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Loss Severities and the Lengthening Foreclosure Process
While the level of new delinquencies on residential mortgage loans has stabilized, the size of the “foreclosure pipeline†continues to grow. According to recent reports from RealtyTrac, just under two million homes in the United States are in some stage of foreclosure. In its most recent delinquency survey, the Mortgage Bankers Association reported that 3.85% of all U.S. mortgages are in foreclosure; within the Bloomberg securitized non-agency database, a staggering 21.9% of all loans are 90 or more days delinquent, as of August.
Mid-Day Recap: Stocks Fall Fast After Lunch Hour
Mixed housing and labor reports caused equity markets to flounder on Thursday morning. Early gains were given up, and after a second climb appeared to give equities a clear positive direction for the day, all three indexes fell off a cliff a little after Noon.rnrnApproaching 1pm, the S&P 500 is worst off with a 0.52% loss to 1,063. This follows a 3.11% gain earlier in the week, which put the benchmark index at new 11-month highs. The Nasdaq is a down a similar 0.51% as it trades at 2,122, and the Dow is 0.26% lower at 9,767. If stocks fail
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Published by the Federal Reserve Bank of San FranciscoIt was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...