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| Currency | US Dollar |
|---|---|
| British Pound to US Dollar | 1.567153 |
| Euro to US Dollar | 1.374759 |
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| Canadian Dollar to US Dollar | 0.935629 |
Another housing slump coming?
Analysts say 7 million soon-to-be foreclosed properties have yet to hit the market.
Any optimists touting a housing recovery might want to pause and think about this: Amherst Securities Group analysts believe the market faces another major hurdle because about 7 million properties that are likely to be seized by lenders have yet to hit the market.
The "huge shadow inventory" reflects mortgages already being foreclosed upon or now delinquent and likely to be and, assuming no other properties are on the market, it would take 1.35 years to sell this inventory based on the current pace of existing-home sales, analyst Laurie Goodman wrote in a note to clients.
In 2005, there were 1.27 million properties in the same situation.
There have been a number of recent economic reports hinting at a recovery for the housing market. In May and June, the S&P/Case-Shiller 20-city index of home prices rose, the first month-over-month increases in values since 2006. Prices for U.S. homes rose by 0.3% in July from June, the Federal Housing Finance Agency reported earlier this week.
"The favorable seasonals will disappear over the coming months, and the reality of a 7-million-unit housing overhang is likely to set in," the analysts said, according to Bloomberg News.
Meanwhile, The Wall Street Journal reported on Wednesday that real-estate agents and analysts worry that when the shadow inventory is unleashed, it could cause a big bump in the road to recovery and add a new layer of difficulty for the housing market.
Ivy Zelman, the chief executive of Zelman & Associates, a research firm based in Cleveland, believes 3 million to 4 million foreclosed homes will be put up for sale in the next few years. The question is whether the flow of these homes onto the market will resemble "a fire hose or a garden hose or a drip," she told the paper.
With all of our jobs going elsewhere...mexico, china, canada, how are people suppose to find jobs? Jobs are the key, without jobs we have nothing. Stop the jobs from going away, stop the incentives for sending our job elsewhere, give incentives to companies to keep jobs in the USA
Dear moronpatrol,
Learn to type appropriately, write well, etc., before you shout your less-than-eloquent idiocy online.
BIG GOVT.FEEDING CORPS. SO THEY CAN FEED THEM BACK AND THE REST OF US PAY THE BILL......PICKUP THE TAB..... .....AND TAKE IT IN THE @SS ....AND HAVE NO SAY IN THE MATER .......THEY ONLY LET US KNOW WHAT THEY WANT US TO KNOW .
Reading these comments makes it so much easier for me to understand how Obama was elected. First, Blaming Clinton for the housing mess is appropriate because he is the one who initiated the relaxing of the Housing regulations. The democratic Senate and House further relaxed those regulations even more under President Bush with Obama writing and pushing those bills. You can even watch the House and Senate floor sessions where he touted and pushed the "Everyone Will Have Their Own Home" dream.
As for the Stimulus package that was passed, that was pushed so hard during the campaign by Obama, every Democrat in Senate voted for it, if you rememer the Rebulicans rejected it the first time around.
If you are not up to date on your politics be carefull on your postings.
Social Security 2009
LET US SHOW OUR LEADERS IN WASHINGTON"PEOPLE POWER" AND THE POWER OF THE INTERNET..
KEEP IT GOING!!!!
Propose this in 2009:
START A MOVEMENT TO PLACE ALL POLITICIANS ON SOCIAL SECURITY
------------ --------- --------- ----
SOCIAL SECURITY:
(This is worth reading. It is short and to the point.)
Perhaps we are asking the wrong questions during election years.
Our Senators and Congresswomen do not pay into Social Security and, of course, they do not collect from it.
You see, Social Security benefits were not suitable for persons of their rare elevation in society. They felt they should have a special plan for themselves So, many years ago they voted in their own benefit plan.
In more recent years, no congress person has felt the need to change it. After all, it is a great plan.
For all practical purposes their plan works like this:
When they retire, they continue to draw the same pay until they die.
Except it may increase from time to time for cost of living adjustments. .....
For example, Senator Byrd and Congressman White and their wives may expect to draw $7, 800,000.00 (that's Seven Million, Eight-Hundred Thousand Dollars), with their wives drawing $275, 000..00 during the last years of their lives.
This is calculated on an average life span for each of those Dignitaries.
Younger Dignitaries who retire at an early age, will receive much more during the rest of their lives.
Their cost for this excellent plan to them is $0.00. NADA!!! ZILCH!!!
This little perk they voted for themselves is free to them. You and I pick up the tab for this plan. The funds for this fine retirement plan come directly from the General Funds;
"OUR TAX DOLLARS AT WORK"!
From our own Social Security Plan, which you and I pay (or have paid) into, every payday until we retire (which amount is matched byour employer), We can expect to get an average of
$1,000 per month after retirement.
Or, in other words, we would have to collect our average of $1,000 monthly benefits for 68 years and one (1) month to equal Senator Bill Bradley's benefits!
Social Security could be very good if only one small change were made.
