Wednesday, Apr 15, 2009
This sucker's going down
Telegraph: US housing data puts Obama's hopes on hold
The number of US citizens losing their homes leapt by 44pc last month, as banks pursued delinquent borrowers after federal mortgage lenders Fannie Mae and Freddie Mac lifted temporary bans on foreclosures. A survey by Foreclosures.com found that 175,199 homes were repossessed by lenders in March.
In spite of major banks promising to work with troubled mortgage holders to keep them in their homes, almost 370,000 families have lost their homes so far this year.
Posted by devo @ 11:59 PM (509 views) Add Comment
8 Comments
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1. general congreve said...
GORDON OR GOLD?!?!?!?!
2. vindicated said...
Is anyone else finding General Congreve just a tad repetitive????
That's 3 posts now mate. Seriously.
3. george monsoon said...
Ok, I have no idea what Congrove is on about?? what the hell is the message?
4. refusetobuy said...
GORDON, tonic and a dash of lemon please.
5. uncle tom said...
Back on topic..
For anyone else who can't be bothered to do any serious work today, the www.foreclosure.com site is quite interesting, especially if you cross tab to the wiki entries to get the populations of each state.
From all the crying and gnashing of teeth, you'd think that half the population of the US was being kicked out of their homes..
The situation is not good, not good at all; but take the population of the US (5x UK), take the total number of repos, (past, present and probable..), estimate the total losses that the mortgage lenders are going to be left with, and it looks like a very serious, but manageable problem.
It looks likely that a much higher percentage of UK properties will eventually be repo'd; and the mean losses to the lenders could easily be double those of the US.
I have this feeling that the Americans are going to get past this problem with surprising speed, while the UK gets hung up on it for years..
6. alan said...
A useful article.
If Obama can get the USA out of the mire, then the outlook for many other places may look good!
UK reposessions will not reflect well on banking balance sheets, and I guess there are more of them to come in the UK. The problem for distressed sellers is that few people want to buy in a falling market.
In my High st, offers are being made on houses (Billericay, Essex). Its my bet that house prices will stabilise or even rise slightly over the spring/summer before starting another period of decline around Christmas as interest rates rise.
7. vindicated said...
Uncle Tom
My sentiments exactly... I have been watching the US closely... very closely and the worst hit states do appear to be limping along the bottom now with some definite upward movements. At the very least, houses are starting to sell again in these places and I see way fewer houses on the books. California and Florida to be precise.
8. general congreve said...
vindicated @2 - sorry about the multiple posts, it was unintended, problem with the laptop at this end.
George @3 - As for what I'm on about, Uncle Tom @6 pretty much hit the nail on the head. My point being that this is further evidence that the world economy, is in a swan dive and the UK is going to hit be even harder, including sterling. Hence who do you trust, the pronounciations of Crash Gordon that he has saved the world? Or the solidity of inflation/devaluation proof gold? I know where my money is.