Cut All You Want
As predicted in the event of a rate cut...
Gold hitting a 27 year high, crude oil an all time high above $82, the $ crushed to an all time low vs Euro.
In August, the number of homes in some stage of default jumped a staggering 36% month-over-month...
while delinquencies and defaults jumped 115% YOY to 243,947 from 113,300.
The number of (REO) bank repossessions jumped 115% YOY to 42,789 vs 20,116 a year earlier...
month over month was an eye poppin and jaw droppin 59% increase over 26,842 bank repossessions in July.
Nevada led all the other states in the rate of August foreclosure filings: 1 in 165 households.
California led the nation in the actual number of foreclosures with 57,975 households, 1 in 224, up 48% from July, up 300% YOY.
Florida was next with 33,932, 1 in 242, up 77% from July and 200% YOY. California placed six cities among the top 10 metro areas for the number of filings.
Modesto led the way with one of every 79 households. Stockton, Merced, Vallejo-Fairfield, Riverside-San Bernardino and Sacramento also hit the top 10.
In October alone, $50 Billion in ARM's reset, mortgage holders with low "teaser" rates for the first 2-3 years will see their mortgage payments climb by 35% or more.
As Nattered before, no amount of rate cuts in either fed funds or the discount rate can stop this trainwreck.
Today's cuts were an obvious act of desperation by a Fed trapped between a rock and a hard place.
Gold hitting a 27 year high, crude oil an all time high above $82, the $ crushed to an all time low vs Euro.
In August, the number of homes in some stage of default jumped a staggering 36% month-over-month...
while delinquencies and defaults jumped 115% YOY to 243,947 from 113,300.
The number of (REO) bank repossessions jumped 115% YOY to 42,789 vs 20,116 a year earlier...
month over month was an eye poppin and jaw droppin 59% increase over 26,842 bank repossessions in July.
Nevada led all the other states in the rate of August foreclosure filings: 1 in 165 households.
California led the nation in the actual number of foreclosures with 57,975 households, 1 in 224, up 48% from July, up 300% YOY.
Florida was next with 33,932, 1 in 242, up 77% from July and 200% YOY. California placed six cities among the top 10 metro areas for the number of filings.
Modesto led the way with one of every 79 households. Stockton, Merced, Vallejo-Fairfield, Riverside-San Bernardino and Sacramento also hit the top 10.
In October alone, $50 Billion in ARM's reset, mortgage holders with low "teaser" rates for the first 2-3 years will see their mortgage payments climb by 35% or more.
As Nattered before, no amount of rate cuts in either fed funds or the discount rate can stop this trainwreck.
Today's cuts were an obvious act of desperation by a Fed trapped between a rock and a hard place.
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