August CA Home Sales & Foreclosure Report…Plus National ‘Existing Home Sales’ Preview

Posted on September 22nd, 2008 in Daily Mortgage/Housing News - The Real Story, Mr Mortgage's Personal Opinions/Research

August was not good for the CA real estate market. Just one month after pom-pom’s were flying over how well the market did in July and bottoms were again being called across the board yet again, August, a peak sales month, delivered another blow.  Total sales were off, organic sales were off, foreclosure-related sales rose, defaults rose and prices tumbled.

This Wednesday’s ‘official’ existing home sales report from NAR will also likely show a fall unlike last month’s false-bottom surge that I warned you about in my July CA Home Sales Report. This post is meant to identify the micro aspects and many moving parts of the market and why beneath the headlines conditions continue to actually worsening each and every month. 

When it comes to housing and finance, you can’t read headlines.  Most are either outright lies or written by those who do not have a grasp of the topic.  You have all learned this hard lesson over the past year and a half.  This week’s national ‘existing’ and ‘new’ home sales reports will be no exception. 

For the past many months, my monthly CA home sales reports have (on the surface) very closely mirrored the monthly ‘existing home sales’ report from NAR (due Wed the 24th). But the ‘official’ monthly reports do not analyze and break down the market in the manner needed for you to get the real story. That’s what I am here for.

If you are a home owner or potential buyer, knowing what lies beneath the headline number is key.  If you are a financial market participant, you know that the monthly existing and new home sales reports get the markets very hot and bothered. Perhaps this will give you a heads-up to this week’s respective reports.

‘Fewer Home Sold’ is back to being the headline after a surge in July. Even worse, foreclosures as a percentage of total sales jumped to 46.9% and prices tumbled on the median by 5.3%. Highlights include:

  • Inventory is not being absorbed due to foreclosures surging in Aug with only 12,679 homes leaving the inventory pool making for over 3-years supply.
  • Ma and Pa Homeowner (organic sale) are being squeezed out and can’t compete with bank REO sales or refinance accounting for only 20,172 total sales, or an all-time August low.
  • Banks took back 5,137 more homes than sold organically in August.
  • Values continue to tumble, down 5.3% in August alone, pushing all homeowner’s net-worth lower and many into an even deeper negative-equity position and an exponentially greater chance of loan default.  Crashing prices pushes the mortgage implosion into higher-paper grades due to ‘the negative-equity effect’.
  • Foreclosure related sales reached a record 46.9% of total sales.  In heavier subprime and/or foreclosure regions, foreclosure-related sales were over 80% of total sales.  Short-sales are also counted as total sales and are typically ‘organic’, so the number of ‘distressed’ sales in the state in likely far greater than the 46.9% figure would suggest and true healthy ‘organic’ sales far less than 53.1%.

Despite what the major media headlines say, the housing market is worsening. The facts are right here. This report makes it more evident than ever that ‘the foreclosure market is now the Real Estate market and the banks are the market makers.’

Please show me a month where sales are up, foreclosures are flat or down and prices are flat or up. That would represent an improvement. Sales dropping while foreclosures surge and prices crash scream loudly about where we are headed.

In order to get a handle on the inventory, true burn-rate and the market in general, you have to track and separate every segment of the market, which I have done in my ‘CA Housing Market Nightmare Chart’ at bottom of this page.

For example, if you back out foreclosure-related sales, which were 46.9% of total sales, the picture is especially bleak due to banks taking back 5,137 more homes than sold ‘organically’.  An organic sale is a transaction between two private parties and not from the foreclosure stock.

I think ‘organic sales’ are especially significant because resales have always made up most of the market. New home sales and foreclosure resales have always placed a distant second and third. 

In addition, organic sales languishing is a leading indicator of mortgage loan defaults across all paper types continuing to increase in the future, far in advance of actual events or published data. If individuals can’t sell their homes or refinance and are stuck, perhaps with an exotic/unaffordable mortgage or a negative equity position, they are at an exponentially greater risk of loan default. This of course will add further pressure to the housing market.

Last September at the end of the summer selling season, CA values began their plummet. If sales do not surge this month through the Winter, which is historically a slow season, foreclosure starts already in the pipeline will overrun sales and inventories will continue to grow further depressing the market.

In August, only 12,679 homes were taken out of inventory. Year-to-date only 65,386, or 8,173 homes per month, have been taken out. The numbers are not good. Similar stats can be found in other foreclosure-heavy states.

