Economic Recovery? No Spinning These Numbers – August 2010 Lenders Foreclose More Homes Than At Any Time Since Mortage Crisis Began

US homes lost to foreclosure up 25 pct on year

LOS ANGELES — Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.

The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.

In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.

August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.

Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can’t afford to simply dump the properties on the market.

Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.

That’s one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.

[The reason only 1/3 of the foreclosed homes are  “on the market” is that the banks are tryoing to protect the value of their inventory of foreclosed homes, by limiting the number on the market thay are artificialy propping up the value of the “foreclosed home market”. The Government tax credit did not create “new housing demand” it simply shifted sales forward … Google: Federal Home Trac Credit Fraud – to read about the mismanagement of that program by the Federal Government – or Google: Mortgage Fraud Continues]

“These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer’s market with too much distressed inventory for fear of what it would do for house prices,” he said.

As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer.

The number of properties receiving an initial default notice – the first step in the foreclosure process – slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said.

Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.

Barney Frank - Chairman House Banking Committee - The Man In Charge Of Watching Over Fannie

Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don’t sell at auction, these homes typically end up going back to the lender.

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.

[Realty Tracs number are way off, that or the AP is not reporting them correctly – At least 8 million homes have been foreclosed – 2.3 million homes have been foreclosed and placed on the market for sale. More than 2.3 million homes have been foreclosed in the States of Michigan and Nevada alone]

In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes.

The firm tracks notices for defaults, scheduled home auctions and home repossessions – warnings that can lead up to a home eventually being lost to foreclosure.

Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average.

Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.

Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.

Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.

The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.

The program, known as Making Home Affordable, has provided permanent help to about 390,000 homeowners since March 2009.

[A program that was touted by Obama as something that would help 9,000,000 home owners at a cost of nearly $700 billion dollars has in fact helped only 300,000 and tens of thousands leave the program every month as their homes sink futher “under water”]

http://www.forbes.com/feeds/ap/2010/09/16/general-us-foreclosure-rates_7933661.html?boxes=Homepagebusinessnews

 

Global Warming? “Researches Predict Another Ice Age” Reports DailyTech

Global Cooling comes back in a big way

Dr. Kenneth Tapping is worried about the sun. Solar activity comes in regular cycles, but the latest one is refusing to start. Sunspots have all but vanished, and activity is suspiciously quiet. The last time this happened was 400 years ago — and it signaled a solar event known as a “Maunder Minimum,” along with the start of what we now call the “Little Ice Age.”

Tapping, a solar researcher and project director for Canada’s National Research Council, says it may be happening again. Overseeing a giant radio telescope he calls a “stethoscope for the sun,” Tapping says, if the pattern doesn’t change quickly, the earth is in for some very chilly weather.

During the Little Ice Age, global temperatures dropped sharply. New York Harbor froze hard enough to allow people to walk from Manhattan to Staten Island, and in Britain, people reported sighting eskimos paddling canoes off the coast. Glaciers in Norway grew up to 100 meters a year, destroying farms and villages.

But will it happen again?

In 2005, Russian astronomer Khabibullo Abdusamatov predicted the sun would soon peak, triggering a rapid decline in world temperatures. Only last month, the view was echoed by Dr. Oleg Sorokhtin, a fellow of the Russian Academy of Natural Sciences. who advised the world to “stock up on fur coats.” Sorokhtin, who calls man’s contribution to climate change “a drop in the bucket,” predicts the solar minimum to occur by the year 2040, with icy weather lasting till 2100 or beyond.

Observational data seems to support the claims — or doesn’t contradict it, at least. According to data from Britain’s Met Office, the earth has cooled very slightly since 1998. The Met Office says global warming “will pick up again shortly.” Others aren’t so sure.

Researcher Dr. Timothy Patterson, director of the Geoscience Center at Carleton University, shares the concern. Patterson is finding “excellent correlations” between solar fluctuations, a relationship that historically, he says doesn’t exist between CO2 and past climate changes. According to Patterson. we shouldn’t be surprised by a solar link. “The sun [is] the ultimate source of energy on this planet,” he says.

