Monday, November 28, 2011

Say, Anyone Know How President Obama's Mortgage Modification and Home-Buyer Tax Incentive Programs Worked Out?

Answer: Just as well as the Stimulus, Cash-for-Clunkers, "green jobs" programs and the rest of the President's exercises in central planning. Which is to say: it's another Obama record!

Today's new annualized home sales print was 307k, below expectations of 315k (yet oddly better than last month's downward revised which moved from 313k to 303k, wink wink nudge nudge Census bureau). This is not to be confused with the actual number of houses sold which came at a whopping 25k, and the third month in a row in which under 500 homes sold in the over $750,000 category.

Yet the most notable data point was the average new house sale price which dropped to $242,300. This is the lowest price since 2003! Something tells us that an MBS LSAP [Ed: i.e., monetization of securitized mortgage debt by the Fed] is pretty much guaranteed at this point.

And I simply adore the shrill shrieks of the drones when confronted with these increasingly dire statistics after three years under the Obama regime. They follow the same general template:

"After eight years of Bush (please note the heart-wrenching affliction -- that all drones suffer -- of Bush Tourette's Syndrome, even after all these years), what d'ya expect? It would'a been worse if he hadn't a'done it!"

Really, drones?

May I then refer you to One Chart to Rule Them All? This is a joint product of The New York Times and The Los Angeles Times, which patiently explains to even the most radicalized Leftist how the mortgage crisis began. Enjoy, miscreants!

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