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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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From: stan_hughes9/5/2007 7:02:09 PM
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The recognition phase is accelerating.... all you have to do is connect the dots --

1. A full one-third of mortgage originations failed to close in August due to funding issues, i.e. the lenders balked at either the credit worthiness of the borrower or the value of the collateral or both. This report comes on top of a 12.2% decline in pending sales of existing homes. The message? House prices have nowhere to go but down as excess housing inventory gets cleared, which is estimated to be approaching 11 months worth calculated nationwide.

creditbubblestocks.com
bp1.blogger.com

2. Citigroup shuttered another hedge fund today (Tribeca Fund). The message? If pros can't outperform the market, why should anybody be paying fees for them to even try? Expect to see a serious amount of managed hot money face reality here, cash out and retreat to the sidelines.

bloomberg.com

3. Walmart is flirting with its 1999 lows here. I guess making that connection with housing is a bit too obvious for even JSP to miss.

marketwatch.com

I could probably find more examples of this unravelling mess from today but I'm on BBQ duty
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