"Fewer people falling behind on home loans; But industry still faces tough times as crisis continues" by Alan Zibel, Associated Press | February 20, 2010
WASHINGTON - The end of the foreclosure crisis is finally in sight.
Yes, pay no attention to the ballooning foreclosures.
That how you going to start the whole thing off?
For the first time in almost three years, the number of homeowners falling behind on their loans is declining. The drop means the number of people losing their homes will start to fall.
But some pain from the crisis is sure to persist. Because millions of people are already in foreclosure, deeply discounted houses will put pressure on home prices for years....
Yeah, no bailout for them.
Banks get billions for bottom-line boosting and bonuses while YOUR TAX DOLLARS couldn't be spared to just PAY OFF YOUR MORTGAGE (which would have been a lot cheaper).
I even heard Goldman Sachs pulled down a pile of boodle on the way down
But....
probably....
Sigh. Need I even type it, dear readers?
However,
What is that, a MSM hat trick?
more than 15 percent of homeowners with a mortgage have missed at least one payment or are in foreclosure, a record. Worse, nearly half of all delinquent borrowers were at least three months behind on their payments.
But in an encouraging sign, the number of borrowers who had missed at least one payment but were not yet in foreclosure also fell for the first time since the beginning of 2007....
Can you see why I no longer want to read these articles.
Waste of time. You are just reading lies.
That's all the business section is: an agenda-pushing cheer-leading machine that is nothing more than a public relations outfit for favored firms and interests.
"Sales of new homes fall to record low" by Associated Press | February 25, 2010
WASHINGTON - Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades.
The Commerce Department reported yesterday that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century.
Translation: the rate was much worse (although I bet government revises it up later).
The big drop was a surprise to economists who were expecting a 5 percent increase over December’s pace.
Tired of the "experts" being surprised, America?
While winter storms were partly to blame, home sales have fallen for three straight months despite government support.
Blame the weather fer crying out loud. Did your dog eat your homework, too?
A rebound in housing in the second half of last year helped to boost overall economic growth back into positive territory....
So the wholly discredited MSM says.
"Analysts see a home equity loan rise" by Bloomberg News | March 15, 2010
Rising home prices and an improving economy are expected to spark a modest rebound this year in home equity lending. But lenders and homeowners will be more cautious about converting their equity to cash, muting any boost to the economy, said Greg McBride, a senior financial analyst with Bankrate.com.
“Home equity borrowing won’t be the economic crutch it was a few years ago,’’ said McBride.
As borrowers tap into the value of their properties, lenders will make about $36 billion in new home equity loans in the next 12 months, according to a forecast by Moody’s Economy.com in West Chester, Pa. That will increase the outstanding balances of the loans by 4.2 percent to $903.5 billion from a two-year low of $867.3 billion this quarter.
I'll believe it when the cash is in the homeowners hand and not banksters' pockets.
Who wants their f***ing loans anymore, anyway?
--more--"
Let's get to that new house, shall we?
"Construction of homes dips 5.9%; Severe weather blamed; prospects for year uncertain" by Martin Crutsinger, Associated Press | March 17, 2010
WASHINGTON — Housing construction fell in February as blizzards held down activity in the Northeast and South.
In the age of global warming?
The decline highlighted the challenges facing builders as they struggle to emerge from the worst housing slump in decades. The Commerce Department said yesterday that construction of homes and apartments fell 5.9 percent in February....
Which means it really fell more.
January activity was revised up....
Told you they lie when they need to -- and I'm tired of the f***ing shell game in the agenda-pushing paper! That's why no one reads them anymore.
Economists characterized the February dip as weather-related although they said any rebound this year is likely to be modest at best given a variety of headwinds, from record home foreclosures to high unemployment....
Well, there CERTAINLY IS a lot of HOT WIND coming from my newspaper!
Paul Dales, an economist at Capital Economics, agreed that the February weakness stemmed from severe winter weather. But he said the housing outlook remains bleak because of a large glut of unsold homes, reflecting the weakness in sales and the continued crisis with home foreclosures....
Gee, that's odd; I was led to believe it was over.
