Archive for the ‘General’ Category
Posted by Larry Doyle on August 14th, 2009 3:33 PM |
I am an eternal optimist. I would also like to think I understand the fundamentals of the economy, and that I present a balanced approach here at Sense on Cents. So let’s pursue the truth.
The market is being hit 1-1.5% today on a retracement in the Consumer Confidence report this morning. While the equity markets have had an enormous rebound over the last few months, there is little doubt that the divide between Wall Street and Main Street has never been wider.
What impacts the consumer? In my opinion, the noise on Wall Street does not impact most Americans. What does? Job status, home value, and access to credit. How are Americans feeling on these fronts?
1. Jobs: the underemployment rate of 16.3% is forecasted to move higher and stay high. A little disconcerting, you think?
2. Home Value: foreclosures are continuing to surge, home prices are continuing to trend lower, and no reason for slowing on either front. Not generating lots of confidence here.
3. Credit: hat tip to MC from Investor Rebellion for sharing a story put out the other day by The Wall Street Journal which highlights how consumers’ credit cards are being discontinued indiscriminately without notice. This report, Cardholders Get Rude Surprise at the Register, is a true sign of the times.
Think about this scenario for a second. How humiliating and unsettling would it be to experience having your card rejected without notice. Do you think these people are going to rush out to do more shopping? Do you think their confidence may take a hit just a little?
Why is Wall Street, which is making all this “supposed” money and handing out enormous guarantees to certain employees, cutting credit lines? What do these banks see on the economic landscape?
Wall Street economists and analysts may be confident about future prospects, but I have yet to see one of them effectively address any of these three concerns which most impact Main Street.
LD
Tags: access to credit for consumers, Cardholders Get Rude Surprise at the Register, Consumer Confidence, credit cards being discontinued, divide between Wall Street and Main Street, fundamentals of economy, home values foreclosures decline in home prices, jobs and underemployment, rebound in equity markets, what impacts consumers
Posted in Economy, General | 11 Comments »
Posted by Larry Doyle on August 14th, 2009 8:23 AM |
Treasury Secretary Geithner has adapted to Washington very quickly. How so? His willingness and ability to distort and conceal the truth is consistent with much of what emanates from our nation’s capital. I literally gagged upon reading the extremely superficial commentary in today’s Wall Street Journal, Geithner Sees Good Vital Signs:
U.S. Treasury Secretary Timothy Geithner said the Obama administration wouldn’t allow Wall Street to return to such old habits as taking on excessive risk, and that plans to overhaul financial-market regulation were on track.
Does Secretary Geithner think that people do not monitor these issues? His statements in this article are the equivalent of a Wall Street bond salesman’s assertion “trust me on this,” while jamming an overpriced security down his client’s throat. My response, “challenge!!” Let’s navigate.
Geithner asserts:
“I don’t think the financial system is reverting to past practice, and we won’t let that happen,” Mr. Geithner said. “The big banks are running with much less leverage now, much more conservative liquidity cushions, there’s been a significant shrinking of their balance sheets, getting rid of bad assets (LD’s highlight) and cleaning up. And the weakest parts of the system don’t exist anymore.”
Sense on Cents challenge: the system is chock full of toxic assets. The new-issue securitization market for consumer assets remains largely dormant and the TALF and PPIP programs are largely a joke. I submit “PPIP: A Virtual Odd Lot” (July 7, 2009).
The Wall Street Journal continues: (more…)
Tags: Geithner adapts to Washington practice of distortiing the truth, Geithner addresses financial regulatory reform, Geithner addresses need for better regulatory oversight, Geithner conceals the truth, Geithner has never publicly addressed FINRA, Geithner has not addressed regulatory reform for rating agencies, Geithner promotes Federal reserve as uber-regulator, Geithner says trust me, Geithner says Wall Street risk is addressed, Geithner Sees Good Vital Signs, Geithner talks about financial regulatory reform, Geithner talks about regulation for credit cards and mortgages, Geithner talks about regulation for derivatives, Harry Markopolos, has Wall Street cleaned up toxic assets, has Wall street returned to business as usual, how are TALF and PPIP doing, Obama and team have lost momentum for financial regulatory reform, Toxic Assets, Wall street owns Washington, why doesn't Geithner speak to Harry Markopolos, why has Wall Street rebounded
Posted in General, regulation, Tim Geithner, Wall Street | No Comments »
Posted by Larry Doyle on August 13th, 2009 3:23 PM |
I just reviewed the complaint filed by the SEC as plaintiff against Madoff CFO Frank DiPascali Jr. as defendant. For anybody interested in the dynamics of our markets and regulatory system, this 31 page document is a must read:
Securities and Exchange Commission, Plaintiff versus Frank DiPascali, Jr. Defendant.
