HowardAnother One Bites the Dust
September 5th 2007 16:39
Dear Orblers,
The real estate and associated derivative investment crash is real and ongoing, no matter how much Ben Bernacke "helicopter drops" money to keep the stock market up. Believe me, you need to solve this, or else it will ruin your sex life. It's already ruined mine.
Pending home sales suffered the biggest monthly drop since the index was established in 2001.
According to the National Association of Realtors, contract signings on sales of existing homes fell by 12.2% in July, the largest monthly decline since NAR's index of pending home sales was introduced in 2001. Pending sales decreased in all four regions of the United States.
Meanwhile, subprime mortgage lender NovaStar Financial has stopped lending, after it could not meet "certain conditions" on a $100-million stock offering with which the doomed.
So kids, you may have to suspend your warmongering, your chick-pick-up run, or whatever you do for amusement. Otherwise, between this and the collapse of food supplies, we could be hurting bad, from here to Sydney, Aus. Dick Cheney may like a World War for amusement, but some of us still have to work.
Pending Home Sales Index Falls Largely on Mortgage Tightening
WASHINGTON, September 05, 2007 -
Pending home sales, a forward-looking indicator, shows existing-home sales are likely to decline in coming months as mortgage disruptions work their way through the housing market, according to the National Association of Realtors®.
The Pending Home Sales Index*, based on contracts signed in July, fell 12.2 percent to a reading of 89.9 in July from the June index of 102.4, and was 16.1 percent lower than July 2006 when it stood at 107.1.
Lawrence Yun, NAR senior economist, said abnormal factors are clouding the horizon. “It’s difficult to fully account for mortgage disruptions in the index, and our members are telling us some sales contracts aren’t closing because mortgage commitments have been falling through at the last moment,” he said.
“These temporary problems are primarily with jumbo loans, and there are continuing issues for subprime borrowers, but there are no serious problems for the majority of buyers who qualify for conventional financing or FHA-insured loans. Some consumer concerns remain, but since mid-August the market has been stabilizing somewhat.
“If lenders focus on the essentials of creditworthiness and adjusted valuations based on comparable sales, and ignore speculation on what might happen in the future, broader stabilization will come sooner rather than later,” Yun said.
more if you want it, at link.
The real estate and associated derivative investment crash is real and ongoing, no matter how much Ben Bernacke "helicopter drops" money to keep the stock market up. Believe me, you need to solve this, or else it will ruin your sex life. It's already ruined mine.
Pending home sales suffered the biggest monthly drop since the index was established in 2001.
According to the National Association of Realtors, contract signings on sales of existing homes fell by 12.2% in July, the largest monthly decline since NAR's index of pending home sales was introduced in 2001. Pending sales decreased in all four regions of the United States.
Meanwhile, subprime mortgage lender NovaStar Financial has stopped lending, after it could not meet "certain conditions" on a $100-million stock offering with which the doomed.
So kids, you may have to suspend your warmongering, your chick-pick-up run, or whatever you do for amusement. Otherwise, between this and the collapse of food supplies, we could be hurting bad, from here to Sydney, Aus. Dick Cheney may like a World War for amusement, but some of us still have to work.
Pending Home Sales Index Falls Largely on Mortgage Tightening
WASHINGTON, September 05, 2007 -
Pending home sales, a forward-looking indicator, shows existing-home sales are likely to decline in coming months as mortgage disruptions work their way through the housing market, according to the National Association of Realtors®.
The Pending Home Sales Index*, based on contracts signed in July, fell 12.2 percent to a reading of 89.9 in July from the June index of 102.4, and was 16.1 percent lower than July 2006 when it stood at 107.1.
Lawrence Yun, NAR senior economist, said abnormal factors are clouding the horizon. “It’s difficult to fully account for mortgage disruptions in the index, and our members are telling us some sales contracts aren’t closing because mortgage commitments have been falling through at the last moment,” he said.
“These temporary problems are primarily with jumbo loans, and there are continuing issues for subprime borrowers, but there are no serious problems for the majority of buyers who qualify for conventional financing or FHA-insured loans. Some consumer concerns remain, but since mid-August the market has been stabilizing somewhat.
“If lenders focus on the essentials of creditworthiness and adjusted valuations based on comparable sales, and ignore speculation on what might happen in the future, broader stabilization will come sooner rather than later,” Yun said.
more if you want it, at link.
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