Posted on 07/24/2009 8:46:57 PM PDT by george76
Delinquencies on commercial mortgage backed securities soared $10 billion in June, hitting a 12-month high of almost $29 billion...
California led the nation with the highest amount of delinquent loans, closely followed by Texas and Florida.
Late loans across the country are up an “astounding” 585 percent from a year ago when just $4 billion were delinquent...
California with almost $3 billion in delinquent loans, or 10 percent of the exposure, and Texas with $2.5 billion, or 9 percent of all delinquencies, "remain a major concern." In California, the delinquent properties are spread across the state, compared to Texas where the problems are located mainly in Dallas-Fort Worth.
The other states among the top 10 are Michigan, Arizona, New York, Georgia, Hawaii, Nevada and Illinois.
(Excerpt) Read more at bizjournals.com ...
Really, it’s a recovery unlike any other.
LOL. thanks.
The DOW and other markets have factored in all these disasters long time ago and that is why they are going way up according to the super smart people among us. So please do not bring in bad economic news because some very wise super genius people are making fake money in a fake market bubble.
Not only subprime
Long live Goldman Sachs, Long Live Goldman Sachs, Long Live Goldman Sachs.... I am so excited I cannot say it enough (extreme sarcasm).
Obamanomics
Long live Goldman Sachs, Long Live Goldman Sachs, Long Live Goldman Sachs.... I am so excited I cannot say it enough (extreme sarcasm).
Just wait till one of the republican cool-aide drinkers get on to you!!! LOL,
You are more than correct, the sheep will get sheared next week.
“Delinquencies on commercial mortgage backed securities soared $10 billion in June, hitting a 12-month high of almost $29 billion...
California led the nation with the highest amount of delinquent loans, closely followed by Texas and Florida.
Late loans across the country are up an “astounding” 585 percent from a year ago when just $4 billion were delinquent... “
No subprime paper here folks!
“it is the fake bubble created by Goldman Sachs that we shall all be cheering. “
And it will crash big time..........when Goldman decides to “short” the market.
It’s called a jobless recovery. Businesses can’t even think about expanding because of Obama’s promise of higher taxes down the road. There goes hiring.
Moreover, the only way they can grow profits in this environment is to cut costs, which means firing marginal or less experienced workers or staff involved in development of new products and market, etc.
Only few cool-aid drinkers exist among because it is now apparent to most of us who believe in capitalism and free market that Goldman Sachs is f***ing us big time and what they are doing is not capitalism nor free market, it is an absolute power grab. Even Rush Limbaugh is warning against Goldman Sachs.
The markets made on carbon credit trading may be huge.
Puts, Calls, futures...
Large commissions and spreads for his Hedge Fund pals.
al gore and pals have been doing well in London, too.
The trouble with that chart is that it’s inflation adjusted. Stock earnings are calculated on constant dollars.
Even so, SP earnings estimates I’ve seen range from $34 to $60. At $60, a 15 P/E is SP 900 and we’re at 971. At $34 a 15 P/E is SP 500. The market at these levels is factoring in not only a robust recovery but a boomlet. Where this type of economic growth is going to come from in an era where real estate is likely to be quite flat at best, never mind down, and GDP growth of 4-5% (current rosy projections) is a fall-on-the-floor-laughing bulltard fantasy, I and most stock traders I know are having a very, very hard time with valuations up here. Plus, the avalanche of mortgage lending and the cashflow into consumer hands resulting therefrom will NEVER return. So where this ebullient growth is supposed to come from escapes me, for now.
The alleged “good earnings” this current season are with very few exceptions due to massive layoffs, which means that alarmingly lowered revs are being measured against seriously reduced expenses. By that I mean, these companies have brutally reduced their head counts and as a result are NOT the same sized companies they were in terms of production. These are one-time adjustments which *appear* to be massive productivity bumps but are not sustainable.
Now, caveat-wise, I’ll acknowledge being generally bearish (it’s my nature) and I remain pessimistic about the mid-term (say 18 month) outlook. But maybe I’m grossly and stubbornly overthinking it. This last week has been quite remarkable; the market is already essentially 50% up off its’ 666 lows, and when you consider that virtually EVERY company issued secondaries in probably the largest era of issuance in history, amounting to (estimate 3-4% of the entire market) the market is not only ignoring immense qtys of bad news but 15-20% stock dilution in nearly every large cap as well! Yet it keeps rising, and personally I think it is because the dollar is now the world’s carry-trade sardine.
If that’s the case, the US standard of living will really deteriorate and you can say hello to Euro-style $6+ gasoline. But what’s important, as we all know, is that Goldman smokes their numbers and Mr. Buffett continues his sageness.
Yes the Limousine liberals will get wealthier and we will get poorer and crushed by the evil of socialism imposed on us by the Limousine liberals.
You’re exactly right, and it doesn’t bode well for the concept of middle-class prosperity. For the moment, companies are putting up impressive EPS numbers even though their revs have been crushed, because a whole lot of workers just aren’t there any more; plus the sales that were in the pipeline appear to be measured against a much smaller workforce, so as I said, it looks like giant productivity gains have occurred. I for one don’t see the sutainability and I cannot see how the consumer is going to do anything but retrench. But for now, we party, apparently.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.