ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL- 10/15/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 10/15/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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Financial markets are surprisingly stable, especially credit markets. Following the Fed’s September QE3 announcement of open-ended intent to buy mortgage-backed securities, the 10-year Treasury note was left to the mercy of markets.

Since then, 10-year Treasurys have not traded above 1.75 percent or below 1.5 percent. Meanwhile, 30-fixed mortgages have broken as low as 3.25 percent. Today, the main thing holding rates above 3 percent is the profiteering of big banks, increasing their margins as the Fed tries to shrink them.

The worst of the piracy: jacking margins on refis of underwater households. I would say, “Shame,” but to no effect on bank boards and executive suites ethically unreformed through this whole process. All the new rules in the world cannot substitute for a sense of citizenship.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

The strongest positive here is housing, but its improvement is far oversold in media commentary. Most economic punditry comes from financial markets, which had housing wrong all the way down, and can be counted upon to have it wrong on the way up. Housing industry analysts tend to perpetual optimism, correct only by accident.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Housing now enjoys very gradual improvement, especially in states whose foreclosure-by-trustee has speeded the process. However, the “recovery” that finance types see propelling the entire economy is still over the horizon.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

“Mortgage equity withdrawal” is a measure of net contribution of housing to personal income, during the bubble adding as much as 10 percent per year(!). Since 2008, MEW has subtracted about 3 percent annually from personal income, and still does — no mere headwind, but hail in the face.

That leadership had a signal week on other grounds. France-based EADS and U.K.-based BAE were close to merger, $90 billion in combined aerospace and defense sales, the merger a benefit to both, enabling competition with the likes of Boeing.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

The global balance is delicate, but the economic/political weakness in Europe, China and emergings still strongly favors the U.S., if only by removing any threat of inflation, which is the prerequisite for continuing QE3 and super-low rates here.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL– 10/15/2012

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