Many highlights, but to me the following jump out:
1. DiPascali was a college dropout who rose to become CFO of a supposed major financial money manager. Come on. Any legitimate feeder fund and any legitimate regulator should have immediately questioned the credibility and qualifications of this individual rising to that position.
2. Madoff did not officially become a registered investment adviser until 2006. To that point, his entire business would have been regulated by the SEC and NASD. Why does the regulatory arm of NASD, the parent organization of FINRA, seem to get a pass in this scandal? (more…)
Tags: background of Frank DiPascali, DiPascali's qualifications, how did DiPascali become Madoff CFO as a college dropout, how did reulators overlook DiPascali, Jr, Madoff frauds inner workings, Madoff promissory notes of 21%, Madoff scam inner workings, Madoff's business practices, Madoff's business structure, Madoff's operations how did they work, promissory notes written by Madoff, SEC Complaint vs Frank DiPascali, SEC Plaintiff vs DiPascali defendant, SEC versus DiPascali, who regulated Madoff from SEC and NASD, why has NASD and FINRA been given a pass on Madoff
Posted in Bernie Madoff, General | 4 Comments »
Posted by Larry Doyle on August 13th, 2009 11:33 AM |
Should we add a little spice for flavoring to the low simmering stew represented by a number of banks’ books and records?
In the spirit of continuing our focus on increasingly delinquent and defaulted loans, I again reference leading Wall Street representatives as sources of information on this topic. Let’s take a whiff of the aroma coming off the stove.
1. The single best financial reporter on Wall Street, Jonathan Weil of Bloomberg, writes Next Bubble to Burst is Banks’ Big Loan Values:
Check out the footnotes to Regions Financial Corp’s latest quarterly report, and you’ll see a remarkable disclosure. There, in an easy-to-read chart, the company divulged that the loans on its books as of June 30 were worth $22.8 billion less than what its balance sheet said. The Birmingham, Alabama-based bank’s shareholder equity, by comparison, was just $18.7 billion.
So, if it weren’t for the inflated loan values, Regions’ equity would be less than zero. Meanwhile, the government continues to classify Regions as “well capitalized.”
What other banks are preparing this meal? Weil does yeoman work in highlighting the following:
>> Bank of America Corp. said its loans as of June 30 were worth $64.4 billion less than its balance sheet said. The difference represented 58 percent of the company’s Tier 1 common equity
>>Wells Fargo & Co. said the fair value of its loans was $34.3 billion less than their book value as of June 30. The bank’s Tier 1 common equity, by comparison, was $47.1 billion.
>>Suntrust Banks Inc. showed a $13.6 billion gap as of June 30, which exceeded its $11.1 billion of Tier 1 common equity.
>>Key Corp said its loans were worth $8.6 billion less than their book value; its Tier 1 common was just $7.1 billion.
In the spirit of full disclosure, not all banks are cooking their books; some have finished the cooking, dined, and washed the dishes under Uncle Sam’s guidance. Weil asserts:
The trend in banks’ loan values is not uniform. Twelve of the 24 companies in the KBW Bank Index, including Citigroup Inc., said their loans’ fair values were within 1 percent of their carrying amounts, more or less. Citigroup said the fair value of its loans was $601.3 billion, just $1.3 billion less than their book value. The gap had been $18.2 billion at the end of 2008.
