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House prices continue to fall but there are early signs of recovery

According to the report presented this morning Tecnocasa prices continue to fall, but slowly recovering from the first half of the year. In the metropolis prices down 2.7 percent
Even in the first half has continued the decline in property prices but the changes were overall lower than those recorded in the second half of 2008. This was revealed by a survey conducted by Tecnocasa, which showed a more significant decline in the provincial capitals (-2.8%), followed by the big city (-2.7%) and finally dall'hinterland of large cities (-2 , 3%).

The market has become even slower, transactions are in significant decrease but the feeling of operators is that from the second quarter there was an upturn in confidence that has renewed interest in the purchase of the house. Transactions are in significant decline, but among the players meander signs of optimism: in the second quarter of the year there was a sharp upturn in confidence that has renewed the interest of potential buyers.

This morning, during the press conference of national Tecnocasa which was held at the Press Club of Milan, the operators have confirmed the biggest drop in prices in the provincial capitals and finally in the suburbs of big cities. The steepest decline in prices measured by Tecnocasa is logged in Trapani (-11.7%), Followed by Varese (-10.7%) and Avellino (-9.5%). The capital stood at -2.8% and -1.7 percent in Milan.
In the first part of 2009 the price of the property has been decisive for the outcome of the sale: now is the value for money is making a difference and the potential buyers are increasingly prepared to buy at reasonable prices compared to the characteristics of ' building. So much so that in neighborhoods where housing supply is more antiquated have witnessed the largest declines. In particular we appreciated the solutions placed on the upper floors, with open spaces, bright and inserted into decent condominium, located in quiet areas with little traffic, possibly with garage.

requests focused mainly on first homes (77.9%), a trend spurred by the reduction of interest rates on mortgages. Remains, however, also the base of investors who choose the brick in the face of uncertainty that has affected financial markets (22.1% for the use of investment / second home). In July 2009 in the big cities the most popular type was the three-room apartment, with 36.3% of the vote since the drop in prices has made them more accessible. In Milan, Naples and Rome, however, continues to "win" the apartment.
As regards the analysis of the availability of expenditure, taking into account the trades made agencies Tecnocasa group, the majority of requests are concentrated in the range between 170 and 249mila € (24.6%), and follow up to 349mila € (21.6%).

Tecnocasa forecasts on the housing market remain anchored in what will be the country's economic situation (in employment and credit) should close the year between -5 and -3 percent, then leveled by 2011. If you are confirmed predictions of an economic recovery next year we expect even a slight decline in prices, with a tendency to stabilize in 2011. According to market participants who took the word at the press conference, affecting in this recovery, the higher liquidity in this portfolios riparmiatori Italian (maybe divestment in stock, creating the dreaded "capital flight" from financial markets), the effects of the tax shield, and the belief that the more so the prices can not fall.

also more than 800 real estate agencies network Gabetti - for the decline in the first half of 2009 was 3.6 percent - reported yesterday, in March, an increase of interest of visits and activities. In particular the increase in demand for used, while the choice of the area is no longer binding. To close the negotiations, however, owners must grant an average discounts of 15 percent.

Is It Possible For A Brain Cyst To Explode

"I just wanted to write," Marianna Iandolo

And here, the book by Maria Iandolo. A Bildungsroman, a story told with beautiful and delicate pathos of who's in every character, every moment, every scent.

Marianna Iandolo us in childhood, adolescence, young adult's life. It explains how the family can determine who we are.

To read and to love without reservation.

"I just wanted to write," Marianna Iandolo, Creative Editions (Small Stories series)

My Sinuses Are Causing Dark Circles

review of "Piccadilly Line" Fabio Capello

Gian Paolo Grattarola wrote a very interesting review on the Piccadilly Line, Fabio Capello, the site Mangialibri. Here is the LINK

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review of "The words of the dark" about "Intimacy"

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presentation of "Piccadilly Line", a game of Fabio Capello



Tuesday, May 12, 2009, at 18
Conference Room, City Library
SASSARI

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probity, Nancy Citro


" probity A game is a great novel: the plot, for allusions to the language sometimes raw and sometimes surprisingly light.
It 's the new novel in the series small story: the author is called Nancy Citro and gives us a story, I'm sure, will move interest and comments. Who welcome you with the desire to compete and share the excitement.