One would hope that withthe number of  REO sales increasing, prices continuing to drop and being in a peak summer sales monththat sales would have been much stronger in August.  Instead, total sales were down, the market worsened from last month and organic sales fell, which makes for the slowest August since DataQuick began tracking in 1988. 

With bank foreclosure inventory hovering at record levels, sales need to double from here through the Winter in order to chew through the inventory already in the ‘MLS Listed’ channel and bring the “month’s supply” figures down to the 10-11 months that is thought to be accurate for CA.  This will be impossible. Remember, this is the first Spring/Summer selling season in five years without a full menu of “exotic/affordable” loan programs to drive affordability and interest only, Pay Option ARMs, stated income and 100% second mortgages are not coming back anytime soon.

In the month of August, the key stats are:

  • 37,988 Total Sales; down 3.9% from Julys June’s 39,507 and the slowest August for organic sales since DataQuick began reporting in 1988.
  • 46.9% of Total Sales (17,816) were Foreclosure Resales; up 2.1% from last month and 1100% from two years ago.
  • 21,172 ‘Organic Sales’ (Total Sales less Foreclosure Resales). This is down 1640 homes from July.
  • $301k median price; down 5.3% in a single month and a whopping 37.9% from last summer. As expected long ago, prices are gravitating towards the most readily available financing: Agency <=$417 conforming.
  • 43,205 new Notice-of-Defaults, which will result in 34,500 new foreclosures 4-5 months from now.
  • 213,500 new Notice-of-Defaults in past 5-months= 171,000 new REO from 4-6 months out as they move through the system.
  • 25,309 homes went back to the bank as REO totaling $10.65 Billion…second highest of all time.
  • Only 12,679 units left inventory (Total Sales less New Bank REO)

Foreclosure-related & Bank REO Sales

Bank REO sales are counted in the ‘official’ monthly Existing Home Sales report making things appear better than they are.  They are not ‘organic’ sales however. When you compare year-over-year sales, last year’s foreclosure resales were only about 7% of total and the year before that it was less than 5%. It is an apples-to-oranges comparison.  Short-sales are also counted as total sales and are typically ‘organic’, so the number of ‘distressed’ sales in the state in likely far greater than the 46.9% figure would suggest and true healthy ‘organic’ sales far less than 53.1%.

This REO inventory is being sold at massive discounts to the note amount and recent comparable sales in any given neighborhood.  Foreclosure resales pose the primary threat to home prices across the nation, followed closely by the lack of affordable loan programs. All over the country, neighborhoods are being marked-to-market overnight due to REO inventory being dumped, much of it never shown as part of the listed housing stock in the first place.

You may think that as prices fall, more homes will sell and that will solve the inventory problem. That is not totally correct.  As prices fall, more homes sell but more homeowners are thrown into a negative equity position exponentially increasing their chance of loan default.  This leads to more defaults and even more Bank REO. It is a vicious cycle; a feedback loop from which there is no escape. Negative-equity is now one of the leading causes of loan default, especially in higher priced areas.

Total CA Home Sales and Foreclosure Market

The ‘Quickening’

I believe that a massive property dump is in process and it won’t be seen or felt for a few more months. I call it the ‘quickening’.  I talked about it a month ago in my post and video called ‘The Real Estate Quickening is Upon Us’.  This is a bi-product of the failing and/or deleveraging of all financial institutions. Some of the only assets left on their balance sheets that are easily liquidated are residential REO and non-performing notes. Demand is high for these asset classes.

I have noticed a flurry of activity in the bulk residential asset space starting a couple of months ago when the FDIC said it would be liquidating IndyMac’sREO and distressed mortgage portfolio.  Then, Merrill dumps $30 billion in ‘assets’ on the market to Lone Star who is in turn piecing it out. In the past month, Fannie and Freddie threatened to dump and Lehman is being liquidated through bankruptcy.  In the past week, other large firms have stated their intent to finally liquidate and this latest $700 bank bailout should result even more inventory.

If I were the CEO of a bank holding sizeable real estate assets, I would want to get ahead of these large players and dump at any cost right now. Look out because a massive amount of inventory may be headed for the pipe. 

It is the liquidating of bank owned residential real estate, which now makes up nearly half of all home sales, that is responsible in part for such massive price drops around the nation, especially in the bubble states, over the past year.  With foreclosures continuing to increase, the last thing this fragile market needs right now is more supply.