--more--"
And a preoccupation it seems with MSM:
"Nearly half of US homes escape taxes" by Associated Press | April 8, 2010
WASHINGTON — About 47 percent of US households will pay no federal income taxes for 2009. Either their incomes were too low, or they qualified for enough credits, deductions, and exemptions to eliminate their liability. That’s according to projections by the Tax Policy Center....
Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Obama and Democrats in Congress.
Pfft! Then why don't they pull the trigger? Sigh.
--more--"
And rates are RISING AGAIN?
"Mortgage rate jumps to 5.3%; Home buyers scramble to lock in while they can" by Alan Zibel and Adrian Sainz, Associated Press | April 8, 2010
WASHINGTON — The era of record-low mortgage rates is over.
The average rate on a 30-year loan has jumped from about 5 percent to more than 5.3 percent in the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market — a threat to the fragile recovery in the housing market.
Hey, I heard Fed geniuses were taking care of that.
What do you mean they could f*** it up again?
And if you wanted to refinance at a super-low rate, you may have missed your chance....
Oh, I'm crushed.
Rates are going up because of the improving economy and the end of a government push to make mortgages cheaper.
Yeah, when that gets here let me know.
For people putting their homes on the market this spring, rising rates may be a good thing. Buyers are racing to complete their purchases and lock in something decent before rates go even higher....
Good economic news is the first reason rates are rising: US government debt, a safe haven during the recession, is losing its appeal as investors turn to stocks and riskier corporate bonds.
How could that bankrupt, militarily-overstretched, morally-corrupt hulk ever have appeal?
Fear will keep the local systems in line. Fear of this battle station.
Lower demand for debt means the government has to offer a better interest rate to sell its bonds....
Related: Municipal Bond Milking
Barney Frank Benefited From State Debts
Yeah, see where tax dollars are going.
But he's on the case and fixing things.
Now you know why they are always pushing for higher taxes.
But there is always that TAX CREDIT to SPUR YOU, right?
How about LETTING PEOPLE KEEP the TAXES so they WON'T NEED a (borrowed )CREDIT from -- THEMSELVES(?)!!
Ever think that "tax credits" may be KILLING the ECONOMY?
Couldn't YOU find BETTER USES for YOUR MONEY, America?
"Tax credit boosts sales of existing homes" by Christine Hauser and Javier C. Hernandez, New York Times | April 23, 2010
Sales of existing homes rose sharply in March, an indication that a government tax credit was luring buyers to the market. Sales were up 6.8 percent from February to an annual rate of 5.35 million, according to a report by the National Association of Realtors. Analysts had expected a 5.3 percent increase.
The association said the results suggested the beginning of a spring surge as buyers moved to take advantage of a tax credit of up to $8,000 that expires April 30. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices,’’ the association’s chief economist, Lawrence Yun, said. Sales have been propped up recently by the appeal of the tax credit, low mortgage rates, and perceptions of a slowly improving economy.
One day we are told it is roaring, the next day not so fast.
But
Another one of those words.
analysts expect home buying to slow. Prices have remained steady in recent months, kept lower by weak demand and an influx of bargain-priced foreclosures.
Makes 'em sound like a GOOD THING, huh?
A report released yesterday by the Federal Housing Finance Agency showed that home prices fell 0.2 percent in February from January. A third report on yesterday showed wholesale prices climbed 0.7 percent in March, largely because of a jump in food prices.
Hey, less food in the new home (and not telling me anything my wallet does not already know at the food store).
But
Again with the.... sigh.
a closely watched gauge of inflation remained unchanged, signaling interest rates may remain low for some time.
Yeah, PRICES WENT WAY UP but INFLATION was UNCHANGED! And PRICES PROBABLY did NOT go up; YOUR DOLLAR went DOWN, readers!!!!
What was the price of oil yesterday?
The Labor Department said food prices rose for a sixth month, increasing 2.4 percent, primarily because of a 49.3 percent surge in vegetable prices. Those prices tend to be volatile, and a separate measure that excludes food and energy prices climbed 0.1 percent.
And that is where your NO INFLATION comes from; How do like the LIARS PLAYING with the FIGURES, huh?
Economists said the jump in food prices was probably a one-month aberration.
Like any truth you might find in a newspaper.
