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View Full Version : Home foreclosures go up, and up, and up...



marv
07-16-2009, 09:40 AM
http://finance.yahoo.com/news/Foreclosures-rise-15-percent-apf-516022846.html?x=0&.v=7

(snip)

The mushrooming foreclosure crisis affected more than 1.5 million homes in the first six months of the year, according to a report released Thursday by foreclosure listing service RealtyTrac Inc.

The data show that, despite the Obama administration's plan to encourage the lending industry to prevent foreclosures by handing out $50 billion in subsidies, the nation's housing woes continue to spread. Experts don't expect foreclosures to peak until the middle of next year.

Foreclosure filings rose more than 33 percent in June compared with the same month last year and were up nearly 5 percent from May, RealtyTrac said.

"Despite all the efforts to date, we clearly haven't got a handle on how to address the situation," said Rick Sharga, RealtyTrac's senior vice president for marketing.

(snip)...and more sub-prime mortgages are coming. Okay all you Barney Frank and Chris Dodd fans, what say ye?

linda22003
07-16-2009, 10:37 AM
Okay all you Barney Frank and Chris Dodd fans, what say ye?

I'm not sure you'll find a lot of those here.

lacarnut
07-16-2009, 12:30 PM
I'm not sure you'll find a lot of those here.

Resets on those Jumbo loans are coming in the next year or two. Now, don't tell me that there are no folks in your area that are not living beyond their means. Home values in most parts of the country will continue to decline in part because of foreclosures.

linda22003
07-16-2009, 12:41 PM
Resets on those Jumbo loans are coming in the next year or two. Now, don't tell me that there are no folks in your area that are not living beyond their means. Home values in most parts of the country will continue to decline in part because of foreclosures.

I said there were likely not a lot of Dodd or Frank fans here, so I'm not sure where that came from. If people bought houses they couldn't afford, they're having a sharp little lesson right about now.

Nubs
07-16-2009, 01:59 PM
Resets on those Jumbo loans are coming in the next year or two. Now, don't tell me that there are no folks in your area that are not living beyond their means. Home values in most parts of the country will continue to decline in part because of foreclosures.

So these resets will occur after inflation begins to rise. I see a double dip coming on.

lacarnut
07-16-2009, 02:32 PM
So these resets will occur after inflation begins to rise. I see a double dip coming on.

It does not look like the housing market will recover for many years with an oversupply at the present time of around 9 months. If the economy does not pick up quickly and business do not start re-hiring, which is quite unlikely, these resets could be a killer.

Obama and the democrats will try to pass a 2nd stimulus. If that does not jump start the economy, they will try for a 3rd and 4th one because a sour economy in the next election means the Democrats get slaughtered at the polls. The effect of that will be higher interest rates and Inflation. I see a triple dip coming on.

Molon Labe
07-16-2009, 02:41 PM
Check this out from today. (http://www.bloomberg.com/apps/news?pid=20601087&sid=a8SeuFzxr6I8) Looks like the banks are also in more trouble than people will admit. Correct me if I'm wrong, but's hundreds more above what they originally thought were in trouble. Someone's lieing here and I doubt it's Bunning in this case.



Bunning Says FDIC Warned Lawmakers of Banks at Risk (Update1)
By Dawn Kopecki

July 16 (Bloomberg) -- Federal Deposit Insurance Corp. Chairman Sheila Bair told lawmakers that 500 more banks are at risk of failure “unless something dramatic” happens, Senator Jim Bunning said.

Bunning, a Kentucky Republican, said at a Senate Banking Committee hearing today that he had “just” left a meeting with Bair in which she made the statement.

An FDIC spokesman, Andrew Gray, disputed Bunning’s recollection of the meeting.

“In both public and private settings, the chairman and the FDIC is always careful to not make predictions on the number of upcoming bank failures,” Gray said in an e-mail. “No estimate” was given during the meeting, which took place last week, Gray said.

“We would regret any miscommunication, but she did not say that,” Gray added.

lacarnut
07-16-2009, 02:55 PM
Check this out from today. (http://www.bloomberg.com/apps/news?pid=20601087&sid=a8SeuFzxr6I8) Looks like the banks are also in more trouble than people will admit. Correct me if I'm wrong, but's hundreds more above what they originally thought were in trouble. Someone's lieing here and I doubt it's Bunning in this case.

I would put my money on Sen. Bunning. Obama and this Admin. is trying to put a happy face on things now after bashing everything to get elected. However, 500 banks is a drop in the bucket compared to the overall number of banks in the US. There are many good small banks that did not make stupid loans.

satanica
07-18-2009, 09:38 AM
The data show that, despite the Obama administration's plan to encourage the lending industry to prevent foreclosures by handing out $50 billion in subsidies, the nation's housing woes continue to spread. Experts don't expect foreclosures to peak until the middle of next year.


Bush handed out more than that to the banks, wonder why the article only mentions Obama ?

Lars1701a
07-18-2009, 09:44 AM
The data show that, despite the Obama administration's plan to encourage the lending industry to prevent foreclosures by handing out $50 billion in subsidies, the nation's housing woes continue to spread. Experts don't expect foreclosures to peak until the middle of next year.


Bush handed out more than that to the banks, wonder why the article only mentions Obama ?

Can you please tell the class why you got that stupid tatto?

enslaved1
07-18-2009, 06:33 PM
The data show that, despite the Obama administration's plan to encourage the lending industry to prevent foreclosures by handing out $50 billion in subsidies, the nation's housing woes continue to spread. Experts don't expect foreclosures to peak until the middle of next year.


Bush handed out more than that to the banks, wonder why the article only mentions Obama ?

Because "fool me once shame on you, fool me twice, shame on me"? Bush shouldn't have thrown money down the hole either, it didn't work then, but Obama did the same thing, expecting different results. Which by the way is a common, layman's definition of insanity. Just sayin'.

lacarnut
07-19-2009, 01:17 AM
The data show that, despite the Obama administration's plan to encourage the lending industry to prevent foreclosures by handing out $50 billion in subsidies, the nation's housing woes continue to spread. Experts don't expect foreclosures to peak until the middle of next year.


Bush handed out more than that to the banks, wonder why the article only mentions Obama ?

Obama was hired to fix it. He said he could. He said unemployment would not top 8%. He said the economy would turn around with the 800 billion stimulus plan. He promised those things. He has not delivered; he does not know what the hell he is doing. If cap and trade and health care is passed, unemployment will go up to 15%. You liberals are too damn stupid to understand that increasing taxes will kill the economy. Tax cuts would reverse this trend.