The real estate market needs more buyers…period. But where do they come from? Move up buyers have always been the dominant force in the market. However, most homeowners who purchased between 2003-2007 can’t afford to re-buy the home they currently live in let alone thinking about moving up. Even if they could, so many are underwater that they can’t sell. That leaves first time home owners and renters to carry the real estate market going forward and they have always been the weakest market participants.

The negative equity time line keeps moving backward at an amazing pace folks.  The further back in time it moves, the more become underwater and the higher up the paper-grade chain this crisis moves. If sales do grow and prices stabilize into the Winter, which would be an historic event, and the number of foreclosure sales continues to grow as a percentage of total sales, where does this leave Joe and Jane Homeowner who did everything right and the builders?  How badly does this hurt borderline borrowers who are only hanging on due to the small slice of equity in their home? If sales do not grow and foreclosure sales continue to grow as a percentage of total sales, we remain on track for an absolute housing overshoot and subsequent total meltdown. -Best, Mr Mortgage

Other Related Mr Mortgage Posts

  • CA Foreclosure Notices Fall 90% – Problem Solved? No Way. (51)
    Posted on September 19, 2008 1:02 PM
  • Mortgage Rates Soaring: Remember the Good Old Days When .gov Didn’t Run the Show? (26)
    Posted on September 17, 2008 11:16 AM
  • 34 Responses to “August CA Home Sales & Foreclosure Report…Plus National ‘Existing Home Sales’ Preview”

    1. thanks for the numbers!

    2. As always. A great report.

      There may be a problem next month with September numbers. The California legislature change the notice period I think from 30 to 60 days. Which will mess up the number for one month.

    3. When you say ‘meltdown’, do you mean total economic meltdown or just a continued crash in housing prices?

      A few years ago there was a lot of chatter about torched cars… borrowers who are upside-down on their cars setting them on fire to have the insurance pay out so they could get out of their loan. Wonder how long until we see arsons?

    4. Mark,

      A few months ago you had indicated that the true months in inventory was 54 months or approximately a little over 4.5 years! Which was an astonishing figure since all the media oulets were reporting that the actual months in inventory was 10-11.

      However, in this post you indicate that the actual months in inventory are at now at approx 3 years. Please explain since the last 4-5 months have been the worst in recorded history (comparitively speaking for the time of year), shouldn’t the months in inventory be going up and not down?

    5. Horribly fascinating and comprehensively timely. So wish I could view your reports as a renter!!

      Any idea how the banks show all this REO on their balance sheets?

      ‘Negative-equity is now the leading cause of loan default.’ Not sure I agree with this one. In CA, neg eq was the prime driver from early on when the exurbs stated going into that condition. If CA loans were recourse, the crisis would be a fraction of its current state.

    6. Unemployment is rising as well.CA just hit 7.7% and growing. Perfect storm brewing….tightening credit, rising unemployment and increasing inventory. I think the December numbers are going to be astounding!

    7. The real estate market has plenty of buyers. They just can’t afford the sellers’ prices.

    8. Mr. M,

      Some Real Estate agents are saying the 700 billion “No Bank Left Behind” bailout will result in lower mortgage rates, banks much more willing to refinance at 85% or lower and happy days are here again.

      You must agree “the slowening” is upon us.

      JAllen

    9. Dear Mr Mortgage,

      Your Quickening* is all too believable to me, but then I am an an economist and absorb numbers easily even with large lag structures.

      I think your thesis will go down with a great deal more immediacy and for a wider audience on a chart with about three years worth of data and projecting about two years.

      Projection lines can be legitimately drawn in due to the now pretty much established, albeit quite approximate, lags between the various stages between NODS and REO. I can’t devine yet the nature of the process form REO to REO sales sales for projections because high level activity there is quite recent (due to the lags) and due to other factors such as the bulk sales you mention. Also REO sales are not just determine by an administrative process , but probably more these days by the ability of the market to absorb and the ability and willingness of the banks to hold: both of which drivers are probably in a state of flux.

      *I wonder how meaningful it is now to talk of the average. Some nice areas of cities are holding up very well, whilst some exurbs are already in the meltdown you talk of.

      Will bank renting start to appear.

    10. Great report! On the major news syndicates I only hear that home prices are falling, but never the reason being that banks are driving them down with foreclosure inventory. This is an important detail!