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Sold: how Wall Street and Washington have betrayed America

Here are 12 steps towards deregulation of the financial crisis:

1. Repeal of Glass-Steagall Act and cultural growth dell'imprudenza

The Financial Services Modernization Act of 1999 formally repealed the Glass-Steagall Act of 1933 (also known as the Banking Act of 1933) and related laws, which forbade commercial banks can offer investment banking and insurance. In a sort of civil disobedience company, Citibank and insurance giant Travelers Group merged in 1998, an illegal move at the time, but for which he was granted an allowance of two years, confident that they could get a change of legislation force in the future. They succeeded. The repeal of the Glass-Steagall in 1999 helped create the conditions that allowed banks to invest money in current accounts of creative financial instruments such as mortgage-backed securities and credit default swaps, financial betting that they put at risk the 'entire financial market in 2008.

2. Concealment of liabilities: off-balance sheet accounting

hold assets off balance sheet generally allows companies to hide the toxic assets at a loss to investors or in such a way as to make the company appear more attractive than it is. The banks used to hold off balance sheet structured bonds backed by mortgages. Since bonds were held by an outside company, the banks were not required to set aside the necessary reserves against the risk of default, making them vulnerable. Off balance sheet items are permitted by the rules of the Financial Accounting Standards Board launched following the exhortations by the big banks. The Securities Industry and Financial Markets Association and the American Securitization Forum is one of the lobbyists who are now blocking the reform of these rules.

3. The government rejects the regulation of financial derivatives

Financial derivatives are not regulated. From all points of view this has proved a disaster as a warning from the fact that Warren Buffet called them "weapons of financial mass destruction "had predicted. Financial derivatives amplified the financial crisis far beyond the inevitable problems associated with the explosion of the housing bubble. The Commodity Futures Trading Commission (CFTC) has jurisdiction over futures contracts, options or other derivatives related goods. During the Clinton administration, the CFTC has sought to extend its controls on financial derivatives. The agency was crushed by the opposition of the Treasury, Robert Rubin, and, above all, the governor of the Federal Reserve, Alan Greenspan . They challenged the court of the agency, and argued that the regulation would endanger the existing financial asset was already sizable (though far from current levels). Subsequently, the adviser to the Treasury Secretary, Lawrence Summers, told the parliament that the CFTC's proposals "cast a shadow of uncertainty on an otherwise strong market."

4. The parliament blocked the regulation of financial derivatives

Deregulation, or regulation of financial derivatives was ratified in 2000, with the Commodities Futures Modernization Act (CFMA), the passage of which was directed by then Senator Phil Gramm, R- Texas. The Commodities Futures Modernization Act exempts financial derivatives, including credit default swaps, from regulation and helping to create today's financial crisis.

5. The system of voluntary regulation for investment banks, the SEC

In 1975, the trading and markets division of the SEC promulgated a measure that forced investment banks to maintain a ratio of debt to equity of less than 12. Prohibit trading of securities if it had been higher, so many companies maintained a much lower ratio. In 2004, however, the SEC gave in to pressure from large investment banks, led by Goldman Sachs and its director at the time, Henry Paulson, and allowed investment banks to develop their own requirements regarding the equity following the standard dictated by the Basel Committee on Banking Supervision. This consisted mainly of complicated mathematical formulas which imposes no real limit. With this new freedom, investment banks increased the ratio of debt to 40, as in the case of Merrill Lynch. This super-leverage not only the investment banks made more vulnerable when the housing bubble burst, but allows banks to create a confusing tangle of investment derivatives, so that their individual failure, or a potential bankruptcy, was leading to a systemic crisis . The former director of the SEC, Chris Cox, has admitted that voluntary regulation was a complete failure.

6. Globalization of voluntary regulation of banks: Pharmacokinetic to repeat

crisis in 1988, were adopted a set of rules known as Basel I, to enforce minimum standards relating to the capital of banks globally. However, complicated financial procedures made it difficult to verify these criteria of accession, leading to the negotiation of new rules. Basel II, heavily determined by the banks themselves, has established criteria for bank reserves variables based on subjective factors such as the opinions of rating agencies or internal models banks to risk assessment. The experience of the SEC with the principles of Basel II illustrates the fatal flaws. Commercial banks in the United States should be in line with the requirements of Basel II in April 2008, but complications and disputes within the industry have slowed down the application.

