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2010: REOs or Short Sales?

[U]sing LPS data, for all loans more than 90 days in arrears, the average days delinquent is now at 272 days—up from 204 days in early 2008. For loans in foreclosure, the aging numbers are even more staggering: loans in this bucket average 410 days ...

From CALCULATEDRISK, Calculated Risk,  15 Mar 2010

Financial Regulatory Reform Update

Mr. Dodd said he believed there was substantial bipartisan agreement on 9 of the bill’s 11 provisions, the exceptions being consumer protection and corporate governance. ... The major flashpoints will include, among other things, the scope of authority ...

From CALCULATEDRISK, Calculated Risk,  15 Mar 2010

Related Topics: Federal Reserve Bank of New York,  Federal Deposit Insurance Corp.,  Elizabeth Warren

Afternoon Reading: Taxes on Short Sales, More Delinquencies, TARP Fraud

Carolyn Said at the San Francisco Chronicle writes: Short sale tax shortchanges ex-homeowners (ht picosec) California legislators last week passed a bill that ... mirrors a federal law that excludes "forgiven debt" on a principal residence from being ...

From CALCULATEDRISK, Calculated Risk,  15 Mar 2010

Related Topics: Arnold Schwarzenegger,  CNBC,  Federal Deposit Insurance Corporation,  FDIC

Home Builders $2.3 Billion "Gift" from Taxpayers

In all, homebuilders recorded $2.30 billion in income tax benefits during their most recent quarters, according to SNL Financial. ... The tax benefit was so large that it might have been the only reason two builders did not go under, Vicki Bryan, a ...

From CALCULATEDRISK, Calculated Risk,  15 Mar 2010

Related Topics: Hovnanian Enterprises Inc,  Pulte Homes, Inc.

NAHB Builder Confidence declines in March

"To be blunt: Those expecting a sharp rebound in starts from the bottom are wrong. And remember - residential investment is usually the best leading indicator for the economy." That still seems correct today. Press release from the NAHB: (added) ...

From CALCULATEDRISK, Calculated Risk,  15 Mar 2010

Related Topics: National Association of Home Builders,  Wells Fargo,  Bob Jones

Capital One Credit Card Defaults decline, BofA defaults increase

Capital One said the annualized net charge-off rate — debts the company believes it will never collect — for U.S. credit cards fell to 10.19 percent in February from 10.41 percent in January. ... However, Bank of America said its defaults rate rose in ...

From CALCULATEDRISK, Calculated Risk,  15 Mar 2010

Related Topics: Capital One,  Bank of America

Industrial Production, Capacity Utilization increase slightly in February

Industrial production edged up 0.1 percent in February following a gain of 0.9 percent in January. Production was likely held down somewhat by winter storms in the Northeast. Manufacturing decreased 0.2 percent in February, with mixed results among its ...

From CALCULATEDRISK, Calculated Risk,  15 Mar 2010

Krugman: "Time to take a stand" on China Currency Manipulation

Tensions are rising over Chinese economic policy, and rightly so: China’s policy of keeping its currency, the renminbi, undervalued has become a significant drag on global economic recovery. Something must be done. ... Twice a year, by law, Treasury ...

From CALCULATEDRISK, Calculated Risk,  15 Mar 2010

Related Topics: U.S. Congress

Housing Market Index, Housing Starts, Snow and Spec Homes

As mentioned in the Weekly Summary and a Look Ahead post, the NAHB Housing Market Index for March, and Housing Starts for February, will both be released early this week. Here is a graph showing the relationship between the two series: Click on graph ...

From CALCULATEDRISK, Calculated Risk,  14 Mar 2010

Related Topics: Census Bureau

Economic Outlook: Review of Possible Upside Surprises to Forecast

An examination of the aftermath of severe financial crises shows deep and lasting effects on asset prices, output and employment. ... Even recessions sparked by financial crises do eventually end, albeit almost invariably accompanied by massive ...

From CALCULATEDRISK, Calculated Risk,  14 Mar 2010

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