1300 foreclosures every business day in California, says the L.A. Times. And as reported by the Sacramento Real Estate Statistics blog, Deutsche Bank, which is one of the largest servicers for securitized mortgages and therefore probably actually has some facts to work with, says that the MLS inventories are dwarfed by the “shadow inventory,” the backlog [...]
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Retail sales fell 0.1% in July, as home values declined, unemployment rose, and consumers cut back on big-ticket spending. The decline was the first drop in five months and followed a 0.3% up-tick in June, the Commerce Department reported yesterday (Wednesday). Sales at dealerships and parts stores were at the forefront of losses dropping 2.4%. Excluding automobiles, retail sales rose 0.4%. Aut...
With the rapid strengthening of the US Dollar Index, that means that many other currences that comprise the index have been plunging in value. Let’s take a special look at the British Dollar and how spectacular that movement was. British Pound (Currency iShares) FXB: I chose to use the iShares chart rather than the British Pound Index ($XBP) so we could discuss volume implications. Noti...
Top Profits at the Bottom of the Ocean This deal is a must-own for your portfolio… But before I tell you what it is, I want to give you a sense of how big this really is: It’s exactly like being there for the birth of the offshore oil and gas industry. This industry, born of the 1970s energy crisis, now produces about a third of the world’s oil output. But back in the ‘40s and ‘50s, it was stil...
The Adventures of Tintin is a comic book series started back in 1929. My 9-year-old son loves it. I enjoy reading it along with him because the hero of the series, a young Belgian reporter named Tintin, often finds himself in interesting historical settings and exotic places. (My favorite story is “The Blue Lotus”, which takes place during Japan’s occupation of China in the 19...
While Capt. Ron Insana buckles up his life jacket and pushes women and children aside in his rush tothe first lifeboat,water keeps rising around investors manacled in the hold of SS Insana Capital Partners Legends Fund LP.Carl Icahn's losing streak continued into the second quarter, as his investment vehicle swung to a loss amid souring investments and a 9 percent decline in his hedge funds. No...
The massive plunge in Chinese stocks has created some mouth-watering opportunities.
Filed under: Federal Natl Mtge (FNM), Economic data, Housing, Federal ReserveThe real estate market is collapsing fast. Why? People borrowed more money than they could repay so they could "buy" houses they could otherwise not afford. And the banks that pushed those loans now find themselves the miserable owners of those death support systems for debt. The banks don't want these economic death t...
Americans drove 12.2 billion miles less in June than they did in the same month a year ago. That is a drop of almost 5%. The fall-off in activity is likely to help gas prices move down, but it is also sure to undermine any recovery in the retail, auto, fast food, or hospitality industries.The fresh argument is that driving less will bring gas prices back toward $3. But, oil is rising again, get...
Alan Greenspan was over at The Wall Street Journal playing his wise old man act. He is ancient, but he may also be dumb. Greenspan made the point that housing should bottom in the earlier part of 2009, but his reasons run counter to almost all of the recent data.Late word is that July foreclosures were up 8% from June, according to RealtyTrac. The figures were up 55% from a year ago. The more d...