Existing Home Sales this morning hit the market hard at 10am.
Sales were down 2.7% in August.
Does this quote surprise you?
"I’m not alarmed by the softening in sales".
"The trend is still very strongly up."
-Celia Chen, A Housing Economist at Moody’s Economy.com.
Why would it? Coming from the guys who used to rate these crap Mortgages AAA.
online.wsj.com/article/SB125366552480532521.html
"As of July, mortgage companies hadn’t begun the foreclosure process on 1.2 million loans that were at least 90 days past due, according to estimates prepared for The Wall Street Journal by LPS Applied Analytics, which collects and analyzes mortgage data. An additional 1.5 million seriously delinquent loans were somewhere in the foreclosure process, though the lender hadn’t yet acquired the property."
"Moreover, there were 217,000 loans in July where the borrower hadn’t made a payment in at least a year but the lender hadn’t begun the foreclosure process. In other words, 17% of home mortgages that are at least 12 months overdue aren’t in foreclosure, up from 8% a year earlier.”
I have written pretty extensively about the the shadow inventory in the housing market.
tradersutra.blogspot.com/2009/07/shadow-home-market-holds-key-to-housing.html
tradersutra.blogspot.com/2009/07/stop-housing-is-bottomed-talk.html
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