Party like it's 2008 all over again... I remember they always announced these after the markets closed on Friday. http://finance.yahoo.com/news/Regul...tml?x=0&sec=topStories&pos=main&asset=&ccode=
Last Year we had a 100 yr old family hardware store close. This year a 3 generation paving contractor and today I see a family owned (no clue how long it was in business, long time though) lumber yard is closing. Life is changing. I won't recognize my past Further more, growing up in Detroit, pfftttt. that part of history is burned down shot up and vacant. Almost as if history is being stolen right before my eyes.
Yeah, I see small strip malls vacant that had 5 or 6 businesses just a few years ago--and were I live has done relatively well during this crisis. I feel bad every time I see someone trying to open a new restaurant or shop, knowing most will be out of business in a year or so.
This is normal in a "Bust". I think the number of Banks, during the S&L crises (All be it mostly S&Ls), closed was far more than now. There are a lot of Weak banks, mostly the Bigger Ones, like Citi, Bac, who are being propt. up.....they should have failed...but nobody wanted to the pain now...so they pushed it off. However, it isn't alarming that the FDIC is still closing banks. This is a Generation of Unwinding of Debts. Commerical RE is weak but not as weak as I thought at first. Seems to be Regional. As is the Depresssion. San Antonio's local bank failuers are Zero, as is Austin, Houston and Dallas. Stanford was the only 'State Wide" and Region Wide. The bank failuers in Texas were Nationals. Unemployment is 7.6% in SA and Austin is lower. Dallas and Houston are around 7.7%. So, the economy isn't hit so hard in the state. The souther'n belt seems to have some bright spots. East and West are sucking wind but even in those areas, there are some bright spot states. So, this is not your typical Depression....for now.
GMAC haults Forclosers for a short time: GMAC is the second largest default carrier from what I understand. Here are the states and this should give you an idea of where the pain is right now. Connecticut Florida Hawaii Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Nebraska New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Pennsylvania South Carolina South Dakota Vermont Wisconsin These are the states in the Depression...IMHO
Extend and pretend. There's still some 7-800 "problem" institutions out there. Until they can raise enough and get rid of the junk on their books, they'll stay this way or get shut down.