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Just about every bullish forecaster in all of the markets of the world has the markets moving higher. It now seems to be called the ‘reflation trade’. This trade has become more powerful as time goes by, as now we have not just the Fed at the money printing game, but also the ECB, the BOE and the BOJ. With all of the present economic problems in the world, one of [...] Joe W.’s tweet this morning – “reading phrases like ‘Lex Monetae’ ” …and reading articles like http://www.businessinsider.com/howard-marks-tyranny-of-the-majority-2011-11 I was reminded of this New York Observer article from July 2010 about Elites who were ready to bug out if TSHTF. http://www.observer.com/2010/wall-street/new-doom here’s a snippet: 1. Major delinquencies (60 days or worse) have increased significantly since last March. 2. Banks are not foreclosing on these delinquencies. 3. The shadow inventory is increasing extremely rapidly. From my analysis, the gap between delinquencies and foreclosures are, on average, 75% higher than one year ago. So while many journalists are writing about the declining months of inventory, strong existing home sales or whatever else they feel like using in an attempt [...] Recently I’ve been reading articles documenting the increasing size of “the shadow inventory” of housing. Many articles mention that in addition to foreclosed properties, and REO’s, a rapidly growing portion of the shadow inventory is represented by homes for which the home loan is in default, but on which banks are not foreclosing. Many of the articles I’ve read explain some reasons why banks and [...] |
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