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Saturday, February 16, 2008

Housing/Subprime Roundup — Feb. 15, 2008

Items of interest:

Dismal Science----
Countrywide's Overdue Mortgages Increase to 7.47% -- Countrywide Financial Corp., the biggest U.S. mortgage lender, said late loans were at their highest level in at least six years during January, adding to evidence that the U.S. housing slump is getting deeper.

Overdue loans rose to 7.47 percent of unpaid principal balances from 7.2 percent in December and 4.32 percent in January 2007, according to a Countrywide statement today. Foreclosures advanced to 1.48 percent in January, also a six- year high, from 1.44 percent in December and 0.77 percent a year earlier. [...]
BBC: Sub-prime woes hit mortgage giant
Seeking Alpha: The Coming Battle Over BofA-Countrywide
Natixis Drops After Subprime Writedowns Cut Profit -- The Paris-based company fell as much as 17 percent to 9.16 euros after saying it would write down an additional 817 million euros ($1.2 billion) related to subprime assets and 380 million euros linked to troubled U.S. bond insurers.

``We were expecting more subprime writedowns, but it was the additional exposure to the monoliners that caught the market by surprise,'' said Alain Chirlias, an analyst at Cheuvreux [...]
Implode-O-Meter: Commerzbank subprime woes spoil 2007 record profit
Half Up, Half Down -- Real Estate in Q4 '07 -- For those interested, the National Association of Realtors released their Q4 '07 home price survey today. The report showed that half (73 out of 150) of the cities analyzed showed increases in year over year prices in the fourth quarter. Below we provide a table of the cities that saw the biggest gains and declines in home prices. [...]

CNN Money: Home prices in steepest quarterly drop
Bloomberg: Home Prices Fall in Record 77 U.S. Metro Areas
Lasner: Bay Area home prices 17.3% off peak
Lasner: Calif. home price off 18.7%, nation’s worst
WSJ: Tracking Housing Prices Why the Numbers Conflict
Barry Ritholtz / Seeking Alpha:
Real Retail Sales Fall to 2003 Levels -- Consumers are paying more for Food and Energy, to the point that Real Retail sales are negative. What does this say about future discretionary retail spending?

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

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Washington's Blog

Safe Haven

Paper Economy

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