Foreclosure Filings in U.S. Reach Record 1.5 Million, next leg down on its way?

Black Swan · Jul 16, 2009

These latest numbers on US foreclosures are truly depressing, Bloomberg have covered this well. If this was the UK in every road there would be one (or two/three by the year end) house in some stage of foreclosure. In a 50 house road up to 4 households would be late on payments or in some stage of repossession...

One in eight Americans is now late on a payment or already in foreclosure, the Washington-based mortgage group said.
One in 84 U.S. households received a filing.
As many as 3.2 million U.S. households will get a foreclosure filing by the end of the year.

With this in mind I can't possibly see how the US of A markets will avoid another leg down later this year...not that I position trade using FA...

Foreclosure Filings in U.S. Reach Record 1.5 Million (Update1) - Bloomberg.com

shadowninja · Jul 16, 2009

Funny this comes up. I was wondering yesterday while sat in traffic if everyone's sudden optimistic attitude was a bit too soon and we were in for another big fall...

Technically Fundamental · Jul 16, 2009

been waiting for one of your articles

Black Swan · Jul 16, 2009

Technically Fundamental said:
been waiting for one of your articles

eh?

Black Swan · Jul 16, 2009

shadowninja said:
Funny this comes up. I was wondering yesterday while sat in traffic if everyone's sudden optimistic attitude was a bit too soon and we were in for another big fall...

Had to laugh re. Goldmsan Suchs profits yesterday, must be easy to record profits when you're simply given tens of billions of dollars and lots of the competition die/you take over (given) their profitable books. Unemployment is everything IMHO, until we all move from job destruction to job creation we're nowhere near out of the mire and that won't happen for a decade or more...or perhaps we have to look towards a new macro economic model; aiming for zero growth in developed countries?

Phil Mibbutz · Jul 16, 2009

Pleased to see I'm not the only doom-laden pessimist around here.

Technically Fundamental · Jul 17, 2009

Black Swan said:
eh?

you post an interesting article every couple of days that shows we're getting closer to the end of the world.

pedro01 · Jul 17, 2009

Black Swan said:
Had to laugh re. Goldmsan Suchs profits yesterday, must be easy to record profits when you're simply given tens of billions of dollars and lots of the competition die/you take over (given) their profitable books. Unemployment is everything IMHO, until we all move from job destruction to job creation we're nowhere near out of the mire and that won't happen for a decade or more...or perhaps we have to look towards a new macro economic model; aiming for zero growth in developed countries?

Exactly - but then again, isn't this going to be a JOBLESS recovery ?

From this I guess it means the Wall St guys go back to having their bonuses, the banks go to making up ever more esoteric instruments but the man in the street continues to bend over & take one for the team.

I can't see how anything can be considered to be recovered if unemployment in the US is over 10%...

Phil Mibbutz · Jul 17, 2009

Who cares about US unemployment? No point in Westerners being paid lots of money to do things when there are people elsewhere in the world who'll work for a pittance.

Technically Fundamental · Jul 17, 2009

That's a bit short sighted isn't it.

Black Swan · Jul 17, 2009

Phil Mibbutz said:
Who cares about US unemployment? No point in Westerners being paid lots of money to do things when there are people elsewhere in the world who'll work for a pittance.

think about that in relation to what we all 'do' (on 'ere) for a living and where we're possibly headed in terms of global (inevitable?) wage equality...The western(developed) world cannot continue to behave as the infinite slave banker to the rest of the world. Our combined loss of manufacturing power, (the UK alone has lost a record 200K jobs in a year which will never be replaced) could become part of our undoing. An empire is crumbling and the NWO may not emerge how Gordon and Obama's masters demand...

Phil Mibbutz · Jul 17, 2009

Technically Fundamental said:
That's a bit short sighted isn't it.

My real name's Magoo.

Phil Mibbutz · Jul 17, 2009

Black Swan said:
think about that in relation to what we all 'do' (on 'ere) for a living and where we're possibly headed in terms of global (inevitable?) wage equality...The western(developed) world cannot continue to behave as the infinite slave banker to the rest of the world. Our combined loss of manufacturing power, (the UK alone has lost a record 200K jobs in a year which will never be replaced) could become part of our undoing. An empire is crumbling and the NWO may not emerge how Gordon and Obama's masters demand...

Our economy seems to be based on buying things we don't need that are made elsewhere by workers who are paid a pittance.

Technically Fundamental · Jul 17, 2009

You think thats not good for the bric's? Our wants are what are creating growth in these places and then in steps mr bank to dip his finger in. Thats how it works. Thats most of British GDp.

Foreclosure Filings in U.S. Reach Record 1.5 Million, next leg down on its way?

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