The economy is showing some signs of improvement but the overall picture is still pretty bad.
By Daniel at 1 September, 2009, 9:26 am
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
-July 2009, 39,000 new homes were sold, 3rd lowest sales for July. (Record low 31,000 July 1982)
-7.91% of all commercial real estate delinquent
-8.84% of all residential real estate is underwater
-Over 3 million mortgage loans are +60 days late on payment (over 1 million are subprime)
-6.7% of all consumer credit cards are delinquent at the highest levels on record
-Banks are holding foreclosed properties off the market
-Banks have delayed the initiation of foreclosure proceedings
-Existing Home Inventory increased to 4.09 million in July Not all REO’s (bank owned) are included
-5.7 million jobs have been lost over the last year
-We have had 19 consecutive months of job losses
-Year over year employment is strongly negative
-Retail sales decreased 0.1% from June 09’to July 09’ (off 8.3% from July 2008)
-On a year-over-year basis, exports are off 22% and imports are off 31%
-Industrial production increased 0.5 percent in July
-The savings rate for 99% of the US population is negative
-The top 10% of households received 49.7% of income
-Personal income increased less than 0.1 percent
-Consumer bankruptcy filings reached 126,434 in July
-FDIC assumes most of the risk on $80 billion in loans and other assets.
-Car sales are up do to government stimulus. (expect a sharp decline next month)
-690,114 “Clunkers” were traded in, costing the taxpayer $2.87 billion
-average ratio of debt to GDP expected to exceed 100% in 3 years
-We have lost 20 years of wealth, but kept all the debt and adding more each day!
-Governments have been spending and borrowing like never before
-We have a zero interest-rate policy
-Ultimate downside risk has been taken by the taxpayer
ImpendingDoom
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
No comments yet.