Articles & News About Money & Coin Collecting

Mike Larson Observes That The Housing Sector Still Slumping In New Issue of Money and Markets

Jupiter, Fla. (PRWEB) October 31, 2007 -- Mike Larson takes a closer look at the housing sector and how the government is reacting towards the plummeting sales numbers and the increasing numbers in inventory. Mr. Larson explains how the government is pumping money into the U.S. economy and why.

Right now in the existing home market:

? Sales of single-family homes, condos, and co-ops plunged to a seasonally-adjusted annual rate of 5.04 million in September.

? Combined sales (of all property types) are the worst since the National Association of Realtors started tracking the numbers in 1999.

? There were about 4.4 million homes on the market last month, up more than 16% from a year ago and just shy of this summer's record. That's 10.5 months of supply at the current sales pace, the worst on record.

? Home prices are falling faster. The median cost of an existing home was $211,700 in September, down more than 4% from a year earlier.

? Sales reportedly rose between August and September, but only because August's figures were revised dramatically lower.

? The only minor positive: New home inventories have been declining due to construction cutbacks and aggressive use of sales incentives.

But an index that tracks builder confidence and buyer traffic just fell to its lowest level ever in October. And loan delinquencies and foreclosures have continued to climb.

Meanwhile, the specter of housing is haunting the entire U.S. financial sector. Earnings season has kicked into high gear, and one thing has become painfully clear: Financial firms are getting creamed by U.S. housing woes.

The government is spooked and it's jumping in even more aggressively to "save" the market. As recently as April, the federal government was still downplaying the crisis.

President Bush has pushed a plan that would allow some strapped borrowers to refinance and switch to FHA mortgages.

House Financial Services Committee Chairman Barney Frank (D-MA) has introduced legislation that's designed to crack down on many of the bad lending practices that caused this mess in the first place.

Regulators have been twisting lenders' arms to get them to refinance or modify billions of dollars in borrower loans before they tumble into foreclosure.

The Treasury Department and Wall Street are trying to engineer the creation of a "Master-Liquidity Enhancement Conduit," a bailout fund for major banks and investment firms.

The idea: The fund will buy up a bunch of crummy debt securities and dump them into one place. That supposedly will ward off panicky selling of impaired debt and allow investment firms to avoid billions of dollars in losses.

And for Halloween night itself, here comes Ben Bernanke again, possibly with an encore performance. He's already slashed the federal funds rate by a greater-than-expected half point and cut the discount rate by 50 basis points twice. He's also already infused the banking system with hundreds of billions of dollars in cash and he's even bent the rules so he can continue to accept mortgage-backed paper as collateral when he's dishing out loans to banks.

"Bottom line: The government is pumping money into the U.S. economy every which way it can. But for anyone who knows how to profit from the madness, the script is not scary at all," said Larson.

To read this issue online, please visit:

http://www.moneyandmarkets.com/Issues.aspx?NewsletterEntryId=1130

About MIKE LARSON & MONEY AND MARKETS

Mike Larson is one of the first analysts in the U.S. to write extensively about the boom -- and bust - in the U.S. housing market. As Money and Markets' real estate and interest rate specialist, he regularly provides his current forecasts and recommendations in the Friday edition of Money and Markets, while managing the editorial content of many other Weiss Research publications. Formerly with Bankrate.com and Bloomberg News, Mr. Larson's views have been quoted in the New York Sun, The Washington Post, Dow Jones Newswires, the Orlando Business Journal, The Palm Beach Post and the South Florida Business Journal. He has also appeared as an investment expert to discuss the housing market on CNBC Squawk Box. Mr. Larson holds B.S. and B.A. degrees from Boston University.

Money and Markets (www.moneyandmarkets.com) is a free daily investment newsletter from Dr. Martin Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Weiss Research, Inc. is located in Jupiter, Florida. For more information about our editors, or to set up an interview, please contact Jennifer Moran at 561-627-3300 or visit www.moneyandmarkets.com.

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