Saturday October 2 Housing and Economic stories

KeNosHousingPortal.blogspot.com

TOP STORIES:

Wells will dump soon - (www.piggington.com) email I took of an investors forum post today that is pretty interesting: "Hello, If you are receiving this email, I currently am working on your short sale file or have worked on your file in the past few months. PLEASE READ THIS WHOLE EMAIL AND FORWARD TO ANY PARTIES WHO MAY BE WORKING ON A SHORT SALE FOR WELLS FARGO.

Due to recent industry changes, we at Wells Fargo will no longer be granting any extensions for short sale close dates or postponing foreclosure/trustee sale dates. If you were issued an extension letter dated 9/14 or earlier, those extension letters will be honored, but no further extensions will be granted. Files must close by expiration date on the original approval letter or they will be removed. If your approval expires 9/15 or 9/16, you will have 48 hours to get me the final HUD for approval and close. Please let me know if you have any questions! Thank you!

Timothy A. Williams, Wells Fargo Home Mortgage Liquidation"

State, Bay Area lose more jobs in August - (www.contracostatimes.com) Fresh rounds of statewide employment cuts were reported Friday by state officials, which unleashed warnings of a double-dip downturn for the California and Bay Area job markets. "We're getting a double-dip recession in the job market," said Jeffrey Michael, director of the Business Forecasting Center at University of the Pacific. "It's not a huge dip. But it is a dip." California employers jettisoned 33,500 jobs during August, while the Bay Area lost 3,800 jobs, the state's Employment Development Department reported Friday. The numbers were adjusted for seasonal changes. "The state jobs report was surprising and disappointing," said Stephen Levy, director of the Center for Continuing Study of the California Economy. The dismal economy triggered a rise in the California jobless rate, which reached 12.4 percent in August, up from 12.3 percent in July. Even worse, the August employment erosion can't be blamed on the disappearance of Census Bureau jobs. Private sector employment losses undermined the job market more than any other factor last month, the EDD report showed. Private-industry employers chopped 24,300 jobs in California.

More Delinquent Mortgages Entering Foreclosure Pipeline - (www.realestatechannel.com) According to Jacksonville-based Lender Processing Services' (NYSE: LPS) latest First Look Mortgage Report, mortgage performance statistics derived from their database of nearly 40 million mortgage loans showed an acceleration of U.S. home loan delinquencies entering the foreclosure process in August 2010. "The fact that we're seeing foreclosure inventories rising is more a factor of process than increasing deterioration," explains Herb Blecher, Senior Vice President of LPS Applied Analytics, "Loans that have been delinquent for a historically long period of time are just now beginning to move through the pipeline. As of July 2010, the average length of time a loan in foreclosure had been delinquent was nearly 470 days." Blecher further commented, "Now, after the intensive efforts of the last year or two, remaining home retention options appear to be exhausted and servicers are beginning to process more of these seriously delinquent loans."

The Secret Election - (www.nytimes.com) For all the headlines about the Tea Party and blind voter anger, the most disturbing story of this year’s election is embodied in an odd combination of numbers and letters: 501(c)(4). That is the legal designation for the advocacy committees that are sucking in many millions of anonymous corporate dollars, making this the most secretive election cycle since the Watergate years. As Michael Luo reported in The Timeslast week, the battle for Congress is largely being financed by a small corps of wealthy individuals and corporations whose names may never be known to the public. And the full brunt of that spending — most of it going to Republican candidates — has yet to be felt in this campaign.

Banks win delay over bid to raze abandoned condo complex - (www.sun-sentinel.com) Big banking won out Thursday over a neighborhood's hopes that the city would order the demolition of an abandoned condo complex that's become a haven for crime. Debris is strewn across the 58-unit complex along the north fork of the New River. The doors and windows have been stripped away. Vandals have destroyed walls and ripped out copper wiring and plumbing. The city has been paying for metal shutters to keep away squatters. City inspectors declared the New River Condominium to be a health and fire hazard, but banks won two delays over the summer to prevent its demolition. Residents of the River Gardens/Sweeting Estates neighborhood had hoped Thursday would bring an end to the delay, but instead a city board gave banks another 32 days to try to come up with a plan to salvage the property.

OTHER STORIES:

Bernanke: Economists Haven't Delivered Recovery - (www.cnbc.com)

Bank Robbers Strap Bomb to Abducted BofA Teller - (www.cnbc.com)

Defaults Account for Most of Pared Down Debt - (blogs.wsj.com)

Wants government out of way to let housing market recover - (www.newstimes.com)

Psychology of a housing market - (www.thirdwavegroup.com.au)

The Bottom Is Still Years Away - (www.dailyfinance.com)

Housing data not expected to sparkle - (www.marketwatch.com)

Where's the Foreclosure Flood? - (www.blogs.wsj.com)

Wells Fargo Dumping Title Risk of Forclosures on Hapless Buyers - (www.nakedcapitalism.com)

Lowered price from $3.15 million to $2.6 million, to no avail - (www.baycitizen.org)

Some in China ready to drop US debt and pour money into own nation - (www.dallasnews.com)

The American economy: The great debt drag - (www.economist.com)

Why housing bubbles aren't good for you - (www.yourhome.ca)

Household Net Worth off $12.3 Trillion from Peak - (www.calculatedriskblog.com)

Middle class bailed out banks, got nothing in return - (www.Mish)

Middle class running as fast as it can - (www.marketwatch.com)

The Tax-Cut Racket: Socialism For The Very Rich - (www.nytimes.com)