As a continuation of our prior post “2009 Key Items to Watch” see link for complete post : http://street-cents.com/2009/02/02/2009-key-market-items-to-watch-update-from-jan-6-2009/
We have noted that two of the four items have had positive movement; yesterday, Treasury Secretary Timothy Geithner leaked word to the press directly aimed at our important point number three, originally posted Jan. 6, and updated Feb. 2, 2009:
3. Residential housing prices need to stabilize. Home prices continue to fall, although at a slower pace, but we need stabilization. A second way to review this is to watch inventory. We are currently at almost one year’s inventory; we need this to fall substantially. (Feb. 2, 2009 comment) Unfortunately, we have seen little help as of yet in home prices. The Case/Shiller index was down in January, not at an extreme pace, but no major slowing in the collapse of residential prices as of this time!
Today’s new comment!
Delivering information through press releases is something we are going to have to get used to as Geithner seems very comfortable with this method; but no matter what the method, the topic was directly on point and addressed our key item number 3:
Reuters reported that “The Obama administration is working out a plan to subsidize mortgage payments for homeowners with problem loans who have gone through a standardized reappraisal and affordability test.” The news agency cited sources familiar with the plan.
Again, no matter the delivery, the statement was spot on our item three, and is encouraging news to us.
In closing, these guys are extremely smart, and doing all they can do to resolve the issues. We can only conclude that for some reason the administration felt that delivering this information on Tuesday would have somehow slowed the bill’s progress; and as such, they waited to announce this point until the bill was more certain. JK
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Update on 2009 Key Items to Watch; Comments By Geithner Yesterday Addressed Our Item Number 3
As a continuation of our prior post “2009 Key Items to Watch” see link for complete post : http://street-cents.com/2009/02/02/2009-key-market-items-to-watch-update-from-jan-6-2009/
We have noted that two of the four items have had positive movement; yesterday, Treasury Secretary Timothy Geithner leaked word to the press directly aimed at our important point number three, originally posted Jan. 6, and updated Feb. 2, 2009:
3. Residential housing prices need to stabilize. Home prices continue to fall, although at a slower pace, but we need stabilization. A second way to review this is to watch inventory. We are currently at almost one year’s inventory; we need this to fall substantially. (Feb. 2, 2009 comment) Unfortunately, we have seen little help as of yet in home prices. The Case/Shiller index was down in January, not at an extreme pace, but no major slowing in the collapse of residential prices as of this time!
Today’s new comment!
Delivering information through press releases is something we are going to have to get used to as Geithner seems very comfortable with this method; but no matter what the method, the topic was directly on point and addressed our key item number 3:
Reuters reported that “The Obama administration is working out a plan to subsidize mortgage payments for homeowners with problem loans who have gone through a standardized reappraisal and affordability test.” The news agency cited sources familiar with the plan.
Again, no matter the delivery, the statement was spot on our item three, and is encouraging news to us.
In closing, these guys are extremely smart, and doing all they can do to resolve the issues. We can only conclude that for some reason the administration felt that delivering this information on Tuesday would have somehow slowed the bill’s progress; and as such, they waited to announce this point until the bill was more certain. JK
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