Stunning news out of California as more homes were foreclosed on in a three-month period since 1992. The LA Times has the full write amidst the backdrop of the legislation wrangling that gets the bigger headlines today. BUT, there's something else here that requires further watching - California's mortgages just might be the indicator everyone has been looking for in the search for the bottom.
Here's why you care : Buried in the article is this, the "latest figures contained one surprise: defaults -- the first step toward foreclosure -- rose by just 6.6% in the second quarter, down from a 39% spike the previous period." Wow. The LA Times rightly points out that the reason is unclear... Completely overwhelmed processors slowing down under the avalanche? Or the bottom? Who knows - but this is why you need to watch that market. It will ultimately put you ahead of the curve.
Meanwhile, as the angst and teeth gnashing continue for investors and home owners, Fortune's senior editor at large, Allan Sloan, has gone and written a terrific, short, clear explanation as to why the Federal Reserve in fact does not set your interest rate. In addition, he offers an explanation that despite any further bailouts the Fed isn't about to run out of money.
Why You Care salutes Fortune for doing this amidst the chaos. You should take a moment and read it if you don't already know the answers. Knowledge is power.
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...because you shouldn't need a decoder ring to understand the business pages.
Why You Care...
In order to understand how the tug of war over money, power and land between Capitol Hill and Wall Street impacts your life you MUST understand the business pages. But, sometimes trying feels like you need a decoder ring. That's where we come in: We are at once - a veteran journalist, and a long time professor of finance and real estate law. This is our journalistic and academic effort to explain why you care about the complexities of Washington and Wall Street by highlighting solid reporting and decoding the business pages along the way.
Why WE Care
Tom Kaufman combines two perspectives: 20 years as an adjunct law professor at Georgetown, along with a Wharton MBA. He currently serves as the Capital Markets and Real Estate Finance Committee Chairman for the American College of Real Estate Lawyers.
Christian Hudson spent over a decade producing for CNN - most recently as a Senior Producer for the Situation Room. He now practices finance and real estate law and writes about money, power, land and politics.
Yes, we work for a big firm and for transparency sake we've linked our names above to our bios, but this is our own website and the opinions expressed here are strictly ours.
Christian Hudson spent over a decade producing for CNN - most recently as a Senior Producer for the Situation Room. He now practices finance and real estate law and writes about money, power, land and politics.
Yes, we work for a big firm and for transparency sake we've linked our names above to our bios, but this is our own website and the opinions expressed here are strictly ours.
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Disclaimer:
Posts on this Website have been written and displayed for informational purposes only and are not legal advice. The transmission of the Website, in whole or in part, and/or any communication with us via Internet e-mail through this site, does not constitute or create an attorney-client relationship between us or our law firm and any recipients.
No recipients of content from this Website should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state.
The content of this Website contains general information and may not reflect current legal developments, verdicts or settlements. We and our law firm expressly disclaim all liability in respect to actions taken or not taken based on any or all the contents of this Website.
Please do not submit any confidential information. Any information submitted to or through the Website is not secure and is done so on a non-confidential basis.
Posts reflect the personal opinions of the authors, and are not the views of any past or present employer or institution with which the author may be affiliated.