Tuesday, August 9, 2011
Delays in processing foreclosures are continuing to drive up foreclosure processing timelines at the same time that new foreclosures jumped 10 percent in June, according to the June Mortgage Monitor report by Lender Processing Services, Inc., but are still down 16.4 percent from the start of the year
Read more: http://www.upi.com/Business_News/Real-Estate/2011/08/05/Foreclosure-Timeline-Soars-to-587-Days/7271312545901/#ixzz1UaCRIR6v
Any glimmer of hope that the housing market will stage a recovery in the upcoming months has vanished, thanks to the recent spate of bad economic news that has been making headlines over the past several weeks.
According to the latest analysis of home price trends in 384 markets based on the Fiserv/Case-Shiller Indexes, it will be well into the first quarter of 2013 before median home prices across the nation will even be on par with prices from the first quarter of this year.
And that's not saying much. During the first quarter of 2011, prices fell in 302 of the 384 housing markets tracked by the Fiserv/Case-Shiller index, dropping by an average of 5.1% year-over-year.
As a result of continued weakness on the jobs front and the debt ceiling fiasco, Fiserv pushed back its projections of a housing market turnaround by three months. Now, it doesn't expect home prices to start gaining any ground until the second quarter of 2012.
Instead, Fiserv expects median home prices to continue to fall by an average of 3.1% between March 31 of this year and March 31, 2012. After that, it expects to see prices increase by 2.7% until the first quarter of 2013.
"Every piece of bad news causes more people to be more nervous," said David Stiff, chief economist for Fiserv, which provides information management and analyses data for the financial services industry. "The stabilization of housing markets depends greatly on household confidence in the strength of the economic recovery. Unfortunately, recent economic news has done little to build confidence."
There still, however, is no shortage of housing inventory. More than 3.75 million existing homes in June alone were on the market, according to the National Association of Realtors. At the latest rate of sales, it would take 9.5 months to exhaust that inventory, about 50% longer than what NAR considers a healthy housing market.
"I don't think we'll see an increase in sales until we see the economy improving," said Fiserv's Stiff.
Television and radio advertisements and posters in nurseries and on buses would spell out how parents should play, read, talk, praise, and feed their children every day, under the proposed drive.
Companies that make toys, children’s books and baby food would be encouraged to brand their products with an official logo under the proposed scheme, which is modelled on the successful “five-a-day” fruit and vegetables dietary campaign.
The children’s minister, Sarah Teather, warmly welcomed the proposals, which came from the think-tank, CentreForum, and promised to consider the option of a “five-a-day” campaign for child development.
The initiative would aim to overhaul society’s attitudes towards parenting in a similar way to the change in how drink-driving has been seen over the past 50 years.
Research has found that the quality of parenting and educational influences in the early months and years of a child’s life have an overwhelming influence on their later progress at school and careers.
Eyewitnesses: Police stood back and allowed rioters to loot private businesses
Paul Joseph Watson
Tuesday, August 9, 2011
Following numerous reports of failures on behalf of police to arrest looters or adequately respond to the riots in London that are now sweeping across the entire UK, curfews and troops on the streets are now being readied as authorities prepare to enforce martial law to quell massive civil unrest.
BBC News twice reported this morning that troops were being readied. The statement was first made by a reporter at 8:30am and then repeated by a Metropolitan Police representative who said “all options were on the table”.
U.K. Home Secretary Theresa May confirmsthat the government is considering “military support for the police”.
Curfews are also being discussed as authorities prepare to transform Britain into a locked down police state.
“Armoured vehicles have been brought in to clear the streets for the first time by police to tackle what senior officers say is the worst rioting and looting in living memory,” reports the Guardian.
“I have not heard of a curfew on mainland Britain in the past century. [It's] very difficult to impose. I’m not saying that it is definitely the way forward but it is something we have to consider,” Diane Abbott, Labour MP for Hackney North and Stoke Newington told BBC Breakfast.
Former London mayor Ken Livingstone called for police to use water cannons to disperse the rioters.
Having started in poorer areas of London, the riots have now spread to other major cities including Bristol, Nottingham, Liverpool and Manchester.
There can be little doubt that the vast majority of the rioters are products of the country’s broken society, nihilistic youths who care little about political grievances and are primarily focused with exploiting the chaos to steal as much booty as they possibly can while getting off on mindless violence. This behavior ensures the public will overwhelmingly support whatever measures are proposed to deal with them, even to the point of outright martial law.
With $14 trillion in the hole and a slew of wars seemingly no one wants America to be in, what better way for the United States to spend their money by putting $23 billion into spy planes?
The US will drop billions on defense spending with the purchasing of 55 Global Hawk drone planes over the next few years. Each of the four dozen-plus spy crafts comes at a price tag of $218 million apiece — ten times the price of the largest armed attack drone.
Global Hawk drones are capable of flying twice as high as commercial aircrafts and can spot insurgents up to 100 miles away. Once identified, the robotic crafts that are controlled from 24-hour command stations can then send images to intelligence centers or directly to troops.
The Global Hawk drones will replace the U-2 spy planes that the States currently deploys, which the US has relied on since the dawn of the Cold War. Sending unmanned aircrafts into warzones, while grossly expensive, comes as an attempt to limit fatalities by avoiding putting extra troops into danger. Though relying on on-board navigation, those U-2 flyers have proved effective over the last half-century, recently assisting in operations in Afghanistan
A team of 50 engineers will slave over the construction of the Global Hawk drones in a Palmdale, California warehouse.
The US Air Force will invest $12 billion towards the initiative, with the Navy offering almost as much to have their own versions of the Global Hawks.
And, in case you didn’t hear, lawmakers just spent months trying to figure out how to keep the country from defaulting. The town of Central Falls, Rhode Island (the entire town) is currently in bankruptcy court, and the most populous county in Alabama is expected to join them in the coming weeks.