to put even the most ardent believer in market efficiency into existential crisis”. See Huffpo article- Fed Economist to Greenspan ...
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Will 2011 Be The Peak Of The Foreclosure Crisis?

Real Estate analysts from RealtyTrac Inc. are predicting that 2011 will be the height of the Real Estate crisis with an expected 1.2 million homes being repossessed. Lenders are poised to take back more homes than at any other time since the crisis began in 2006. At this time there are 5 million borrowers who are at least 2 months behind on their house payments and in the month of December 257,747 homes in the United States received at least one foreclosure-related notice. While the pace slowed during the last quarter of 2010 due to the banks ...
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Slashing Prices In June 2010

Check out this Huffington Post article which highlights 10 places where real estate prices were at least 30% of the inventory on the market slashed their prices. If you’re looking for a Real Estate bargain, it’s definitely a buyer’s market in most places across the U.S.A.
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Restoring The Rule Of Law

James K. Galbraith is the author of “The Predator State: How Conservatives Abandoned The Free Market and Why Liberals Should Too”. He is a professor at the University of Texas At Austin. He states in an interesting Opinion piece at CBS news, “Banks Still Stand In Way Of Full Recovery” that at its deepest level the worst economic recession since the Great Depression was caused by a “breakdown in the rule of law” and that the first step toward prosperity is to restore the rule of law in the financial sector.
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Eating Credit

Of course, the politicians have it all figured out. The current economic recession, that is. The Democrats know that it was the greedy Wall Street bankers, Goldman Sachs in particular. And the Republicans know that it was the government’s fault, meaning Fannie Mae and Freddie Mac. The Libertarians think we need to just stop all of the “Big” government, of course. And the Tea Partiers…….well, no comment. But what if it is not so simple. What if it was all those things and more? With all of the bankers, traders, politicians and even the ...
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Visa Revenues Up

Visa, Inc. has reported that second-quarter profits increased 33% over last year as the U.S. credit card spending has climbed for the first time in over a year. Net income for the first 3 months of 2010 was $713 million or 96 cents a share compared to the 2009 income of just $536 million or 71 cents a share. Credit card spending in the U.S. grew 15% in the first three weeks of the second quarter compared to the same period in 2009. Use of debit cards increased 22% and credit cards advanced 7%. Economists are looking at this as a positive sign of ...
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Foreclosure-Now An Equal Opportunity Problem

The richest of the rich with the highest mortgages are expected to see a sharp rise in foreclosures during 2010, thereby joining the middle class and even the poor in a situation that nobody wants to be in. In the year 2009, there were 1312 houses with a mortgage of over $5 million that went to foreclosure auction. This year in just the month of February alone there were 352 homes scheduled for auction. The overall numbers are rather small, however, the overall numbers of these types of loans are also small. There are not too many single family ...
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Nowhere To Go But Up?

In the late 1970’s interest rates were high, really high, about 17% or higher. At the time I wasn’t old enough for it to really affect me, rather I was just old enough for it to scare me into thinking that my generation would be the first generation that could never buy a home, car or whatever. But it didn’t happen. All that catastrophic thinking added up to nothing. Isn’t that usually the way it goes? Times changed and for the past 30 years Americans have enjoyed exceptionally low interest rates and even some times of loose lending standards. ...
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