The "up-to-the-minute Market Data" thread

reply to post by DaddyBare


Interesting I knew the state does buy homes at discount from the banks on foreclosures but now I see the trend on buying due to so many foreclosure homes.

But I can imagine that the homes that the state buy are not your upscale ones.



about 10 years ago when the local base started to shed its air force field it was a military housing area out side the base with probably over 1000 housing units, when I move here I used to go there just to used the pool for my kids as military Dependants, they closed the air field and the houses were given to the city.

Now the entire area is a war zone the houses are in bad disrepair and many were given to Katrina refugees when the Katrina disaster.

Pitiful when you see an area that was so pretty and well kept turn into a dump, people instead of looking to better themselves with what is given to them they just bring with them the same trash that they left behind.

[edit on 23-6-2009 by marg6043]

reply to post by marg6043


Typically a city never buys a foreclosed home from a bank... they don't need to... Here in my city, like many other cities, we have something called a nuisance abatement law... what that means is if and abandoned home is causing problems, (Used as a drug house, homeless are setting fires etc even if it just sits vacant and might be used as such) The city enacts that law and take over the property without ever paying anyone anything... in fact they can charge the owner of record to repay costs of remediations... you see that a lot when a city bulldozes a crack house...

On a county level like they've been doing up in Flint MI the assayers office will just file a tax lien and take title to the home. in that case the fancier the home=higher tax burden, the easier it is for them to just take it....

No Banks have to hope to find a private buyer/investor to take those foreclosed homes, governments don't need to buy them. HUD is a special case as they basically are own by the feds and the locals cant touch them but the can buy them cheap

[edit on 23-6-2009 by DaddyBare]

reply to post by DaddyBare


Yes I am familiar with the HUD, before we bought our home we decided to check on some of this homes that were for sale, just for the heck of it even if we didn't' qualify for it.

Many of them were in an area in my city that was devastated during the 94 floods, the area used to be a considered the best side of the town, but the houses many of them were just in bad shape, but spacious home in what used to be nice areas but just abandon for so long.

I am glad that we didn't fell for any of the home in that area because now ten years later since we were shopping for a house that same area was turned into a low income housing area and like I say now nothing but a dump.

We made a smart investment in the other side of town that were been developed but now, after all this years the entire area is been taken by developers and is getting too close to our backyards.

Kind of crowded if you know what I mean. But with the housing crisis is been slowed a lot but still the developing is happening, very soon we may have to leave before eminent domain take over our properties.

Just kidding.

And the Beat-Down goes on... :shk:

U.S. May mass layoffs jump tie record: Labor Dept
www.reuters.com...

WASHINGTON (Reuters) - The number of mass layoffs by U.S. employers rose last month to tie a record set in March, according to government data released on Tuesday that suggested the labor market has yet to stabilize.

The Labor Department said the number of mass layoff actions -- defined as job cuts involving at least 50 people from a single employer -- increased to 2,933 in May from 2,712 in April, resulting in the loss of 312,880 jobs.

It was the largest loss of jobs connected to mass layoffs on records dating to 1995.

While signs have emerged suggesting the 18-month-old U.S. recession has begun to ease, the labor market continues to deteriorate.

The U.S. unemployment rate hit 9.4 percent in May, the highest in nearly 26 years, and economists expect a report on July 2 to show it climbed further to 9.6 percent this month.

The economy has lost six million jobs since the recession began in December 2007. Economists polled by Reuters expect the economy shed a further 368,000 jobs in June.

Originally posted by Hx3_1963
And the Beat-Down goes on... :shk:

While signs have emerged suggesting the 18-month-old U.S. recession has begun to ease, the labor market continues to deteriorate.

You know the sky if falling upon this morons heads but not to worry the recession is eassssieee off, what a joke.

What a ridicules article huh?

How can the recession ease, while the labor market continues to deteriorate.

What school of economics...or any other school for that matter did they go to?

