The housing bubble is now showing signs of popping with mortgage origination’s plunging to their lowest level. Another banker commits suicide. The US government is now pushing their agenda of disarming the American people. The Supreme court unanimously ruled that the Bill of Rights are now privileges and they can be revoked. The US is now sending more warships to the Pacific because of the North Korean threat. Countries and the central banks of the world are now holding yuan and dropping the dollar. More weapon systems are being shipped to the paid mercenaries in Syria. The US is now warning American citizens not to travel to Iraq as they prepare to invade Syria from Iraq.
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Current News – 04.07.2014
Economy
98% Of All Consumer Credit In Past Year Was Student And Car Loans
- And putting this in context, in the past 12 months, a record 98% of all credit – $162 billion – has gone into non-revolving debt, i.e., student and car loans.How much has been added to credit card balances? An absolutely meaningless $4 billion, or 2% of total.
Source: zerohedge.com
Zillow Study Shows 1 In 3 Homes Are Unaffordable, But Vacation-Home Sales Are Soaring
- More than half the homes currently on the market in seven major American metros are currently unaffordable for local residents, and one-third of homes for sale are unaffordable by historic standards.
- “As affordability worsens, we’re already beginning to see more of the kinds of worrisome trends we saw en masse during the years leading up to the housing crash. These include a greater reliance on non-traditional home financing, smaller down payments and a greater pressure to move further away from urban job centers in order to find affordable housing options,” said Zillow chief economist Stan Humphries. “We’re not in a bubble yet, but we’re beginning to see the early signs of one in some areas.”
- More than half of homes currently listed for sale in Miami (62.4%), Los Angeles (57.2%), San Diego (55.3%), San Francisco (55.2%), Denver (52.8%), San Jose (50.9%) and Portland, Ore. (50.3%) are unaffordable by historical standards.
Source: zerohedge.com
Mortgage Originations Plunge To Lowest On Record
- 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 is prepayment speeds signal further declines are ahead and the ratio of serious deterioration to foreclosure (along with huge numbers of loan mods due to reset) suggest the housing market is anything but recovering fundamentally with theaverage loan in foreclosure now 2.6 years past due.
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Source: zerohedge.com
