Doomsday Scenario: 80% home default spike in CA, Freddie Mac CFO suicide

Posted Apr 22nd 2009 5:30PM by Alex Salkever
Filed under: Housing, Recession, Financial Crisis

Back to the trenchant trenches. More bad housing news came out of California. The loan default rate spiked 80% in the first quarter, according to DataQuick. This is a precursor to a HUGE spike in foreclosures (defaults are the first step down this road) and a strong indicator that the real estate market in California still has another leg down. Even wealthy spots like Santa Clara and Contra Costa counties are showing mid-double digit increases in default notifications.

In very sad news, the CFO of Freddie Mac apparently committed suicide at his Virginia home, according to the New York Times. This means two things. First, media pressure on these guys is probably so great that they may not be able to do their jobs properly. Secondly, Freddie Mac is still clearly in a whole heap of trouble. CalculatedRisk reports that U.S. vehicle miles were off in .9% in February, coming on the heels of months of previous declines. People driving less is usually a sign that the economy is still shrinking.

Alex Salkever is Director of Research at Piqqem.com, a stock prediction community and stock sentiment information provider.

Tags: driving, fore, foreclosures, Fredd, freddie mac, FreddieMac, housing

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Reader Comments (Page 1 of 1)

4-23-2009 @ 7:55AM

tgjh777 said...

Lamentations 3:40 Let us search and
try our ways, and
turn again to the
Lord.

4-23-2009 @ 9:50AM

Lam arche Michael said...

tgjh777- Let me save you the trouble or I will multiply them for you 10-100 fold. I am tired and grow annoyed and bored with this game.

Jesuis Michael

4-23-2009 @ 9:55AM

Lam arche Michael said...

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---Je'suis Michael

4-23-2009 @ 10:00AM

Lam arche Michael said...

Here is a "GAME",

WHAT AM I? I want to start a new organization & call it "BORED" Games Your welcome to join as long as you recognize I get to be Chairman of the "BORED". I get to play all day & call it work. I get to make everyone under me feel over worked & under appreciated, I get 24.8 MILLION/YEAR & pay you peanuts, then complain about how much it costs to own you. Through other organizations I own I charge you even more, than the peanuts I pay you, for cheap crap made somewhere else, that will need replacing by the next pay cycle. This is another clever way of getting you to subscribe to another STUPID subscription service trapping you in revolving debt. Better get in now, this is a ground floor opportunity, and maybe if you kiss my @$$, just the way I like it, I'll put you in charge of something really nice like taking out the trash or shredding my mail so no one can see how shady I am. What AM I? GIVE UP? I'm a Capitalist PIG OINK OINK! Only in Mockery!

Je'suis Michael