2. High five once again to 12th Street Capital for pointing out the state of the simmering undertaken by the Federal Home Loan Bank system. KD references an article from The American Banker: (more…)
Tags: 12th Street Capital, American banker report on Federal Home Loan Banks, are banks cooking the books, bank accounting, bank accounting games, bank books and records, bank cooking, bank of America loan valuations versus tangible common equity, banks cooking the books, Federal Home Loan Bank system earnings 2nd quarter 2009, FHLB benefits from accounting changes, government classifies Regions financial as well capitalized, impact of delinquent and defaulted loans on bank earnings, Japan's Lost Decade, Jonathan Weil of Bloomberg, KBW bank Index, Key Corp loan valuations versus common equity, net income at FHLBs, Next Bubble to Burst is Banks' Big Loan Values, Office of Finance for FHLB releases earning statement, regions Financial Corps financials and accounting, Regions Financial's loan valuaitons versus tangible common equity, Suntrust Banks loan valuations versus common equity, Wells fargo's loan valuations versus common equity, what is OTTI
Posted in Banking Institutions, General | 9 Comments »
Posted by Larry Doyle on August 13th, 2009 8:22 AM |
Can we truly expect our economy to return to LONG-TERM health if the housing market remains under severe pressure? I think not. While Wall Street rebounds, Main Street continues to lose value. How so? Home foreclosures continue to run at breakneck speed.
Bloomberg reports, U.S. Foreclosure Filings Set Third Record-High in Five Months:
Foreclosure filings in the U.S. climbed to a record for the third time in five months in July as falling home prices and the recession left more homeowners unable to keep up payments or refinance.
A total of 360,149 properties received a default or auction notice or were seized last month, according to data seller RealtyTrac Inc. One in 355 households got a filing, the highest monthly rate in RealtyTrac records dating to January 2005, the Irvine, California-based company said in a statement.
“We’re in a deep hole,” Diane Swonk, chief economist at Chicago-based Mesirow Financial Inc., said in an interview. “There is a whole new wave of foreclosures tied to the cyclical dynamics of the economy.”
What is this ongoing foreclosure activity doing to home prices? It’s not good.
The median price of an existing single-family house dropped 15.6 percent to $174,100 in the second quarter, the most in records dating to 1979, the National Association of Realtors said yesterday. Almost one-quarter of U.S. mortgage holders are underwater, property data firm Zillow.com said Aug. 11.
What about the mortgage modification programs which were designed to stem this tide of foreclosures? In speaking with our friends at 12th Street Capital, who have canvassed a number of the large mortgage servicing operations, we have learned that successful mortgage modifications are typically only occurring with mortgages that are delinquent 30 days or less. After that, homeowners are increasingly inclined to ‘walk away’ from homes which are further underwater (mortgage balance exceeds home value). In fact, Bloomberg highlights:
“It has been more profitable to put a home in foreclosure than restructure the loan,” Swonk said. “The only thing that helps is forgiveness of principal, and there is little willingness to do that.”
The greatest surge in foreclosure activity remains in those states which have already experienced enormous problems. The top 5 being Nevada, California, Arizona, Florida, and Utah. That said, our entire economy is intricately linked and these markets (especially California) cover a large percentage of our population.
What are the implications for this ongoing foreclosure activity? (more…)
Tags: 12th Street Capital canvassing mortgage servicers, Diane Swonk comments on home foreclosures, foreclosures will keep credit very tight, foreclosures will keep new issue securitization markets quiet, foreclosures will keep retail sales under pressure, foreclosures will mean inventories will not be rebuilt, foreclosures will mean property taxes will decline, foreclosures will negatively impact asset values of securities and investments, foreclosures willlea dto service cuts and higher taxes, future of economy, health of housing market, home foreclosures surge, home prices declining, housing, how many homeowners are underwater, implications and effects of mortgage foreclosure activity, long-term health of economy, National Association of Realtors report on home prices, pace of home foreclosures, pace of mortgage modifications, RealtyTrac Inc. report on foreclosures, retail sales report August 13 2009, top states for mortgage foreclosures, U.S. foreclosure Filings Set Third record-High in Five Months, Wall street rebounds Main Street loses value, what does underwater mean on a home mortgage, willingness to forgive mortgage principal, Zillow.com report on home prices
Posted in foreclosures, General, Housing Crisis | 6 Comments »
Posted by Larry Doyle on August 12th, 2009 4:53 PM |
High five to Always Learning for pointing out that not unlike the disparity in the housing and mortgage markets, the banking industry is truly a tale of two systems. Those systems being institutions deemed ‘too big to fail’ and everybody else. I am increasingly concerned about this very prospect. Why?
The largest institutions are now married to Uncle Sam, whether either partner likes it or not. Certain of these marriages (Citi and BofA) are more formal while the balance are more ‘friends with benefits.’
