Meredith Whitney on the market. Another great video from this woman.
"A great sucking sound of liquidity" what a great line to describe the housing market. She certainly rips the housing market in this video.
I also liked her take on the government becoming a rental agency with the new program of renting foreclosed homes back to former owners. She says government programs have gone from the ridiculous to the sublime.
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Mortgage delinquencies hit another record in 3Q
12:04 am EST, Tuesday November 17, 2009
NEW YORK (AP) -- The good news is that the pace at which people fell behind on their mortgages slowed during the summer for the third quarter in a row. The bad news is the overall delinquency rate hit another record.
For the three months ended Sept. 30, 6.25 percent of U.S. mortgage loans were 60 or more days past due, according to credit reporting agency TransUnion. That's up 58 percent, from 3.96 percent, a year ago.
Being two months behind is considered a first step toward foreclosure, because it's so hard to catch up with payments at that point.
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-- In California, the rate jumped to 10.2 percent, from 5.8 percent last year.
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