Such research dates back to 1991, when the Danish Meteorological Institute released a study showing that world temperatures over the past several centuries correlated very closely with solar cycles. A 2004 study by the Max Planck Institute found a similar correlation, but concluded the timing was only coincidental, as the solar variance seemed too small to explain temperature changes.

However, researchers at DMI continued to work, eventually discovering what they believe to be the link. The key factor isn’t changes in solar output, but rather changes in the sun’s magnetosphere A stronger field shields the earth more from cosmic rays, which act as “seeds” for cloud formation. The result is less cloud cover, and a warming planet. When the field weakens, clouds increases, reflecting more light back to space, and the earth cools off.

http://www.dailytech.com/Solar+Activity+Diminishes+Researchers+Predict+Another+Ice+Age/article10630.htm

Global Warming? “Prepare For New Ice Age” Reports The Australian

Prepare for new Ice Age, says scientist

SUNSPOT activity has not resumed after hitting an 11-year low in March last year, raising fears that – far from warming – the globe is about to return to an Ice Age.

Geophysicist Phil Chapman, the first Australian to become an astronaut with NASA, said pictures from the US Solar and Heliospheric Observatory showed there were currently no spots on the sun.

He said the world cooled quickly between January last year and January this year, by about 0.7C.

“This is the fastest temperature change in the instrumental record, and it puts us back to where we were in 1930,” Dr Chapman writes in The Australian today.

“If the temperature does not soon recover, we will have to conclude that global warming is over.”

The Bureau of Meteorology says temperatures in Australia have been warmer than the 1960-90 average since the late 1970s, barring a couple of cooler years, and are now 0.3C higher than the long-term average.

A sunspot is a region on the sun that is cooler than the rest and appears dark. Some scientists believe a strong solar magnetic field, when there is plenty of sunspot activity, protects the earth from cosmic rays, cutting cloud formation, but that when the field is weak – during low sunspot activity – the rays can penetrate into the lower atmosphere and cloud cover increases, cooling the surface.

http://www.theaustralian.news.com.au/story/0,25197,23584524-11949,00.html

Global Warming? “Welcome To The New Ice Age” Reports Canada’s National Post

Lorne Gunter, National Post  Published: Monday, February 25, 2008

Snow cover over North America and much of Siberia, Mongolia and China is greater than at any time since 1966.

The U.S. National Climatic Data Center (NCDC) reported that many American cities and towns suffered record cold temperatures in January and early February. According to the NCDC, the average temperature in January “was -0.3 F cooler than the 1901-2000 (20th century) average.”

China is surviving its most brutal winter in a century. Temperatures in the normally balmy south were so low for so long that some middle-sized cities went days and even weeks without electricity because once power lines had toppled it was too cold or too icy to repair them.

There have been so many snow and ice storms in Ontario and Quebec in the past two months that the real estate market has felt the pinch as home buyers have stayed home rather than venturing out looking for new houses.

In just the first two weeks of February, Toronto received 70 cm of snow, smashing the record of 66.6 cm for the entire month set back in the pre-SUV, pre-Kyoto, pre-carbon footprint days of 1950.

And remember the Arctic Sea ice? The ice we were told so hysterically last fall had melted to its “lowest levels on record? Never mind that those records only date back as far as 1972 and that there is anthropological and geological evidence of much greater melts in the past.

The ice is back.

Gilles Langis, a senior forecaster with the Canadian Ice Service in Ottawa, says the Arctic winter has been so severe the ice has not only recovered, it is actually 10 to 20 cm thicker in many places than at this time last year.

OK, so one winter does not a climate make. It would be premature to claim an Ice Age is looming just because we have had one of our most brutal winters in decades.

But if environmentalists and environment reporters can run around shrieking about the manmade destruction of the natural order every time a robin shows up on Georgian Bay two weeks early, then it is at least fair game to use this winter’s weather stories to wonder whether the alarmist are being a tad premature.

And it’s not just anecdotal evidence that is piling up against the climate-change dogma.