What about the small fry banks struggling with loan books that continue to bleed money but without the capital market activities to generate the gift-like earnings supported by the totally accomodative Federal Reserve? What does the future hold for these institutions?
First and foremost, a significant number of these banks are burdened by rising delinquencies and defaults in their commercial, construction, corporate, and residential loan books. As Bloomberg highlights in writing, TARP Panel Says Smaller Banks May Need Fresh Capital:
Regional and some smaller U.S. banks may need $12 billion to $14 billion in additional capital to cope with troubled loans still on their books, the Congressional Oversight Panel said today in a monthly report.
The panel, which reports to lawmakers and was created to monitor the $700 billion Troubled Asset Relief Program, said the biggest U.S. banks appear prepared to handle more loan losses, particularly the 19 banks that regulators put through stress tests earlier this year. Banks with assets of $600 million to $100 billion may face bigger challenges, the panel said.
My gut instinct tells me that the $12-14 billion figure for banks beyond the top 19 is likely low. That said, where may these institutions raise this capital? One of three places: (more…)
Tags: are banks able to sell whole loans, banks married to Uncle Sam, banks too big to fail, Congressional Oversight Panel report on small banks, disparity in banking industry, Elizabeth Warren comments on smaller and regional banks, future of many small and regional banks, how will regulators manage greater risks in institutions deemed too large to fail, how will small banks raise capital, large banks versus small and regional banks, small banks without capital market activities, split in banking industry, struggles of small banks, TARP Panel Says Smaller Banks May Need Fresh Capital, what are smaller banks doing with whole loans, what happened to Legacy Loan Program, who woudl buy assets of smaller banks
Posted in Banking Institutions, General | 2 Comments »
Posted by Larry Doyle on August 12th, 2009 1:38 PM |
When Harry Markopolos speaks, I listen. Harry spoke at a recent gathering on Long Island. Why isn’t Harry’s message being widely disseminated?
Harry has unquestioned credibility and integrity given his Congressional testimony this past February 4th. While listening to Harry’s testimony, I knew he was truly special and wrote “Riveting Testimony from a Great American, Harry Markopolos”:
This morning I have been witnessing the Congressional testimony of a great American, Harry Markopolos, in regard to the specifics of the Bernie Madoff debacle and the state of the regulatory world at large. His service and commitment are truly heroic. I hold him in the highest regard. America needs more men like Harry Markopolos!! Mr. Markopolos and three of his colleagues dedicated thousands of hours to investigating the Madoff fraud over the course of more than ten years. His comments and condemnations are riveting.
What does Harry have to say now and why is it that Page Six of The New York Post seems to be the only media coverage of his comments? The Post reports Scandal Bigger Than Bernie: (more…)
Tags: Derivatives Overhaul Seeks to Reduce Risk, harry Markopolo speaks about CDS market, Harry Markopolos, harry Markopolos issues warning signals about derivatives, Harry Markopolos says derivatives markets will make Ponzi scum look mild, Harry Markopolos speaks about risks in derivatives, Harry Markopolos speaks at Greek Orthodox Church in Southampton, Harry Markopolos speaks at Long Island church, Markopolos says derivatives evildoers will make Ponzi scum look small time, Markopolos smarter than the SEC, Scandal Bigger Than Bernie, why hasn't media covered markopolos speech about derivatives
Posted in General, Harry Markopolos | 1 Comment »
Posted by Larry Doyle on August 12th, 2009 11:10 AM |
It’s getting late but the party is going strong. The chaperone is growing weary and knows it is time for a graceful exit. The partygoers, however, are having so much fun; their youthful exuberance and enthusiasm is peaking after a difficult stretch. What is the next dance that will break out?
Welcome to the world of Wall Street and Washington, August 12, 2009. Today all eyes are on Ben Bernanke as the Federal Reserve wraps up their two-day meeting, with a Fed release at 2:15pm.
How will Ben thread the needle in the process of keeping the inflation hawks at bay while not spoiling the current Wall Street bash? ‘Fed-speak’ is carefully scripted and typically all encompassing. In so many words, Bernanke will highlight the progress made to date, while simultaneously invoking the need for continued support given underlying economic concerns.
From a practical standpoint, there is little doubt Bernanke will again reiterate his message of leaving the Fed Fund rates at 0-.25% for ‘an extended period.’ He will likely try to spin the expected end of the Fed’s quantitative easing program as purely a function of the ongoing economic recovery.
