Foreclosures rise 17% in 2nd QTR

[Zander]

Washington Post

The number of homes lost to foreclosures rose about 17 percent in the second quarter of this year despite the launch of an extensive government program aimed at helping borrowers save their home, according to government data released Wednesday.

Completed foreclosures reached 106,007 during the second quarter, compared with 90,696 during the first three months of the year, according to the report by the Office of Thrift Supervision and the Office of the Comptroller of the Currency, which regulates banks. Their quarterly report examines 64 percent of outstanding mortgages in the country.

We are not in an economic recovery,we are not even close to the end of this. We are in a deep deflationary recession that is not going away anytime soon. Banks are unwilling to lend money on devalued assets, Businesses are not willing to expand in uncertain times, Unemployment is still rising, job losses are over 2.5 million since January with more to come, foreclosures are increasing at an alarming rate and will get worse in the 3rd qtr; yet Bernanke and his cronies say that "the worst is behind us"?

PT Barnum said it best: "There's a sucker born every minute". (shakes head)

 

[The Rabbi]

Some of that of course is the Obama Administration's pressure on banks to work out mortgages with delinquent borrowers. ALl that did was postpone foreclosure, like to now.
The economy is in flux. Employment is the last thing to rise in a recovery. I'd like to see figures on overtime. Those would be very meaningful.

 

[Zander]

Some of that of course is the Obama Administration's pressure on banks to work out mortgages with delinquent borrowers. ALl that did was postpone foreclosure, like to now.
The economy is in flux. Employment is the last thing to rise in a recovery. I'd like to see figures on overtime. Those would be very meaningful.

Check this out - NPR reported that employees are working less hours not more. That is a very bad sign. Typically in a recession, when companies lay off employees the remaining employees work longer hours/overtime. That is not happening this time.

INSKEEP: Why aren't employers hiring if people think the economy is starting to recover and companies certainly want to be in position for that?

LANGFITT: Number of reasons: anxiety, uncertainty. They're not sure that this is going to a strong recovery. Another thing is that companies have really restructured during this recession. They've cut hours and payrolls. They've become a lot more efficient. We always hear that old saw, doing more with less. But that is what they're doing. I was talking to some chief financial officers, yesterday, and they said they don't feel like they have to go back quickly to this old staffing levels. The first thing they're going to do instead of hiring is give more hours, maybe, back to existing workers. But they're not even doing that now. If you look at this report, the average hourly work week was actually down.

 

[The Rabbi]

I'd still like to see it from Bureau of Labor Statistics.
Overtime will be one of the first things to go up in a recovery, as employers will work people more rather than make a huge investment in new hires. Of course with health care looming, which means big mandates, employers will be even less likely to hire anyone new.
If overtime really is flat then we are not done with the recession by a long shot.

 

[pinqy]

I'd still like to see it from Bureau of Labor Statistics.

Here you go
Total private isn't down by much...down 18 minutes/week since last year. The problem is more by industry...construction, mining/logging have seen much greater decreases than other industries.

Overtime figures you won't see from BLS...full-time (as used by BLS and the Census) is 35 hrs/week, and they don't seperate out exempt and non-exempt positions. Add on that different states have different laws often more generous than the FLSA, and judging an increase in overtime becomes impossible at this scale.

But you are right that we really do need to see an increase in hours worked before we could really start saying the recession is over.

 

[mascale]

Temp Helps will pick up in October, which happens any day, now: If we're counting.

"Crow, James Crow: Shaken, Not Stirred!"
(Black teens, of course, will mainly join gangs, get shot and die: If we're counting--which the West Wing apparently doesn't, in the entrepreneurial spirit of the Reagan Trajectory!)

 

[pinqy]

Temp Helps will pick up in October, which happens any day, now: If we're counting.

No, they won't. The avg hours are seasonally adjusted to eliminate normal trends of increase and decrease to see the underlying reality.

 

[The Rabbi]

I'd still like to see it from Bureau of Labor Statistics.

Here you go
Total private isn't down by much...down 18 minutes/week since last year. The problem is more by industry...construction, mining/logging have seen much greater decreases than other industries.

Overtime figures you won't see from BLS...full-time (as used by BLS and the Census) is 35 hrs/week, and they don't seperate out exempt and non-exempt positions. Add on that different states have different laws often more generous than the FLSA, and judging an increase in overtime becomes impossible at this scale.

