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Mirror, mirror on the wall, tell me what two counties are the bubbliest of them all. Orange County and Los Angeles County. Southland homes sales reach 6 year low while median price hits 6 year high. / By Dr. Housing Bubble / 16 Apr, 2014

I always found it fascinating that one of the most toxic mortgage products ever created, the option ARM was pushed heavily by California banking institutions. Places like WaMu, Countrywide Financial, First Fed, and other bygone institutions were heavily into this crack for housing mortgage. The [...]

The “Housing Recovery” Is Complete: Bank Of America Mortgage Originations Tumble To Record Low / by Tyler Durden / 04/16/2014 10:11 -0400

Not much to add here that we haven’t already said before about the state of demand for housing by the ordinary American.


When The Fed’s Refi Madness Ended, Bank Mortgage Profits Evaporated / By David Stockman / April 14, 2014

During the course of its massive money printing campaign after the financial crisis of 2008, the Fed drove the 30-year mortgage financing rate down from 6.5% to 3.3% at its mid-2012 low. The ostensible purpose was revive the shattered housing market which had resulted from the [...]

JPMorgan Earnings Drop 18.5%; Slowdown in Housing the Real Killer; Start of Mean Reversion in Earnings?

globaleconomicanalysis / By Mike “Mish” Shedlock / April 11, 2014 12:29 PM

Stocks have been soaring mostly on investor sentiment. That sentiment was partially based on the belief earnings would continue to rise quarter after quarter, year after year. Investors also believe the Fed has their back. But what if the earnings thesis is not [...]

What’s Wrong With This “Housing Recovery” Picture? / by Tyler Durden / 04/11/2014 08:51 -0400

We asked this question a quarter ago following the quarterly results by Wells Fargo – America’s biggest mortgage lender – but we never got an appropriate answer. So now that the data has been updated for the latest Wells mortgage origination and application numbers, we ask [...]

JPM Misses Top And Bottom Line, Slammed By Collapse In Mortgage Origination, Slide In Fixed Income Trading / by Tyler Durden / 04/11/2014 07:45 -0400

So much for the infallible Mr. Dimon.

Moments ago, JPM reported Q1 earnings which missed across the board, driven by the now traditional double whammy of collapsing mortgage revenues – the lifeblood of any old normal bank – and fixed income trading revenues – the lifeblood [...]

Daily Pfennig: Calls For Dollar Rally in 2014, Fade / By Chuck Butler / April 9, 2014 9:45am

In This Issue.

* Currencies are back to mixed bag-o-nuts today. * China allows appreciation ahead of data. * High yielders have bright lights on them today * Mortgage applications on slippery slope.

And Now. Today’s A Pfennig For Your Thoughts.

Calls For Dollar Rally [...]

Mortgage Originations Plunge To Lowest On Record / by Tyler Durden / 04/07/2014 10:45 -0400

New mortgage originations fell over 23% month-over-month and a stunning 47% year-to-date according to Black Knight (formerly LPS). As they show in their detailed presentation, with a 65% year-over-year drop,new mortgage originations are at their lowest since their records began and what is perhaps more concerning [...]

9 Of The Top 10 Occupations In America Pay An Average Wage Of Less Than $35,000 A Year / By Michael Snyder / April 2nd, 2014

According to stunning new numbers just released by the federal government, nine of the top ten most commonly held jobs in the United States pay an average wage of less than $35,000 a year. When you break that down, that means that most of these workers [...]

IPO Madness / By John Hussman / March 31, 2014

Have you noticed the avalanche of IPOs in recent weeks? Remember the avalanche of IPOs in early 2000 and early 2007? John Hussman points out the inconvenient fact that 75% of the shitty recent IPOs lose money. Wall Street is dumping this crap on the muppets [...]

The Stunning History Of “All Cash” Home Purchases In The US / by Tyler Durden / 03/21/2014 12:58 -0400

Yesterday’s news from the NAR that in February all cash transactions accounted for 35% of all existing home purchases, up from 33% in January, not to mention that 73% of speculators paid “all cash“, caught some by surprise. But what this data ignores are new home [...]

Investor exhaustion with investment properties hits: Blackstone’s acquisition pace has fallen by 70 percent from peak last year. Running the numbers on rentals in high priced markets. / Dr. Housing Bubble / 20 Mar, 2014

Existing home sales had another weak month and the blame continues to be on the notorious polar vortex. On the other hand, California is in a record drought and we are in an endless summer yet sales have hit multi-year lows as well. Could it be [...]

Daily Pfennig: Fed in the driver’s seat / By Chuck Butler / March 20, 2014 8:37am

And, Now, Today’s Pfennig For Your Thoughts!

Fed in the driver’s seat…

Good day.and welcome to Thursday morning. The weekend is finally within striking distance and we have college basketball offering achange of pace from the norm, so all is well in my world. If [...]

Bank of England Admits that Loans Come FIRST … and Deposits FOLLOW / March 20, 2014

The Bank of England Corrects a Widespread Myth

The above is from a new official video released by the Bank of England.

The Bank of England notes in a new article:

Broad money is a measure of the total amount of money held by households and companies in the [...]

Wells Fargo “Too Big to Fail” Bank Is Going Down / By Money Morning / Mar 17, 2014 – 10:10 PM GMT

Shah Gilani writes: Last week I told you about “The Coming Curse of Zombie Foreclosures.”

