Sponsored Content




Intermarkets' Privacy Policy
Support


Donate to Ace of Spades HQ!



Recent Entries
Absent Friends
Bandersnatch 2024
GnuBreed 2024
Captain Hate 2023
moon_over_vermont 2023
westminsterdogshow 2023
Ann Wilson(Empire1) 2022
Dave In Texas 2022
Jesse in D.C. 2022
OregonMuse 2022
redc1c4 2021
Tami 2021
Chavez the Hugo 2020
Ibguy 2020
Rickl 2019
Joffen 2014
AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published. Contact OrangeEnt for info:
maildrop62 at proton dot me
Cutting The Cord And Email Security
Moron Meet-Ups

NoVaMoMe 2024: 06/08/2024
Arlington, VA
Details to follow


Texas MoMe 2024: 10/18/2024-10/19/2024 Corsicana,TX
Contact Ben Had for info





















« I Heard A Great Joke Yesterday...Former NY Governor George Pataki Might Be Thinking Of Running For President! | Main | Gaia Is Trying To Kill Us »
April 15, 2010

Economy surges, biggest jump in 5 years!

Oh....my bad, did I say "economy"? I meant to say foreclosures.

A record number of U.S. homes were lost to foreclosure in the first three months of this year...

...the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009...

..."We're right now on pace to see more than 1 million bank repossessions this year,"...In all, more than 900,000 households, or one in every 138 homes, received a foreclosure-related notice...

Lets do a little back of the envelope calculation here.

~1,000,000 foreclosures in the pipeline, right?

If the banks take say a 20% haircut blowing them out into an already soft market (I think this is very conservative figure), and they had maybe $150,000 left on the loans on average (also probably conservative), then someone gets clipped for $30,000+/unit.

That's a $30,000,000,000 (30 billion) kick in the balls to a bunch of institutions that aren't exactly a paragon of rock sold stability right now.

In reality, I suspect the losses can be doubled to tripled from my crude estimate in some markets. Many of those joints will be trashed/stripped needing major wiring/plumbing work to replace what was removed and scrapped and won't sell anywhere near a "modest" 20% loss.


digg this
posted by Purp at 10:30 AM

| Access Comments




Recent Comments
Moron Robbie - If this is how Georgia hires attorneys, imagine how they manage elections: "I think it was grump928 who made an outstanding po ..."

Don Black: "is everyone over on the main page, slapping f5 lik ..."

JackStraw: ">>The long-shredded pretense to impartiality is su ..."

Moron Robbie - If this is how Georgia hires attorneys, imagine how they manage elections: "Wakandyass it is! ..."

Don Black: "NYR 0 COL 0 end 1st p 🏒 ..."

Alberta Oil Peon: "If the Wakandians hadn't been isolationists then t ..."

Puddleglum at work: "[i]173 167 I’ve often speculated that the re ..."

Moron Robbie - If this is how Georgia hires attorneys, imagine how they manage elections: "If the Wakandians hadn't been isolationists then t ..."

Ciampino - Bloody 'experts' again ...: "158 For being the alleged "birthplace of civilizat ..."

sock_rat_eez - these lying bastardi e stronzi have been lying to us for decades [/b][/u][/i][/s]: "got to have a spread of alternatives, amirite? ..."

Bulgaroctonus : "167 I’ve often speculated that the reason th ..."

Hairyback Guy: "Anita Bryant > All Other Female Crooners ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64