But you are right that we really do need to see an increase in hours worked before we could really start saying the recession is over.

Thanks.
Look at overtime hours for manufacturing and durable goods. Absolutely flat line.
There is no recovery. The stimulus is a failure, as we all predicted. I further predict we'll see "Son of Stimulus" in the next few weeks.

 

[Missourian]

I think what we are seeing today is the new economic reality.

We borrowed prosperity against the future and now the future is here.

Hope we learn our lesson and apply it to government spending...but I'm not hopeful.

 

[mascale]

The temp help category is separately reported, and the September decline was nearly zero.

Here, however, is an example of just who the recovery is for.

This below is posted on FedBizOpps, like most of them in the "sources sought," "pre-solicitation," or "solicitation" stage. There was at least one federal recovery project awarded just yesterday. Just below it, there is a federal soliciation to repair the roof of a toilet building, somewhere in a meadow in the Lake Tahoe area.

In Ivy League America, projects like that take time. . . .just to bid.

So this below is for "market research!" No real project is apparently yet contemplated.

"HIn compliance with the transparency and accountability requirements associated with the supplemental appropriations provided by the American Recovery and Reinvestment Act of 2009(the "Act"), Public Law 111.5, this notice is for market research. The USGS has a requirement for support to the Advanced National Seismic System (ANSS) National Operations Center (NOC) production of software. These systems will include but not be limited to Earthworm, Hydra architecture and database schema, and Oracle based Wave Server.

The following are unique and essential qualifications for this ARRA requirement: in-depth knowledge and a minimum of eight years of professional experience with Oracle DBMS which is used in Hydra and Earthworm; the development of C based API interface C and C++ programs to the Oracle DBMS using high performance OCI libraries; Oracle administrative experience including installation, configuration, maintenance and performance tuning; ability to enhance the schema for Earthworm, Hydra system architecture; maintain the Hydra GLASS Associator code and write critical portions of the Hydra and Earthworm DBMS projects; experience with USGS in the above capacities.

Based on the information available at this time and in accordance with 41U.S.C.253 (c) (1), implemented by FAR 6.302-1, the Government considers the items specified as sole source from Katylyst , the incumbent contractor, and propose to negotiate a contract with that firm on that basis. However, should additional sources be identified, they will be considered. Firms who feel they can provide the required services within the criteria specified herein are requested to give written notification (including the telephone number for a point of contact) to the procuring office within fifteen (15) business days from the date of this synopsis. An affirmative response must include sufficient information to determine that the company has the requisite experience to perform. This information will be evaluated and used to determine of competitive opportunities exist. Since no solicitation document exists, requests for such documents without accompanying information will be considered non-responsive to this without further consideration.

The Government anticipates award of sole source, firm fixed level of effort type contract with task orders. The procurement is anticipated to include a period of performance from December 1, 2009 through September 1, 2010 with one twelve month option period.

Full or partial funding for the requirements to be completed by the contractor will utilize funds provided by the Act. Inclusions of unique provisions required implementing the Act, including those for significant reporting and transparency requirements are required. No reimbursement will be made for any costs associated with providing information in response to this announcement. (ATN SE0001E, TAS 14 0803)
Additional Info:
Please click here to view more details.
Contracting Office Address:
U S GEOLOGICAL SURVEY, APS PO BOX 25046 MS204ADENVER FEDERAL CENTER DENVER CO 80225
Place of Performance:
Arroyo, CA
934204426
US
Point of Contact(s):
MICHAEL J MCNAMARA CONTRACT SPECIALIST 3032389329 ;

Point of Contact above, or if none listed, contact the IDEAS EC HELP DESK for assistance"

"Crow, James Crow: Shaken, Not Stirred"
(Anyone guesses that Crips and Bloods are not encouraged to apply--nor any Vatos: Nor in fact any unemployed teens at all! That, apparently, won't even happen later on!)

 

[Zander]

I'd still like to see it from Bureau of Labor Statistics.
Overtime will be one of the first things to go up in a recovery, as employers will work people more rather than make a huge investment in new hires. Of course with health care looming, which means big mandates, employers will be even less likely to hire anyone new.
If overtime really is flat then we are not done with the recession by a long shot.

The report is from the BLS.