7. Bankruptcy in the prevention of irregularities in the loans

Even in a deregulated environment, it maintained the ability to set limits abuse relating to the granting of loans. This would protect the owners of the house, and reduced if not prevented the financial crisis today. But the controllers were folded arms. The Federal Reserve took action against three subprime loans from 2002 to 2007. The Office of the Comptroller of the Currency, which has authority over some 1,800 banks, took three steps to protect consumers from 2004 to 2006.

8. Obstruction of the Federal Reserve to laws Consumer Protection

When the states tried to fill the void created by the non-regulation at the federal level, the Fed intervened to stop them. "In 2003, as told by Eliot Spitzer," during the height of the crisis of irregularities in the loans, the Office of the Comptroller of the Currency invoked a clause from the National Bank Act of 1863 to expose the formal objections blocking laws to protect consumers . The same office also promulgated new rules that prohibited any individual states to strengthen their laws to protect consumers and contrary to national banks.

9. Discipline elusive responsibility of the purchaser of a loan

According to federal legislation force, except a few exceptions, only the initial provider is liable for the irregularities of the loan, even if the loan is transferred to others. This device has made it substantially immune to the purchasers of loans from any source of that problem, and them harmless from any supervisory duties relating to the terms of the loan. Traders on Wall Street have been able to buy, pack and connect to the subprime mortgage bonds, many of them undocumented, without fear of being held liable for any irregularities. The device has taken away any possibility for victims to act only against the first supplier, and usually without any defense in the event of insolvency. The deputy Bob Ney, R-Ohio, a close friend of Wall Street who later went to prison in relation to the Abramoff scandal, was the eldest member of the opposition to a just law against purchasers of loans.

10. Fannie Mae and Freddie Mac access to the market for subprime

At the height of the housing boom, Fannie Mae and Freddie Mac were among the biggest buyers in the secondary market for subprime. Government agencies came to hold substantial assets subprime, at least 57 billion dollars. The purchase of assets subprime was a change from past practices, justified by theories regarding the expansion of access to ownership of a house for low-income families, rationalized by mathematical models and observed to identify and assess the risk according to new levels of precision. In fact, the motivation was the nature of for-profit institutions and their special incentive schemes for managers. Massive pressure, especially but not only by Democrats Friends of the institutions, allowed them to diverge from their traditional operations on the mortgage market more secure. Fannie Mae and Freddie Mac are not responsible for the financial crisis. They are responsible for their failure, and the resulting economic impact on taxpayers.

11. The folly of mergers

The effective abandonment of rules against monopoly during the last two decades has resulted in a huge concentration in the banking system, well before the latest moves to merge companies in order to permit the operation of the system. The mega-banks have reached levels so large as to make the system a threat to their failure. They would therefore have been treated as a public service rules and control of major risk, but other decisions (including the abolition of Glass-Steagall) allowed these gigantic institutions to benefit from explicit and implicit guarantees by the Federal Government, even if pursuing dangerous high-risk investments.

12. Conflict of interest growing: the failure of rating agencies

rating agencies play a key essential in the history of the financial crisis. The structured bonds linked to mortgages were attractive to many investors because they promised high returns. But pension funds and other investors were able to buy them because the bonds had very high reviews. The rating agencies made it possible for these investors to participate in the market by issuing bonds with high ratings high risk substantially, as subsequent events have revealed. The rating agencies have the ability to offer reviews favorable to new instruments as a result of their complex relationship and their desire to maintain and obtain other contracts with the issuer. This conflict of interest should have been prevented by SEC, but the Credit Rating Agencies Reform Act of 2006 gave the SEC authority is inadequate control. In fact, the SEC must issue an opinion approval rating agencies if they adhere to their internal criteria, although the SEC is aware of the shortcomings of the criteria themselves.

