SI
SI
discoversearch

 Strategies & Market Trends | The Residential Real Estate Post-Crash Index-Moderated


Previous 10 | Next 10 
To: orkrious who wrote (64735)4/13/2012 9:23:01 AM
From: TH
   of 102215
 
Ork,

Sweet. For a bigger joint, The Palace has pretty decent acoustics.

I wrote a new song last night. It goes.

Fxxx the IRS
Fxxx them
Fxxx the IRS
Fxxx them to hell

Burn down the IRS
Burn them down
Burn down the IRS

It's not finished... .

GT
TH

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)

From: Smiling Bob4/13/2012 9:36:02 AM
   of 102215
 
Nothing worse than seeing selling at the open
19 of 20 times, Ben makes it nothing but a BTFD opportunity in a unidirectional mkt
F'ed speaking today... again. What they have to say must be critical to something
Of course confidence might be dimmed with high gas

edit
I guess it's not much of a secret anymore


What Will it Take to Move Bernanke on QE3?By Matt Nesto | Breakout – 1 hour 51 minutes ago




    In case you missed it, The House of Mirrors has officially taken the place of The Earnings & Fundamental Palace on Wall Street. I say this at a time when the aspirations and way forward for the U.S. stock market appear to be in direct conflict with what is normally perceived as being in the best interest of the country.





Worst unemployment print of the year, stocks rally.

Job creation craters, stocks rally.

Of course, even casual students of the market can see right through this bad-is-good charade and know the answer to this riddle lies right at the feet of Ben Bernanke, the Chairman of the Federal Reserve and key holder to the vault where so-called "QE3" is being stored.

"It is amazing but it seems that people are just going to invest when the Fed is going to stand behind and backstops them," says Paul Schatz, President of Heritage Capital in the attached video.

But before you get too far ahead of yourself on the QE3 bus, you must realize that it's going to take a whole lot more drama than a 4% dip to get Bernanke to deliver the goods. By my math, which is based on the prior three rounds of easing, the S&P 500 would have to erase all of the year's gains, or drop 10 to 12% before the Fed can be expected to act.

Like most investors, Schatz is of the mind that it's not a matter of ''if" but "when" it's going to act, and has been calling for multiple QE's since the first one was floated in 2008.

"We're well on our way to a $5 trillion Fed balance sheet," he says.

And it's not just the Fed, Schatz says, Central banks from around the world are engaging in unprecedented easing programs, so much so that Schatz facetiously calls "ink" his best idea given the amount of it that will be used to print.

"The ECB is just starting. They're going to go into the trillions and trillions in the next couple of years," he says, describing the ensuing environment as a ''rent to own'' market that will be full of volatility and opportunity.

"Four to eight percent pullbacks can and do occur at any time," he says, calling them healthy, regular and something that should be bought, as long as the market has the QE-backing it so badly craves.

Share Recommend | Keep | Reply | Mark as Last Read

To: TH who wrote (64736)4/13/2012 9:38:45 AM
From: Pogeu Mahone
   of 102215
 
Flood of foreclosures to hit the housing market

By Les Christie @CNNMoneyApril 13, 2012: 5:33 AM ET

NEW YORK (CNNMoney) -- The golden age for foreclosure squatters may soon be coming to an end now that the $26 billion mortgage settlement has been approved.

The settlement, agreed to by the nation's five largest mortgage lenders, is expected to speed up the foreclosure process by providing stricter guidelines for the banks to follow when repossessing homes.



The banks involved include Bank of America ( BAC, Fortune 500), JPMorgan Chase ( JPM, Fortune 500), Citibank ( C, Fortune 500), Wells Fargo ( WFC, Fortune 500) and Ally Financial.

Many foreclosures have been in limbo since fall 2010 following the so-called robo-signing scandal, when banks allowed employees to sign off on thousands of foreclosure documents a month with little verification.

Lenders hit the pause button on foreclosures because they "were afraid that anything they did would be under a microscope," said Eric Higgins, a professor of business at Kansas State University.

As a result, borrowers who were seriously delinquent on their loans have been able to stay in their homes for months or even years without making a single payment. Nationwide, the average time it takes to foreclose on a home -- from the first missed payment to the final bank repossession -- stretched to 370 days during the first quarter,almost twice as long as it took five years ago, according to Daren Blomquist, the marketing director at RealtyTrac.