It's like saying, "Isn't that a nice rug?" in a house with one wall

Oil Prices Could Go Higher Than We've Seen: Simmons

Perhaps not to specualtion alone but to unpredictable forces

Citing Iran’s presidential election controversy, Ukraine’s conflict over natural gas, Nigeria threatening to shut down its oil system, Venezuela’s current strike and Peru’s domestic unrest, Simmons said all the concerns around the world will have an “unbelievable impact on oil supplies.”

Chavez: Venezuela hopes to sell oil at $100

www.cnbc.com...

Interesting.

Originally posted by Hx3_1963
What a ridicules article huh?

How can the recession ease, while the labor market continues to deteriorate.

What school of economics...or any other school for that matter did they go to?

It's like saying, "Isn't that a nice rug?" in a house with one wall

Maybe it "eases" for people that "matter".
Cheaper labor is good for them.
Thinking "nation" is not fashionable any more.

reply to post by Hx3_1963


Got to give it to this people they do make some jokes once in a while even without realizing that they are.

Now look at this one,

Sales of previously owned homes in the United States rose at a slower-than-expected pace in May.

Don't they have experts on editing so articles doesn't sound stupid?

Now See how they show a contradiction of words,

"The housing number suggests that things are bottoming, but that's a far cry from improving.

I am sorry but I English is not my first language and even to me that doesn't sound good.

"Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting loans," he said. "There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected."

Excuse me but perhaps the reason this people are not getting the loans approved is because they can not follow the same corrupted rules they used that created the Market bubble.

This people just don't qualify because they can not afford the loans



Now something has to be done so they can qualify easy the lending practices and start another bubble again.

www.cnbc.com...

Hmmm...Euro is on the move up again...

1.66% and still rising...

Gold getting a little nudge up as well...

Shells being shuffled in the Markets :shk:

The Fed put all their ammo into beating Treasury down since Friday seems...

[edit on 6/23/2009 by Hx3_1963]

Okay Obama is making a statement on Iran right now... if we going to see a swing Up or down in the market his comments will be that trigger...
so the question now is how do investors feel about what he has to say

they must be running low on ammo to prop things up, the DXY is getting hammered right now!

down 1.04

Hmmm...ya think? :shk:

Treasury pays most in 7 months to sell 2-year debt
www.marketwatch.com...

NEW YORK (MarketWatch) -- The Treasury Department sold $40 billion in 2-year notes at a yield of 1.151% on Tuesday, the most since November. Bidders offered $3.19 for every dollar of debt being sold, the highest in at least 17 months and well above the average of $2.74 at the last five sales of the same amount. Indirect bidders, a class of investors that includes foreign central banks, bought 68.7%, also by far the highest since January 2008 and more than the 39.8% on average. Analysts are closely watching the government's three sales this week for signals of whether investors are still willing to buy U.S. debt. Benchmark 10-year note yields /quotes/comstock/31*!ust10y (UST10Y 3.65, -0.04, -0.95%) remained lower, down 5 basis points to 2.63%, helped by weaker-than-expected housing data.

Bidders offer 3.19 times amount of 2-yr debt sold

Indirect bidders take 68.7% of 2-year note sale

GBP is gaining some traction as well now...

JPY is under 95...

[edit on 6/23/2009 by Hx3_1963]

reply to post by marg6043

Sales of previously owned homes in the United States rose at a slower-than-expected pace in May.

Don't they have experts on editing so articles doesn't sound stupid?

Now See how they show a contradiction of words,

"The housing number suggests that things are bottoming, but that's a far cry from improving.

I am sorry but I English is not my first language and even to me that doesn't sound good.

As someone proficient in the English language, please, allow my translation:


"Things are not that bad anymore, but boy are things bad"

Hmmm nope, still makes no sense!

As for why are people not getting loans approved? ... We are a nation with NEGATIVE savings .. meaning we are in debt, we do not save our cash. As a result, who the !@$# has 20% down to buy a house? Conventional loans are being reserved for 690+ credit and a minimum of 20% down PLUS closing costs (a few thousand).... Even FHA loans require a minimum 3.5% down, which doesn't sound like much but in my area that's going to run around $10,000 .. not many newlyweds and new families can afford that. Especially when you add the $5k+ closing costs.

