Thursday, August 14, 2008

Bank Or REIT..... :-)

I know that the headline is a little bit overstreched but i couldn´t resist.....When you now add Quelle Surprise! Banks Taking Big Losses on Real Estate Disposals via Naked Capitalism ( watch the chart! ) you know that the bottom for banking stocks and housing is nowhere near. .... Unless you are "Easy Al" Greenspan Calls a Housing Bottom (Again) Thanks Mark :-)!

Bin mir sehr wohl bewußt das die Überschrift natürlich übetrieben its. Da der Trend aber aif Sicht anhalten wird würde es mich nicht weiter wundern wenn die größten US Banken demnächst unter den größten Immobilienbesitzern auftauchen werden ( wenn auch ungewollt....) Wenn man jetzt noch dieses Posting von Naked Capitalism Quelle Surprise! Banks Taking Big Losses on Real Estate Disposals in die Betrachtung miteinbezieht ( bitte den Chart beachten ) ist es offensichtlich das der Boden der ja jetzt zum gefühlten zwanzigsten Male von sog. "Experten" ( hier ein extrem tarurigens und schauriges Beispiel Greenspan Calls a Housing Bottom (Again) ) ausgerufen worden ist für US Finanzwerte und den Immobilienmarkt noch lange nicht erreicht ist.

U.S. Foreclosures Increase 55%, Bank Seizures Rise to Record Bloomberg
Bank repossessions almost tripled in July and U.S. foreclosure filings increased 55 percent from a year earlier as falling prices cut homeowner equity, accelerating the housing decline, RealtyTrac Inc. said. ....

Bank seizures rose 184 percent, the most since reporting began in January 2005, the Irvine, California-based seller of foreclosure data said today in a statement

Bank seizures, known as real estate-owned or REO properties, are the ``fastest growing segment of foreclosure activity,'' James Saccacio, chief executive officer of RealtyTrac, said in the statement. The REO properties in the company's database represent about 17 percent of the inventory of existing homes reported in June by the National Association of Realtors, he said.

via FT Alphaville

RealtyTrac now has more than three quarters of a million properties in its active REO database, a number that represents approximately 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors.

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3 Comments:

Anonymous OptimumWestInsuranceSucks said...

Maybe all the banks can form a SuperREIT - roll them all together and presto a new public company that can be listed in the NYSE

10:06 AM  
Blogger Mark Wadsworth said...

Except you are "Easy Al"?

"Unless you are Easy Al"

REITS - one of the biggest tricks that the UK government ever played.

Optimumwest, in a couple of years time, we can roll all the banks, house builders, estate agents and REITS into one big company, it still won't make the FTSE 100.

1:14 PM  
Blogger jmf said...

Moin,

here is a good take from Floyd Norris


Foreclosures Phony Mae & Fraudie Mac


Foreclosures are soaring. In 2006, Fannie and Freddie between them acquired 52,967 properties, a figure that leaped 36 percent, to 71,961, in 2007. During the first half of this year, there were 66,420 foreclosures by Fannie and Freddie.

Not only are there more foreclosures, the losses are much larger. In 2005, Fannie lost an average of 7 percent of the unpaid principal when it sold a foreclosed property. So far this year, the figure is 26 percent, and in California it is up to 40 percent. In all of 2006, Fannie foreclosed on 93 California homes. The current rate is almost 1,000 a month

10:02 PM  

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