Bank Seizures of U.S. Homes Reach Record for the Third Time in Five Months

[Charles_Main]

Bank Seizures of U.S. Homes Reach Record for the Third Time in Five Months - Bloomberg

U.S. home seizures reached a record for the third time in five months in August as lenders completed the foreclosure process for thousands of delinquent owners, according to RealtyTrac Inc.

“We’re on track for a record year for homes in foreclosure and repossessions,” Rick Sharga, RealtyTrac’s senior vice president, said in a telephone interview. “There is no improvement in the underlying economic conditions.”

This must be another one of those signs things are going in the right direction Obama has been talking about.

like this one

see how its going in the "right" direction.

I would laugh but it is really not funny.

 

[R.C. Christian]

It's really not going to be OK.

 

[Gatekeeper]

YES!!!! The ECONOMY IS GREAT!!! BUT FOR WHO?

As of September 16, 2010
U.S. Homes Lost to Foreclosure Up 25 Percent

FOXNews.com - U.S. Homes Lost to Foreclosure Up 25 Percent

Our town? 13% of the homes are in foreclosure. those that lost their jobs is incredible. Who the HELL is doing well in this so called 'good' economy? Someone have an answer?

I, for one, am tired of the outright propaganda and lies, in my opinion, coming out of Washington D.C.

Next question. All the 'higher education' that our so called representatives have that have been voted into office by us, how come they are making such pathetic decisions with regards to their economic prowess as indicated by the sheepskins they hanging on their walls like trophies and mean, from their accomplishments so far, NOTHING!

Let me add this:

The 10 American Industries That May Never Recover
http://finance.yahoo.com/banking-budgeting/article/110592/the-10-american-industries-that-will-never-recover

YUP, our economy is so 'rosey' I can't stand it.

 

[hipeter924]

Bank Seizures of U.S. Homes Reach Record for the Third Time in Five Months - Bloomberg

U.S. home seizures reached a record for the third time in five months in August as lenders completed the foreclosure process for thousands of delinquent owners, according to RealtyTrac Inc.

“We’re on track for a record year for homes in foreclosure and repossessions,” Rick Sharga, RealtyTrac’s senior vice president, said in a telephone interview. “There is no improvement in the underlying economic conditions.”

This must be another one of those signs things are going in the right direction Obama has been talking about.

like this one

see how its going in the "right" direction.

I would laugh but it is really not funny.

But hopey changey said everything would be fine in 2009?

Octuplet Foreclosure: Will Obama's $75B Housing Bailout Save Their Home?

© Shutterstock


President Barack Obama unveiled a massive $75 billion housing bill just in time for octuplet mother Nadya Suleman, who’s facing foreclosure on her home.
Suleman currently lives in a three-bedroom and two-bathroom house in Whittier, CA, owned by her mother Angela, who bought the house in March 2006 for $605,000 with a loan from Indymac Bank for $453,750. She reportedly hasn’t made payments in recent months and owes $23,224. The notice lists a projected sale date of June 9, according to the website foreclosureradar.com, reports the Los Angeles Times.
Suleman and her bulging brood of 14 children tragically could be on the streets in a few months. However, fear not: Obama’s massive housing bid to halt foreclosures has arrived!

The president yesterday unveiled a massive plan to encourage banks to lend homeowners money. Under the plan, the federal government will provide lenders and borrowers cash incentives to loan money. The Wall Street Journal explains that the plan will also award lenders who pay their loans on time.

In addition, the government plans to spend $75 billion to encourage lenders to modify loan terms for people at risk of foreclosure or already in foreclosure proceedings. Lenders and the government would jointly lower monthly payments to 31% of homeowners’ income. To encourage services, the plan includes incentives such as $1,000-a-year "pay for success" fees if a borrower stays current on the loan.​

The New York Post also says that borrowers who are really in hot water and owe the bank more than 55 percent of their income would have to enter consumer-debt counseling to get mortgage benefits.
Obama projects his mortgage-aid plan will save nearly four million homeowners from foreclosing. Will Suleman be one of them?

Octuplet Foreclosure: Will Obama's $75B Housing Bailout Save Their Home? | wowOwow

 

[Pepe]

There are 8-12 million homes in the "shadow inventory" according to Fannie, Morgan Stanley and Barclays.

Throw that in with 23% of all homes (11 million) being "underwater" then I might say, "DC, we have a problem."

Morgan Stanley says we have 3 or 4 more years to hit bottom and 3 or 4 years after that before there is any rise in prices.

Couple this with a continuing credit contraction, record bankruptcies, record foreclosures, automation and offshoring, and an Administration hostile to business and we have the perfect recipe for disaster.

 

[Jeremy]

Gotta love this jobless / houseless recovery...