Sep 20 2009

The Art of Strategic Mortgage Defaults: The Coming Wave of Foreclosures in California. 588,000 People Nationwide Stop Paying Their Mortgage Even Though they had Funds to Pay.

Throughout the current housing crisis, most of the negative economic data has been clumped into one large group.  That is, housing has been a nationwide problem and job losses have impacted virtually every state.  Yet there is a coming crisis that has its targets on very specific states.  In fact, many states will not even […]

Sep 17 2009

The U.S. Balance Sheet: Households See Net Worth Down by $12 Trillion Since Peak and Total Debt Floating in the Market of $33 Trillion.

The Federal Flow of Funds report was released on Thursday with an expected jump in household net worth.  When we did our last report, we stated that with the $13.89 trillion in wealth that evaporated to the trough, we would expect a jump in net worth to come from the massive stock market rally.  The […]

Sep 15 2009

S&P 500 is The New Bubble: Current S&P 500 Value is Betting on Return to Bubble Peak, Housing Mania, and 4 Percent Unemployment.

One question that seems to pop up every so often is whether the S&P 500 is overvalued.  To put it simply, it is hyper-valued.  From the 666 low reached in March the index has rallied 57 percent.  Unfortunately much of the rally is based on temporary government stimulus, the U.S. Treasury and Federal Reserve trashing […]

Sep 13 2009

Interest Only Mortgage Time Bomb: $71 billion in Loans will Reset in next 12 Months. Total Loans Outstanding at $908 Billion. Average Balance of $324,000. Median U.S. Home Price $178,000.

Interest only (IO) loans seemed like a viable mortgage option when home prices were appreciating on a double-digit basis every year.  The interest only loan allowed borrowers the option of making no principal payments for 5, 7, or even 10 years.  Now why would someone not make any principal payment for such a long time?  […]

Sep 10 2009

California Lost Decade of Employment: Bulk of Recent Income Gains went to Wealthiest Californians. 76.8 Percent of Adjusted Gross Income Gains between 2006 and 2007 went to the Wealthiest Fifth of California Personal Income Taxpayers.

California may now have one of the distinct misfortunes of enjoying a lost decade of job growth.  This not only applies to the battered economy of California, but to the nation as well.  To put the magnitude of the current recession in perspective, the only other time in economic history to see a contraction wipe […]

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