Chris Manning

Market Update: Week Ending March 26th

Existing home sales fell 0.6% in February to a seasonally adjusted annual rate of 5.02 million units from 5.05 million units in January. The inventory of unsold homes on the market rose 9.5% to 3.59 million, an 8.6-month supply at the current sales pace, up from a 7.8-month supply in January.

Read more: Market Update: Week Ending March 26th

Ripped From The HeadLines: Recovery Is At Risk Of Collapsing

No question and it would be hard to miss home sales are sliding, prices are stalling and foreclosures are rising. And mortgage rates are likely to go up after next week, when the Federal Reserve ends a program that has driven them down.

"The trend could threaten the broader economy, economists warn. People whose home equity is stagnant or shrinking are less likely to spend freely.

"In a move that will help at least some homeowners avoid foreclosure, Bank of America unveiled a $3 billion plan Wednesday to help some of its most troubled borrowers. It said it will forgive up to 30 percent of their total mortgage balance. About 45,000 borrowers are expected to qualify, the bank said."

Read more: Ripped From The HeadLines: Recovery Is At Risk Of Collapsing

Yeah, Filings Are Up April 2010: Big Bark, No Bite

Big news across the news wires in DFW “Dallas-area foreclosure filings soar to a monthly record.” Postings are up past the 6,000 mark for the second time in history for the four county area we affectionately refer to as the Metroplex. In fact, there is 6,168 of them to be exact. That is a monthly record topping the previous high water mark of 6,072 in July 2009. Worse it is 18% higher than a year ago and if you look at Dallas (2,606) and Tarrant (2.078) they are individual record breakers respectively.

Sounds like a tidal wave doesn’t it? Wrong again  Kimosabe.

Read more: Yeah, Filings Are Up April 2010: Big Bark, No Bite

Economic Update - Week Ending March 5, 2010

Overall there are some signs of genuine strength in the enconomy right now. Rates remain low in large part due to the activities of the Feds in the Bond market. Unemployment is declining slightly though there are some naysayers that suggest that the number of jobs being created are woefully lower than were they should be if we are on track for a full recovery.

Read more: Economic Update - Week Ending March 5, 2010