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Martin here with two news items I want to bring to your immediate attention.
First and foremost, talk on Wall Street yesterday that the housing market “may be bottoming” is a bunch of hooey.
The reality is that bank seizures of U.S. homes just surged 90% in January compared to a year ago.
The main reason: Homeowners failed to make the higher payments on massive amounts of adjustable-rate mortgages that are resetting at higher rates.
Why this is not the bottom: Another $460 billion in these mortgages are scheduled to reset this year alone!
Meanwhile, sales of existing homes have just fallen to their lowest level in nearly a decade. And just a few minutes ago, Standard and Poor’s announced that U.S. home prices plunged 8.9 percent in the fourth quarter of 2007, the largest drop in the index’s 20-year history!
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Look: If this crisis were limited to a certain geographical region, it would not be so traumatic. Or if it were happening in a largely debt-free society, it would also not be cause for great alarm.
But the fact is we’re witnessing a nationwide decline in the value of the largest asset owned by hundreds of millions of Americans who are up to their eyeballs in debt.
Of course the folks at the Fed aren’t taking this lying down. They’re pumping money into the economy like there’s no tomorrow. And they’re getting ready to cut interest rates again next month, trashing the value of the U.S. dollar and driving counter-dollar investments flying.
That leads me to the second important piece of news I want to share with you: Mike Larson and I are getting ready to take action:
Next week we’re issuing a blockbuster new Safe Money Report with a complete model portfolio of investment picks to help you accomplish three things immediately:
Get a large chunk of your money to safety!
The report will be emailed and mailed to subscribers Friday, March 7. But to receive it, we need to hear from you by Wednesday, March 5.
Plus, to help you get ready ahead of time, we’ve prepared a package of special bonus reports that you can download right now.
Click here for all the details on what’s happening, why it’s generating such tremendous opportunities, and how to jump on board.
But remember: The deadline for getting our new portfolio recommendations is Wednesday, March 5, just eight days from today.
Best wishes,
Martin
About Money and Markets
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Money and Markets (MaM) is published by Weiss Research, Inc. and written by Martin D. Weiss along with Sean Brodrick, Larry Edelson, Michael Larson, Nilus Mattive, Tony Sagami, and Jack Crooks. To avoid conflicts of interest, Weiss Research and its staff do not hold positions in companies recommended in MaM, nor do we accept any compensation for such recommendations. The comments, graphs, forecasts, and indices published in MaM are based upon data whose accuracy is deemed reliable but not guaranteed. Performance returns cited are derived from our best estimates but must be considered hypothetical in as much as we do not track the actual prices investors pay or receive. Regular contributors and staff include John Burke, Amber Dakar, Adam Shafer, Andrea Baumwald, Kristen Adams, Maryellen Murphy, Red Morgan, Jennifer Newman-Amos, Julie Trudeau, and Dinesh Kalera.
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