According to Robert Toggweiler of the Geophysical Fluid Dynamics Laboratory at Princeton University and Joellen Russell, assistant professor of biogeochemical dynamics at the University of Arizona — two prominent climate modellers — the computer models that show polar ice-melt cooling the oceans, stopping the circulation of warm equatorial water to northern latitudes and triggering another Ice Age (a la the movie The Day After Tomorrow) are all wrong.

“We missed what was right in front of our eyes,” says Prof. Russell. It’s not ice melt but rather wind circulation that drives ocean currents northward from the tropics. Climate models until now have not properly accounted for the wind’s effects on ocean circulation, so researchers have compensated by over-emphasizing the role of manmade warming on polar ice melt.

But when Profs. Toggweiler and Russell rejigged their model to include the 40-year cycle of winds away from the equator (then back towards it again), the role of ocean currents bringing warm southern waters to the north was obvious in the current Arctic warming.

Last month, Oleg Sorokhtin, a fellow of the Russian Academy of Natural Sciences, shrugged off manmade climate change as “a drop in the bucket.” Showing that solar activity has entered an inactive phase, Prof. Sorokhtin advised people to “stock up on fur coats.”

He is not alone. Kenneth Tapping of our own National Research Council, who oversees a giant radio telescope focused on the sun, is convinced we are in for a long period of severely cold weather if sunspot activity does not pick up soon.

The last time the sun was this inactive, Earth suffered the Little Ice Age that lasted about five centuries and ended in 1850. Crops failed through killer frosts and drought. Famine, plague and war were widespread. Harbours froze, so did rivers, and trade ceased.

It’s way too early to claim the same is about to happen again, but then it’s way too early for the hysteria of the global warmers, too.

http://www.nationalpost.com/opinion/columnists/story.html?id=332289

 

Global Warming? Conditions “Favor Ice Sheet Growth” Reports Science Daily

Increasingly Salty Mediterranean Favors Ice Sheet Growth

ScienceDaily (Oct. 28, 2002) — MINNEAPOLIS

ST. PAUL — About 150,000 years ago, an anomalous ice age was triggered by an increasingly salty Mediterranean Sea, a development that’s occurring today and may start new ice sheet growth in the next few decades, according to a study at the University of Minnesota. Robert Johnson, an adjunct professor of geology and geophysics, will present his study of the glaciation 150,000 years ago and discuss its implications for today’s climate on Tuesday, Oct. 29, at the annual meeting of the Geological Society of America in Denver.

Today, the formation of sea ice and pack ice in the Arctic Ocean depends on the presence of less salty–and therefore less dense–water near the surface. This density gradient arises from inputs of fresh water from rivers flowing into the Arctic Ocean from Canada and Siberia. The salty flow of the Mediterranean and Gulf Stream mixture tends to inhibit the formation of sea ice and pack ice. The rising salinity of the Mediterranean outflow, as measured by European oceanographers over the last 40 years, tends to increase the Arctic Ocean salinity, reduce the density gradient, and melt the pack ice there.

http://www.sciencedaily.com/releases/2002/10/021025064838.htm 

 

Global Warming? A New “Ice Age” Predicted By 2030

New Little Ice Age by 2030!

Reposted from: The Next Ice Age Now -

Analysis of the sun’s activity in the last two millennia indicates that, contrary to the
IPCC’s speculation about man-made global warming, that we could be headed into
a Maunder minimum type of climate (a Little Ice Age).

The probability is high that the minima around 2030 and 2201 will go along with
periods of cold climate comparable to the nadir of the Little Ice Age, and La Niñas
will be more frequent and stronger than El Niños through 2018 (Landscheidt, 2000).

We need not wait until 2030 to see whether the forecast is correct, however. A
declining trend in solar activity and global temperature should become manifest long
before then. The current 11-year sunspot cycle 23  with its considerably weaker
activity seems to be a first indication of the new trend, especially as it was predicted
on the basis of solar motion cycles two decades ago…..

The total magnetic flux leaving the Sun has risen by a factor of 2.3 since 1901 while
global temperature on earth increased by about 0.6°C. Energetic flares increased the
Sun’s ultraviolet radiation by at least 16 percent. There is “a clear connection between
solar eruptions and a strong rise in temperature.” …..

