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Unsold existing homes at its highest level since 1992
Difficulties for the US housing market have been evident for at least a year and data this week showed
the overhang of unsold existing homes at its highest level since 1992,
at the end of the nation’s last housing recession.
John Authers, Financial Times 27/7 2007
Nowhere are the difficulties more evident than in so-called subprime mortgages, extended to people with poor credit histories, for which the losses could be as high as $100bn, according to the Federal Reserve.
The ABX index, a popular measure of bonds backed by subprime mortgages, is down 60 per cent this year.
(My favourite are the so-called Ninja loans – no income, no job, no assets).
Wolfgang Münchau, FT 23/4 2007
Conclusion
US have a large trade deficit. It cannot go on for ever. When it stops the dollar will drop.
It is disturbing that the only time US had a near zero deficit was in 1992 and
the dollar was low against the swedish krona.
Rolf Englund, U.S. Trade Deficit: Causes, Magnitude and Consequenses
2001-05-21
Det var när dollarn sjunkit från 9:40 till 5:30 som Carl Bildt m fl till varje pris ville försvara kronkursen