New Home Sales Plunge
• Calculatedrisk.blogspot.comNew home sales in March were the lowest since 1991. Months of supply" is at 11 months; the highest level since 1981. Note that this doesn't include cancellations.
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Economy - Economics USA
Could we begin a wave of bank failures?
• Financial TimesUS bank failures could rise above 'historical norms' as a weakening economy puts pressure on badly underwritten loans, particularly in commercial real estate, says John Dugan, who oversees 1,700 national banks as comptroller of the currency,
Struggling homeowners could get new taxpayer backed loans
• APHomeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats' housing rescue plan.
Robert Shiller: U.S. Housing Slump May Exceed Great Depression
• CalculatedRisk.blogspot.comYale University economist Robert Shiller ...said there's a good chance housing prices will fall further than the 30% drop in the historic depression of the 1930s.
Robert Shiller: U.S. Housing Slump May Exceed Great Depression
• CalculatedRisk.blogspot.comYale University economist Robert Shiller ...said there's a good chance housing prices will fall further than the 30% drop in the historic depression of the 1930s.
Gasoline usage heads down
• www.kansascity.comU.S. drivers are doing something they haven’t done for nearly two decades — consume less gasoline.
Summer travel headaches loom as airlines' woes deepen
• Federal News Radiodomestic carriers will need to raise fares by 15 percent to 20 percent just to break even.
California foreclosure "surge": Up 327% from '07 levels
• L.A. Times...reaching an average of more than 500 foreclosures per day -- DataQuick said in a report, warning that the widening foreclosure problem could "spread beyond the current categories of dicey mortgages, and into mainstream home loans."
Crude oil nears $120 on supply woes, dollar slide
• economictimes.indiatimes.comCrude oil futures popped to a fresh record Tuesday as supply threats gathered and the dollar tumbled against the Euro.
Vacancies Soar in Commercial Real Estate Bust
• Michael Shedlock / MishArchitect billings in the C&I space have been in free-fall since December – the three-month annualized rate was -77.4% as of February.
The trillion-dollar mortgage time bomb
• CNNRisks are rising that Fannie Mae and Freddie Mac may need a taxpayer bailout that could cost far more than previous rescues.
An Alarming Forecast For The Housing Bust
• DailyKos.comHomeowners who have suffered a 20 percent or greater fall in house prices are about fourteen times more likely to default on a mortgage compared to homeowners who have enjoyed a 20 percent increase.
Eye of the Housing Hurricane - Mike Morgan update
• Michael Shedlock / MishThis is exactly what’s happening in Florida’s housing and financial markets. We are in the eye of the hurricane, and the back half will hit us twice as hard as the front.
Food Rationing Confronts Breadbasket of the World
• NY Sun / Josh GersteinMajor retailers in New York, in areas of New England, and on the West Coast are limiting purchases of flour, rice, and cooking oil as demand outstrips supply. There are also reports that some consumers are hoarding grain stocks.
The rising impact of high oil prices
• Christian Science Monitor"We are all worth less and earning less than a year ago," says economist Mark Zandi of Moody's Economy.com. "That is why consumers are pulling back, and judging from the confidence numbers they are in a panic mode."
Housing-credit woes spur calls for more federal regulation
• APA heavier federal hand is reaching into American life as politicians in both parties demand an overhaul of government financial regulation and more protection for homeowners in the face of mortgage woes and a weakening economy.
EU May Act Halt Dollar Collapse
• http://www.telegraph.co.uk/Jean-Claude Juncker, the EU's 'Mr Euro', has given the clearest warning to date that the world authorities may take action to halt the collapse of the dollar and undercut commodity speculation by hedge funds.
Ron Paul slams Federal Reserve as US money printing de-stabilize world
• war on youTexas Congressman Ron Paul has slammed the Federal Reserve for printing money to manipulate interest rates and undermining the salaries of workers and savings of older people. Paper money from pure fiat central banking, backed by nothing other tha
Goldman Sachs and Wells Fargo warn 'delusional' investors on stocks
• gold-report.Wall Street faces the growing risk of an equities bloodbath in coming months as the credit crunch spreads to the wider economy and earnings crumble, according to a pair of grim reports issued by Goldman Sachs and Wells Fargo. Goldman Sachs said th
Authorities lose patience with collapsing dollar
• Daily TelegraphWashington is happy to watch the dollar slide. "They are not going to worry unless there is a knock-on effect on US equity or bond prices. So far that hasn't happened. There are no signs that the dollar decline has turned disorderly," h
1 in 33 Homeowners Predicted To Be In Foreclosure Within Next 2 Years
• ConsumeristFor those of you hoping that foreclosure crises has hit bottom, we've got some bad news. A new report released by the The Pew Charitable Trusts says that 1 in 33 homeowners is expected to be in foreclosure over the next two years, due primarily t
Don't inflate out of financial mess: Fed's Fisher
• ReutersTrying to solve the financial industry's structural problems with more interest rate cuts would only worsen the situation by raising inflation, Dallas Federal Reserve Bank President Richard Fisher said. "I have maintained a strong reluctance
Housing: Time to Halt Taxpayer Subsidies
• BusinessWeekHomeownership has long been a vibrant part of achieving the American Dream. But these days owning a home is more like starring in a horror flick, perhaps called Nightmare on Main Street. The numbers are frightening. Home prices are falling nationwide
Energy Affecting Food Prices
• Michael Shedlock / MishNearly every food staple has seen a double-digit percentage increase over the past year, including a 38% hike for a dozen eggs, to $2.16, and a 19% jump, to $1.78, for a loaf of white bread, according to American Farm Bureau data.
Has Capitalism Failed? by Ron Paul
• waronyouIt is now commonplace and politically correct to blame what is referred to as the excesses of capitalism for the economic problems we face, and especially for the Wall Street fraud that dominates the business news. Politicians are having a field da
Wall Street surges higher after upbeat earnings reports
• APWall Street rallied after better-than-expected quarterly results from JPMorgan Chase and two other Dow Jones industrials raised investors' hopes that companies and the economy are indeed recovering from the protracted global credit crisis.
Survival of the Richest<br>by Robert Kiyosaki
• Yahoo! FinanceMy problem with the [bail out] is that the Fed saved this patient because it's a wealthy one. Saving the biggest investment banks in America is welfare for the rich. Would the Fed do that for you or me if we screwed up our investment portfolio?
Further US rate cuts seen in wake of inflation, housing news
• AFPFurther Federal Reserve interest rate cuts appeared more likely after government reports showed a modest rise in inflation and that the housing market remained mired in a deep slump.
Oil Rises to Record in New York on Unexpected Drop in Supplies
• BloombergCrude oil and gasoline rose to records after the Energy Department reported unexpected declines in U.S. crude inventories and refinery operating rates. Oil climbed to $115.21 a barrel in New York, the highest since futures began trading in 1983. Oil
Ron Paul Sees Bailout Writing on the Wall
• US News & World ReportWith momentum building for some form of taxpayer-funded housing rescue, what better time to check in with one of the most ardent bailout opponents, Republican Rep. Ron Paul of Texas? Excerpts from an interview:
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