Stock markets in Canada and the United States slumped heavily on Tuesday amid growing worries over the health of the U.S. housing sector
...
The Dow shuddered in the wake of a report that late mortgage payments in the U.S. hit a 3½-year high in the fourth quarter of 2006, and new foreclosures hit a record high.
...
In addition, the percentage of loans that moved into the foreclosure process rose to0.54 per cent in the last quarter of 2006. That topped the previous high of 0.5 per cent seen in the second quarter of 2001.
A big loser on U.S. markets was Accredited Home Lenders Holding Co., a company that makes subprime, higher-risk loans. The company's stock lost more than 65 per cent to end at $3.97 US on Nasdaq after saying it needed cash after paying $190 million US to its lenders.
I hope it holds off long enough for my mother to sell her house.
In other news, I dreamed about the old family house cat that died about thirty years ago. (Her name was "Dimples" after another cat that my mother had when she was a girl.)
1 comment:
Its commie, hippy "alarmist pinko-lefties" moonbats :)
The left is correct to worry about this one; it may be time to get out of the stock and real estate market for a while.
As a farmer I don't have a pension plan, I put money in an RRSP.
Older people on fixed incomes are also affected.
Scary when there are volatile markets, given time things always correct, but you have to be in a postion to have the time.
Your cat dream, put a smile on my face, and made me think of the cats in my past, as well as our family cats of the present Strippy and Playful.
Yes, I will admit wankers own and loves cats.
Post a Comment