    11. Can’t see the Tarp having much impact on the CA RE market. can you?

      The Tarp seems to be aimed at stopping banks failing. . Now if the Tarp could buy and rent out Reo! That might work.

    12. Why can’t so-called “economist” learn to speak english???

      “I think your thesis will go down with a great deal more immediacy and for a wider audience on a chart with about three years worth of data and projecting about two years.”

      Huh?

    13. He means hoi polloi are impressed with graphs and unimpressed with data only in number form. Economists love to project, like the weatherman with the worthless five-day forecast. But who cares about people who aren’t here anyway?

    14. Bloomberg had an interesting story suggesting that the main beneficiary of the latest big bailout will Morgan Stanley and Goldman Sachs. Primarily, this was because these two had already written down their holdings more or less appropriately, while the rest of the banks haven’t been nearly as enthusiastic (i.e. honest).

      Basically, if an honest pricing mechanism is used, the other banks can’t sell to TARP because if they do, they won’t get the same price that they are listing the assets on the books as, which would cause an immediate write-down, which would throw them into bankruptcy.

      http://www.bloomberg.com/apps/news?pid=20601087&sid=aUj_9.k13q7s&refer=home

      This whole bailout smacks of something done in a hurry. That initial bit about disallowing foreign banks – absurd. Any foreign bank could simply use a US bank as a proxy – “here sell my crap, and take 5% for yourself, ok?” Paulson backtracked on that quickly enough, but having something like that in there that wasn’t caught means this was all done in great haste. It strikes me as a bunch of bullet points jotted down on a napkin over lunch and then written up by “the legal team” in an hour or two.

      And now that the rubber is meeting the road, what about the banks who haven’t marked down appropriately – how will they participate? Either they get a “good deal” (i.e. a gift from the taxpayers, where we dramatically overpay for their assets) or only GS and MS can play, which means it ends up being worse than useless.

      And if we start overpaying, what’s to stop those hedge funds who bought all the toxic waste from MER getting in line too? Sure let’s bail out some hedge funds while we’re at it.

      Do we ration out the overpayments? Do we treat them all as investments and wipe out the common shareholders, as with AIG?

      It just doesn’t seem like a workable plan as is. If I didn’t live here and have a vested interest in my country, it would be fascinating to sit back and watch how it all develops.

    15. One more thing.

      I think there are not enough NODs being filed for the number of mortgages that are going sour in California, and the numbers seem to be pretty big. My case is circumstantial, but try this on for size.

      In the last 8 months, 330,000 people lost their jobs in California – the unemployment rate went from 5.9% to 7.7%. That’s 41,250 people per month. 57% of of california households own their own homes. Simple math suggests that’s 23,512 homeowning households may be affected by the increase in unemployment per month.

      This is independent of unaffordable mortgages, pick-a-pays finally maxing out and resetting to fully amortizing loans, and all the rest of that. Job loss = foreclosures. And these are not small numbers. Some job loss months are particularly dramatic. One would expect these spikes to show up in the NOD numbers, but they don’t seem to be.

      Take a massive job loss month: according to the CA EDD 116,000 californians lost their jobs in May 2008. 57% (CA homeowner rate) of 116k is 66k. 66,000 homeowners losing their jobs IN ONE MONTH should have spiked the NOD filings in June, July, or August, don’t you think? But according to Mr Mortgages NOD numbers, they have held relatively steady at around 40k for 8 months now.

      It just seems fishy to me. I’m going to go out on a limb here and say that at least this summer, there are possibly 3 NODs left unfiled for every 2 that are actually filed.

      What do you think, Mr. Mortgage? Is it possible that things are actually worse than your numbers would indicate? You’ve talked about shadow inventory – how about shadow NODs?

      Here’s a link to the unemployment numbers I’m using:

      http://www.labormarketinfo.edd.ca.gov/?PAGEID=164

    16. Cities like San Ramon in the East Bay Area are down to the tune of 30%, and San Carlos comps are off almost 20%. So much for all the Kool-Aid drinkers thinking their overpriced $1 million, 50-year old homes cannot go down in value. There is a huge train wreck happening in the Bay Area, and it is playing out in slow motion in many areas. The pool of buyers is quickly shrinking; how many potential buyers have $200k they can put down on a $1 million starter home in the Bay Area? And then afford a conventional 30-year mortgage, with all associated costs? Not many. The game is over. These homes are going back to $400-500k, and that might be generous.

