Posts about Mortgage Market Report as of August 22, 2009

There’s a lot of misunderstanding in popular culture (most started during the Reagan years) about deficit spending and the public debt.  Deficits tend to increase naturally during bad economic times due to what we economists call automatic stabilizers.  These are spending programs (most of which were built into the economy during the New Deal) that adjust as the business cycle changes.  Taxes naturally go down during a recession because less people are making money and business earn less revenue and sell less.  Government expenditures go up because people rely on unemployment insurance and other government programs more during bad economic times.

Stocks rallied Thursday, with financial and technology shares spearheading the advance as a report showing surprise growth in the manufacturing sector and gains in overseas markets propelled Wall Street. The Dow Jones industrial average (INDU) climbed 71 points, or 0.8%. The S&P 500 (SPX) index added 11 points, or 1.1%. The Nasdaq composite (COMP) rose 20 points, or 1%. A worse-than-expected jobless claims report unnerved investors in the early going, but the surprise rise in manufacturing reversed any losses, giving the market support for the rest of the session.

The number of Americans who have fallen at least 30 days behind on their home loan payments jumped 44% in the second quarter from a year ago, according to an industry report. That puts delinquencies at a record 9.24% of mortgages, according to the National Delinquency Report from the Mortgage Bankers Association (MBA). That represents more than 4 million of the 45 million borrowers covered by the report. What the rate does not include, however, are loans already in foreclosure.

We have followed the financial crisis in part because of the relationship to executive compensation and current efforts at reform.  We have also followed it because of the structural shift that has occurred in the securities markets, particularly the elimination of independent investment banks as financial intermediaries, an inevitable byproduct of the repeal of Glass-Steagall.  See The “Great Fall”: The Consequences of Repealing the Glass-Steagall Ac t.  The third reason for following the

by NYCityBoy In this first ever installment of The Aspirin Report we take a look at the headlines of the week, from our good buddies in the financial press. The headlines are often so simplistic, confusing and delusional that they will give you a whopper of a headache. That headache will require excessive amounts of aspirin to provide any relief. I can’t help with the headache. I’m just here to provide the headlines and make a few well placed comments.

Buying Foreclosed Homes May Be Scary – Will home-sales spike have staying power? – Everett Herald LOS ANGELES — Home sales across the Western region of the country posted an annual increase of nearly 4 percent in July as buyers snapped up foreclosures and first-time homeowners rushed to take advantage of a temporary tax credit, the National Source: www.heraldnet.com Investing In Foreclosures: The Risks And Rewards – Nuwireinvestor.com If one word can be considered a symbol of today’s market turbulence, that word is foreclosure.

by Adam Whazzer Mortgage and foreclosure help is available and theres practically nothing more aggravating and more heart breaking than the thought of losing your home since you can no longer keep up with your mortgage payments. One out of seven of homeowners in the United States are living with this agony,the sad part is many already think its too late and end up losing their home since the did not get the mortgage help that could have stopped the foreclosure. Most of the time however thats not the plan.

by Adam Whazzer assistance and foreclosure help is available and theres practically nothing more aggravating and more heart breaking than the thought of losing your home since you can no longer keep up with your mortgage payments. One out of seven of homeowners in the United States are living with this agony,the sad part is many already think its too late and end up losing their home since the did not get the mortgage help that could have stopped the foreclosure. Most of the time however thats not the problem.

30-year fixed-rate mortgage: Averaged 5.59 percent with an average 0.7 point for the week ending June 11, 2009, up from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.32 percent. The last time the 30-year FRM was higher was the week ending November 26, 2008, when it averaged 5.97 percent. 15-year fixed-rate mortgage: Averaged 5.06 percent with an average 0.7 point, up from last week when it averaged 4.79 percent.

