Housing Bread and Circus: Foreclosures, Employment, Bazookas, and the World’s Largest Mortgage Bailout.
Even though the first week of September started with a short week for the market, there were plenty of financial fireworks to go around. During the week the Mortgage Bankers Association reported that on mortgage loans on one-to-four unit residential properties that 6.41 percent of all outstanding loans in the second quarter were delinquent. This rate increase had support from California and Florida that accounted for nearly 40% of all foreclosure activity. This again is record territory and points to signs that housing simply is not recovering. Given that much of our economy is dependent on housing and foreclosures are the direct symptom of a poorly performing housing market we can safely say that housing is still ill and getting worse. Most people for the last two weeks have been captivated by the circus of both conventions while the markets are still slumping.
As I discussed in a previous article, the […]
Original post by drhousingbubble