I (Landscheidt) have shown for decades that the sun’s varying activity is linked to cycles 
in its irregular oscillation about the centre of mass of the solar system (the solar retrograde 
cycle). As these cycles are connected with climate phenomena and can be computed for 
centuries, they offer a means to forecast phases of cool and warm climate.

“Contrary to the IPCC’s speculation about man-made global warming as high as 5.8° C 
within the next hundred years,” said Landscheidt, “a long period of cool climate with its 
coldest phase around 2030 is to be expected.””

Please visit the site : http://www.iceagenow.com/New%20Little%20Ice%20Age.htm

 

Global Warming? “Brink Of A New Ice Age?” Asks Woods Hole Oceanographic Institution

Are We on the Brink of a ‘New Little Ice Age?’

By Terrence Joyce, Senior Scientist, Physical Oceanography and
Lloyd Keigwin, Senior Scientist, Geology & Geophysics

When most of us think about Ice Ages, we imagine a slow transition into a colder climate on long time scales. Indeed, studies of the past million years indicate a repeatable cycle of Earth’s climate going from warm periods (“interglacial”, as we are experiencing now) to glacial conditions.

The period of these shifts are related to changes in the tilt of Earth’s rotational axis (41,000 years), changes in the orientation of Earth’s elliptical orbit around the sun, called the “precession of the equinoxes” (23,000 years), and to changes in the shape (more round or less round) of the elliptical orbit (100,000 years). The theory that orbital shifts caused the waxing and waning of ice ages was first pointed out by James Croll in the 19th Century and developed more fully by Milutin Milankovitch in 1938.

Thinking is centered around slow changes to our climate and how they will affect humans and the habitability of our planet. Yet this thinking is flawed: It ignores the well-established fact that Earth’s climate has changed rapidly in the past and could change rapidly in the future. The issue centers around the paradox that global warming could instigate a new Little Ice Age in the northern hemisphere.

Evidence for abrupt climate change is readily apparent in ice cores taken from Greenland and Antarctica. One sees clear indications of long-term changes discussed above, with CO² and proxy temperature changes associated with the last ice age and its transition into our present interglacial period of warmth. But, in addition, there is a strong chaotic variation of properties with a quasi-period of around 1500 years. We say chaotic because these millennial shifts look like anything but regular oscillations. Rather, they look like rapid, decade-long transitions between cold and warm climates followed by long interludes in one of the two states.

The best known example of these events is the Younger Dryas cooling of about 12,000 years ago, named for arctic wildflower remains identified in northern European sediments. This event began and ended within a decade and for its 1000 year duration the North Atlantic region was about 5°C colder.

Presently, there is only one viable mechanism identified in the report that may play a major role in determining the stable states of our climate and what causes transitions between them: It involves ocean dynamics.

In order to balance the excess heating near the equator and cooling at the poles of the earth, both atmosphere and ocean transport heat from low to high latitudes. Warmer surface water is cooled at high latitudes, releasing heat to the atmosphere, which is then radiated away to space. This heat engine operates to reduce equator-to-pole temperature differences and is a prime moderating mechanism for climate on Earth.

…… now perhaps you begin to see the scope of the problem. In addition to incorporating a terrestrial biosphere and polar ice, which both play a large role in the reflectivity of solar radiation, one has to accurately parameterize mixing that occurs on centimeter to tens of centimeter scales in the ocean. And one has to produce long coupled global climate runs of many centuries! This is a daunting task but is necessary before we can confidently rely on models to predict future climate change.

Researchers always tell you that more research funding is needed, and we are not any different. Our main message is not just that, however. It is that global climate is moving in a direction that makes abrupt climate change more probable, that these dynamics lie beyond the capability of many of the models used in IPCC reports, and the consequences of ignoring this may be large. For those of us living around the edge of the N. Atlantic Ocean, we may be planning for climate scenarios of global warming that are opposite to what might actually occur.

http://www.whoi.edu/page.do?pid=12455&tid=282&cid=10046

Originally published: February 10, 2003

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