A little poot ooops!
Despite the rise in food prices, which analysts attributed to a cold snap in agricultural regions, the year-over-year core index remained steady.
Despite, the cold, global warming, shutTF up!!!
SIGH!!!!
While food prices have steadily increased, the March data were not expected to reverse the Federal Reserve’s outlook for relatively low levels of inflation for the foreseeable future.
Is that what they plan on doing because I can't bring myself to believe a band of criminal looters and thieves.
The Fed’s policy-setting committee meets next week, but it is not expected to raise interest rates until the second half of this year at the earliest. The Fed has kept interest rates low to stimulate growth amid widespread unemployment and an unsteady recovery.
Yeah, they are doing a great job.
Wholesale prices had been increasing since October until they dipped 0.6 percent in February. In March, food prices contributed to more than 70 percent of the index’s rise, but it was also bolstered by a 0.7 percent increase in energy prices.
But you haven't seen any inflation -- because IT IS the PURCHASING POWER of your DOLLAR that has SHRUNK, dear American!!
That is WHAT HAPPENS when a PRIVATE BANKING CARTEL PRINTS ITS OWN MONEY to hand out to BANKS so they can COVER LOSSES, TAKE BILLIONS in PROFITS, and then leave YOU holding the BAG!
--more--"
But don't take my word for it; just believe the newspaper rather than your lying senses.
"New home sales, orders for durable goods rise" by Associated Press | April 24, 2010
WASHINGTON — Sales of new homes took the biggest monthly jump in 47 years in March, while orders for most large manufactured products rose by the largest amount since the recession started.
I'll wait for next month's downward revision (they needed a blockbuster number to report after February's failure).
And I thought the recession was over -- at least, that is what my newspaper has been telling me.
The two reports were a sign that the recovery is picking up speed, and some economists are raising their estimates for US economic growth this year. “The recovery has been proceeding at a more rapid pace than we thought,’’ said Zach Pandl, economist with Nomura Securities in New York.
I sure hope they are not SURPRISED again!
Factories are benefiting from a sharp increase in orders from US and foreign businesses.
Why do I just not believe them?
But
Certainly one reason.
the housing market’s fuel is coming from a less sustainable source: government subsidies. Some analysts predict demand for homes will fall again over the summer, preventing the beleaguered sector from adding much to the economic recovery....
--more--"Well, let's get someone building right away then!
"Jury convicts former KB Home chief" by Associated Press | April 22, 2010
LOS ANGELES — The former head of construction giant KB Home was convicted yesterday of four felony counts in a stock option backdating scam.
A federal jury in Los Angeles found Bruce Karatz guilty of two counts of mail fraud, one count of lying to company accountants, and one count of making false statements in reports to the Securities and Exchange Commission. Karatz was acquitted on 16 other counts, including three counts of securities fraud. The former chief executive faces up to 80 years in prison when he is sentenced Sept. 8, prosecutors said. Defense attorney John Keker said he was disappointed at the four convictions. He planned to file a motion for a new trial.
It was the third time that top officials of California companies had been accused of criminally manipulating stock options.
Hey, as we see with Goldman Sachs and others, EVERYBODY DOES IT!
That is the WAY Wall Street WORKS!
In March, former Brocade Communications Inc. chief executive Gregory Reyes was convicted of nine counts of fraud and making false statements in connection with options backdating. Reyes was originally convicted of similar charges in 2008 but an appeals court ordered a new trial.
Last year, a federal judge threw out similar cases against Broadcom Corp.’s cofounders and chief financial officer because of mistakes by prosecutors.
Related: Operation Iraq: Blessed Blackwater
WTF are you paying government for, America?
Intended incompetence?
Prosecutors claimed Karatz made some $6 million by illegally backdating stock options between 1998 and 2005 while he was chairman and chief executive of Los Angeles-based KB Home.
That's small fry.
The counts Karatz was convicted of stem from mid-2006, when prosecutors say he concealed and lied about his role in the backdating.
I didn't know he worked for a newspaper?
Karatz agreed to pay $7 million in September to settle civil charges of backdating but did not admit any wrongdoing.
They never do; that is only for the proletariat and patsies.
--more--"
