Flooding begins as Hurricane Irene heads toward New York City - CNN

Flooding begins as Hurricane Irene heads toward New York City - CNN:

CNN

Flooding begins as Hurricane Irene heads toward New York City CNN By the CNN Wire Staff New York (CNN) -- Hurricane Irene packed a punch Sunday morning as the storm pummeled some of the biggest cities in the Northeast with wind gusts and torrential rains. Authorities said the storm had knocked out power to more than ... Irene Pounds East Coast, Leaves Thousands Without PowerWall Street Journal Hurricane Irene targets New York CityUSA Today Irene Claims at Least Nine Lives in North Carolina, VirginiaBloomberg Voice of America -The Associated Press -The Seattle Times all 0 news articles »

Latest just in received 6 minutes ago from my news sources.

FTSE LIVE: Stocks drop as recession fears agitate world markets

FTSE LIVE: Stocks drop as recession fears agitate world markets:
The FTSE 100 has opened flat, down 3.9 points at 5,036.9. Fears are growing of recession in the world economy, with heavy losses on world markets in the past few weeks.

All the posts are provided by my own and personal view of the global financial markets and are not always the views of the people who provided the post or article.

Brace Yourself For Stock Market Woes

Investors braced for further stock market losses as growth forecast could be worse than thought:
A string of gloomy economic indicators to be published within days could prompt further losses on stock markets this week.

FOLLOW UP TO FIRST POST THIS TODAY -

This is an example of what l said in my first post today about watching where you gamble your hard earned income as we are no where near out of the woods. I will keep you posted as to my thoughts and feelings over the next few weeks.

All the posts are provided by my own and personal view of the global financial markets and are not always the views of the people who provided the post or article.

Hard-up Britons see household budgets fall for third month running

Hard-up Britons see household budgets fall for third month running:
The squeeze in Britain is worse than during the depths recession in 2009, a survey suggests, with almost 40 per cent of households worse off in August than they were in July

All the posts are provided by my own and personal view of the global financial markets and are not always the views of the people who provided the post or article.

Brits turn to Credit Cards to Cover the Cost of Living

THIS IS THE FOLLOW UP TO THE COMMENTS ON MY PREVIOUS POST -

Brits turn to Credit Cards to Cover the Cost of Living: New research by a price comparison website has found that a quarter of people are being forced to rely on credit cards to cover daily expenses.

All the posts are provided by my own and personal view of the global financial markets and are not always the views of the people who provided the post or article.

Be Careful What You Borrow As You Always Have To Pay

My Overview of the Dangers of Credit Cards -

This is a typical way of people short term getting themselves out of debt or so they believe as it is easy to borrow other peoples money, but more difficult to pay it back. A saying of long ago was if you cannot pay today you will not be able to pay tomorrow and as we all know " TOMORROW NEVER COMES " and we never know what is round the corner. So your debts build up and your credit limit is exceeded and one day a letter on the mat of life comes the final demand saying you owe X but with daily interest accruing at Y sooner rather than later Z is more than you can comfortably afford.

Tips on Balance Transfer Credit Cards: The cost of living is soaring and personal debt levels are mounting on a regular basis. Credit card interest rates are now higher than ever, yet 35% of Brits turn to their credit card to help fund their day-to-day living expenses.

All the posts are provided by my own and personal view of the global financial markets and are not always the views of the people who provided the post or article.

MBA Delinquency Survey: Comments and State Data

MY VIEW AND FEELINGS ABOUT THIS SURVEY -

As people now have a penchant for buying in the areas of sunnier areas of the US such as Florida and California then it would hold true that they would now have the highest amount of properties in state of foreclosure. As we tend to attract people to these types of property in these area then the tendency will be that numbers will rise and eventually as with all global financial changes we should and will see a drop in prices, due to lack of prosperity in these areas of the US.

MBA Delinquency Survey: Comments and State Data: A couple of comments from MBA chief economist Jay Brinkmann on the conference call:



• The bad news is short term delinquencies increased in Q2. The not-so-bad news is long serious delinquencies declined slightly.



• Because of the high level of delinquencies, there are some questions about the accuracy of the seasonal adjustment.



• Florida has almost 25% of all loans in the U.S. in the foreclosure process. California is 2nd with 10.6%, but the percent of loans in-foreclosure in California (3.62%) is actually below the national average (4.43%).



• Judicial foreclosure states usually have the highest percentage of loans in the foreclosure process.



Click on graph for larger image in graph gallery.



This graph shows the percent of loans in the foreclosure process by state and by foreclosure process. Red is for states with a judicial foreclosure process. Because the judicial process is longer, those states typically have a higher percentage of loans in the process. Nevada is an exception.



Florida, Nevada, New Jersey and Illinois are the top four states with percent of loans in the foreclosure process.



This graph shows all delinquent loans by state (sorted by percent seriously delinquent).



Florida and Nevada have the highest percentage of serious delinquent loans, followed by New Jersey, Illinois, New York, Ohio and Maine.



I'll post some more graphs later to show which states are seeing improvement.



Note: the MBA's National Delinquency Survey (NDS) covered "MBA’s National Delinquency Survey covers about 43.9 million first-lien mortgages on one- to four-unit residential properties" and the "The NDS is estimated to cover around 88 percent of the outstanding first-lien mortgages in the market." This gives almost 50 million total first lien mortgages or about 6.4 million delinquent or in foreclosure.



The third graph shows the number of loans delinquent in each state (as opposed to the percent). California is the largest state, so it is no surprise that the number of delinquent loans is very high (I'd expect California to always be #1). In that sense this graph is misleading - in reality California is in about the same shape as Indiana and Rhode Island (previous graph).



Florida has 7.6% of all loans, but almost 25% of all loans in-foreclosure and 18% of all seriously delinquent loans. In most ways, dividing this by states is arbitrary - except the foreclosure process matters.



Earlier:

• MBA: Mortgage Delinquencies increased slightly in Q2

All the posts are provided by my own and personal view of the global financial markets and are not always the views of the people who provided the post or article.