Foreclosure Doom & Gloom

Thursday, October 8, 2009
Posted in category Economics

In scouring the foreclosure news this morning, I didn’t come up empty-handed. According to Reuters, “Every 13 seconds in America, there is another foreclosure filing.” It almost sounds like the intro to one of those public service announcements. A point from the article worth noting:

A recent pickup in sales and home prices in some regions has been heralded as a sign that the crisis in residential real estate may be close to bottoming out, after the steepest price decline since at least 1890.

But nearly half of recent sales have been attributed to foreclosures or “short sales” at bargain-basement prices.

Meanwhile, BofA (Bank of America) which is currently facing the wrath of government lawmakers and regulators for alleged misdeeds, is trying to placate government’s social justice bulldogs by modifying loans to keep people out of foreclosure. According to a CNBC report, in August 2009 “one in every 357 homes received a foreclosure filing.” The numbers in the states with the highest rates of foreclosure are amazing. In Nevada (#1), it’s 1 in 62, in Florida (#2) it’s 1 in 140, and in California (#3) it’s 1 in 144.

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5 Responses to Foreclosure Doom & Gloom

  1. Jeannie Queenie says:

    October 8th, 2009 at 1:57 pm

    Reuters states a fact, that is, foreclosures will continue as long as jobs disappear and folks can’t make mortgage payments. It will be at least ten years before things normalize according to many in the know. As I stated in another of Karen’s columns today, boomers, if they lose jobs, and if they wake up to uncle sam’s unquenchable thirst for all the money they can steal from hard working middle class americans, the boomers will cash in 401k’s so they can pay off that mortgage. Better to have a paid off roof over one’s head, than no roof at all. Obviously that 401K has no guarantee it will be there when you need it..and judging by the recent months of corruption/basic bullsh_t bailouts, anyone who banks on their 401K not being touched is living in la la land. If you don’t think that a socialist agenda is NOT on their minds, then check out Obama’s new czar, Sunstein. This sad soul states the claim that Americans are too racist for socialism. As well, he defends
    communism and a deplorable welfare state. In essence, if you are white and are a hard worker, disciplined and master of self, you should be punished and carry others on your back. One would think that a name like Sunstein, you would expect a higher degree of intelligence, but then there are many folks whose IQ’s are smaller than their shoe size. Shame on you Sad Sunstein, you who claim we have all the rights to expect entitlements galore. Your aching acquisitive taste for other’s monies extends to wanting to change the Constitution to reflect all the midget mindedness of a true blue communistic state replete with rights to steal, plunder and make all more equal…equally miserable that is. . For those wanting to learn more of this nutcake philosophy, check url….

  2. Jay says:

    October 8th, 2009 at 2:35 pm

    “Every 13 seconds in America, there is another foreclosure filing.”


    Do you, Karen, or does anyone else, hate it when statistics presented this way? Because initially I wonder which bank worker out there is filing foreclosures at 3:03 a.m? (Assume any time zone.) All right, I know it shouldn’t be taken literally, but it just gets my hackles up. For me it’s akin to those invented stats that governments love to trot out, e.g., “The gov’t claims banning smoking in all public places will save 600 non-smokers per year.” (This was in some UK paper a few years back.) Really? 600 exactly? How do they know that? Why can’t I have access to this omniscient crystal ball? Because I’d really love to win the lottery for once so I can buy my own private island to cater to smokers, drinkers and those people who like a cheeseburger now and then and don’t want to feel guilty for it.

    Just sayin’ is all. :)

  3. Karen De Coster says:

    October 8th, 2009 at 3:15 pm

    Yeah, I hate it — that’s why I made fun of it. “This is your house. This is your house on foreclosure…..”

  4. cousin lucky says:

    October 8th, 2009 at 3:36 pm

    A few years ago the banks would send out phony contractors to sign people up for home repair loans which the banks used to steal the homes from the owners. I remember reading that some banks were barred from some states because they got caught. It may be that the Federal Reserve as well as the banks need to be dissolved permanently!!

  5. Kevin Simpson says:

    October 9th, 2009 at 1:20 pm

    Such a hard thing to see… every 13 seconds!! I read in other place that per day we have more than 6000 foreclosures… That’s a situation without control!

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