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HUD Pushes Implementation of New FHA Mortgage Insurance Premium to October

By Implode-Explode Heavy Industries

"The Fed's announcement yesterday did indeed move the markets. There is concern, talked about endlessly in the press, about a double dip recession. There are reasons why some analysts believe the economy will take another dip, of course. The housing market is not going anywhere fast, although there are pockets of solid improvement. Consumer bankruptcies are on the rise (in 2006 there were less than 600,000 filed; last year there were 1.4 million, and this year is on pace to top 1.6 million). The private sector is still not hiring, and compared to December of 2007, total private employment is still off by nearly 8 million jobs. And food stamp use is at record highs - almost 41 million of our fellow citizens are using them - 1/8 of the US population!"

Full post as published by Mortgage Lender Implode-o-Meter on August 12, 2010 (boomark / email).