    17. I just saw a segment on CNNi with some bald reporter named Ari listing 4 reasons why the 700bn “No Bank Left Behind” bailout needs to happen. (my comment in parentheses)

      1. Hard to get loans/mortgage rates going up. (ease of getting loans/low rates caused this)
      2. Huge number of people involved in the FIRE sector. (too many people involved in the FIRE sector, let them find other jobs)
      3. Manhattan will lose tax revenue if these people lose their jobs. (boo! hoo!)
      4. Banks unwilling to lend to each other. (see comment to #3)

      My guess is that Mish will soon be reporting how this is a attempt to avoid massive deflation and economic rot.

      What gets me is Bazooka Hank saying this bailout is needed to continue our “economic expansion.” Did I miss something? Weren’t we trying to avoid “systemic meltdown?”

      We can do both at the same time! Isn’t that special.

    18. T.A.R.P. – Read and Watch.

      http://market-ticker.denninger.net/archives/587-The-Mother-Of-All-Frauds.html

    19. Graham-

      Great points. But is there any way you can summarize your views in two words or less for the average American?

      Thanks,

      Tony Buzan

    20. I am still a renter and have chosen as such since 3 years ago when prices were crazy high. Many of our friends are so upside down it is sad because they cant even afford to upkeep their homes.

      I have been reading and watching all these reports and still think it is best to rent right now. I have a friend who hounds me how stupid I am for not buying a home but I just ignore it and feel I am making the right choice.

      My wife and I both have credit scores above 750 with a annual income above $140k. Am I making the right choice or should I be trying to buy anything I can get in to right now?

      PS I read a comment about there being buyers but prices too high to afford and that is exactly correct. While we make a good income I cant go and start paying $2500 a month with out some life changes. I could but I dont want to or feel I should at this point.

    21. let the blood be shed

    22. The hearing is on and I must say Paulson is getting DRILLED!!!

      Not that it will matter in the end probably, but he is taking some shots from quite a few that are there.

      Examples:

      – Senator Dodd, the Democratic chairman of the panel: “I understand speed is important. But I am far more interested in whether or not we get this right. There is no second act to this.”
      – Senator Richard C. Shelby, Republican and ranking member of the panel: “Before I sign off on something of this magnitude, I want to make sure we’ve exhausted the alternatives”
      For Mr. Dodd, a larger issue was at stake in Mr. Paulson’s plan. “After reading this proposal, I can only conclude that it is not just our economy that is at risk, but our constitution as well.” Mr. Shelby echoed the point, saying the Treasury department was continuing “its ad hoc approach on a grand new scale.”

      Mr. Enzi has been pushing for punitive measures against the leaders of companies who are responsible for the bad investments. “Those C.E.O.’s and decision makers at the financial institutions who caused this crisis must feel the pain of recovery,” he said on Monday.
      The position was backed by experts interviewed for an article in The New York Times today:
      “It absolutely has to be punitive,” [Dean Baker, co-director of the liberal Center for Economic and Policy Research in Washington,] said. “If they sell us the junk, then we own the company. This isn’t a way to make these companies and their executives rich. This should be about keeping them in business so the financial system doesn’t collapse.”

      Not Mincing Words Dept., 10:39 a.m. Senator Jim Bunning, Republican of Kentucky, has emerged as one of the most strident enemies of the bailout proposal, and he did not disappoint today. “It’s financial socialism, and it’s un-American,” he said in his opening statement. On Friday, he offered a eulogy for the economy, saying, “The free market for all intents and purposes is dead in America.”
      Senator Elizabeth Dole, Republican of North Carolina, had some harsh words for the mortgage giants that the government took over earlier this month. “Fannie and Freddie have utterly failed to deliver on their intended purpose,” she said. “In fact, they have done just the opposite.”

    23. America is now the world’s biggest bank,biggest mortgage holder, biggest insurance company, arranger of biggest shot gun weddings, biggest police force enforcing democracy across the world. 🙂

      It is the biggest socialist state in the whole world! The other socialist states just give universal healthcare and subsidized college tuition. Dang it!!

      America does it big! 😉

    24. If we follow this fool down the path he would like us to blindly and Sheepishly follow then we are bigger morons than he is.

