Marcellus Shale Gas Estimates Get Hacked by 80%

Sounds like government math

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Uncle Sam picks up $500 million for finding GOOG guilty of running ads for illegal pharmacies.

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UTHR down 17.66%

Higher end mortgage applications fell 15% as opposed to 5% for homes below $250k. Prices not looking well either.

Yet another drag on a drag queen market.

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Low appraisals also hurting market

The clam is the main event this week; but some say pay attention to Lagarde. Unfortunately she speaks over the weekend when markets are closed.

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PARIS (AP) — President Nicolas Sarkozy’s government has bowed to economic reality, admitting its growth forecasts were overly rosy and announcing an euro11 billion ($16 billion) austerity package in a bid to ensure that France doesn’t miss a vital pledge to cut its deficit.

The government unveiled the package of spending cuts and tax increases two weeks after France came under fire by investors who feared the country’s high debt and deficit levels, as well as its role bailing out weaker European partners like Greece.

Prime Minister Francois Fillon said the austerity package is vital for France to keep its pledge on deficit reduction and maintain its triple A credit rating.

France has not managed to balance its budget in three decades, and Sarkozy has staked his credibility on hitting a series of deficit targets over the next three years.

Fillon blamed the international economic slowdown for France’s failure to achieve the 2 percent growth this year that Finance Minister Francois Baroin said only last week was still within reach.

The country now expects to grow only 1.75 percent this year, and the same amount in 2012. The government had built its 2012 budget, a critical election year for Sarkozy, on a target of 2.25 percent growth.

Sarkozy’s austerity package consists largely of closing tax loopholes and scraping deductions for the country’s largest companies. But it also includes a euro200 million tax hike on the country’s wealthiest taxpayers via a 3 percent “exceptional contribution” on incomes over euro500,000.

In a CNBC interview, “The Commodity King”, Dennis Gartman, said he “wishes he was short gold” and expects more downside in the short term. He called gold “the greatest bubble of our time” and suggested silver, “the poor mans gold” could drop to $30 short term.

No. Ticker % Change Industry
1 GBG -9.00 Gold
2 XG -8.79 Gold
3 JAG -8.25 Gold
4 MGH -7.81 Gold
5 RIC -7.71 Gold
6 GORO -7.53 Gold
7 SA -6.69 Gold
8 VGZ -6.38 Gold
9 TRX -5.84 Gold
10 UXG -5.72 Gold
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No. Ticker % Change Industry
1 GSM -10.71 Industrial Metals & Minerals
2 SVBL -7.14 Industrial Metals & Minerals
3 PZG -6.22 Industrial Metals & Minerals
4 IVN -5.73 Industrial Metals & Minerals
5 AXU -5.47 Industrial Metals & Minerals
6 ANO -5.38 Industrial Metals & Minerals
7 AUMN -5.25 Industrial Metals & Minerals
8 UEC -5.18 Industrial Metals & Minerals
9 MFN -4.68 Industrial Metals & Minerals
10 AAU -4.61 Industrial Metals & Minerals
——————————————————–
No. Ticker % Change Industry
1 EXK -6.98 Silver
2 SLW -5.62 Silver
3 AG -5.54 Silver
4 GPL -4.65 Silver
5 MVG -4.15 Silver