I pray to God that we are seeing the end of this Debt Slave era where it takes you THIRTY GOD DAMN YEARS TO PAY OFF YOUR PROPERTY.

The last time, pre WW2 this was the case in the US, it was called a Indentured Servant .. and they didn't even have to slave 30 years for their home to be theirs.

Who knows, maybe we could live in a world where it didn't take a full years wage to buy a car either.... though I doubt it, I doubt it very much.. I only wonder why so many were so surprised when we collapsed, it was entirely self destruction.

reply to post by Rockpuck


Everything you said is very concise.

At one point in time in the USA being a land owner was a very prestigious thing.. perhaps we will revert back to that...

With all that being said I think you should have more than the "10,000" down to purchase a home, just as you have to have 50% to purchase stocks on margin (reg t)

reply to post by GreenBicMan


The two hardly relate. For one, not all trading accounts have Margin trading available (for instance, if you have no collateral like say, a house, you cannot have a Margin Trading Account). First Time buyers are at a severe disadvantage, in our nation the majority of wealth is built around the home -- equity -- the second is retirement accounts. First time buyers typically have neither equity in anything nor built up retirement accounts.. where homes are typically exorbitantly expensive it's no surprise that the entire system collapses.. and it won't be surprising to see it stagnate or continue in decline for years to come.

reply to post by Rockpuck


If I have the required margin and deposit I do not need "equity" to trade, that is incorrect.. you may in some instances or something.. but I know I do not need that for margin.

I also think that most people were given too much in the first place which started this thing in housing, and if you really cant "afford" it, well you shouldnt have it.

If you can "afford" it, you cannot afford your $200 Ipod, your $700 payment on your 350Z, and you cant "afford" going to the bard with your buddies every weekend @ $100 a pop all on your minuscule $40,000 year salary

Obviously I am not speaking to you in this case, but I think my example holds up..

EDIT:

Also, that is the problem.. people using the EQUITY in their houses to finance things and that just continues down the line.. using your house to finance your frivolous spending is ridiculous and is getting people in trouble every day..

[edit on 23-6-2009 by GreenBicMan]

Originally posted by DaddyBare
Okay Obama is making a statement on Iran right now... if we going to see a swing Up or down in the market his comments will be that trigger...
so the question now is how do investors feel about what he has to say

Today's Brack Obama press conference has been moved indoors over fears that Washington's heat and humidity might make Associated Press White House reporter Jennifer Loven's hair explode live on national TV:

www.freerepublic.com...

Originally posted by Rockpuck
reply to post by GreenBicMan

 

The two hardly relate. For one, not all trading accounts have Margin trading available (for instance, if you have no collateral like say, a house, you cannot have a Margin Trading Account). First Time buyers are at a severe disadvantage, in our nation the majority of wealth is built around the home -- equity -- the second is retirement accounts. First time buyers typically have neither equity in anything nor built up retirement accounts.. where homes are typically exorbitantly expensive it's no surprise that the entire system collapses.. and it won't be surprising to see it stagnate or continue in decline for years to come.

You don't need collateral to have margin. The broker will just sell your stock if you have lost all your real money (say you put 50,000 towards a stock and 50,000 margin and it goes down 50% the next day (of the 100,000) your stock is sold and you lose everything).

You are right though that not all accounts have margin. This is usually because of the amount that is wired into the account isn't sufficient.

“I think its important to see how the economy evolves and how effective the first stimulus is,” Obama said at a White House news conference.

He said it is “pretty clear” that unemployment will continue rising before the recovery takes hold and said it isn’t surprising that initial forecasts from his administration missed the mark.

DOW ends - 16 in the red, not bad, pretty volatile session though. Europe down a low .5% as well.

This quote is from mr. Obama stating that a "Second" (isn't this the .. let me count... 4th? 5th?) stimulus is not needed.. though I see he now retracts his claim to add a few hundred thousand jobs with the first stimulus program and as resided back to "unemployment will continue rising" .... Missed the mark? If he was aiming at a target I would say he probably shot his own foot. I would hope that after bush's failed stimulus program, bush's second failed stimulus program, Obama's first failed stimulus program that they would get the idea...... it's just not working..