Daily Reading – November 24, 2010
Calculated Risk: LPS: Over 4.3 million loans 90+ days or in foreclosure.
LPS Applied Analytics released their October Mortgage Performance data today. According to LPS:
- The average number of days delinquent for loans in foreclosure is a record 492 days
- Over 4.3 million loans are 90 days or more delinquent or in foreclosure
- Foreclosure sales plummeted by 35% in October (as a result of the widespread moratoria)
- Nearly 20% of loans that have been delinquent more than two years are still not in foreclosure
FT Alphaville: Double secret US quantitative easing.
Revealed in the latest minutes from the Federal Open Market Committee — a secret Fed video conference to discuss über-quantitative easing. Or, targeting an explicit yield (or ‘ceiling’) on the long-term US Treasury…
Macro Man: The Beginning of the END.
The situation in Europe has hardly improved over the past 24 hours. A raft of stronger European PMIs and German IFO figures that all outperformed expectations did little to lift mood and go to emphasise that the problems are sovereign-based rather than in the private sector. This morning has seen further blow outs in Eurozone peripherals and associated liquidity trades used by the market to hedge the periphery meltdown tail risk. Specifically, things like EURIBOR/EONIA basis and EUR/USD Cross-Currency basis have been moving sharply, bring back bad memories of May (not 2008, as some are trying to suggest)…
Paper Economy: FHFA Monthly Home Prices: September 2010.
Today, the Federal Housing Finance Agency (FHFA) released the latest results of their monthly house price index (HPI) showing that, nationally, home prices declined 1.22% since August falling a notable 2.83% below the level seen in September 2009.
The Slope Of Hope: Brazil Has Retraced to Broken Trendline.
The Slope Of Hope: Sensible Support.
If by some miracle the downdraft in the market doesn’t terminate after its few minutes in the sun, I think the next stopping point is about 50 S&P points south of here.