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Getbig Main Boards => Politics and Political Issues Board => Topic started by: SAMSON123 on January 13, 2011, 03:20:44 PM
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Who said things are turning around or the economy of america is improving? LIARS ALL OF THEM...
Over 1 million Americans seen losing homes in 2011
Reuters – A realtor and bank-owned sign is displayed near a house for sale in Phoenix, Arizona, January 4, 2011. …
By JANNA HERRON, AP Real Estate Writer – 46 mins ago
NEW YORK – The bleakest year in the foreclosure crisis has only just begun.
Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and industry experts say more people will miss payments because of job losses and also loans that exceed the value of the homes they are living in.
"2011 is going to be the peak," said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc. The firm predicts 1.2 million homes will be repossessed this year.
The blistering pace of foreclosures this year will top 2010, when a record 1 million homes were lost, RealtyTrac said Thursday.
One in every 45 U.S. households received a foreclosure filing last year, a record 2.9 million of them. That's up 1.67 percent from 2009.
On Thursday, Freddie Mac reported that fixed mortgage rates dipped this week for the second straight time, extending a sliver of hope for some home owners. .
The average rate on the 30-year mortgage dropped to 4.71 percent from 4.77 percent the previous week. The rate on the 15-year loan, a popular refinance choice, slipped to 4.08 percent from 4.13 percent.
But both are a half-point higher than the lows they reached in November. The 30-year loan rate hit a 40-year low of 4.17 percent and the 15-year mortgage rate fell to 3.57 percent, the lowest level on records starting in 1991.
The dip has led more borrowers to apply for a refinance, but would-be buyers remain hesitant, according to Wednesday's mortgage indexes from the Mortgage Bankers Association. It will take more than low mortgage rates to jumpstart a housing market plagued by high unemployment, falling prices, tighter credit standards.
The glut of foreclosures has compounded the problem and while the pace moderated in the final months of 2010, that isn't expected to last.
Foreclosures are expected to remain elevated throughout the year, pushing home prices down another 5 percent nationally before finally bottoming out.
The number of homes that received at least one foreclosure-related filing in December was the lowest monthly total in 30 months. Total notices fell 1.8 percent from November and 26.3 percent from December 2009, RealtyTrac said.
Banks temporarily halted actions against borrowers severely behind on their payments after allegations of improper eviction surfaced in September.
However, most banks have since resumed foreclosures and the first quarter will likely bear that out, Sharga said.
The pain likely will be the most acute in states that have already suffered the worst. For the most part, it will be states that saw the biggest housing booms: Nevada, Arizona, Florida and California. They will be joined by states hit hardest by the economic downturn, including Michigan and Illinois.
And on Wednesday, Illinois lawmakers approved a 66 percent income-tax increase in a desperate bid to end the state's crippling budget crisis.
More than half of the country's foreclosure activity came out of five states in 2010: California, Florida, Arizona, Illinois and Michigan. Together, these states recorded almost 1.5 million households receiving a filing, despite year-over-year decreases in California, Florida and Arizona.
Nevada posted the highest foreclosure rate in 2010 for the fourth straight year, despite a 5 percent decline in activity from the year before. One in every 11 households received a foreclosure filing last year in the state. In December, foreclosure activity increased 18 percent from November with a 71 percent spike in bank repossessions.
Arizona and California also showed sharp December increases in the number of homes that banks reclaimed, at 52 percent and 47 percent, respectively. Arizona, along with Florida, finished the year at No. 2 and No. 3 for the highest foreclosure rates.
One in every 17 Arizona households got a foreclosure filing last year, while one in 18 received a notice in Florida.
California, Utah, Georgia, Michigan, Idaho, Illinois and Colorado rounded out the top ten states with the highest foreclosure rates.
RealtyTrac tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclos
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Housing is still grossly overpriced.
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Housing is still grossly overpriced.
If these banks handn't have gotten their asses bailed out, home prices would be were they should be now and we'd probably be on the way to a real recovery instead we're dragging the shit out and keeping bad business practices by big bankers safe.
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Yup. I have said over and over, things would have sucked far worse for a short period of time, but then we could purge the system of the bad investments, the banksters, the maddioffs, etc, and we could rebuild based on reality, not ponzinomics.
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Yup. I have said over and over, things would have sucked far worse for a short period of time, but then we could purge the system of the bad investments, the banksters, the maddioffs, etc, and we could rebuild based on reality, not ponzinomics.
and think about the double or triple price the people have to pay. They get screwed by the scam then they have to see their tax dollars go to bail out the scum that set it all off. Just look at what Joe Middle American has to go through because of the crap these guys pulled. Let's say he lost his job, lost much of his investments and ended up losing his house over this crap. All while the bankers walked away without a worry. Now he faces bankruptcy, nobody to bail him out... He sees everything he's worked hard for go down the drain. He sees the money he put into the system go to bailout the bankers. Even worse, he knows that his kids are still going to be bailing out these fucking criminals. And as an end insult, he's required to take financial classes before he can declare bankruptcy lol... He of course sits through the classes probably wondering what classes goldmann sachs execs had to take after threatening America with total destruction and causing this shit to begin with--none...
Great game lol...
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Damn good post. And the assholes in the media try to say people who hate the govt are insane. Yeah what the fuck ever.
After reading creature from jekyll island I really learned the score.