Extract from:
Sold out: how Wall Street and Washington Betrayed America

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review of "The words of the dark"


Pacioni Thanks to Patrick for this review written and published in the FC Blog Monteselva:
http://www.patriziopacioni.com/cardona/2009/03 / 25/maria-giovanna-luini-a-monteselva /

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Vanish the great hope of the small car

Last summer, with gasoline at $ 4 a gallon, customers buying small cars so fast that Retailers could not get in stock. Now, with gasoline costs half that, about 500,000 low-power models are piling up unsold in the country.

This reversal comes at a bad time for the American auto industry, which has renewed its factories and revised business plans to produce more small cars in the coming years. These moves are driven by new federal policies on energy consumption and help the Obama plan, which encourages vehicle manufacturers to increase energy self-sufficiency of their vehicles.

Virtually every small car market is still at the dealership. At the end of February, Honda Motor Co. had 22,191 unsold Fit, an offer of 125 days at the current sales pace, according to Autodata Corp. In July, he had an offer equal to nine days, while an offer is considered normal 55-60 days.

For other models, the situation is even worse. Toyota Motor Corp. Yaris has enough to last 175 days. Chrysler LLC has a sufficient supply for 205 days of the Dodge Caliber. Chevrolet Aveo, and dealers have enough for 427 days. At today's pace of sales, General Motors Corp. could stop the production of Aveo until May 24, 2010 before ending stocks.

"I think that Americans do not like small cars," said Beau Boeckmann, Galpin Ford, whose company in Southern California is the largest dealership in the country. "The driving when are forced, when the price of gasoline is high. But we are great people and we like big cars. "

The impasse for small cars is partly caused by the recession, which weakened sales of each type of vehicle. But it highlights how the industry is been made fun of by gasoline prices. A year ago, the American auto industry reacted quickly when the Americans stopped buying big vehicles virtually moved and demand on hybrid models and small.

Ford decided to convert some plants shifting some production from trucks to small cars. General Motors added a segment of production to Lordstown, Ohio, to produce the Chevy Cobalt, a small sedan. Even the imported brands increased their production of small cars.

Autoway Honda in Clearwater, Fla., last summer was struggling to keep up sales of models like the Civic or the Fit. "When someone came in, went out with a pattern almost the same day," says Brian Speas, director of the dealership.

Now, Mr. Speas customers who are struggling to find a look. Has a whole row of little interest Civic hybrid, and half a dozen unsold Fit for about three months.

Despite the excess of small cars, many builder are convinced that the increase in gasoline prices was the start a shift towards long-term demands of the small cars. The head of Ford sales analyst, George Pipas, said that from October to February, sales of small cars were 718,000. A drop of 28% over the same period in 2008, but the small cars were up 18.4% of the total market, up 2.1 points over the previous year.

"Our forecast is that we will change the social, demographic and economic factors that induce acquisition of small and medium-sized car," says Mr. Pipas.

For now, however, dealers are struggling to get rid of the cheap car is now covered with dust. Mr. Speas, a dealer in Florida, has just launched a radio advertising campaign offering to lease the Civic for the same price of the reference models with petrol. Last summer, the hybrid model cost about $ 130 a month more than the traditional model.

But the charm of these incentives disappear when the price of gasoline does not seem as high.

Wes Bean, manager of 37 years of a mortgage company in Charlotte, NC, began looking for a small car this summer, including Civic. But soon, the father of two small children and his wife direct their attention toward the market. A few weeks later, they bought a used Nissan Quest on the Internet through eBay Motors.

"The gas was a big problem at the time, "he says." Fortunately, knock on wood, the prices will not come back easily to three or four dollars a gallon. "

Industry's big hope for small cars fades

see also:
Inflation Deflation Red inflation inflation blue
collapse in the prices of used cars

Profit Margin On White Goods By Retail

Three large depressions

charts comparing the performance side of the market indices today with the two major historical precedents of depression that followed the collapse of stock market of 1929 which still underway in Japan, which followed the collapse of 1989.

In the first of two graphs, comparing the nominal values \u200b\u200bof the indices, we note that in both of the two previous indices have come to lose up to about 90% of their value before the crisis. In the case of 1929 it took 25 years to review the indices to fall on the previous highs. As for Japan, 20 years after the collapse of the Nikkei index is only about 20% of its value in 1989, making it likely recovery time even longer. The current crisis is completely in line with the previous two, having lost for the moment 50% of its value from highs in September 2007.

