HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: US situation getting worse? this article raises more eyebrows
Housing values fall 1.3 percent nationwide in the third quarter, according to a Freddie Mac survey.
December 4 2007: 12:44 PM EST
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| Money Magazine's Amanda Gengler gives sellers tips on how to get through the housing slump in 2008. |
NEW YORK (CNNMoney.com) -- National home prices showed their biggest quarterly drop in 25 years during the third quarter of 2007, said a report Tuesday.
Freddie Mac's (Charts, Fortune 500) home price index fell 1.3 percent on an annualized basis in the quarter, according to its survey of home purchases and mortgage refinance appraisals.
"The number of home sales fell during the third quarter, and the inventory of existing single-family homes for sale rose to 10.5 months by October, the highest level since 1985," said Frank Nothaft, Freddie Mac's chief economist.
He said that higher mortgage costs and tightened lending standards from banks had added to the challenge of buying homes.
Geographically, the Pacific region fell the most at a 5.8 percent annualized rate of decline, said Amy Crews Cutts, Freddie Mac's Deputy Chief Economist, while homes in the West South Central saw strong gains of 4.9 percent.
"The decline in home values occurred broadly across the U.S. The [index] found prices falling in seven of nine regions and in 25 states during the third quarter," said Nothaft.
The rise in the Southwest was attributed to strength in the energy sector over the period.
Freddie Mac's index is constructed from actual sales prices and appraised values of homes whose mortgages are being refinanced.
End of article
My thoughts:
This is the bottom of the cycle...or can this still get worse? IMO, I think it will still get worse. As I read another article last night, they were talking about banking standards and how they needed to keep so much in reserves by law. Well with the loses some banks are taking, keeping those reserves is getting harder and harder. So if a bank needs money to stay within the law, what is the best way of doing this: Stop lending. This is already happening. They call it a liquidily crunch but it really is the banks trying to stay within the norms and having to curtail lending to do so. By doing so, less people can get mortgages, housing prices drop, further losses for the bank and so on. This is a bigger mess then most people want to admit. Just my opinion. For me, my money is safer in NOT than a US bank at this point. The US will need a few more king and princes to save them from this debacle!
Glorieux
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