There are several misconceptions about medical bills in general and delinquent medical bills in particular, with respect to your credit report, credit score and mortgage. With the summer housing market getting more active, low interest rates and all the recent incentives, we have readers asking questions. A lot of questions. Medical bills and credit score First understand that medical bills don’t get reported to credit agencies. That is if you pay them on time.

First-time homebuyers will come across a lot of difficulties in having to comprehend the overall process of buying homes, as well as find out which kind of loan would suit them the best. Advice from loved ones who mean well could be helpful; however, buying homes is a huge financial commitment, so it would be smart to educate yourself when it comes to the process of buying homes before doing anything else. You need to speak to agents of real estate because they will be able to offer you expert advice if you have questions regarding your decisions in buying homes.

All those who know how to write an Essays . can write a good essay by keeping in mind some of the important points. Writing a good essay requires certain skills that can make your thoughts read and voice heard in a perfect way. The question how to write an essay has a simple answer you need to recollect all the information, format a plan and start writing. The point of your essay must be represented in the very first paragraph. Then comes the turn of the purpose or the message for which you are writing an essay.

THE WEEK THAT WAS The key benchmark indices edged lower in the week ended Friday 21 August 2009 on concerns the drought-like situation in India could hurt economic growth. But the market mostly tracked global markets with Chinese market in focus. The Sensex gained in 3 out of 5 trading sessions in the week. A late recovery was witnessed after Monday’s sharp losses triggered by global sell off. The Sensex managed to close above the psychological 15,000 mark after flirting around this mark throughout the week.

There comes a time when…. you are that far in debt that no new projects, cutbacks MUST occur in the Government, there are essential parts of the government that must be there but the excess….  they must be cut.  NOW NEW PROJECTS, means NO HEALTH  CARE, NO CAP & TRADE, NO TAKE OVER OF ANY MORE INDUSTRIES WHATSOEVER!  WASHINGTON (Reuters) – The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

Jim Sinclair’s Commentary Outside of the Wall Street party in the real economy things are extremely painful. Should CIT implode the real economy will simply roll over dead. 4 million home loans are delinquent Mortgage lenders say the flood of foreclosures has not yet crested. Highwater mark should come this fall. By Les Christie, CNNMoney.com staff writer Last Updated: August 20, 2009: 5:46 PM ET NEW YORK (CNNMoney.com) — The number of Americans who have fallen at least 30 days behind on their home loan payments jumped 44% in the second quarter from a year ago, according to an industry report.

Experts on Bernanke Speech, Home Sales Market pros offer their take on the Fed chairman’s Jackson Hole remarks, July’s better-than-expected jump in existing-home sales, the dollar, and jobless claims By BusinessWeek staff Once a year, central bankers head west for their annual August jamboree, a symposium at Jackson Hole, Wyo., sponsored by the Kansas City Fed. It would be an understatement to say that much has changed on the global financial scene since last year’s gathering, and indeed, the theme of Federal Reserve Chairman Ben Bernanke’s speech delivered Aug.

Home heart is. Anyone’s home mt valuable asset. financial obligations, mortgage house, times day he changed yr home loan refinanced wh mh lower interestrate, helping protect haven bg ay life. Refinancing mortgage mean tt cd previous home loan io sg me manageable, person able home oe an hopefully assist rebuilding financial position. ago, people bad credit history unable obtain loan buy house.|Having bad credit history meant person wasn’t eligible obtain refinance mortgage loan .

This, from the WSJ: There were 14 states that had unemployment rates in double digits last month, with three including California setting all-time highs, the Labor Department reported Friday. The report, which gives a regional breakdown of the national employment data released earlier this month, again put Michigan in the lead with the highest jobless rate: 15%.  The state, reeling from auto industry’s the shutdowns, registered a gain of 38,100 nonfarm payrolls since June but has lost 280,800 in the past year.

