Construction fell 1% in June. That is 12% a year. Collapsing Economy!

[Neubarth]

Construction fell 1% in June. That is 12% a year. Collapsing Economy!!!!!


I thought it was funny as hell when the 1% number was announced this morning as "Only 1%" and the Sheeple bit on that and started buying and buying stocks. There is a fool born every minute, but most of them are born in the US of A.

Anybody who can do the math knows that is a horrible economic disaster a year and a half into this Depression. Things are not supposed to be crashing at 12 percent a year after they have been crashing for a year and a half already.

Once it dawns on people what the reality is, the stock market is going to fall by a sizable number.

 

[Mad Scientist]

Construction fell 1% in June. That is 12% a year. Collapsing Economy!!!!!
I thought it was funny as hell when the 1% number was announced this morning as "Only 1%" and the Sheeple bit on that and started buying and buying stocks. There is a fool born every minute, but most of them are born in the US of A.
Anybody who can do the math knows that is a horrible economic disaster a year and a half into this Depression. Things are not supposed to be crashing at 12 percent a year after they have been crashing for a year and a half already.
Once it dawns on people what the reality is, the stock market is going to fall by a sizable number.

What are you worried about Neubarth? Fannie and Freddie are coming to the rescue:
Fannie Mae and Freddie Mac Refinances up to 125% loan-to-value

Today the US Treasury Department announced an update to allow refinancing of mortgages backed by Fannie Mae and Freddie Mac up to a first lein position of 125% of the home’s appraisal value. This is a level that was previously set at 105% loan to value.

Kinda' sounds familiar though don't it?
Is first lein the same as first mortgage?

 

[Neubarth]

Sadly the reality of the 125% is that the Obama Administration is scared shitless. people are opting to let the banks forclose on them rather than try to refinance.

In most states it takes about six months to foreclose. That is six months of free rent if they accept their loss and just hang on as long as possible until eviction day. Now that they know they can ask for proof of the note and that some banks can not find the original note, some people have been living rent free for over a year. More power to them if they can get away with it. There is no income tax on free rent.

 

[Mad Scientist]

Sadly the reality of the 125% is that the Obama Administration is scared shitless. people are opting to let the banks forclose on them rather than try to refinance.

In most states it takes about six months to foreclose. That is six months of free rent if they accept their loss and just hang on as long as possible until eviction day. Now that they know they can ask for proof of the note and that some banks can not find the original note, some people have been living rent free for over a year. More power to them if they can get away with it. There is no income tax on free rent.

I have an idea! Seeing as how these mortgages will be backed with the full faith and credit of the US Government, how about if Fannie and Freddie just bundle these mortgages up and sell em' as derivatives?

 

[Terral]

Hi Neubarth:

Construction fell 1% in June. That is 12% a year. Collapsing Economy!!!!!

I thought it was funny as hell when the 1% number was announced this morning as "Only 1%" and the Sheeple bit on that and started buying and buying stocks. There is a fool born every minute, but most of them are born in the US of A.

Anybody who can do the math knows that is a horrible economic disaster a year and a half into this Depression. Things are not supposed to be crashing at 12 percent a year after they have been crashing for a year and a half already.

Once it dawns on people what the reality is, the stock market is going to fall by a sizable number.

You remind me a lot of Jeff Macke (my Topic) who woke up to realize that the U.S. Economy is . . .

[ame="http://www.youtube.com/watch?v=LD06SAf0p9A"]. . . IMPLODING like WTC-7 . . . [/ame]

. . . only in slow motion. Go back to September 18, 2008 to realize that Bernanke and Paulson (my Topic) wired the U.S. Economy for IMPLOSION with their three-page Bushie Administration Outline for the TARP1 Bailout Fiasco that nobody wants to implement even today. TARP 2 and all of these 'Stimulus Spending Spree’ Bailout Programs add more gravity to the IMPLOSION Process that is inflating the U.S. Dollar (Hyperinflation is coming) and adding Trillions and Trillions and Trillions to the more than 100 Trillion-dollar National Debt, while creating no JOBS at the very same time. However, at the same time we see record “Outsourcing of JOBS” overseas and the continual export of the manufacturing base ‘and’ the importation of as many Foreign Nationals (legal and illegal) as humanly possible. Think about these points very carefully to realize that the out-of-control Obama Administration is following in the footsteps of the out-of-control Bushie Administration in bringing the U.S. Economy DOWN very much on purpose!