In the second graph the indexes are recalculated taking into account the change in the price of gold, one of the methods to take account of actual inflation recorded during the three periods. We can thus note two major differences with the first graph. First, the previous highs to the collapse of the present crisis does not match the ratings, but they date back to 1999, as we have often highlighted in some previous posts (see here and here and here ). Unlike the performance of the Nikkei that even after losing 50% from 1989 to 1997, he returned in 1999 almost on the level before the collapse, only to capitulate again. Taking into account these changes, the collapse of today (especially in the case of Japan) is already very close to nil in the case of 1929 when the index lost 90% of its value.

see also:
will be another Japan? (Pt. II)
Employment and GDP in recession
Preparing for the big reverse

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presentation of the novel "The words of the dark"




Lorenza Caravelli presents the novel "The words of the dark" by MariaGiovanna Luini, Creative Editions.

Saturday, March 28 18:00
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Empty containers and ships without

continued slowdown in global trade as conf Ermano also data on the fleet of aircraft carriers non-container use.

The volume of container is not used nearly tenfold from October 2008 to present, from 150,000 TEUs (units of measure used for containers) to 1.41 million TEUs, while the number of detained vessels increased from 70 to 484 in the same period of time.

prospects remain strongly negative, But it will be very important to check the progress in the coming months, which normally show an increase in shipments primarily due to meteorological factors and agricultural production season.

see also:
Asia increasingly distant
Crolla freight traffic
Preparing for the big reverse

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Industrial Production Feb-09

worse than expected data on Industrial production in the U.S. fell in February, 1, 4% from the previous month and 11 2% compared to February 2008, co index n Capacity utilization fell on minimum levels recorded in 1982. The decline

implication all sectors with the exception of the production of consumer durable goods, which in February and scored a rebound, 1, 6% compared with January production of motor vehicles driven by recovery in 8, 5 %.

Since the index of industrial production indices of one of the oldest, it is interesting to note that its performance in relation to previous crises.

From the second chart is also known as relevant as the current drop in industrial production have not resulted in equally significant contraction by the gross domestic product, both nominal and real.

Impact most serious of GDP occurred during the Great Depression and the crisis of 1948, however, when industrial production fell by 20-30%, which should not happen in the present situation where the worst predictions come to a decline of 15%, but certainly not excluded.

See also: Employment situation

Feb-09 Jan-09 Durable goods

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resume foreclosures

Despite some moratorium on payments of loans are still outstanding, the num I foreclosures rose again in February by about 6% compared to January.

The data is quite surprising because many have been efforts by the administration and by the banks to stop this trend. The data

Florida is especially significant because it demonstrates how the moratorium will only delay a problem but it can not disappear, because the moratorium expired in February foreclosures have started to grow by about 14%.

The most worrying situations occur in the state of Nevada, which has the highest rate of foreclosure increased by a seizure every 70 homes, followed by Arizona, California and Florida with a foreclosure every 150-200 homes.

see also:
The collapse involves real estate shopping malls and financial buildings
Insolvencies doubled in a year

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interview - review of MariaGiovanna Luini to "D la Repubblica" of Saturday, March 14

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Luca Ducceschi on NuovaSesto

Ducceschi Luke, author of "Game of items " is on www.nuovasesto.net with a beautiful and detailed biographical and literary .
Here's the link:
http://www.nuovasesto.net/modules/content/index.php?id=10

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interview MariaGiovanna Luini

warmly thank Alessandra Di Gregorio for this interview:
http://scritturainforma.wordpress.com/2009/03/12/mariagiovanna-luini/

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Small business optimism index Feb 09

The confidence index of small business in February lost one and a half, dropping to 82.6.

The ten components of the index are all lower than in the same month in 2008, with an unprecedented decline of expectations regarding future sales.

Compared to January are slightly improved, although remaining in negative territory, the earnings expectations and those on employment.

to weigh negatively on the index in February are the expectations about the economy in general and those relating to expected sales, these are marking a new record low in the 35-year history of the index.

see also:
Small businesses suffer

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review of "The words of the dark"

Alessandra Di Gregorio wrote a review very interesting and beautiful in "The words of the dark" on Scripture Informa.
Here is the LINK .

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The collapse involves real estate shopping malls and financial buildings

Now is the turn of the entrepreneurs in the construction industry to apply for state aid.