August 21st, 2009 admin Posted in Decline of Western Civilization, Health Care, Left Wing Idiocy, Politics, Law, & Economics, The Press Machine, conservative | Comments Off by AlexinCTThe usual MSM DNC propagandists have been real hard at work spinning for the WH on healthcare, unsuccessfully – thank the lord! – I might add, but there is a lot more. If you hear the press these days, smaller than predicted job losses and any other such bad news, is all a sign of economic recovery and how good things are getting.

The latest from Jim Willie. If the dollar were an airplane, this would be the part where you would be hearing a “Woop! Woop! Pull up! Pull up!”, but since Tiny Tim and Zimbabwe Ben are at the controls, they’re just pushing the nose down and going full throttle. ” Every few months a chart comes along that needs almost no follow-on paragraphs to make the point of the issue. The chart provided by CIGA Eric covers several important types of US$-based bonds, their inflow and outflow, and the aggregate GrandNet.

Thanks to Calculated Risk for the great charts! One of the things that I found really interesting about this chart is that FHA is the only loan type where the delinquencies appear to be similar to the percentage of total loans.   VA and Conventional are smaller and Subprime is bigger. Hmmm….. Tom Calculated Risk: U.S. Mortgage Market and Seriously Delinquent Loans by Type A little more information from the MBA Q2 delinquency report: This graph shows the U.S. mortgage market by type.

By: Dominic Mazzone, Managing Partner, Regent Global Funds Last week marked an interesting point in what I like to call the “Red Bull Rally”.  I say the Red Bull Rally because, just like that powerful energy drink, an incredible high is followed with the inevitable subsequent crash.  Throughout the past several months we have seen the markets shaking loads of bad news and rallying forward.  Every time there was something that even remotely resembled good news the markets took off in classic Red Bull fashion.  However, it looks like the energy high has worn off with a dose of reality in the way of jobless claims.

Mortgage delinquencies move higher…Euro pushed higher by European data…Economist predicts Norway will be first to raise…Mexico to leave rates unchanged…And Now… Today’s Pfennig! Good day… And happy Friday! The data released yesterday morning was a mixed bag, as the leading indicators climbed for a fourth straight month and the Philadelphia fed reported a big jump in their gauge of activity, but the initial jobless claims unexpectedly rose.

It is clear now that the stimulus bill passed by the liberals in DC, which contained paltry tax cuts but massive pork spending, as not stimulated the job market as promised.  However, the bill has allowed one element of our society to go untouched by the economic downturn-  government bureaucrats (and unions): While the private sector has shed 6.9 million jobs since the beginning of the recession, state and local governments have expanded their payrolls and added 110,000 jobs, according to a report to be issued Thursday by the  Nelson A.

In a long speech to the annual Kansas City Fed gathering at Jackson Hole, Wyoming, Fed Chief Ben Bernanke gave a history lesson about the recent financial crisis. It is worth reading in its entirety since it reminds us of just how close we came to absolute catastrophe. He recounts the demise of Lehman Brothers and the decisions to bail out Fannie Mae ( [/url]), Freddie Mac ([url=http://www.zacks.com/stock/quote/fre]FRE ) and American International Group ( AIG ), as well as the shotgun marriages of Bank of America ( BAC ) with Merrill Lynch and J.P.

Andrew Torgan CNN Financial News Producer Fed Chairman Ben Bernanke says that the economy is about to start growing again, although he cautioned it will be a slow recovery with continued high unemployment in the near term. Speaking at an annual symposium in Jackson Hole, WY, Bernanke echoed a statement made by the Fed earlier this month, saying that “economic activity appears to be leveling out, both in the United States and abroad.” Bernanke went a step further though , indicating that

Is this rally for real? This market continues to confound even smart money, its resilience is unbelievable! Currently 1025 is resistance the next Fibonacci level on the upside is 1130, the 50% level from the ’08 high to the March low. I was looking for a pullback last week…which we got (somewhat) but it wasn’t to my 950 target, shallow rallies are buying bought. My view continues to be that Sept/Oct historically has proven to be a bearish time for equities.