The concern, though, remains that Ben will let the party get overly rambunctious. Don’t think for a second that the Wall Street crowd is not already feeling ‘mighty good’ and ‘well lubricated’ looking forward to a quick return to those outsized bonuses thanks to Ben’s easy money policy.
In short, figuratively Ben will look to leave the festivities but will leave his credit card so the boys can rock on.
Where are the cops?
LD
Related Commentary:
Bernanke Promises to Keep ‘Punch Bowl’ Filled (July 21, 2009)
Fed May Recognize Faster Growth, Keep Rates ‘Exceptionally Low’
by Steve Matthews and Vivien Lou Chen
Bloomberg; August 12, 2009
Tags: Ben bernanke will leave credit card to pay for Wall Street party, Ben Bernanke's approach to the economy and markets, Fed May recognize faster Growth Keep rates Exceptionally Low, Fed needs to continue to support weak economy, Fed's exit from Treasury purchases, fed's quantitative easing program, Fed-speak is carefully scripted, Federal reserve interest rate policy, Federal Reserve policy, federal reserve will leave artes low for extended period, is Fed creating another asset bubble, party on Wall Street
Posted in Federal Reserve, General, Wall Street | 1 Comment »
Posted by Larry Doyle on August 12th, 2009 6:10 AM |
I recently received an e-mail from the head of a Madoff Victims Coalition. The e-mail was in response to a post I had written about Madoff CFO Frank DiPascali. The e-mail truly moved me.
With the permission of the writer, I share it with you. There is nothing more for me to add to the message embedded in this communication. America has failed these brothers and sisters of ours. Will we allow our elected representatives to permit this failure to go unheeded or merely be glossed over? Please read, ponder, and share this post with those whom you believe love this country. These people deserve our support.
Larry,
I feel the sincerity in your email. Thank you. It’s been a tough struggle for the last 8 months. I don’t think anyone, no matter how empathetic, can fully understand what it means to have everything you ever worked for taken away in the blink of an eye. Initially, we reeled from the loss of money, but as time goes on we realize that it wasn’t just a financial loss. Many victims feel betrayed by our country, unprotected by the alleged laws that are in place, and helpless because of those in charge of executing the laws. That’s a huge loss. Then there’s the loss of homes, medical care, legacies to children and grandchildren. The list of horrors goes on and on.
There are so many aspects of our battles. We have the failure of the SEC to find the fraud. Then we have their failure to recognize it when Harry Markopolos handed them the facts. They even missed warnings from their own internal counsel. This must be addressed so that no one else will ever have to experience the devastation we are feeling.
Another aspect, and one I think is more applicable now is the fact that one man (Irving Picard) has unilaterally opted to change the SIPC protection by arbitrarily changing the basis for payment of claims. I’ve researched past SIPC cases, and am in contact with my counterpart in the Stanford case and see the SIPC pattern-their rules are so vague (intentionally?) that they can be interpreted any way that suits SIPC’s needs. This is also a complaint issued by the GAO in an report they issued. Picard Is literally robbing people of money they are owed. The travesty continues with the fact that the SEC has oversight over SIPC and is standing by an letting this happen. Where is the justice? Where is the trust? How can an investor have confidence? (more…)
Tags: aspects of Madoff victims' losses, Bernard Madoff Victims Coalition, BernardMadoffVictims.org Coalition, Congress must intervene on behalf of Madoff victims, did America fail Madoff victims, GAO report on Madoff scam, Harry Markopolos, how did Madoff not get detected, How did SEC not follow Markopolos leads, Irving Picard changed SIPC protection, losses of Madoff victims, Madoff victims are defending themselves, Madoff victims betrayed by our country, Madoff Victims Coalition, Madoff victims unprotected by regulators and laws, Madoff victims want to share information on scam and details, Ronnie Sue Ambrosino, SEC failure in Madoff scam, SEC missed warnings from own counsel, SIPC cases and claims, total losses of Madoff victims, victims of Madoff scam, who oversees SIPC
Posted in Bernie Madoff, General | 2 Comments »
Posted by Larry Doyle on August 11th, 2009 4:55 PM |
What good is insurance if after the storm you do not get paid? What good is insurance if the premiums charged are so badly mispriced that they misrepresent and do not cover the embedded risks? Welcome to the world of the Securities Investor Protection Corporation.
