The LPS Mortgage Monitor has a nice series of 33 slides that shows delinquent loans had stabilized in the first half of 2010 but new problem loans are once again picking up.
Over 4 million homes are 90 days late or in foreclosure.
Total Delinquent and Foreclosure Rates
Delinquent loans still at troubling levels. Expect foreclosures to rise.
Noncurrent Loans
There are 7 million noncurrent loans but that is down from 8.1 million at the beginning of the year.
New Problem Loans
Unfortunately, things have gotten worse since July-August, just about when home prices stopped rising.
Average Days Delinquent for Homes in Foreclosure
That chart highlights the desperate need to speed up, not halt the foreclosure process.
Economic Conditions Deteriorating
Unfortunately, but not unexpectedly, things are getting worse since mid-summer.
Adding to the housing misery, over 2 million unemployed workers will lose benefits starting November 30 unless Congress acts to extend benefits in the lame-duck session. Don't count on it.
Furthermore, gallup surveys point to a flat Christmas season at best, so seasonal hiring may not be as good as expected. Finally, stimulus money is spent and there is no driver for jobs with inventory replenishment nearing the end.
These factors will put still more pressure on delinquent loans and foreclosures, which in turn will further pressure prices.
The housing bottom may be a lot further off than most think, in terms of time and price.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
You may know the top line on statewide races, that Republicans picked up 10 Governor’s seats. You probably won’t see a comprehensive list of how state Attorneys General fared. That’s why I’m here!
The state AGs take on unusual importance this year because they are running the foreclosure fraud investigation. All 50 current AGs are involved, but the emphasis could change based on the change in dynamic with more Republicans in the way. While a core of select AGs are running the investigation, and as such they’re the most important, at some point the AGs across the country will have an impact on the probe. So how did everyone do?
As expected, Martha Coakley in Massachusetts and Lisa Madigan in Illinois retained their seats. Both have been praised for their consumer protection work.
In perhaps the most important race and the starkest contrast, Tom Miller won in Iowa. The long-time incumbent defeated former Steve King Chief of Staff Brenna Findley. Miller was running the 50 state investigation, so he is clearly the most vital statewide officer, and he achieved re-election.
In the biggest disappointment of the night, Ohio Attorney General Richard Cordray was defeated by Sen. Mike DeWine, capping off a clean sweep of statewide offices in Ohio. Cordray lost by just two percentage points. He sued GMAC Mortgage last month for committing fraud upon the Ohio courts. The status of that investigation is now unclear.
A split decision in two states central to the foreclosure fraud crisis: in Florida, Republican Pam Bondi beat Democrat Dan Gelber. Bondi criticized Gelber for wanting to be an “Eliot Spitzer type.” But in New York, progressive Democrat Eric Schneiderman was able to win election. And he has been very good on this issue, and will continue in the tradition of a Spitzer.
One important race is still outstanding at this point. In California, where Democrats swept all the other statewide races, Kamala Harris has a slight lead over LA DA Steve Cooley with a scant few precincts remaining. She’s up by about 40,000 votes with 96.2% of the vote in. If you look at what’s remaining, you have parts of Kings County, Riverside, San Bernadino and Yolo. This is going to come down to late absentees.
Republicans took over seats in Kansas and Arizona; Democrats held Connecticut and New Hampshire, Republicans held Colorado.
I haven’t compiled all the races, but the pickups do not look as drastic as they could have been. Democrats may even still control the majority of AG seats around the country.
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger
The LPS Mortgage Monitor has a nice series of 33 slides that shows delinquent loans had stabilized in the first half of 2010 but new problem loans are once again picking up.
Over 4 million homes are 90 days late or in foreclosure.
Total Delinquent and Foreclosure Rates
Delinquent loans still at troubling levels. Expect foreclosures to rise.
Noncurrent Loans
There are 7 million noncurrent loans but that is down from 8.1 million at the beginning of the year.
New Problem Loans
Unfortunately, things have gotten worse since July-August, just about when home prices stopped rising.
Average Days Delinquent for Homes in Foreclosure
That chart highlights the desperate need to speed up, not halt the foreclosure process.
Economic Conditions Deteriorating
Unfortunately, but not unexpectedly, things are getting worse since mid-summer.
Adding to the housing misery, over 2 million unemployed workers will lose benefits starting November 30 unless Congress acts to extend benefits in the lame-duck session. Don't count on it.
Furthermore, gallup surveys point to a flat Christmas season at best, so seasonal hiring may not be as good as expected. Finally, stimulus money is spent and there is no driver for jobs with inventory replenishment nearing the end.
These factors will put still more pressure on delinquent loans and foreclosures, which in turn will further pressure prices.
The housing bottom may be a lot further off than most think, in terms of time and price.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
You may know the top line on statewide races, that Republicans picked up 10 Governor’s seats. You probably won’t see a comprehensive list of how state Attorneys General fared. That’s why I’m here!
The state AGs take on unusual importance this year because they are running the foreclosure fraud investigation. All 50 current AGs are involved, but the emphasis could change based on the change in dynamic with more Republicans in the way. While a core of select AGs are running the investigation, and as such they’re the most important, at some point the AGs across the country will have an impact on the probe. So how did everyone do?
As expected, Martha Coakley in Massachusetts and Lisa Madigan in Illinois retained their seats. Both have been praised for their consumer protection work.
In perhaps the most important race and the starkest contrast, Tom Miller won in Iowa. The long-time incumbent defeated former Steve King Chief of Staff Brenna Findley. Miller was running the 50 state investigation, so he is clearly the most vital statewide officer, and he achieved re-election.
