WASHINGTON (MarketWatch) -- More than 11.3 million homeowners -- nearly one-fourth of all Americans with a mortgage -- owe more on their loan than their home is now worth, according to a report released Tuesday by FirstAmerican CoreLogic.
More than 10% of people with mortgages owe 25% more than their home is worth.
The number of underwater mortgages increased by about 620,000 from the third quarter, the firm said. Another 2.3 million mortgages had less than 5% equity in their home, which could be wiped out if home prices fall further.
U.S. banks in transition
Jayan Dhru, Standard & Poor's global head of Financial Services Ratings, says U.S. banks are still in recovery mode as they manage the credit cycle while reducing leverage and risk. Reforming the banking sector will have unintended consequences on the broader economy.
In the fourth quarter, national home prices fell 1.1% compared with the third quarter, Standard & Poor's reported in a separate report on Tuesday. See full story on Case-Shiller home price index.
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New Home Sales Drop 11 percent in January, New Low
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Collin Campbell stated back in 2004: The US Dollar is a debt-based currency, the collateral for which is the GROWTH in oil production. Once the average daily production rate is reached (the date of Peak Oil) and average production rates begin to irreversably fall (due to geology/below ground factors), then the collateral is removed and the currency will collapse.
ReplyDeleteToday in 2010 we are seeing the very early signals of this collapse occuring due to the peaking of cummulative world oil production. Research the topic of Peak Oil for yourself to understand this underlying mechanism. Pay particular attention to the writings of Collin Campbell, Matthew Simmons, Tom Whipple, and Jim Kunstler. Find and read "The Hirsch Report". Here is a starting point: http://www.lifeaftertheoilcrash.net
Well the hits just keep on a comin'! Won't be much longer before the whole schbang collapses, def. within 2-3 years, tops.
ReplyDeleteWhat a joke our entire eCONomy has become!
4:01 Let it peak
ReplyDeletelet there be less and less
let there be none
But reality is there is more/lots more
Do you really believe that crude is the only
thing on the planet that will power a
vehicle ?
No - the real reason behind Peak oil ( and
global warming is money, money money )
Because the banksters and the elitests
along with 99% of our congress are all in
the same happy bed - Control and money
NEVER look any further than Control and
money and you WILL find the truth. Oil is
manipulated 24 hours a day/worldwide.
Try doing that with natural gas or pure
Ethanol that they use ( quite sucessfully)
in S.America.
As proof of this you will continue to see
Americans use less and less and the price
will continue to be propped up by "
increased world demand" yeah right - any
thing you say.
Peak oil my ass. I work in the oil biz and there is more friggin Texas tea out in the Americas, north border, mid and south, than we can witch for. Manipulated indeed. It's bullshit guys. NG is a great alternative but won't catch on for years, and ethanol is a joke. Water and gas don't mix well, never have never well, it's a farce for all the corn farmer states.
ReplyDeleteWith all the oil, shale ground, oil sands we have in this region we could tell the camel jockies to pound sand, but until we get some real men in DC it won't happen.
Slightly off-topic but I want to address the purpose of the so called "Fema camps" I did some temporary work for a government contracting company back in 1996-97 in a very mundane low security position but nevertheless we worked closely with the military and I always heard these guys talking while we were out in the field measuring and surveying for construction. I just remember some guys from/in the military talking about the project we were working on and that its purpose was to house all the military and their families and key non military personal like doctors, nurses, police, etc,etc and that it was just a big military exercise, with the troops playing the part of the key personal and military. I know it sounds confusing but I thought about this years later and it made me wonder why this "exercise" would be run in the first place on American soil and at such expense. What I personally think is that everyone has it opposite- I believe the "camps" are to protect those they view as important (Military, cops, medical.) while chaos reigns everywhere else. I don't want to say what state this was in but it was the west. And if this was an ongoing exercise that makes me wonder why they would have it in the first place, remember this was 96,97 so I don't know.
ReplyDelete"Let it come down."
ReplyDeleteMacBeth
Act III, scene iii
let sheep drown
ReplyDeletesheep deserve it
7:48 Texas tea Man -
ReplyDeleteActually my man Gas/ Oil/ Ethanol and water combine quite well in a combustion chamber.
As a matter of fact - it's kinda like high grade corn moonshine - they's a point when she's a mite "too convincin'" then she's " put the water too"
Same with the internal combustion engine.
"They" can do it --- as with the 90 mpg Fish carb.
Question is -- what'll it take ?