Holy Crxp! The Precious on a tear, new record $1270.00!!!

*Preccccious* up an astounding $22.90 right now to ANOTHER record of $1270.00.

It’s been a while, but you know what time it is…

We all know QE2 is coming. If housing takes another 20% hit, which it will, the TBTF are insolvent, again. (IMO :0>) Especially Wells and BofA who have all those HELOCS that are worthless if those homes go into foreclosure.

JPMorgan Chase analysts lowered expectations of housing recovery in the next four years. Jon Daurio, chief executive at the distressed loan purchaser Kondaur Captial, warned that home prices could fall another 20% as well….

Freddie Mac expects 4 million new and existing home sales in the third quarter, a possible 20.7% decline from last year and 23% drop from the previous quarter….

FD- We are BofA shareholders (NOT by choice, sadly we are holding the former Merrill shares, mom is very conservative and leery of letting them go). We have many, many posts here on the BofA/Merrill merger.

So, we should be seeing QE2, an ‘all new!’ HAMP or some sort, hopefully the MorganStanley 1 pg refi for CURRENT mortgage payors is in there someplace, nice to TRY TO PRETEND to avoid moral hazard once in a while boyz…

Also consider, we all HOPE and PRAY and WORK for a GOP sweep of House and Senate in less trhan 60 days (yay!), and this will put the brakes on Obamanomics to a large extent, BUT it will also stop fiscal stimulus from the Critters leaving Gentle Ben and his fear of Turning Japanese to step in. This in addition to Obama’s EXPORT plan, which I think is sadly misplaced has the USDollar tanking and GOLD rising as a result.

Another wild card is Chuckie Cheese Schumer, post election axx kicking, trying to grab some good vibes by launching a trade war with China which UNIONS want since Summers and Timmeh cannot get any results from our largest trading partner on the yuan peg.-again GOLD as safe haven/falling USD/helicopter Ben shelter as USD falls…

Anywho the precious knows what is coming and is ready for hit. This outs even sister Silver’s awesome performance in the shade.

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September 14, 2010. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. 2 comments.

Existing Home Sales July PLUNGE 27.2% 3.83 million units, inventory over 12 months…

Update: the perfect Python sketch for this data- economy

Update: 10:16am ESTCR has posted the data. Brutal. Just brutal. 15 year low.

…Months of supply increased to 12.5 months in July from 8.9 months in June. A normal market has under 6 months of supply, so this is extremely high and suggests prices, as measured by the repeat sales indexes like Case-Shiller and CoreLogic, will start declining.

Ignore the median price! Double digit supply and lowest sales rate since 1996 are the key stories….

Hey that’s when we bought our house, 15 years ago. IMO that’s where prices need to be, where they were 15 years ago- coinkydink? I think not, lol.

Treasury told bloggers OFF RECORD that HAMP had worked as intended, b/c even though homeowners went through hell, my words, and then got kicked out of the pr0gram, it served to extend the time to foreclosure keeping supply off market. When bloggers suggested other uses for the HAMP funds, they were told it was all spent. Huh. funny that.

…On HAMP, officials were surprisingly candid. The program has gotten a lot of bad press in terms of its Kafka-esque qualification process and its limited success in generating mortgage modifications under which families become able and willing to pay their debt. Officials pointed out that what may have been an agonizing process for individuals was a useful palliative for the system as a whole. Even if most HAMP applicants ultimately default, the program prevented an outbreak of foreclosures exactly when the system could have handled it least.

There were murmurs among the bloggers of “extend and pretend”, but I don’t think that’s quite right. This was extend-and-don’t-even-bother-to-pretend. The program was successful in the sense that it kept the patient alive until it had begun to heal. And the patient of this metaphor was not a struggling homeowner, but the financial system, a.k.a. the banks. Policymakers openly judged HAMP to be a qualified success because it helped banks muddle through what might have been a fatal shock.

I believe these policymakers conflate, in full sincerity, incumbent financial institutions with “the system”, “the economy”, and “ordinary Americans”. Treasury officials are not cruel people. I’m sure they would have preferred if the program had worked out better for homeowners as well. But they have larger concerns, and from their perspective, HAMP has helped to address those….

So tell us oh brilliant Timmeh, with 12.5 months of supply on market now without the SHADOW inventory we all know is out there, exactly how do you propose to keep these prices up now? You did NOTHING, jack shxt, you made it worse by spending money and breaking consumer confidence in givt ability to help and in fact now people are actively walking away, All you have done is made walking away palatable to middle class people who felt an obligation FIRE and TBTF apparently dont feel, an obligation to live up to their perceived responsibilities.

You Tim, and your masters, are all morons. If you would get the hell out of the way America would right itself. You blew all that money and housing is right where it started, and it WILL take us into the double dip. You moron.

Original Post:

I had the under at 3.77m –

here it comes

fell 27.2% to SAAR 3.83 Million, I WIN!!!!

hey what do I win? does a FRAKKIN JOB come with my prediction, Hey how about making me CHIEF ECONOMIST , oh forgot I am overqualified, I HAVE A FRAKKIN CLUE!!

August 24, 2010. Tags: , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

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