CNNMoney: Existing home sales dip in June

Existing home sales dip in June
Ben Rooney July 20, 2011: 11:20 AM ET

NEW YORK (CNNMoney) -- Sales of existing homes dipped in June as buyers unexpectedly backed out of contracts, according to an industry group.

Bloomberg: Bank Delays May Push 1 Million U.S. Foreclosure Filings to 2012

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Bank Delays May Push 1 Million U.S. Foreclosure Filings to 2012
By Dan Levy - Jul 14, 2011 1:00 PM GMT+0900

Lender delays in processing home- loan defaults will push as many as 1 million U.S. foreclosure filings from this year to 2012 or beyond, casting an “ominous shadow” on the housing market, according to RealtyTrac Inc.

Brazil: May growth was lower than expectations.

Early signs of moderation. The central bank's monthly proxy for real GDP growth (IBC-Br) increased 0.2% m/m s.a. in May (consensus: 0.4% m/m), after an increase of 0.5% m/m in April. As a reference, the average monthly pace during Q1 2011 was 0.5% m/m. The annualized 3-month moving average is now running at 4.2% m/m s.a.a.r. (seasonally adjusted annual rate). That is significantly lower than the 6.0% pace in March, and good news given the need to cool the economy below potential in order to curb underlying inflation pressures. Most estimates of “potential” growth fall in the 4.0%-5.0% range. The year-on-year comparison actually accelerated to 4.3% y/y from 2.5% y/y a month before.

Bloomberg: U.K. Unemployment Claims Climbed Last Month at Fastest Pace Since May 2009

U.K. Unemployment Claims Climbed Last Month at Fastest Pace Since May 2009
Q By Scott Hamilton - Jul 13, 2011 5:35 PM GMT+0900

U.K. jobless claims rose at their fastest pace since May 2009 last month, a sign the recovery is struggling to generate enough jobs to offset the deepest government budget cuts since World War II.

Bloomberg:French Banks Face Greatest Italian Risk

French Banks Face Greatest Italian Risk
Q By Fabio Benedetti-Valentini - Jul 13, 2011 7:01 AM GMT+0900

French banks, including BNP Paribas SA and Credit Agricole SA (ACA), have the most at risk from the euro- region’s debt crisis infecting Europe’s largest borrower: Italy.

NYT: E.U. Vows to Back Banks That Fail Stress Tests

E.U. Vows to Back Banks That Fail Stress Tests
By STEPHEN CASTLE
Published: July 12, 2011

BRUSSELS — European officials vowed on Tuesday to support banks that fail stress tests but left unresolved deep disputes that have held up a second rescue package for Greece.

NYT: How We All Suffer

How We All Suffer

July 11, 2011
Kim Luu is the editor of Money and Risk and a principal at an independent brokerage firm specializing in retirement and 401(k)s.

The federal Home Affordable Modification Program was badly designed, overly complicated and poorly communicated. Borrowers suffered through horrendous paperwork for months and years. People ran through their retirement savings during the process, and then lost their homes anyway. Meanwhile, banks are saddled with billions of dollars in losses and inventory that still need to be auctioned.

Reuters: Analysis: Euro zone crisis enters dangerous new phase with Italy

Analysis: Euro zone crisis enters dangerous new phase with Italy

By Paul Taylor
ATHENS | Tue Jul 12, 2011 11:30am EDT

(Reuters) - The euro zone's debt crisis has taken a dangerous turn. Contagion is singeing the currency bloc's third biggest economy Italy, which would be too big to save with existing EU financial fire-fighting tools.

NYT: The Unemployment Factor

The Unemployment Factor

July 11, 2011

Morris A. Davis is the academic director of the James A. Graaskamp Center for Real Estate at the University of Wisconsin-Madison.

NYT: Out of a Job, Out of a House

Updated July 12, 2011 10:07 AM
Hanging On to Houses

Introduction

In his column on Monday, Paul Krugman said that the Obama administration has done almost nothing to help troubled homeowners. Of $46 billion set aside for mortgage relief, less than $2 billion has been spent.