That change would be to
Jerk the Golden Fleece Retirement Plan from under the Senators and Congressmen. . Put them into the Social Security plan with the rest of us
Then sit back.....
And see how fast they would fix it!
If enough people receive this, maybe a seed of awareness will be planted and maybe good changes will evolve.
Social Security 2009
LET US SHOW OUR LEADERS IN WASHINGTON"PEOPLE POWER" AND THE POWER OF THE INTERNET..
KEEP IT GOING!!!!
Propose this in 2009:
START A MOVEMENT TO PLACE ALL POLITICIANS ON SOCIAL SECURITY
------------ --------- --------- ----
SOCIAL SECURITY:
(This is worth reading. It is short and to the point.)
Perhaps we are asking the wrong questions during election years.
Our Senators and Congresswomen do not pay into Social Security and, of course, they do not collect from it.
You see, Social Security benefits were not suitable for persons of their rare elevation in society. They felt they should have a special plan for themselves So, many years ago they voted in their own benefit plan.
In more recent years, no congress person has felt the need to change it. After all, it is a great plan.
For all practical purposes their plan works like this:
When they retire, they continue to draw the same pay until they die.
Except it may increase from time to time for cost of living adjustments. .....
For example, Senator Byrd and Congressman White and their wives may expect to draw $7, 800,000.00 (that's Seven Million, Eight-Hundred Thousand Dollars), with their wives drawing $275, 000..00 during the last years of their lives.
This is calculated on an average life span for each of those Dignitaries.
Younger Dignitaries who retire at an early age, will receive much more during the rest of their lives.
Their cost for this excellent plan to them is $0.00. NADA!!! ZILCH!!!
This little perk they voted for themselves is free to them. You and I pick up the tab for this plan. The funds for this fine retirement plan come directly from the General Funds;
"OUR TAX DOLLARS AT WORK"!
From our own Social Security Plan, which you and I pay (or have paid) into, every payday until we retire (which amount is matched byour employer), We can expect to get an average of
$1,000 per month after retirement.
Or, in other words, we would have to collect our average of $1,000 monthly benefits for 68 years and one (1) month to equal Senator Bill Bradley's benefits!
Social Security could be very good if only one small change were made.
That change would be to
Jerk the Golden Fleece Retirement Plan from under the Senators and Congressmen. . Put them into the Social Security plan with the rest of us
Then sit back.....
And see how fast they would fix it!
If enough people receive this, maybe a seed of awareness will be planted and maybe good changes will evolve.
Do not take the swine flu vaccine..it will only kill you. its loaded with squalene and thermisol, do research, their setting us up!
get ready patriots and fight, only cowards run to another country, stand and fight!
Hey Yuma Mama Lama -- again First I am not angry and do not mean to offend in anyway just adding info you left out so yes it was Obama go back and investigate yes it did happen before he took office however he is the one that came up with the bill and it was him and governor Granholm that pushed the bill and convinced Bush to also push and support it as the Auto industry was hurting us all. I am from Michigan and work in the auto industry and watched closely while it was going on. You see all here is a prime example of politicks and smoke and mirrors she told the truth however she left out very important detail kind of like Obama is doing to us now. So yes you are wrong it was Obama and it still is Obama pulling the sheet over our eyes while he takes the country you and I both love down. I am not saying you are trying to pull the sheet over our eyes you just may of caught the main point it was passed before he was in office and just didn’t have all that info in your head and I am not fighting with you at all this is a healthy debate and I want no issues between you and I or anyone else as we are all having the sheets pulled in front of our eyes I want all of us to stick together just not arguing but filling us in with more info as we all need at this point in time stick together Please we need to stay strong "United we stand departed we fall" God bless America.
Ummm - this housing slump has so far to go. I am in a city deemed a ground zero. It is so bad here and so many people are underwater its amazing. The shadow inventory and what is coming down the pipe is huge and will continue this mess
WAKE UP! The housing slump never ended!!! Sure, the numbers looked encouraging for the last few months, but that's only because of Obama giving away our tax dollars as an 8K credit for new house buyers.
With the credit rating of everyone who's either been foreclosed on or is behind ruined, who is going to buy the houses that are getting foreclosed? There are only so many speculators and investment people out there. They won't be buying up all of the foreclosed houses, especially with the flood about to hit the market when the balloon mortgages reset over the next couple of years.
Face it, despite all of the marketing money being spent buying articles proclaiming the housing slump is over. It isn't.
Neither is the recession. At least not for those of us who work for a living or are unemployed. For the rich and for the investment bankers the recession is over thanks to the tax dollars our ignorant congress gave to them.
Please remember the next time you vote. Both the Democrat and Republican are corrupt entities that are bleeding the average American dry. Vote for ANYONE who is not a Democrat and is not a Republican. It is time to get rid of both parties!
english gwen ,could u send more info about a house to blava68@msn.com
StockScouter data provided by Gradient Analytics, Inc.
Quotes supplied by Interactive Data.
MSN Money's editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft of any specific security or trading strategy. An investor's best course of action must be based on individual circumstances.
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