No. Ticker % Change
1 VRNM 30.25
2 LEE 24.19
3 PPHM 16.03
4 PRMW 15.44
5 GRO 13.16
6 AZPN 12.82
7 GGR 12.26
8 CHC 12.05
9 TIV 12.04
10 UCFC 11.34
11 MTG 11.24
12 EDS 10.69
13 HPOL 10.53
14 AVGO 9.33
15 SUTR 8.99
16 RTK 8.64
17 SWFT 8.50
18 MGM 8.43
19 DY 8.32
20 SIHI 8.20
21 BAC 7.86
22 AERG 7.69
23 KTCC 7.67
24 JADE 7.47
25 SATC 7.22
——————————
No. Ticker % Change
1 PSUN -34.56
2 RNWK -30.82
3 IPHI -27.90
4 UTHR -18.15
5 TBUS -14.54
6 AEO -13.77
7 RCON -13.69
8 SHOR -13.26
9 GSM -10.71
10 AIP -10.50
11 VLTR -9.54
12 CADX -9.24
13 CAGC.PK -9.09
14 GBG -9.00
15 XG -8.79
16 DGLY -8.41
17 JAG -8.25
18 TELK -8.11
19 ACPW -7.91
20 ANTH -7.87
21 MGH -7.81
22 HGSI -7.77
23 RIC -7.71
24 SCEI -7.69
25 SANM -7.63

On gold, markets, and QE3

Let hope so….

The rumor is baseless

Bove and Whitney came to BACs defense over the last 24 hrs

Down as much as 5% this morning…now just above unch

Homeowner’s Associations are apparently trying to supercede the law and claim vacant properties from banks who aren’t foreclosing. While I would be irrate if a vacant property was destroying my property value, on the flip side homeowner associations are obnoxious, super legal entities that exist to make the lives of other people hell and usurp property rights without the tedious necessity of putting themselves on the line.

I really don’t see how they have the legal authority to do this.

Members of the Vintage East Condominium Association in Miami Beach got tired of waiting for JPMorgan Chase & Co. (JPM) to foreclose on unit 9, so they sued the bank in February to take control of the property.

In June, more than four years after the owner stopped making payments, a judge ruled that JPMorgan lost its claim to the $144,000 mortgage. The apartment is now on the market for $87,500, and the association may stave off insolvency with proceeds from the sale and a new owner who pays monthly dues, said Jane Losson, a board member at the complex. Four of the 11 other owners at the property are also behind on dues.

“I find it an outrage that the bank had decided to do nothing and the other owners got stuck,” Losson, who’s had her Vintage East condo since 2004, said in a telephone interview. “If we get this unit sold, we’ll have a little money.”

Financially troubled condo associations are taking banks to court as foreclosure delays enable delinquent homeowners to stay in their buildings for years, often without paying dues that keep boards running. The groups start by pressuring lenders to speed up home seizures and take over payment of the monthly fees. In extreme situations, like the Vintage East case, associations may force banks to give up rights to the property.

“The lenders are stalling foreclosures,” Ben Solomon, the Miami Beach attorney for the Vintage East association, said in a telephone interview. “Our complaints say the banks abandoned their interest and either need to accept responsibility for the title or walk away.”

Read here:

U.S. home prices fell 5.9 percent in the second quarter from a year earlier, the biggest drop since 2009, as foreclosures added to the inventory of properties for sale, according to the Federal Housing Finance Agency.

Prices declined 0.6 percent from the prior three months, the Washington-based agency said today in a report. In June, prices retreated 4.3 percent from a year earlier, while increasing 0.9 percent from the previous month.

Foreclosures are boosting the supply of properties on the market and undercutting the confidence of homebuyers, sapping demand even as mortgage rates tumble to near-record lows. The U.S. inventory of homes for sale averaged 3.7 million during the second quarter, the highest since the third quarter of 2010, data from the National Association of Realtors show. The mortgages on 6.5 million U.S. homes had late payments or were in foreclosure in June, according to Lender Processing Services Inc. in Jacksonville, Florida.

“Foreclosures water down home prices because banks want to get rid of properties as fast as they can,” said Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts. “The key number driving foreclosures is the unemployment rate, and we saw that worsen in the second quarter.”

Today’s FHFA report measures changes in real estate values using repeat data on individual properties with mortgages backed by Fannie Mae or Freddie Mac. It doesn’t include a dollar value for homes. The U.S. median home price was $171,900 in the second quarter, according to NAR.

Gold is down $80 @ $1,781

AAPL, MSFT, C, JPM, GOOG, BAC, PFE, GM, MRO, SNY

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