ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 10/01/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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Bernanke will scuttle QE3 at first sign of inflation and the Financial markets are still trying to digest the Fed's QE3 announcement (and the prospect of intervention by other central banks around the world), as well as newly arriving economic reports.
Housing data continue to improve. One of the best indicators has been the Fannie-Freddie combined "serious delinquency" rate, loans 90+ days late or in foreclosure. From a normal level way below 1 percent (of 29,000,000 loans, $5.2 trillion) this category rose to 4.93 percent in Q1 2010. Down to 4.02 percent by Q1 2011, and in the most recent data to 3.50 percent in Q2 2012. Slow, but very good news.
Right-wing propaganda notwithstanding, the serious delinquency problem has been far worse in private-market trash than at Fannie and Freddie. Nevertheless, total-market numbers are making progress, too. In August 2011, we had 3,840,000 homes somewhere between 90+ days late and in foreclosure, plus another 500,000 or so REO post-foreclosure.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
Today REO is about the same, but the pipeline is down by 300,000. Very slow, slower than Fannie and Freddie, but gradually draining this ocean of pain, and not so fast as to undercut stabilizing markets.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
None of this data supports the need for and extent of QE3. Thus I stick to my guns of last week: the Fed acted from deep concern for instabilities in Europe and China.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
The following is the "dual mandate" language from the 1977 amendment to the Federal Reserve Act: At the time, everyone in the markets hooted at the revision. Which is it? Maximum employment OR stable prices? Can't have both for any length of time.
The amendment was actually designed to prevent the Fed from doing anything bad to stop the inflation then plaguing the economy. Didn't stop Volcker -- he found his own fig leaf in phony "monetarism," selling the nation on the need to control the money supply to stop inflation. He knew perfectly well that high rates and unemployment were necessary.
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