In the biggest disappointment of the night, Ohio Attorney General Richard Cordray was defeated by Sen. Mike DeWine, capping off a clean sweep of statewide offices in Ohio. Cordray lost by just two percentage points. He sued GMAC Mortgage last month for committing fraud upon the Ohio courts. The status of that investigation is now unclear.
A split decision in two states central to the foreclosure fraud crisis: in Florida, Republican Pam Bondi beat Democrat Dan Gelber. Bondi criticized Gelber for wanting to be an “Eliot Spitzer type.” But in New York, progressive Democrat Eric Schneiderman was able to win election. And he has been very good on this issue, and will continue in the tradition of a Spitzer.
One important race is still outstanding at this point. In California, where Democrats swept all the other statewide races, Kamala Harris has a slight lead over LA DA Steve Cooley with a scant few precincts remaining. She’s up by about 40,000 votes with 96.2% of the vote in. If you look at what’s remaining, you have parts of Kings County, Riverside, San Bernadino and Yolo. This is going to come down to late absentees.
Republicans took over seats in Kansas and Arizona; Democrats held Connecticut and New Hampshire, Republicans held Colorado.
I haven’t compiled all the races, but the pickups do not look as drastic as they could have been. Democrats may even still control the majority of AG seats around the country.
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger
eric seiger
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger
The LPS Mortgage Monitor has a nice series of 33 slides that shows delinquent loans had stabilized in the first half of 2010 but new problem loans are once again picking up.
Over 4 million homes are 90 days late or in foreclosure.
Total Delinquent and Foreclosure Rates
Delinquent loans still at troubling levels. Expect foreclosures to rise.
Noncurrent Loans
There are 7 million noncurrent loans but that is down from 8.1 million at the beginning of the year.
New Problem Loans
Unfortunately, things have gotten worse since July-August, just about when home prices stopped rising.
Average Days Delinquent for Homes in Foreclosure
That chart highlights the desperate need to speed up, not halt the foreclosure process.
Economic Conditions Deteriorating
Unfortunately, but not unexpectedly, things are getting worse since mid-summer.
Adding to the housing misery, over 2 million unemployed workers will lose benefits starting November 30 unless Congress acts to extend benefits in the lame-duck session. Don't count on it.
Furthermore, gallup surveys point to a flat Christmas season at best, so seasonal hiring may not be as good as expected. Finally, stimulus money is spent and there is no driver for jobs with inventory replenishment nearing the end.
These factors will put still more pressure on delinquent loans and foreclosures, which in turn will further pressure prices.
The housing bottom may be a lot further off than most think, in terms of time and price.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
You may know the top line on statewide races, that Republicans picked up 10 Governor’s seats. You probably won’t see a comprehensive list of how state Attorneys General fared. That’s why I’m here!
The state AGs take on unusual importance this year because they are running the foreclosure fraud investigation. All 50 current AGs are involved, but the emphasis could change based on the change in dynamic with more Republicans in the way. While a core of select AGs are running the investigation, and as such they’re the most important, at some point the AGs across the country will have an impact on the probe. So how did everyone do?
As expected, Martha Coakley in Massachusetts and Lisa Madigan in Illinois retained their seats. Both have been praised for their consumer protection work.
In perhaps the most important race and the starkest contrast, Tom Miller won in Iowa. The long-time incumbent defeated former Steve King Chief of Staff Brenna Findley. Miller was running the 50 state investigation, so he is clearly the most vital statewide officer, and he achieved re-election.
In the biggest disappointment of the night, Ohio Attorney General Richard Cordray was defeated by Sen. Mike DeWine, capping off a clean sweep of statewide offices in Ohio. Cordray lost by just two percentage points. He sued GMAC Mortgage last month for committing fraud upon the Ohio courts. The status of that investigation is now unclear.
A split decision in two states central to the foreclosure fraud crisis: in Florida, Republican Pam Bondi beat Democrat Dan Gelber. Bondi criticized Gelber for wanting to be an “Eliot Spitzer type.” But in New York, progressive Democrat Eric Schneiderman was able to win election. And he has been very good on this issue, and will continue in the tradition of a Spitzer.
One important race is still outstanding at this point. In California, where Democrats swept all the other statewide races, Kamala Harris has a slight lead over LA DA Steve Cooley with a scant few precincts remaining. She’s up by about 40,000 votes with 96.2% of the vote in. If you look at what’s remaining, you have parts of Kings County, Riverside, San Bernadino and Yolo. This is going to come down to late absentees.
Republicans took over seats in Kansas and Arizona; Democrats held Connecticut and New Hampshire, Republicans held Colorado.
I haven’t compiled all the races, but the pickups do not look as drastic as they could have been. Democrats may even still control the majority of AG seats around the country.
eric seiger
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger eric seiger
eric seiger
eric seiger
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger
Fox <b>News</b> Turns Obama's Kid Book Into Anti-American War Epic
When news aggregation goes wrong: Fox News republished a USA Today article called "Obama Shares Dreams for His Kids in Book About 13 Americans." Fox News' headline? "Obama Praises Indian Chief Who Killed US General."
Pulse <b>News</b> Reader Free For iPhone, Android | Download
Pulse News Mini, popular news feed aggregator and reader for iPhone, Android is now free. Download Pulse News Mini for iPhone, Android ....
Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber
But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...
eric seiger
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