Despite some reports that suggest the housing crisis may be hitting bottom, foreclosures so far represent the “tip of the iceberg,” real estate analyst, investor and lender Bruce Norris says. Norris told hundreds of investors attending a seminar he held in Costa … Read More

First, a nice mention in Newsweek (thank you): The Financial Meltdown in Words (see slide 4 for a quote from Feb 2005, ht Matthew, Eric) On the end of the recession, from Bloomberg: Bernanke Says U.S. Recession ‘Very Likely’ Has … Read More

From the WSJ: Recession Finally Hits Down on the Farm (ht Bob_in_MA) The Agriculture Department forecast Thursday that U.S. farm profits will fall 38% this year, indicating that the slump is taking hold in rural America. … The Agriculture Department … Read More

A little history from Paul Kasriel, Chief Economist at Northern Trust: The Rhyming of History – Bloomberg and the RFC? On November 7, 2008, Bloomberg LP sued the Federal Reserve Board under terms of the Freedom of Information Act to … Read More

From The Times: City taken by surprise as Bank of England’s figures herald end of recession Britain has emerged from the worst recession since the Second World War, new Bank of England figures suggested yesterday … Detailed forecasts published by … Read More

On the agenda for the FDIC board meeting next week: Memorandum and resolution re: Final Statement of Policy of Qualifications for Failed Bank Acquisitions. Memorandum and resolution re: Final Rule on the Extension of the Transaction Account Guarantee Program. Memorandum … Read More

From Bloomberg: U.S. Economy May Have Reached ‘Trough,’ Krugman Says “It’s quite possible, though not certain, that retrospectively, we’ll say that the recession ended in July or August, maybe September,” Krugman said. “My guess is that we’ve bottomed out now, … Read More

Here is a collection of real estate and economic graphs for data released in July … Note: Click on graphs for larger image in new window. For more info, click on link below graph to original post. ******************** New Home … Read More

First, lifted from the comments on Corus: “Too toxic to fail.” by Rob Dawg On shadow inventory from Reuters: “Shadow” inventory lurks over U.S. housing recovery (ht Denny) [A] massive supply of unsold homes is waiting in the wings and … Read More

The Wall Street Journal reports today that lending continues to slow and that could be a bearish sign for the economy. Here’s more: The total amount of loans held by 15 large U.S. banks shrank by 2.8% in the second … Read More