I described how folks – who thought they were foreclosed on – are suddenly finding out they are actually still on the hook for mortgage payments, taxes, [...]

Freddie and Fannie Reform – Disaster Awaits / March 17, 2014 / By Ramsey Su

No Opportunity Necessary, No Experience Needed

Freddie and Fannie are back in the limelight. This time, the plan is coming from Senate Banking Committee leaders Tim Johnson (D., S.D) and Mike Crapo (R., Idaho).

Here are the bios of Johnson and Crapo, two lawyers with not [...]

How To Live Mortgage Free For Up To Three Years / by Tyler Durden on 03/13/2014 14:57 -0400

Simple: just don’t pay the mortgage. Because here is what happens next: shortly thereafter foreclosure proceedings will begin and at some point, far in the distant future, the bank will finally complete the foreclosure process, claiming the property and putting it on the block with [...]

Mark Hanson: “Why We Could Be In A Housing Bubble Right Now” / by Tyler Durden / 03/12/2014 09:24 -0400

From Mark Hanson of Hanson Advisors

Why We Could Be In A Housing Bubble Right Now

Let me preface this note by saying “I am a raging bull over houses”. I love real estate. On any given Sunday you can find me and my family touring [...]

JPMorgan Chase Engaged in Mortgage Fraud: The Securitization Scheme that Collapsed the Housing Market / By Ellen Brown / March 4, 2014

In a nearly $13 billion settlement with the US Justice Department in November 2013, JPMorganChase admitted that it, along with every other large US bank, had engaged in mortgage fraud as a routine business practice, sowing the seeds of the mortgage meltdown. JPMorgan and other megabanks [...]

On Any Given Day / By Bill Holter / February 28th, 2014

And for almost any given reason, the Chinese could “end the game.” I am sure that I will receive comments telling me that the Chinese would never do anything to “end the game” because they would only be harming themselves. I will hear, “Who would ever [...]

Mortgage Applications Plunge Most In 3 Months; “Purchases” Collapse To 19 Year Lows / by Tyler Durden / 02/26/2014 11:10 -0500

Despite the surge in “seasonally-adjusted new home sales”, un-seasonally-adjusted mortgage applicationstumbled 8.5% this week, the biggest drop in 3 months as the modest January bounce has been almost entirely unwound. This pushes the broad MBA mortgage applications index down to near its lowest in 14 years. [...]

It’s Not the Weather – The Housing Market Is Just Falling Apart / By Jason Simpkins / February 24, 2014

The housing market was at the nexus of the last financial crisis, and it may very well be the start of the next one, as well.

We’ve seen absolutely terrible data coming out of the housing market over the past few months.

But rather than [...]

Non-Existing Home Sales Miss Expectations, Plunge 14% From Highs, Drop To 18 Month Low / by Tyler Durden / 02/21/2014 10:09 -0500

Existing home sales plunged 5.1% (considerably worse than the 4.1% drop expected) to its lowest level in 18 months. This extends the string of missed expectations to 5 months as even the ever-credible NAR chief economist said it was not the weather but “we can’t ignore [...]

Serfdom nation: First time where a six year period of household formation of renters outpaced that of homeowners. Purchase applications back to levels last seen 20 years ago. / By Dr. Housing Bubble / 21 Feb, 2014

I think it is safe to say that investor activity in the housing market has changed the face of real estate buying. Back when the crisis hit in 2007, some analysts were cheerleading the hedge fund crowd as a tiny blip in the market. It [...]

The Young Subprime Debt-Slave Generation / By Wolf Richter / FEBRUARY 19, 2014 AT 1:14AM

Rising household debt would be a hopeful sign that consumers are once again living beyond their means, that they’re finally spending money they don’t have, that they’re in fact transferring money from the future to the present in their heroic effort to stimulate [...]

Homebuilder Confidence Crashes By Most On Record / by Tyler Durden / 02/18/2014 10:16 -0500

Surprise! For the 3rd time in the last 20 years, homebuilder sentiment got way ahead of reality… and as the February NAHB data shows, reality is starting to catch up to them. The NAHB sentiment index crashed by its most on record in Feb, missed expectations [...]

Subprime Mortgages are Back…This Time Marketed as “Second Chance Purchase Programs” / Michael Krieger / February 14, 2014

With interest rates up sharply from the lows and Blackstone and other private equity firms holding billions of dollars with of properties with no one to sell to, the time is ripe for a little muppet fleecing. Leading the charge to find new tax-payer [...]

Mortgage Applications Drop – Hover Near 19 Year Lows / by Tyler Durden / 02/12/2014 10:48 -0500

Despite being told by Bullard, Yellen (and numerous other Federal Reserve thinkers) that quantitative easing was aimed at improving the housing market, the data suggests that – somewhat predictably – it did very little for mom-and-pop organic real home-buyer but stoked speculation and [...]

The big money club and interest only loans: Housing bubble favorite of interest only loans back in the market for wealthy households. / By Dr. Housing Bubble / 10 Feb, 2014

There is little doubt that growing wealth and income inequality is a reality in the United States. Even in California we can see this microcosm unfold dramatically. You have people being pushed inland from coastal areas and those near employment hubs have seen housing values [...]

The Emerging Market Crisis / By Chris Mayer / Feb 6th, 2014

Dear Resource Hunter,

In case you haven’t noticed, there is a crisis brewing in the emerging markets.

The current crisis reminds me, in a way, of how the 2008 financial crisis got its start. It begins with what seems like a brush fire. But in [...]