Is SIPC a mere facade presented by the Wall Street titans?
Let’s get the take of those who recently relied upon SIPC to fulfill its obligations. To whom do I refer? The victims of the Madoff scam.
If these investors were not protected, then how are we to believe that other investors will be protected on a going forward basis?
Why do I make that statement? None other than current head of the SEC Mary Schapiro addressed this topic in recent Congressional testimony. In a press release put out by Madoff victims, Schapiro admitted that SIPC did not have sufficient funds to pay all of the Madoff claims.
Who funds SIPC? The Wall Street banks. Yes, those banks that have been printing massive revenues and believe that they are back to ‘business as usual.’ Why aren’t the premiums immediately increased on these institutions to properly compensate Madoff victims?
To the extent that certain Madoff investors were aware of the Ponzi scam, obviously they should not receive restitution. I have to believe that number is in the distinct minority.
Given the general lack of confidence in our financial regulators,(the SEC and FINRA) would Congress have the heart and courage to take on the financial behemoths on Wall Street in an attempt to protect the investing public?
These questions and issues lie at the core of badly needed financial regulatory reform. Yes, that reform which seems to be on the back burner now that the markets have rebounded and Wall Street is printing money once again.
Make no mistake, though, that pot is still boiling and these questions need to be fully addressed and answered to the public’s satisfaction.
For a deeper understanding of these questions from the perspectives of the victims of the Madoff scam, please read this recent press release from the Bernard Madoff Victims Coalition. Click on the image below to access a PDF of the full 2-page press release. Let me know what you think.
LD
Tags: Bernard Madoff Victims Coalition, Bernie Madoff, financial regulatory reform, how are investors protected by SIPC, how is SIPC funded ?, investor risks of being repaid from failed broker-dealers, is SIPC a mere facade presented by Wall Street banks, lack of confidence in SEC and FINRA, Madoff victims speak about SIPC, Mary Schapiro, Mary Schapiro speaks about SIPC, Securities Investor Protection Corporation, SIPC, SIPC did not have funds to pay Madoff claims, what about financial regulatory reform, what does SIPC do, who funds SIPC
Posted in Bernie Madoff, General, regulation | 3 Comments »
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Home Foreclosures Continue to Surge. What Does It All Mean?
Posted by Larry Doyle on August 13th, 2009 8:22 AM |
Bloomberg reports, U.S. Foreclosure Filings Set Third Record-High in Five Months:
What is this ongoing foreclosure activity doing to home prices? It’s not good.
What about the mortgage modification programs which were designed to stem this tide of foreclosures? In speaking with our friends at 12th Street Capital, who have canvassed a number of the large mortgage servicing operations, we have learned that successful mortgage modifications are typically only occurring with mortgages that are delinquent 30 days or less. After that, homeowners are increasingly inclined to ‘walk away’ from homes which are further underwater (mortgage balance exceeds home value). In fact, Bloomberg highlights:
The greatest surge in foreclosure activity remains in those states which have already experienced enormous problems. The top 5 being Nevada, California, Arizona, Florida, and Utah. That said, our entire economy is intricately linked and these markets (especially California) cover a large percentage of our population.
What are the implications for this ongoing foreclosure activity? (more…)
Tags: 12th Street Capital canvassing mortgage servicers, Diane Swonk comments on home foreclosures, foreclosures will keep credit very tight, foreclosures will keep new issue securitization markets quiet, foreclosures will keep retail sales under pressure, foreclosures will mean inventories will not be rebuilt, foreclosures will mean property taxes will decline, foreclosures will negatively impact asset values of securities and investments, foreclosures willlea dto service cuts and higher taxes, future of economy, health of housing market, home foreclosures surge, home prices declining, housing, how many homeowners are underwater, implications and effects of mortgage foreclosure activity, long-term health of economy, National Association of Realtors report on home prices, pace of home foreclosures, pace of mortgage modifications, RealtyTrac Inc. report on foreclosures, retail sales report August 13 2009, top states for mortgage foreclosures, U.S. foreclosure Filings Set Third record-High in Five Months, Wall street rebounds Main Street loses value, what does underwater mean on a home mortgage, willingness to forgive mortgage principal, Zillow.com report on home prices
Posted in foreclosures, General, Housing Crisis | 6 Comments »