Unemployment blues!

I just got back from a long weekend visiting former neighbors. They live on a lake and have a boat. Proves that it is great to have friends in high places. We had a great time and their son, who turned 7 this weekend, had a great time with my kids. In any event, great time but little to no time for reading up on stuff and posting. Still, I have found a nugget or two in late night reading. Let's start with this interesting piece and a very interesting chart on unemployment. Pay particular attention to the percentage unemployed over 27 weeks, which would simply represent those still looking. I do not think this needs explanation.

http://www.calculatedriskblog.com/2010/08/duration-of-unemployment.html

Commercial RE Numbers are down big time in June:

http://www.calculatedriskblog.com/2010/08/costar-commercial-real-estate-prices.html

And consumer credit continues to decline:

http://www.calculatedriskblog.com/2010/08/consumer-credit-declines-in-june.html

But the good news is that only one more bank failed last week. Mind you that we went a couple fo back-to-back years this decades with no bank failures but only one last week - 109 this year to date - is not an improvement.

http://www.calculatedriskblog.com/2010/08/bank-failure-109-ravenswood-bank.html

Unless you are asleep, all the links have been from Calculated Risk, one of my favorite sites and a good one to follow for weekly stats and good, I think unbiased, commentary on where things stand. In any event, the next few months will be very interesting.

P.S. Let me add one more tidbit today from Calculated Risk - Freddie Mac ROEs are up 79% - yes 79% - YOY. Lest you forget, last year was not a good year in terms of foreclosures and RE either. Fannie and Freddie, however, held off for a long time doing foreclosures in an apparent attempt to help families live the American Dream. Now they are ramping up the foreclosures big time, so forecasts - like that of Merridth Witney predicting another 10% drop in house prices this year - seem to have some basis.

[Okay, you will have to go to Calculated Risk to find the intended link as, apparently, I linked an article about early puberty in girls, which was not quite on point.

Disclosures: None.