Too much political grandstanding going on around here lately. Time to give em somethin’ to talk about.
Every week I get a NOD/NOT/REO report from my title officer. When I get it, I generally look for two key indicators of interest to me. The first is the distressed properties in the markets I follow. Not much has changed here and there is very little activity in them.
Here is what has changed….and in a BIG BIG way. Since the beginning of this year the NOD report has been between 50 and 75 pages long (FYI-there are 4 properties on each page). Last weeks report went PARABOLIC! It was 144 pages long….gulp! The NOT list also roughly doubled in size. I think the NOD graph is about to start looking like the historical price graph did a few years back.
NODs up; employment down (see the BLS report on San Diego for May; seasonally adjusted employment is down, now, March to April to May); next week, BEA will release May personal consumption figures, and they will be weak.
Ain’t paying (NODs up) because they can’t pay (employment down).
And, more will be added to ‘can’t pay’ as risk premiums return to normal levels (i.e., long-term interest rates move up) and folks lose jobs due to the slow down in consumer spending.
Maybe folks should substitute cheap chicken for expensive goat for their burnt offerings this evening.
NODs up; employment down (see the BLS report on San Diego for May; seasonally adjusted employment is down, now, March to April to May); next week, BEA will release May personal consumption figures, and they will be weak.
Ain’t paying (NODs up) because they can’t pay (employment down).
And, more will be added to ‘can’t pay’ as risk premiums return to normal levels (i.e., long-term interest rates move up) and folks lose jobs due to the slow down in consumer spending.
Maybe folks should substitute cheap chicken for expensive goat for their burnt offerings this evening.
