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Economy - Economics USA

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waronyou

Americans who have lost their homes in the property crisis are starting to lose their possessions too as even the cost of storage proves too much for them. Auctioneers across the United States are conducting sales at self-storage facilities, se

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waronyou

The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they're supposed to safeguard for their citizens. But a "Good Morning America" investigation found some states aggressively seize property that isn

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Bloody Mary Breakfast

By decree of co-Dictators for Life John McCain and Hillary Rodham, all social scientists formerly known as economists are hereby ordered to report to the tiger cages for re-education. That is all.

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MRMortgage.ml-implode.com

We will have approx 122,000 units slamming the CA auctions over the next 4 months. Of those, if the trend continues of 97.5% going back to the bank as REO, the banks will get back 119,000 homes to add to their shadow inventory.

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Michael Shedlock / Mish

Yes, foreclosure sales do set the market if there are enough of them. Guess what? There are more than enough of them and whole neighborhoods are being repriced by market forces. Sadly, assessors have not figured this out.

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MRMortgage.ml-implode.com

Bank REO sales are picking up in total BUT also as a percentage of total homes sold. That latter is the scary part. Bank-owned sales far below present market are essentially distress sales, not organic sales and are quickly becoming ‘the market’.

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National Expositor

Don't mistake the U.S. dollar's recent rally for strength. If anything, it's a head fake of legendary proportions. In fact, the dollar's recent run-up is actually a warning that risks are escalating.

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war on you

After several months of meeting with his top economic and military strategists, President George W. Bush gave what many consider his last important press conference, in which he formally declared war on the American Economy. As the president sta

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AZcentral.com/12news/

While a new national survey says Arizona's economy is in a recession, a leading economist here says our problems go even deeper -- into a depression.

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Economist.com/finance

But their models suggest that six states—Arizona, Florida, Virginia, Maryland, California and New Jersey, could see further price declines of 25% or more.

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Michael Shedlock / Mish

In one year, the pool was 29.07% 60-day delinquent or worse. Of that, 13.87% is in foreclosure and 6.21% is bank owned real estate.

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Gold Report

THE spirit of St Augustine hovered over the Federal Reserve this week. “Oh Lord, let us stop cutting interest rates, but not yet,” is pretty much what America’s central bankers decided on Wednesday April 30th. The Fed’s governors cut their policy rat

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With the economy in a hyperinflationary tailspin where economic activity slows at the same time the price of goods and services increase, one would think that government officials would get the idea that less regulation, not more, would be the order

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Reuters

The Bush administration will be ready to accept requests for emergency student loans from state guaranty agencies under a program to stabilize the $85 billion student loan industry. With fallout from the subprime mortgage crisis threatening to trigge

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Reuters.com

Friedman analyst Paul Miller, in a note to clients, said Countrywide's loan portfolio has deteriorated so rapidly that it currently has negative equity and the proposed takeover of the company will be a drag on Bank of America's earnings....

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CalculatedRisk.blogspot.com

The Los Angeles 1990s bust took 86 months from peak to trough (about 7 years) using the Case-Shiller index. If the Composite 20 bust takes a similiar amount of time, the real price bottom will happen in early 2013 or so.

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Michael Shedlock / Mish

I made the case that structural demographics are poor and that boomers will be competing for low paying jobs with their kids and grandkids. With that in mind, exactly who are baby boomers going to sell their McMansions to?

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www.universityofreason.com/a/29887/KWADzukm