Posted by Larry Doyle on June 17th, 2010 12:23 PM |
Jobs and housing remain the key components to our economic future. Why do I believe we are in for a long and winding road as we navigate the economic landscape? The prospects for real improvements on both these fronts are not positive.
Just this morning, initial jobless claims ratcheted back up to 472k.
In regard to housing, if a picture speaks a thousand words, then the pictograph provided after the fold is a short novel. Despite the information provided here, this Wall Street Journal graph does not capture the full picture of our nation’s housing dilemma. (more…)
Posted by Larry Doyle on October 29th, 2009 4:16 PM |
How meaningful is the mortgage modification program? What have we gotten for the billions committed to this initiative? Are you sitting down?
For frame of reference, the U.S. Census Housing Data indicates there were 110.3 million occupied housing units in the country in 2007. Of that number, 68.1% were owner-occupied. Simple math tells us 75.1 million people owned their home at that point.
Various studies indicate that approximately one of every three homeowners are now ‘underwater’ (mortgage balance exceeds home value). Many analysts believe that number is headed higher. A Deutsche Bank analyst projects one of every two homeowners will ultimately be ‘underwater.’
Simple math indicates that approximately 25 million homeowners are underwater. What is being done to support these homeowners? Uncle Sam’s primary program to support this growing problem is the ‘mortgage modification’ program. This program is supposed to be driven by mortgage servicers. How is it working? Let’s navigate. (more…)