New home construction in the US fell in July, according to Commerce Department Data, another reminder of weakness in the housing market despite recent signs of recovery. It is not unexpected if you talk to Barry Ritholtz, author of “Bailout Nation,” who has been saying the “zombified” US housing market still has a long way to go.
Plus, from Zombie markets to Ghost inventory, we talk about the often overlooked underbelly of US housing, which is haunting the recovery. We get a forecast from Barry Ritholtz, CEO of Fusion IQ, of when the foreclosure machinery will be creaking back to life.
And, we all remember when Jon Corzine claimed he did not “know where the money went” from MF Global segregated accounts. Now it seems like he might get away with it. According to the New York Times, criminal investigators are citing lax risk control and disorder, not fraud, as causes for the disappearance of over one billion dollars of customer money at MF Global. We hear Barry Ritholtz’s colorful remarks on how prosecutors should go after MF Global.
2.8 million borrowers 12 months behind on mortgage payments and 18 million vacant house in America! Dude said another 3 to 6 million foreclosure to go is what Barry predict and other are saying as many as 10 million more foreclosures.
In Aug 2012 the Obama Administration just now are discussing whether to fire FHFA Acting Director DeMarco who has been in office since Sept 2009 when rates have been artificially lowered for the entire time, yet good credit non missing payment Prime borrowers who are underwater are told by the Acting director who under him most of the $150 billion of losses has occurred and Fannie & Freddie have been bailout but this dude stand in the way of others getting bailout, when either everybody is allowed to go under including Fannie & Freddie or get bailout!