Network Archives

Someone Is Lying

"Existing home sales beat expectations by the most since February 2010 surging 6.5% MoM to its highest SAAR level since March 2007. Sound right? Of course, this is defended by the ever-honest NAR by a sudden panic surge of buyers as rates rose. However, we just wonder how sustainable this is (given the chart below). Judging by the NAR's history of revisionism, we suspect we know who is not telling the truth, the whole truth, and nothing but the truth. So all cash buyers? Pulling forward demand? Sustainable trend? You decide." Continue reading →

Continue ReadingSomeone Is Lying

Someone Is Lying

"Existing home sales beat expectations by the most since February 2010 surging 6.5% MoM to its highest SAAR level since March 2007. Sound right? Of course, this is defended by the ever-honest NAR by a sudden panic surge of buyers as rates rose. However, we just wonder how sustainable this is (given the chart below). Judging by the NAR's history of revisionism, we suspect we know who is not telling the truth, the whole truth, and nothing but the truth. So all cash buyers? Pulling forward demand? Sustainable trend? You decide." Continue reading →

Continue ReadingSomeone Is Lying

The FED’s $500 Billion/Year Mortgage Subsidy Has Backfired

"Mortgage applications decreased 4.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 16, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5 percent compared with the previous week. The Refinance Index decreased 8 percent from the previous week. The Refinance Index has dropped 62.1 percent from the recent peak reached during the week of May 3, 2013." Continue reading →

Continue ReadingThe FED’s $500 Billion/Year Mortgage Subsidy Has Backfired

The FED’s $500 Billion/Year Mortgage Subsidy Has Backfired

"Mortgage applications decreased 4.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 16, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5 percent compared with the previous week. The Refinance Index decreased 8 percent from the previous week. The Refinance Index has dropped 62.1 percent from the recent peak reached during the week of May 3, 2013." Continue reading →

Continue ReadingThe FED’s $500 Billion/Year Mortgage Subsidy Has Backfired

Bernanke’s Bust: Median Household Income Is Lower Today Than in 2009

"Median household income is a good test of a household’s economic well-being. Half of households earn more. Half earn less. With mean average income, the incomes of the rich skew the figure upward. Not with median income. After four years of the Federal Reserve’s tripling of the monetary base, Americans are worse off today. What’s that? Worse than in the supposed bottom of the recession? Yes. This report tells the story. Household income is down 4.4%." Continue reading →

Continue ReadingBernanke’s Bust: Median Household Income Is Lower Today Than in 2009

Bernanke’s Bust: Median Household Income Is Lower Today Than in 2009

"Median household income is a good test of a household’s economic well-being. Half of households earn more. Half earn less. With mean average income, the incomes of the rich skew the figure upward. Not with median income. After four years of the Federal Reserve’s tripling of the monetary base, Americans are worse off today. What’s that? Worse than in the supposed bottom of the recession? Yes. This report tells the story. Household income is down 4.4%." Continue reading →

Continue ReadingBernanke’s Bust: Median Household Income Is Lower Today Than in 2009

Wells Fargo Lays Off Mortgage Workers. Why? Rising Rates.

"Wells Fargo & Co. ( WFC ), the fourth-largest bank in the U.S. by assets, will cut 2,300 mortgage-related jobs across the U.S. as higher interest rates slow down refinancing activity. Wells Fargo has reportedly provided a 60-day layoff notice to 2,300 employees in its home-lending unit based in Iowa as it braces for a further drop in demand for new mortgages. The San Francisco-based company had 274,300 employees at the end of the recent second quarter. Wells Fargo is the largest originator of home mortgages in the U.S. and under a federal program, has the mandate to originate, underwrite, and certify mortgages for FHA insurance." Continue reading →

Continue ReadingWells Fargo Lays Off Mortgage Workers. Why? Rising Rates.

Wells Fargo Lays Off Mortgage Workers. Why? Rising Rates.

"Wells Fargo & Co. ( WFC ), the fourth-largest bank in the U.S. by assets, will cut 2,300 mortgage-related jobs across the U.S. as higher interest rates slow down refinancing activity. Wells Fargo has reportedly provided a 60-day layoff notice to 2,300 employees in its home-lending unit based in Iowa as it braces for a further drop in demand for new mortgages. The San Francisco-based company had 274,300 employees at the end of the recent second quarter. Wells Fargo is the largest originator of home mortgages in the U.S. and under a federal program, has the mandate to originate, underwrite, and certify mortgages for FHA insurance." Continue reading →

Continue ReadingWells Fargo Lays Off Mortgage Workers. Why? Rising Rates.

Bitcoin Roundtable: Jeff Berwick, Trace Mayer, Jason Burack and Gabe Sukenik

"Trace Mayer, JD is an angel investor in Bitcoin and Bitcoin companies and he also runs RuntoGold.com and HowtoVanish.com. Get your free beginner's ebook about Bitcoin by Trace Mayer here: https://www.coindl.com/page/item/242 Jeff Berwick is a tech entrepreneur, investor and businessman who has founded many successful companies. Gabe Sukenik is a director at the Bitcoin startup Coinapult which is involved in the Bitcoin supply chain. Jason Burack runs the podcast Wall St for Main St you can visit the website here: http://www.wallstformainst.com/" Continue reading →

Continue ReadingBitcoin Roundtable: Jeff Berwick, Trace Mayer, Jason Burack and Gabe Sukenik

Rob McEwen Interview: On Gold Prices, Gold Miners And Bitcoin

"I don’t see why Bitcoin can’t also grow and become another viable currency, an internet based currency. If enough people accept it, it will be used. It seems to have momentum behind it and it’s intriguing how it’s truly separate from any country or central banks’ manipulation and control. There will be growing pains, like the guy who lost money out of his electronic wallet because he left his computer on all night. Also, Bitcoin will spawn competitors, alternative digital currencies. I think it’s a mistake to write off this currency as a bubble or fad. Will it threaten gold? I don’t think so. I think the two will grow in tandem as alternative currencies to fiat currencies." Continue reading →

Continue ReadingRob McEwen Interview: On Gold Prices, Gold Miners And Bitcoin