Rather than do ‘his job’ of ENFORCING the Rule of Law, Obama is legislating from the Administrative Branch to make 'Comprehensive Illegal Amnesty' and ‘Cap and Tax’ and 'ObamaCare' components of his New World Order Reality. The states like California and Pennsylvania (story) are bankrupt and many others are looking at serious budget deficits (story), because the ‘Consumer Base’ has been systematically destroyed from the bottom rungs of the socioeconomic pyramid (masons, carpenters, roofers, painters and their helpers) to the service sector and beyond. States like California have allowed millions and millions and millions of Illegal Alien Foreign Nationals to systematically ‘displace’ California workers, which sends billions and billions and billions of dollars ‘out’ of the country to all corners of God’s Green Earth. California has become Grand Central Station for Illegal Aliens with more Sanctuary Cities than anybody:

Ojjpac.org/Sanctuary

·[FONT=&quot] California [/FONT]
·[FONT=&quot] Bell Gardens, CA [/FONT]
·[FONT=&quot] City of Industry, CA [/FONT]
·[FONT=&quot] City of Commerce, CA [/FONT]
·[FONT=&quot] Cypress, CA [/FONT]
·[FONT=&quot] Davis CA [/FONT]
·[FONT=&quot] Downey, CA [/FONT]
·[FONT=&quot] Fresno, CA (6/13/07 Congressional Research Service) [/FONT]
·[FONT=&quot] Lakewood, CA [/FONT]
·[FONT=&quot] Los Angeles, CA (Congressional Research Service) [/FONT]
·[FONT=&quot] Long Beach, CA [/FONT]
·[FONT=&quot] Lynwood, CA [/FONT]
·[FONT=&quot] Maywood, CA [/FONT]
·[FONT=&quot] Montebello, CA [/FONT]
·[FONT=&quot] National City, CA [/FONT]
·[FONT=&quot] Norwalk, CA [/FONT]
·[FONT=&quot] Oakland, CA (Added 8-27-07. Source: 4/25/07 story by KCBS 740 AM. Link here.) [/FONT]
·[FONT=&quot] Paramount, CA [/FONT]
·[FONT=&quot] Pico Rivera, CA [/FONT]
·[FONT=&quot] So. Gate, CA [/FONT]
·[FONT=&quot] San Bernardino, Ca. (Added 6/7/07, reader submitted / [/FONT][FONT=&quot]9/5/08 Listing disputed by the city administration* See addl.notes)[/FONT]
·[FONT=&quot] San Diego, CA (Congressional Research Service) [/FONT]
·[FONT=&quot] Santa Cruz, CA (Added 5/30/07, documented by KSBW news) [/FONT]
·[FONT=&quot] San Francisco, CA (Congressional Research Service) [/FONT]
·[FONT=&quot] San Jose, CA (6/13/07 Congressional Research Service) [/FONT]
·[FONT=&quot] Santa Maria, CA (11-18-08 Submitted research from local activist/ Listing disputed by the city administration) [/FONT]
·[FONT=&quot] Sonoma County, CA (Congressional Research Service) [/FONT]
·[FONT=&quot] Vernon, CA [/FONT]
·[FONT=&quot] Watsonville, CA (Added 5/30/07, documented by KSBW news) [/FONT]
·[FONT=&quot] Wilmington, CA [/FONT]

These idiots allow anyone in the world to simply come to the USA in the middle of the night to steal identities and JOBS from U.S. Citizens and then wonder why U.S. Workers cannot afford to make house payments and pay their taxes in an already-IMPLODING U.S. Economy. If the Obama Administration (or the Schwarzenegger Administration) had ANY thoughts at all about stopping (or even slowing down) the IMPLOSION process, they would be saving 20 Million U.S. JOBS by enforcing perfectly good Immigration Laws (Wiki) already on the books.

There is no bottom in the housing market, because the U.S. Consumer Base has already IMPLODED and U.S. Workers on the bottom rungs of society are competing with 10 and 20 Illegal Aliens living in one house; which is driving wages DOWN into the dirt and further destroying the tax base for all the States and the U.S. Govt. The entire U.S. Economy must IMPLODE in the near future, because that is exactly what Bush and now Obama have been orchestrating very much on purpose.

Be very careful, because waking the hell up will tend to make you appear crazy like Jeff Macke who finally connected the dots with the Automaker Bailout Fiasco that only works to assist the IMPLOSION process . . .

GL,

Terral

 

[editec]

Of course construction is falling.

Supply is up and demand is down.

There is a tremendous overhang of houses in the RE market, employment is down, and people lost trillions in the stock investments.

If we want to see the RE market start to recover?

We need to find a way to put people back to work at jobs that pay truly livable salaries.

As long as the median income is 1/6 the median housing price, the price of houses is too damned high.