Today's report is from Kansas City's 10th District of the Federal Reserve- which states the optimistic report posted here at CSW earlier this week was basic straw-grasping.
According to this story at The Kansas City BUSINESS REPORT- the Federal Reserve report stated that "overall bank earnings in the district continue to fall but remain in the positive range at 0.58 percent. Nationwide, the average is 0.15 percent, down from 0.24 percent in 2008."
Those are the commercial foreclosures that I made earlier note of in that those were on the increase- lagging behind home foreclosures.
Reported in the Fed report- that facet of doom is addressed as "Construction and land development loans (CLDs) are the main culprit for asset-quality deterioration in the district. Kansas banks had the highest percentage of noncurrent CLDs in the district, now exceeding 15 percent."
"Missouri banks had a roughly 11 percent rate for noncurrent CLDs. Nationwide, the rate is 13.6 percent, up from 8.7 percent at the end of 2008 and 3.11 percent at the end of 2007-" the Fed report stated.
Logic applies that this "recession (depression)" will continue as jobs continually dry-up and people continue to hold their spending in a wholly-uncertain employment market.
________
No comments:
Post a Comment