      He understands the panel has expertise and this is critical, but he want to put the cart before the horse anyway. This is not a smart man folks.

      He says it is supposed to help the tax payer. The biggest bail out of corporations in our countries history on the backs of the totally spent out tax payer and their childrens, children is helping whom again Hank? Are you freaking nuts their fellow? This isn’t helping us one damn bit! No jobs, no money, no infrastructure, no assurances, nothing!!!

      He says the tax payer is already on the hook. Well if that is the case then WHY are we bailing these companies out in the first place. I will take my chances without forking over our future thank you very much.

      So we have 2 choices here…

      1. Put that money into jobs by a massive infrastructure proposal and watch people work and save and get this country back on its feet again

      2. Thorw the money away on greedy, corrupt CEO’s and their companies so they can continue with fat bonuses all at the expense of the american tax payer…

      hmmm I vote #1!!!

      Paulson said:

      Many of you also have strong views, based on your expertise. We must have that critical debate, but we must get through this period first.

      From Paulson to You, 11:41 a.m. In response to a question, Secretary Paulson sought to clear the air about who the bailout was supposed to help. “This is all about the American taxpayer,” he said. “That’s all we care about.” He continued:
      Any banking operation in the United states that is doing business with the American public is important. The American public in dealing with the financial system doesn’t know who owns that bank.
      Later, he added, “You ask me about taxpayers being on the hook? Guess what, they are already on the hook.”

      What If It Doesn’t Work?, 11:45 a.m. When Senator Shelby raised the possibility that the $700 billion plan may fail, Mr. Paulson defended his record so far. “I believe Freddie and Fannie worked,” he said. “If the Federal Reserve didn’t step in with A.I.G., we’d be facing a major calamity.”

    25. We are damned if we do and damned if we don’t.

      Either way we are screwed.

    26. While this is going to cost us, and it should given the fact that the American Tax Payer was aslep at the voting booth allowing these same morons back into office over and over again, there are ways to make it work better for us.

      For example:

      I was never much for a stimulas package where we take Tax Payers money and just literally hand it back to them. You loose control of where, how and when it is spent. Thus you lose control of the stimulas affect.

      I was never much for “Bail Outs” because they just reward the people responsible for the bad behavior. You get nothing for your money but debt and again the stimulas affect, if any is not in your control.

      I am however, to a small degree, for an infrastructure bill that creates stimulas through job creation. That adds value to our country and creates jobs and savings which helps lending institutions. This would be my solution for this mess over any other idea I have come across.

      Off course if I had my way we never would have gotten this far down this road, but we are and we do have to deal with it in some manner. that or just leave it be. The problem with that however, is that the Government has meddeled far too much already and screwed everything up. To leave it to rot on its own now would wreek havoc IMO. The time for this decision making was early on so it is too late now…

      I was never much for

    27. […] Comments Stu on August CA Home Sales & Foreclosure Report…Plus National ‘Existing Home Sales’…od on August CA Home Sales & Foreclosure Report…Plus National ‘Existing Home […]

    28. Stu,

      I think you will see your infrastructure plans go through. Just like they did in the Great Depression. I wonder what abbreviations they will come up with this time?

      Too bad the s#%*t has to hit the fan for anything to get done in this country.

    29. Mr. M. yeah I know… It is like bringing some sand to the beach… it just doesn’t add up to that much in the over all picture now does it.

      Fannie and Freddie will probably cost us .20 on the dollar alone, so at $5 Trillion that is $1 Trillion right there… yeah we will make oodles of money off of this bail out… NOT!!!

      That is the issue with rushing through this and as much as I cannot stand Dobbs, he is correct in the fact that we get 1 shot at this and only 1…

    30. As Alt A and prime/jumbo prime come under more pressure due to softening prices and unemployment, look for the higher priced hoods to start falling more rapidly. After all, who took out these loans? These are the high dollar loans used to get into the homes in $600K plus areas.
      Most of the sub primes were in low cost hoods and that’s why those areas fell first and hardest. Now it’s time for the more wealthy to experience the joys of mortgage default.

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    32. […] Guide to the TRUTH! » FedUpUSA.com Makes a Stand Against ‘Bank Bailout’ on August CA Home Sales & Foreclosure Report…Plus National ‘Existing Home Sales’…Mr. Mortgage’s Guide to the TRUTH! » BofA CEO Says ‘Half Banks Will Go Away’ […]

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