Monday, June 29, 2015

Today's links

1--Eastring vs. Balkan Stream: The Battle For Greece  (must read)
2--Five Myths About the Iran Deal
3--Oil Firms In Talks With Iran Ahead Of Nuclear Deal
4--Greek collapse, global turbulence loom as Syriza imposes capital controls

5--Yield-starved investors driving asset prices to dangerous levels: OECD

6--No capex recovery

7---Wall Street On Parade has uncovered a major new area of concern. For more than two years now, SEC Chair Mary Jo White has been aware that the most dangerous banks on Wall Street, which are publicly traded securities, have been engaging in “capital relief trades” with hedge funds and private equity firms to dress up the appearance of stronger capital while keeping the deteriorating assets on their books. But neither White nor her Director of Enforcement, Andrew Ceresney, have put a halt to the practice.

8---Worst capex recovery ever

9--3.5 Million Foreclosures Delayed Through Can-Kicking

Fannie Mae and Freddie Mac combined to complete 65,960 foreclosure prevention actions in Q1 this year, bringing the total of such actions up to almost 3. 5 million between the two GSEs since September 2008 when the conservatorships began, according to the Federal Housing Finance Agency (FHFA)’s Q1 2015 Foreclosure Prevention Report released on Tuesday.

Out of those 3.5 million foreclosure prevention actions in nearly seven years, 2.9 million borrowers completed home retention actions that helped them stay in their homes. About 1.8 million of those borrowers received permanent loan modifications, according to FHFA. Borrowers completed 41,321 permanent loan modifications in Q1, a slight increase from 40,922 in Q4. Approximately 31 percent of borrowers receiving permanent loan modifications in Q1 saw their monthly mortgage payments reduced by 30 percent or more. FHFA reported that as of the end of the first quarter, approximately 17 percent of loans modified in the first quarter of 2014 had missed two or more payments.

Of those nearly 66,000 foreclosure prevention actions completed during Q1, 56,451 of them were home retention actions (loan modifications, repayment plans, forbearance plans, or charge-offs-in-lieu). According to FHFA, 9,509 of those Q1 foreclosure prevention actions were home forfeiture actions (short sales or deeds-in-lieu of foreclosure).
Third-party sales and foreclosure sales totaled 34,873 during the quarter, foreclosure starts totaled 70,267, and REO inventory for both Fannie Mae and Freddie Mac was 100,279, according to FHFA

11--- NATO increases support for Ukrainian regime, warns of renewed fighting

12--Oil glut fakery?


14---New U.S. single-family home sales increased in May to a more than seven-year high, further brightening the outlook for the housing market and the broader economy. (Tweet this)
The Commerce Department said on Tuesday sales rose 2.2 percent to a seasonally adjusted annual rate of 546,000 units, the highest level since February 2008. April’s sales pace was revised to 534,000 units from the previously reported 517,000 units.
Economists polled by Reuters had forecast new home sales, which account for 9.3 percent of the market, rising to a 525,000-unit pace last month.

15---California housing market slows considerably
California’s massive housing market is slowing down in almost every way imaginable, according to the latest California Real Property Report from PropertyRadar.
California single-family home and condominium sales dropped 3.5% to 36,912 in May from 38,249 in April.
However, the report explained that what is unusual this month is that the decrease in sales was due to a decline in both distressed and non-distressed property sales that fell 8.6% and 2.5%, respectively. The monthly decline in non-distressed sales is the first May decline since 2005.

On a yearly basis, sales were up slightly, gaining 2.3% from 36,096 in May 2014.
“With the exception of a few counties, price increases have slowed considerably,” said Madeline Schnapp, director of economic research for PropertyRadar. “You cannot defy gravity.”
“The environment of rising prices on lower sales volumes was destined not to last. Higher borrowing costs since the beginning of the year and decreased affordability was bound to impact sales sooner or later. We may also be seeing the fourth year in a row where prices jumped early in the year, only to roll-over and head lower later the rest of the year,” Schnapp continued.

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