Wednesday, November 9, 2011

Double Dip?

Don't take the Portland Housing Blog's word for it, just read the news:

"The rate at which mortgage holders were late with their payments by 60 days or more rose in the June-to-September period for the first time since the last three months of 2009, according to TransUnion.

The increase surprised TransUnion researchers, who had expected late payments, or delinquencies, to fall for the quarter. "It's much different than we've been talking about the last few quarters," said Tim Martin, group vice president of U.S. Housing in TransUnion's financial services business unit.

The problems were widespread. Between the second and third quarters, all but 10 states and the District of Columbia saw delinquency rates increase.

Another possibility for the bump in the delinquency rate is that a new crop of adjustable mortgages written toward the end of the housing bubble is resetting. Even if their interest rates remain low after the adjustment, payments might have increased, said Darren Blomquist, a Realtytrac spokesman. "We still have the bad loans mixed in that are resetting." "


Meanwhile closer to home right here in Stumptown, one of your neighbors on either side of your house is still underwater mathematically - and that's if you're the lucky 2 out of 3 loan owners:

1/3 of PDX Homes Underwater - Source: The Oregonian

Still not convinced that the "bottom" is yet to come? If you would like some technical data as to why a double dip is baked into the cake, please re-read the post below, and pay special attention to the graph at the bottom. It's a hard rain that's gonna fall this winter on the Portland housing market.

STILL convinced that it's 'different' here in the great Pacific Northwest? You were blatantly and clearly warned in mid August by The News Tribune out of Tacoma that we're now solidly in the middle innings of the housing bubble game for the Portland/Seattle part of the world.

Early Innings of the Game = Bad Loans and High Prices

Middle Innings of the Game = Delinquent Payments and Declining Prices

Late Innings of the Game = Default/Auction/Free Market Prices
(the bottom)

The global banking industry/cartel is desperately trying to deny the inevitable math so as to pull off a soft landing and maintain usury/debt based currency control. Look at the European Union! Sorry Charlie. This bubble popping was born to be heard around the world...there's a major shift afoot.

However, the bubble blogger beleaguered should be wary that the late innings of the game may take longer to play out than many anticipate...



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