sâmbătă, 26 iulie 2008

the shape of things to come

there goes another one... after the fall of Indy Mac another bank (two entities with the same ownership) bit the dust, and FDIC went into receivership mode. note that their European sisters are also suffering.. S&P sees an acceleration of the downgrades in the EU banking industry .

so all that silver lining with the increase in orders for durable goods, might just be the first lighting strike... as a matter of fact the article on Bloomberg says it:

"A report yesterday from the National Association of Realtors showed existing home sales fell 2.6 percent to a 4.86 million annual rate, the lowest level in a decade. The median home price dropped 6.1 percent from June of last year.

Concern over the ability of Fannie Mae and Freddie Mac, the largest U.S. purchasers of mortgages, to survive the meltdown in subprime lending has heightened the credit crisis and may push up mortgage rates and further curtail access to loans.

U.S. foreclosure filings more than doubled in the second quarter from a year earlier as falling home prices left borrowers owing more on mortgages than their properties were worth"


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