"... Oct. 11 (Bloomberg) -- Countrywide Financial Corp., the largest U.S. mortgage company, said late payments at its servicing unit rose,
foreclosures doubled and new loans fell 44 percent as housing sales slowed.
...
Countrywide's servicing business, which does billing and collections, serves as a barometer for current conditions in the mortgage industry. The company's report adds to
evidence that the worst U.S. housing slump in 16 years is getting deeper. Nationwide foreclosures set a record in the second quarter, according to the Mortgage Bankers Association, and doubled in September from a year earlier, RealtyTrac Inc. reported today.
``The whole mortgage lending market is tightening very dramatically,'' Gary Gordon, an analyst in New York at Portales Partners. ``Home prices are falling, people have over-borrowed and employment growth is slowing. I'm convinced that
we'll see that for the next three years.'' ..."
FROM:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aHptyAhx_CSU&refer=home
SUMMARY:
Things are going much like I expected and predicted more than a year ago, but I still think that the central banks will crankout so much credit that he is wrong about it lasting three years more. By then the global economy will be well into the final "6L cycle" and not too many years from the run on the dollar that can not be stopped by cranking out even more of them. I.e that run quickly leads to deep depression, (stagflation type as Treasury prints dollars to payoff its bonds, which will not "roll" at any reasonable* interest rate.) in US and EU.
BTW, earlier today the DOW was less than 6% from hitting my predicted (several years ago) "flerting with 15,000" - that prediction was to come true prior to end of first quater of 2008 originally, but the way the dollar has been dropping in value, several months ago I shortened the window of the prediction to "the first 50 days of 2008." I am tempted to shorten it again, but that would be foolishly "cocky" so I will leave it as it is.
Today is 11th, thus 20 more in October. Nov + Dec gives 61 more for 81 in 2007 plus the 50 in 2008 for window of 131 days still for DOW to climb about 5%, mainly by the dollar dropping approximately that amount also (Dollar dropping was reason I predicted DOW would climb as it takes MORE of less valuable dollars to own the DOW stocks.)
I will consider coming within 2 or 3 % of 15,000 and falling back from that psychological level to be "Flerting with 15,000" - why only about 5% more climb is needed to fullfil my prediction.
Do you think my prediction will be accurate? If not, It will be first I have missed. My money is still on me,

but who knows? :shrug: there are many factors that drive stock prices besides the dropping dollar. - If that were the only factor, it would be easy to predict as dollar will continue to go down, YoY, but with some yoyo movements.
-------------
*I.e. a rate so high that it would do even more harm to the economy than the stagflation.