Foreclosures broaden up the chain

Foreclosures hitting more people with good credit

WASHINGTON — The foreclosure crisis likely will persist well into next year as high unemployment pushes more people out of homes, pulls down housing prices and raises concerns about the broader economic recovery.

The latest evidence was a report Thursday that a rising proportion of fixed-rate home loans made to people with good credit are sinking into foreclosure. That's a shift from last year, when riskier subprime loans drove the housing crisis.

The report from the Mortgage Bankers Association also found that 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. It was a record-high figure for the ninth straight quarter.

The data suggest the housing market and the broader recovery will remain under pressure from the surge in home-loan defaults, especially as unemployment keeps rising. Lost jobs are the main reason homeowners are falling behind on their mortgages.

http://www.google.com/hostednews/ap/article/ALeqM5jYpmPSg0IbaMEFonSzy5g-fIAR0gD9C2RBJO0

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Credit Cards Canceled

Citi is canceling credit cards. Let's take a look.

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Citi closes Gas linked credit card without warning.

Shannon Burdette tried to pay with her Shell Mastercard after filling up her gas tank this weekend but found the card rejected. Confused, she called the customer service line on the back of the card, issued by Citibank, and was told the account was closed because of something that appeared on her credit report. But when the Sykesville Md., resident got a copy of her credit report online, the only negative thing she saw was "closed at credit grantor's request" on the Shell MasterCard account.

http://www.baltimoresun.com/business/bal-creditcard1020,0,1649893.story

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Consumer Protection 2010

let's take a look:

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.....................The legislation, known as the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, .............. will take effect in February, but portions of it are set to come into play in the coming weeks.

But while advocates say the legislation does offer consumers some protection, it has led banks to get creative in finding new revenue streams to replace those put in jeopardy.

“The issuers are finding new ways to secure income before the February deadline when their hands will be somewhat tied,” said Gail Cunningham, Vice President of Public Relations at the National Foundation for Credit Counseling. Cunningham compared the legislation to a boardwalk game of “Whac-A-Mole,” where a new furry critter pops up each time you smack one back into its hole....................

http://www.foxbusiness.com/story/personal-finance/lifestyle-money/consumer-debt/credit-card-fees-rising-consumer-protection-act-blame/

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Credit continues to tighten

Citibank is canceling members cards and hiking rates on others. Let us take a look:

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...................."I received two letters by mail from Citibank yesterday. One said that because I always paid my account on time and that I was such a great customer they were increasing my credit limit. The next letter I opened stated that Citibank was raising my interest rate from the current 18.99% to 29.99%.

I had two choices either I accepted the rate hike or Citibank would honor the current interest rate until the expiration date of my current card, which fortunately was 8/31/2011, and at that time they would close my account, but I was still expected to continue to make payments until the account was paid in full. I have been a cardholder with Citibank for 20 years and was told that due to the current economic downturn the company was forced to raise interest rates regardless of credit scores and payment history. My husband and I have good credit and are making a genuine effort to get out of debt by purchasing next to nothing on credit.".................

http://www.businessinsider.com/citi-customers-reach-out-to-us-2009-10

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Auto Sales Down

Let's take a look.......

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..................U.S. auto sales had averaged 16.4 million annually this decade through 2008, when sales plunged to 13.2 million. Rates continued to drop this year, hitting 27-year lows before appearing to bottom out. Analysts now are forecasting several years of gentle increases.

In the meantime, low sales and high cost structures sent all three Detroit automakers scrambling to restructure. GM and Chrysler did so under government-sponsored bankruptcy, while Ford has restructured within its own resources. Ford reached a tentative agreement this week with the UAW to bring its costs in line with those of its Detroit rivals.

The companies are now poised to profit at new sales levels. For instance, the government says GM's restructuring will eventually make it profitable in a 10-million-unit sales environment.............

http://www.autonews.com/article/20091016/ANA02/910169973/1176/FRONTPAGE

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Warehouse store sales up nearly 50 percent!

This is a must see graphical representation of changing shopping habits. Let us take a look.

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Shoppers’ Shifting Priorities

Last year, consumers pulled back on spending and the retail sector suffered. But not all retailers are faring worse than they did a few years ago. Against a baseline of spending levels in 2003, sales in computer stores have continued to rise. Restaurant and liquor-store sales are at much higher levels, and purchases at warehouse stores are up nearly 50 percent. Still, in major retail divisions like home furnishings and clothing, sales faltered in 2007 and are now below their levels of 2003.

http://www.nytimes.com/interactive/2009/10/03/business/metrics-retail-sales.html

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Rosenberg: “The U.S. is going to be grappling with a consumer who’s going to be downsizing”

David Rosenberg is one of the guys that has been getting things right on the economy for quit a long time. Let's take a look at what he is saying.....

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“Right now the economy is being held together by very strong tape and glue provided by the Fed, Treasury and Congress,” he says. Rosenberg sees gross domestic product stalling in the current quarter, growing at an annual rate of no more than 1 percent in the first three months of 2010 and no more than 2 percent for all of 2010."

.............U.S. Sales of new cars and light-duty trucks dropped 40.9 percent in September from the previous month after the government’s Cash-for-Clunkers program ended Aug. 24, according to data from Woodcliff Lake, New Jersey-based Autodata Corp. Tax credits for first-time home buyers -- which helped boost sales of existing single-family houses 13.5 percent since January -- will expire Nov. 30. The Fed will end a $300 billion program to buy Treasury bonds at the end of this month and wind down purchases of $1.5 trillion in agency and mortgage-backed securities in the first quarter.

Take that stimulus away, and there’s little to boost growth out of the recession that began in December 2007, Rosenberg says. The recovery will resemble the so-called jobless recovery of 2002, when the economy grew just 1.8 percent.........

http://www.bloomberg.com/apps/news?pid=20601103&sid=axnCbWZ33aEU

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