Foreclosures skewing house prices -- upward!
invite response
2008 Jan 6, 7:10am 19,665 views 132 comments
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OO Says:
I will vote for whoever that is running against Hillary.
I would do the same, but for a different reason. I am disgusted with her sexist campaign, which relies on variations of "vote for me because I am a woman".
Just as I would be repelled by a candidate who asked for a vote "because I am a man", or "because I am white".
Just me,
I'm just saying that as a politician running for office, Bush is better at it than the candidates we have now. That's why he's in the White House two terms. Most of us Bay Area people forget that just like we forget 911. The terrorist attacks stopped when we invaded Iraq. How's that for spin.
One could say that Bush saved us from another attack as easily as you can say he's responsible for 100k deaths.
Countrywide Home Loan Delinquencies Rise
Countrywide's Home Loan Delinquencies Surge, Stock Drops
LOS ANGELES (AP) -- Countrywide Financial Corp.'s shares tumbled for the second day Wednesday after the nation's largest mortgage lender said the delinquency and foreclosure rate of home loans in its portfolio surged in December.
The news drove Countrywide shares down almost 10 percent in midday trading. Shares slipped 54 cents to $4.93.
The drop followed a loss of $2.17, or 28.4 percent, on Tuesday.
The company said some 6.96 percent of the loans in its servicing portfolio were delinquent last month, up from 5.02 percent in December 2006.
GOOG is steadily falling:
Date Open High Low Close Volume Adj Close*
8-Jan-08 653.00 659.96 631.00 631.68 5,339,100 631.68
7-Jan-08 653.94 662.28 637.35 649.25 6,403,400 649.25
4-Jan-08 679.69 680.96 655.00 657.00 5,359,800 657.00
3-Jan-08 685.26 686.85 676.52 685.33 3,252,500 685.33
2-Jan-08 692.87 697.37 677.73 685.19 4,306,900 685.19
31-Dec-07 698.57 702.49 690.58 691.48 2,376,200 691.48
28-Dec-07 704.93 707.95 696.54 702.53 2,537,000 702.53
27-Dec-07 707.07 716.00 700.74 700.74 2,942,500 700.74
26-Dec-07 698.99 713.22 698.21 710.84 2,530,000 710.84
Randy,
stay AWAY from Interactive Broker, the worst of the pack.
I have heard at least two horror stories of using them for transferring account. It is very easy to transfer in, but man, if you want to ACAT out, you will fight much harder than with Etrade.
I have a friend who is so disgruntled with IB that he sent out a group mail to all his friends urging them to stay away. He is still battling this issue as far as I know. Let me see if I can retrieve his email and perhaps post here without divulging too much personal details.
[i]I would do the same, but for a different reason. I am disgusted with her sexist campaign, which relies on variations of “vote for me because I am a womanâ€.
Just as I would be repelled by a candidate who asked for a vote “because I am a manâ€, or “because I am whiteâ€.[/i]
I was operating in the same line of thought except I was extending it to Obama too. Possibly unfair since he hasn't really said he's running as a black man. Maybe just my knee-jerk reaction to the media portraying him as JFK 2.0, for no good reason.
Now stunned by his success, I have to figure out what he's about - other than hot air that is...Feb 5 is fast approaching.
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Reader Bryan S. points out that "when a bank forecloses on a house, it's being recorded as a sale and it's being listed with a sales price of the amount still owed to the bank."
Since most recent foreclosures are houses bought in 2004-2006, the buyer paid the peak price and probably had no downpayment, nor ever paid off enough of the debt to have any equity.
The net result is that foreclosure sales are causing peak prices to get recorded as "sales" in the current year, even though actual prices have already fallen significantly and continue to rapidly fall.
Patrick
#housing