Foreclosure free ride: 3 years, no mortgage payment
In some states, delinquent borrowers have been squatting in their homes much longer. In Florida, the average time was 861 days, and in New York it was 1,056 days -- close to three years.

"Perhaps a million foreclosures could have been pursued last year but weren't," said Rick Sharga, executive vice president for real estate investment company, Carrington Holdings.

But that's all about to change, he said. "We're going to see an increase in the speed of foreclosures and a higher number of foreclosure starts."

In fact, there are indications that the pace of foreclosures are already starting to pick up.

While overall foreclosure activity was down during the first quarter, filings were up 10% in the 26 states where foreclosures must undergo court scrutiny, according to RealtyTrac.



It was in these judicial states that the processing of foreclosures slowed the most following news of the robo-signing scandal, said Blomquist.

Many banks in these states stopped filing foreclosures unless they were extremely confident it would pass muster in the court. (In non-judicial states, foreclosures are reviewed by a trustee, which is a third party such as a title company and less likely to parse every legal document).

But now lenders can move more confidently, said Brandon Moore, RealtyTrac's CEO.

In the judicial state of Indiana, for example, foreclosure filings were up 45% year-over year. And in Florida, they were up by almost 26%, according to RealtyTrac.


The $26 billion crapshoot
"The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen -- both in terms of new foreclosure activity and new short sale activity," Moore said in a statement.

The resulting flood could bring home prices down even further -- yet another impetus for the banks to clear out their foreclosure pipeline as quickly as possible, said Kansas State's Higgins.

Then, industry thinking is, the housing market would be able to get back to normal and home prices could eventuallyfind their true value. Some industry analysts, such as the chief economist for listing site Zillow, Stan Humphries, are predicting that could happen as soon as the end of the year.

Zillow estimates that home values nationwide will fall another 3.7% by the end of 2012, and that price will likely bottom out by early 2013.


Foreclosures: America's hardest hit neighborhoods
Should home prices hit a bottom then stabilize, itwould push many potential buyers off the fence, according to Mike Fratantoni, a vice president at the Mortgage Bankers Association. House hunters would no longer be afraid of investing in assets that were losing money.

"The market is already on the verge of turning the corner on prices and this will help," said Fratantoni.

Have you tried to qualify for a principal reduction or a modification under the foreclosure settlement? We want to hear from you. Send your story and contact information to Leslie Christie and you could be featured in an upcoming article on CNNMoney.



Find homes for sale

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (2)


To: Pogeu Mahone who wrote (64738)4/13/2012 9:42:34 AM
From: TH
   of 102215
 
PM,

It's a story I follow with great interest, but I have no idea how true the predictions of Noah's great flood will be.

Of course it's all moot if Rick's bond vigilantes spring to life and give Bennie a hard, <prison-like> pounding.

GT
TH

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)

To: Pogeu Mahone who wrote (64738)4/13/2012 9:58:06 AM
From: Lazarus
1 Recommendation   of 102215
 
I looked a triplex yesterday that sold in 2008 for $285,000. I was informed the bank would accept $45k for it. What a total piece of shit it was. I passed. Just another example of crappy some of the loans are these banks are holding.

Share Recommend | Keep | Reply | Mark as Last Read

From: Giordano Bruno4/13/2012 10:12:04 AM
   of 102215
 


youtube.com

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (2)


To: posthumousone who wrote (64724)4/13/2012 10:14:21 AM
From: Jim McMannis
4 Recommendations   of 102215
 
He just attended a $50k a plate lunch here. Right after touting taxing the rich more. LOL

Share Recommend | Keep | Reply | Mark as Last Read

To: Giordano Bruno who wrote (64741)4/13/2012 10:16:20 AM
From: Jim McMannis
1 Recommendation   of 102215
 
He's saving the country...

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (2)

To: Jim McMannis who wrote (64743)4/13/2012 10:17:18 AM
From: TH
   of 102215
 
JM

...One banker at a time.

GT
TH

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)


To: Giordano Bruno who wrote (64741)4/13/2012 10:18:12 AM
From: ggersh
   of 102215
 
Did you take that picture at the post office?

Share Recommend | Keep | Reply | Mark as Last Read
Previous 10 | Next 10 

Copyright © 1995-2014 Knight Sac Media. All rights reserved.Stock quotes are delayed at least 15 minutes - See Terms of Use.