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
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).
Det var när dollarn sjunkit från 9:40 till 5:30 som Carl Bildt m fl till varje pris ville försvara kronkursen