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11-13-2010, 07:21 AM #1
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New Report Warns Unprecedented Decline Home Values
New Report Warns Of "Unprecedented Decline" In Home Values And No Stabilization In Q3
Gus Lubin | Nov. 10, 2010, 9:56 AM
Zillow just released a devastating third quarter housing report. Basically every major indicator is crashing:
* The decline in home values accelerated in September, dropping 0.4% month-over-month
* Foreclosures reached an all-time high
* A record 23.2% of mortgages are now underwater
The double dip -- already a rare phenomenon -- is now entering an unprecedented free-fall. Zillow economist Stan Humphries says prices won't hit bottom until next summer at the earliest, as foreclosure activity grows.
Humphries warns: “While not unexpected, the unceasing declines in home values signal that we’re in for a long, bleak winter of continued troubles for the housing market. The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months."
Click here to see 12 major cities that are crashing http://www.businessinsider.com/zillow-m ... d-78-yoy-1
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11-13-2010, 01:57 PM #2
Devastating Report On The Coming Crisis For The Banks
Here's That Devastating Chris Whalen Report On The Coming Crisis For The Banks
Gus Lubin | Oct. 22, 2010, 8:59 AM | 77,726 | 9
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x Email ArticleFrom To Email Sent!You have successfully emailed the post. Foreclosure-gate is just showing the cracks from a much bigger crisis coming next year, says Risk Analytic's Chris Whalen.
The real problem is the inability of banks to cover subprime losses, which have been hiding on balance sheets since the housing crash. Banks have only survived this long thanks to extremely beneficial Fed policy.
Whalen made these conclusions in a must-see presentation that continues to get a ton of buzz:
"The US banking industry is entering a new period of crisis where operating costs are rising dramatically due to foreclosures and defaults. We are less than 1/4 of the way through the foreclosure process."
As the government stalls the clear out of toxic assets, bank liabilities will rise even more.
Click here to see the terrifying presentation >
Read more: http://www.businessinsider.com/chris-wh ... z15BbiJ02IJoin our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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