by Calculated Risk on 12/12/2009 08:52:00 AM

Note: The Sacramento Association of REALTORS® is breaking out monthly resales by equity sales (conventional resales), and distressed sales (Short sales and REO sales). I'm following this series as an example to see changes in the mix in a former bubble area.

Click on graph for larger image in new window.

Here is the November data.

They started breaking out REO sales last year, but this is only the sixth monthly report with short sales. About 63 percent of all resales (single family homes and condos) were distressed sales in November.

The second graph shows the mix for the last six months. It will be interesting to see if foreclosure resales pick up early next year when the early trial modifications period is over.

Total sales in November were off 16.1% compared to November 2008; the sixth month in a row with declining YoY sales.

On financing, over half the sales were either all cash (26.4%) or FHA loans (31.4%), suggesting most of the activity in distressed former bubble areas like Sacramento is first-time home buyers using government-insured FHA loans (and taking advantage of the tax credit), and investors paying cash.

This is a local market still in severe distress.

by Calculated Risk on 12/11/2009 11:38:00 PM

From Bloomberg: Volcker Says ‘Basic Structure’ of Economy to Impede U.S. Growth

“We have another economic problem which is mixed up in this of too much consumption, too much spending relative to our capacity to invest and to export,” [said Former Federal Reserve Chairman Paul Volcker] “It’s involved with the financial crisis but in a way it’s more difficult than the financial crisis because it reflects the basic structure of the economy.”
...
“It’s likely that economic growth is going to be pretty sluggish for a while.”

Click image for video or click for Bloomberg Video Volcker Says Economy's ‘Basic Structure’ to Slow Growth December 11 (Source: Bloomberg)

by Calculated Risk on 12/11/2009 09:09:00 PM

This is an unofficial list of Problem Banks compiled only from public sources.

NOTE: This was compiled prior to the bank failures today.

Changes and comments from surferdude808:

Last week’s closings by the FDIC contributed to a decline in the number of institutions and assets on the Unofficial Problem Bank List.

The list includes 539 institutions with aggregate assets of $298.1 billion down from 542 and $310 billion last week. There were 6 failures last Friday that had combined assets of $12.8 billion, which mostly came from the collapse of AmTrust Bank ($11.4 billion). There was one other removal from the list as the OCC terminated its Supervisory Agreement against Beach First National Bank.

This week there are 4 additions, which include Saehan Bank, Los Angeles, CA ($829 million); Phoenixville Federal Bank and Trust, Phoenixville, PA ($381 million); Pierce Commercial Bank, Tacoma, WA ($267 million); and Bank of Shorewood, Shorewood, IL ($141 million).

The list is compiled from regulator press releases or from public news sources (see Enforcement Action Type link for source). The FDIC data is released monthly with a delay, and the Fed and OTC data is more timely. The OCC data is a little lagged. Credit: surferdude808.

Note: The FDIC announced there were 552 bank on the official Problem Bank list at the end of Q3. The difference is a mostly a matter of timing - some enforcement actions haven't been announced yet, and others may be pending.

See description below table for Class and Cert (and a link to FDIC ID system).

For a full screen version of the table click here.

The table is wide - use scroll bars to see all information!

NOTE: Columns are sortable - click on column header (Assets, State, Bank Name, Date, etc.)





Class: from FDIC

The FDIC assigns classification codes indicating an institution's charter type (commercial bank, savings bank, or savings association), its chartering agent (state or federal government), its Federal Reserve membership status (member or nonmember), and its primary federal regulator (state-chartered institutions are subject to both federal and state supervision). These codes are:

N National chartered commercial bank supervised by the Office of the Comptroller of the Currency

SM State charter Fed member commercial bank supervised by the Federal Reserve

NM State charter Fed nonmember commercial bank supervised by the FDIC

SA State or federal charter savings association supervised by the Office of Thrift Supervision

SB State charter savings bank supervised by the FDIC

Cert: This is the certificate number assigned by the FDIC used to identify institutions and for the issuance of insurance certificates. Click on the number and the Institution Directory (ID) system "will provide the last demographic and financial data filed by the selected institution".

by Calculated Risk on 12/11/2009 07:16:00 PM

Note: since I get questions now and then - the Haiku was started long ago and is kind of a tradition.

Valley Capitol
AKA Giant Cash Sinkhole
We can't climb out of

Prairie bank failure
Solution for Solutions:
Arvest to invest
by Soylent Green is People
From the FDIC: Enterprise Bank & Trust, Clayton, Missouri, Assumes All of the Deposits of Valley Capital Bank, National Association, Mesa, Arizona

Valley Capital Bank, National Association, Mesa, Arizona, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, Valley Capital Bank had total assets of approximately $40.3 million and total deposits of approximately $41.3 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.4 million. ... Valley Capital Bank is the 132nd FDIC-insured institution to fail in the nation this year, and the forth in Arizona. The last FDIC-insured institution closed in the state was Bank USA, National Association, Phoenix, on October 30, 2009.

From the FDIC: Arvest Bank, Fayetteville, Arkansas, Assumes All of the Deposits of SolutionsBank, Overland Park, Kansas

SolutionsBank, Overland Park, Kansas, was closed today by the Office of the State Bank Commissioner of Kansas, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, SolutionsBank had total assets of $511.1 million and total deposits of approximately $421.3 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $122.1 million. ... SolutionsBank is the 133rd FDIC-insured institution to fail in the nation this year, and the third in Kansas. The last FDIC-insured institution closed in the state was First National Bank of Anthony, Anthony, on June 19, 2009.

Less than $300 million hit to the DIF so far today ...

by Calculated Risk on 12/11/2009 05:16:00 PM

Sunny Miami
Palm trees, warm ocean waters
Plus one toasted bank
by Soylent Green is People
From the FDIC: 1st United Bank, Boca Raton, Florida, Assumes All of the Deposits of Republic Federal Bank, National Association, Miami, Florida

Republic Federal Bank, National Association, Miami, Florida, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, Republic Federal Bank, N.A. had total assets of approximately $433.0 million and total deposits of approximately $352.7 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $122.6 million. ... Republic Federal Bank, N.A. is the 131st FDIC-insured institution to fail in the nation this year, and the 13th in Florida. The last FDIC-insured institution closed in the state was Commerce Bank of Southwest Florida, Fort Myers, on November 20, 2009.

An early failure ...