US home foreclosures top one million mark

Discussion in 'Economy' started by Neubarth, Dec 25, 2009.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    US home foreclosures top one million mark


    The number of US homes in foreclosure topped the one million mark for the first time ever, according to figures released this week by federal agencies. The continued deepening of the housing crisis is being driven by the relentless economic squeeze on working people, confronted with declining wages and persistent and growing mass unemployment.
    US home foreclosures top one million mark
     
  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    And some people actually believe the Obama administration lies that the economy is improving.

    Each foreclosed home adds to the economic blight. Things are getting worse and worse, NOT better and better.
     
  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    Obama gonna fix it...
    :eusa_eh:
    Administration proposes banks spend $20 billion to fix botched foreclosures
    Monday, March 28, 2011 - Congressional Republicans are moving to shut down President Obama’s $30 billion program to help struggling homeowners pay their mortgages, but the White House appears to have already found a substitute plan.
     
  4. william the wie
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    william the wie Gold Member

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    There is some demographic and mortgage data 2011 will be the worst year of the housing downturn:

    At 5 years past the boom the last of the reset foreclosures should be this year.

    This will be the worst year for the age related buying market for several years.

    The other side of the coin:

    The financial reform act is going to make housing harder to buy. 20% minimum downpayment is really going to shrink the buyer market.

    The cumulative pipeline of foreclosed housing is now at more than 16 years backlog of current sales rate.

    Energy and housing costs are driving migrations primarily to the southeast and away from the northeast and to a lesser degree the southwest and west coast. The Okie and Black migrations are reversing. In the case of Black flight from Jim Crow the reversal of migration pattern, if current trends continue, will lead to absolute population loss of northern Blacks this decade. That is going to ruin the urban real estate market throughout the northeast.
     
  5. waltky
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    waltky Wise ol' monkey Supporting Member

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    Is like bein' in housing market quicksand...
    :confused:
    Foreclosures crush home prices
    May 10, 2011 -- Home prices continued to plummet during the first three months of 2011, falling 4.6% from a year earlier.

     
  6. waltky
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    waltky Wise ol' monkey Supporting Member

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    Still not seein' the light at the end of the tunnel of foreclosures...
    :eusa_eh:
    Foreclosure flood may not have crested yet
    5/20/2011 - More than 4 million seriously delinquent borrowers are at risk
     
    Last edited: May 20, 2011
  7. sparky
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    sparky VIP Member

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    If you believe that economic treason can exist, and can be a threat to our national security, you may wish to consider this>

    A New Wall Street Investigation: Is the Hammer Finally Coming Down? | Rolling Stone Politics | Taibblog | Matt Taibbi on Politics and the Economy

    This investigation has the potential to be a Mother of All Nightmares situation for the banks for a couple of reasons. For one thing, the decision to go after the securitization process is a total prosecutorial bullseye. This is the ugly heart of the wide-scale fraud scheme of the bubble era. Again, the business model during this time was a giant bait-and-switch scam. Sleazy lenders like Countrywide and New Century first created huge masses of bad loans, committing every conceivable kind of fraud to get people into loans (from doctoring income statements with white-out to phonying FICO scores to engineering fake appraisals). They then moved the bad loans quickly to the big banks, which pooled them and chopped them up (this is the “securitization” process), sprinkled hocus-pocus math on them, and them sold them to suckers around the world as AAA-rated securities.



    The questions Schneiderman will seek to answer are these: did the banks securitize loans they knew were fraudulent, throwing the rotten mortgages into the stew before serving them to customers? Did they also commit insurance fraud by duping the bond insurers (known as “monoline” insurers) into thinking the mortgages were not as risky as they really were? And did they participate in the fraud scheme on a more basic level by lending huge amounts of money to the Countrywides of the world, knowing that they in turn would immediately use that money to create the bad loans? In other words, did the banks finance the fraud in addition to brokering it?



    Those of you who would coin yourselves conservative alongside the shenanigans of corporate whores might want to rethink your position in light of the growing status quo epithanys>

    The Washington Current: Massive 6-to-1 Majority Favors Tougher Regulation of Wall Street

    An overwhelming 83 percent of adults think that recent events have shown that "Wall Street should be subject to tougher regulation." At the same time, by almost 2-to-1, a strong 62 percent to 34 percent majority believes that "Wall Street is absolutely essential."

    The problem is that few U.S. adults trust or have confidence in the people who run Wall Street, and think they are overpaid. By more than 2-to-1, they believe that most people on Wall Street would be willing to break the law if they could make a lot of money and get away with it, and that most successful people on Wall Street do not deserve to make the money they earn.
     
  8. B. Kidd
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    B. Kidd Gold Member

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    Wall St. no longer has any allegiance to the United States. That generation of businessmen (returning WWII vets) have died off.
     
    Last edited: May 21, 2011
  9. Truthmatters
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    Truthmatters BANNED

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    this whole thing could ahve been prevented if the safgaurds in the Gramm leach biliely act had not been held up by the Cox SEC.

    They held up the broker definitions for years and did not impliment any until right before Obama took office.

    Bush and team gamed the system to allow the banks to make anyone a broker and with that the banks could make tons of cash writing sub primes and then rolling them into securities with dupe brokers selling them to unsuspecting buyers.

    If there was NO ONE to buy these shit sandwhiches they would not have been written.
     

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