By April, the federal government plans to approve a plan to refinance the office buildings and shopping malls on request failure. The size of the intervention is likely to be enormous: last week the governor of the Federal Reserve, Ben Bernanke, hinted at a credit of one million dollars.

The goal, he said, is to avoid an "impending crisis" that could spread well beyond the sign "To let" and closed shops in shopping malls. For now, the delinquencies in the commercial sector are few. But the number of empty offices is reaching record levels, according to some estimates, and banks are set with 1.72 trillion dollars in mortgages to the commercial sector, on 18 February.

Equally significant, many insurance companies and pension funds have invested in the sector and are now exposed to this recall.

"The issue is urgent," says Kenneth Rosen, professor at the University of California at Berkeley. "It 's important to take measures before we have another problem."

300 billion dollars of debt

This year about 300 billion dollars of debt will be refinanced by commercial banks. Given the declining economy, many real estate companies may not be able to survive without the refinancing of mortgages at better rates and better reflect current economic conditions. But banks are increasingly reluctant to refinance because of the collapse in property values.

Any help to contractors, some of which are famous for their extravagant lifestyle (think Donald Trump) would in any case part of the rescue of the banks.

"Banks are exposed to a significant extent," said Mr. Rosen.

In order to free up money for commercial real estate, the Treasury and the Federal Reserve to turn WOULD BE a federal program called Asset-Backed Term Loan Facility (TALF) next month. This program is already active for the financing of structured bonds linked to credit cards and loans for the purchase of motor vehicles.

Skyscrapers and pension funds

The concern about the housing market in the commercial sector covers not only banks but also insurance companies and pension funds that have invested in real estate or loans made to developers.

"Now, somehow, there is the potential because the financial crisis also a spill-insurance industry and pension funds, "says Jon Southard of CBRE Torto Wheaton Research, a research company in the property sector.

The impact of the recession is already being felt. The market for structured notes linked to mortgages, called Commercial Mortgage Backed Securities, has stopped since last July. Now, even the best-rated debt, for those companies seen as essentially risk-free, worth so little to make 11% to 12% interest rate.

The risk is that some big bank is forced to sell securities in its possession, depressing the market, said Mr. Southard. "The banks are not necessarily investors long term, "he adds.

Without new loans available to new commercial buildings," everything will be postponed, "said Rosen." There will be new construction in 2010 or 2011.

Many of the problems are caused by real estate moguls recession. Following the layoffs, companies are reducing the space needed to devote to the office. The space of empty offices at the end of 2008 rose 14% from a low of 12.5% \u200b\u200brecorded in mid 2007, according to Southard.

"But we can rise to 20% in 2011," he says. It would be a record of all time.

lower rent?

Following the increasing signs "rent" out by office buildings, rents will probably fall. "We expect a double digit decline in the next three years," says Southard.

An example of how the market is worse: the John Hancock Tower in Boston. Broadway Partners bought the tower of blue glass and silver for $ 1.3 billion in 2006. Today, based on rents and the estimates of employment in the metropolitan area of \u200b\u200bBoston, could be worth 575 million to 735 million dollars, says Victor Calanog, director of research at Reis, a real estate consulting firm in New York.

"When the building was purchased, was a very good year, and the price was reasonable, if the good years they lasted," says Mr. Calanog.

In Miami, the office rents have fallen to 2003 levels, says Tere Blanca, chairman and chief Blanca Commercial Real Estate Inc. The offices are empty 13% of the total.

Showcases empty malls

Problems have also appeared unexpectedly in the malls. In large shopping centers empty spaces have reached 7.1% in the fourth quarter of 2008, the highest level since 2000, according to Reis. "They are suffering because, for the first time in 17 years, consumption is decreasing.

When a mall loses a retailer, the effect can spread to other traders in the same area.

" The empty stores in a mall scare customers the same way as abandoned houses, "said Todd Sinai, professor at the Wharton School at the University of Pennsylvania in Philadelphia." So if a merchant does not sell stops can find new tenants. "

In some cases, the managers of shopping centers are defaulting on their mortgages. The manager of the Promenade at Dos Lagos in Corona, California, has missed two payments. But Joshua Poag, said via email that the company has no problems in his other eight centers trade. In fact, the default rate on commercial mortgages is only 1% at this time.

