Housing Update: 1 in 7 home loans now in default or foreclosure (14.69%), 4.3 million units in shadow inventory and purchase applications plunged 27%, lowest level in 13 yrs, but don’t worry! Tim Geithner says Euro Debt crisis could never happen here…

And the hits just keep on comin’ in housing…

Calculated Risk is covering all the bases:

Details from the MBA conference call on the Q1 delinquency RECORD, highlights include:

  • FHA foreclosure starts up sharply.
  • “Shadow inventory” of 4.3 million loans that need to worked through (90 day delinquent or in foreclosure) – or they will become REOs or distressed sales.
  • Prime fixed rate is now the key problem!
  • “Sand states” will not be as dominant as the problem moves to prime fixed rate.
  • On the horror show that is the purchase application drop (just like Cash for Clunkers, they cannibalized future sales):

    The MBA reports: Mortgage Purchase Applications Plummet While Refinance Applications Increase in Latest MBA Weekly Survey

    …The Refinance Index increased 14.5 percent from the previous week and the seasonally adjusted Purchase Index decreased 27.1 percent from one week earlier. This is the lowest Purchase Index observed in the survey since May of 1997.

    (more…)

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    May 19, 2010. Tags: , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

    TOTUS wants to cut kids summer break short and extend school hours, calendar..

    Is there ANYTHING this Administration will leave alone? Anything? I have had it and we are what 9 months in? Good Grief.

    AP:

    Obama says American kids spend too little time in school, putting them at a disadvantage with other students around the globe.

    The president, who has a sixth-grader and a third-grader, wants schools to add time to classes, to stay open late and to let kids in on weekends so they have a safe place to go.

    Gee that would add a lot more government paid jobs union wouldn’t it??

    “Our school calendar is based upon the agrarian economy and not too many of our kids are working the fields today,” Education Secretary Arne Duncan said in a recent interview with The Associated Press.

    …Obama and Duncan say kids in the United States need more school because kids in other nations have more school.

    And the best part is they just state falsities as the reason.

    “Young people in other countries are going to school 25, 30 percent longer than our students here,” Duncan told the AP. “I want to just level the playing field.”

    While it is true that kids in many other countries have more school days, it’s not true they all spend more time in school.

    Kids in the U.S. spend more hours in school (1,146 instructional hours per year) than do kids in the Asian countries that persistently outscore the U.S. on math and science tests — Singapore (903), Taiwan (1,050), Japan (1,005) and Hong Kong (1,013). That is despite the fact that Taiwan, Japan and Hong Kong have longer school years (190 to 201 days) than does the U.S. (180 days).

    Obama and Duncan want to make it LITERALLY A NANNY GOVT. They essentially want to give free ie taxpayer paid daycare:

    Aside from improving academic performance, Education Secretary Duncan has a vision of schools as the heart of the community. Duncan, who was Chicago’s schools chief, grew up studying alongside poor kids on the city’s South Side as part of the tutoring program his mother still runs.

    “Those hours from 3 o’clock to 7 o’clock are times of high anxiety for parents,” Duncan said. “They want their children safe. Families are working one and two and three jobs now to make ends meet and to keep food on the table.”…

    September 27, 2009. Tags: , , , , . Education, Obama Administration, Politics, Popular Culture. 1 comment.

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