"The problem is to refinance," says Rosen

Opportunities through the rubble

least one real estate investor with no debt, the Gaedeke Group of Dallas, Texas, sees the current situation as an opportunity.

"We plan to make investments," said Belinda Dabliz, vice president of leasing. "There is much to be refinanced debt, and there is no way to be able to restructure."

But if the government assistance are not forthcoming, "we see a wave of defaults," says Rosen.

This means that the type of real estate entrepreneurs Mr. Trump and Mort Zuckerman, who lead a lifestyle of rich and famous, asking for help from the government?

"Strong hope is that each operator in the markets in trouble survive this crisis in some way, "says Calanog." The difficulty lies in ensuring that those who behaved wrongly, have lent, borrowed or paid too much, be penalized, otherwise we enter the realm of classical " moral hazard.

Real Estate Woes seep into malls, office towers

see also:
Insolvencies doubled in a year
Fundamentals of U.S. structured finance
Consequences of foreclosures: homes for sale at $ 1

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Employment situation

continues to rise, the unemployment rate in the U.S. that reached in February 8, 1%, the highest level since December 1983.

The first chart on the side instead allows us to observe the situation in terms of job and shows us a picture even worse.

The total number of employed has decreased in February by about 3% over the previous year, a level much worse than the recession of 1981-82 which had a maximum decrease of 1, 5%, and even the recession of 1973 -75 reaching a decrease of 2%.

to see such low levels you must go back to the three recessions following the second world war, which reached a negative rate of about 3%, but whereas that the forecasts are for a further deterioration in this recession would also overcome gravity.

In the second graph are represented by the occupation of the levels reached in the months following the start of the recession.

we can see that the current recession is, in this respect, the most serious post-war, having seen, from its inception, the largest percentage loss of jobs.

See also: Employment situation
Jan-09
Employment and GDP in recession

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Feb-09 The lack of dollars in the global banking system will eventually

"The U.S. dollar shortage in global banking" is a study just published by BIS, Bank for International Settlements, which investigates the causes that led to the sudden shortage of dollars in the global banking system that occurred in late September 2008.

The increase in foreign currency positions, largely in dollars, by the banks will start at the end of 2000 and grow at an ever higher, from 10% in 2001 to reach an increase of 30 % in 2007 and is located mainly in the European banking sector.

European banks have, throughout this period, relied primarily on the collection by the extensive network of branches and then through the currency operations swaps to convert local currencies (sterling, euro and Swiss francs) in order to be able to finance their assets denominated in dollars, increasing amounts.

Furthermore, banks relied on interbank loans and those produced by the central bank.

So far, however, increased the risk related to the tools used to find the dollars, both in interbank funding for the operations of currency swaps.

Also at this time we must add the risk arising from the fact that most of the loans were short term and long-term investments were.

Since August 2007 the first collapse of interbank funding difficulties began by banks to find new financing by increasing the use of such non-bank financing sources and making it more expensive to use of currency swaps.

is made then the race for the hoarding of dollars more and more difficult is the failure of Lehman Brothers, which was followed by the withdrawal from the financial markets of large amounts of money by the investment funds, and especially by some central banks of emerging countries, which escaped to international markets for these funds intended for its domestic banking system.

research can download the entire at this link:
The U.S. dollar shortage in global banking

see also:
Why not get a loan
Fundamentals of U.S. structured finance

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Where the savings? Construction spending

Yet another negative report on the U.S. economy, deteriorated again in February, according to a new poll Ch angeWave Research devoted to consumption.

After catching the January forecast consumer return on minimum levels of December 2008, both in terms of estimates of the costs, both for the economy in general.

consumption are expected to decline especially in the electronics industry, catering and entertainment and household appliances for the home, while we can see some stabilization in recent months the cost of maintaining the house.

Very interesting are the answers to questions regarding the motivations that lead to future reductions in consumption and that we can see summarized in the graphs on the right.

The primary cause of the reduction in expenditure is the reduction of income, followed by the greater propensity to save and the desire to reduce the debt level, while it occurred almost no Transfers of funds from consumption to investment.

see also:
Personal income and outlays Dec 08