posted on May 8, 2006 05:34:37 AM new
Foreclosures Up 72 Percent From Last Year
Georgia, Colorado and Indiana Post Nation’s Highest First-Quarter Foreclosure Rates
National foreclosure filings continued to climb in the first three months of 2006, evidence that more U.S. homeowners are struggling to stay current on their monthly mortgage payments.
A total of 323,102 properties nationwide entered some stage of foreclosure in the first quarter of 2006, a 72 percent year-over-year increase from the first quarter of 2005 and a 38 percent increase from the previous quarter, according to the RealtyTrac™ U.S. Foreclosure Market Report. The nation’s quarterly foreclosure rate of one new foreclosure for every 358 U.S. households was higher than in any quarter of last year.
“The sharp increase in foreclosures in Q1 continues a steady upward trend that we’ve observed since the beginning of last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosures have now increased in four consecutive quarters and are on track to go above 1.2 million in 2006.
Below are foreclosure market statistics nationwide and by state:
posted on May 8, 2006 06:55:38 AM new
Are really this stupid that you are trying to blame foreclousres on the government instead of the dumbasses that bought homes they really couldn't afford?
You can't be serious that you actually think a democrap controlled government would change these figures.
What a maroon.
posted on May 8, 2006 07:42:02 AM new
[i]You can't be serious that you actually think a democrap controlled government would change these figures
What a maroon Ron [/i]
Ya Biggpeepa..not only are you a big maroon, but you're a big purple too!!!!
posted on May 8, 2006 10:12:19 AM new
Stone - you are going to have to justify that one.
When interest rates were a record lows during the Bush administration republicans took all the credit. During that time people bought homes that they could not afford on adjustable rate mortgages. Now the homes are in foreclosure and the it's Clintons fault?
You are going to have to spell out how that one works.
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People put their hand on the bible, and swear to uphold the constitution. They do not put their hand on the constitution, and swear to uphold the bible.
posted on May 8, 2006 10:23:59 AM newWhen interest rates were a record lows during the Bush administration
Fenix,
Short memory? Record lows hit during the Clinton administration and simply continued during the Bush era. Read my other post in Ron's thread for details.
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Many misleading tricks in 2006. The new Demomoron slogan.
posted on May 8, 2006 11:13:23 AM new
Stone - the vast majority of houses in foreclosure here are under current ownership of 5 years or less. Sorry but that is Bush Administration era.
Perhaps your Clinton obsession has interfered with your short term memory. Or have you forgotten all of those ridiculously low interest rates the last few years?
The Clinton years were about high tech big money... the people lost it all when that crashed lost it all long ago.
This is about personal responsibility, not government actions. realtors, bankers and mortgage brokers sold people more house than they could afford and middle income people who wanted to live like upper income people got sucked in and now they are paying the price.
~~~ • ~~~ • ~~~ • ~~~ • ~~~
People put their hand on the bible, and swear to uphold the constitution. They do not put their hand on the constitution, and swear to uphold the bible.
posted on May 8, 2006 11:46:36 AM newthe vast majority of houses in foreclosure here are under current ownership of 5 years or less
And for how long has this been going on? Answer: More than 5 years.
No matter that spin you put on it Fenix, The demomorons are just as much to blame and Republicans. They both get credit for this problem.
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Many misleading tricks in 2006. The new Demomoron slogan.
posted on May 8, 2006 12:20:31 PM new
The investment dollars have pretty much maxxed out the real estate market, too baaaad if you just want to shelter your family starting out. 'Smart money' has pushed the possibility of homeownership to a near destitution state for newbies.
Now, watch what they do to the commodities markets, which is next in the cycle.
__________
The raghead fig-puckers are fighting to spread their culture and religion, and to destroy ours
posted on May 8, 2006 03:18:36 PM new
bebeboom,
LOL Ron is very frustrated because the government he got tricked into voting for has failed so badly. Now he has very little to say except name calling. I personally think his mindset shows how easy it was for the crooked conservatives to trick him and others for their vote.
The good news is even other conservatives are turning their backs on half witted people that still support and defend DUMBO BUSH. The last stats I saw was that 7 of 10 Americans think BUSH is taking the country in the wrong direction.
With that kind of nation wide non support for DUMBO BUSH and HIS GANG OF CONSERVATIVE THIEVES. We can all see why neocons like Ron is so bitter.
I see how weak the neocons have become that sometimes I feel bad for them.
posted on May 8, 2006 05:29:40 PM new
Hey boys just saw on CNN tonight that DUMBO BUSH DIPPED TO 31% IN A NEW POLL. I realize you guys feel lied to,betrayed,beat-up and let down by the failed conservative political movement. Now having said that you need to brace yourselves because you ain't seen nothing yet.
I see in DUMBO'S FUTURE a bunch of arrests and scandal this summer of NEOCON LAWMAKERS on money charges. How about the C.I.A. upcoming scandal. That is going to be a juicy one. The party of morals LOL
HOW LOW CAN DUMBO GO ???? I am betting DUMBO will hit a 29% approval ratings by summer.
BTW, who was the conservative lawmakers aid that pleaded guilty to money charges in Ohio today. If I had a little time I'd look up the STATS on that crook. LOL
You conservative Bush supports can say anything you want about me. Remember that I didn't vote for this bunch of conservative crooks you did. I am just doing my best to expose the CON in the word conservative.
COME AND JOIN THE GREAT AMERICAN PROTEST ON NOVEMBER 7th 2006
posted on May 8, 2006 05:55:19 PM new
::'Smart money' has pushed the possibility of homeownership to a near destitution state for newbies.::
On the contrary Park - Houses under 300K are the ones flooding the market now. The rich are not having a problem paying for their milion dollar homes. It was the middle income people that based their home buying on a fantasy.
The prices on those homes are only going to drop over the next few months as the glut increases.
~~~ • ~~~ • ~~~ • ~~~ • ~~~
People put their hand on the bible, and swear to uphold the constitution. They do not put their hand on the constitution, and swear to uphold the bible.
posted on May 8, 2006 06:17:54 PM new
Yeah, Classic and we all have mindsets but peepers and his kind just have enquiring minds. Knowing that, you can purty much guess where he really gets his information from.
posted on May 8, 2006 06:21:23 PM new
This was written about 2 weeks ago. To a greater or lesser extent this is going on all over the country. Its clearly a war in the middle class.
SF Bay Area Housing Crash Continues
Entire US Real Estate Market Falling
Why?
Prices disconnected from fundamentals. House prices are far beyond any historically known relationship to rents or salaries. Rents are less than half of mortgage payments. Salaries cannot cover mortgages except in the very short term, by using adjustable interest-only loans.
Interest rates going back up. When rates go from 5% to 7%, that's a 40% increase in the amount of interest a buyer has to pay. House prices must drop proportionately to compensate.
82% of recent Bay Area loans are adjustable, not fixed. This means a big hit to the finances of many owners every time interest rates go up, and this will only get worse as more adjustable rate mortgages (ARMs) get adjusted upward.
A flood of risky "home equity loans". An adjustable-interest home equity loan is often a serious mistake. These loans do not have defined limits on interest demands. When the interest rate adjusts upward, it can double monthly payments, forcing owners to sell.
Massive job loss. More than 300,000 jobs are gone from Bay Area since the dot-com bubble popped. This is the worst percentage job loss in the last 60 years. It's worse than Detroit car problems or Houston's oil bust. People without jobs do not buy houses and owners without jobs may lose the house they are in. Even the threat of losing a job inhibits house purchases. Santa Clara County posted its fourth straight year of job losses in 2005, so it's not over yet.
Salary declines. From http://www.mccallstaffing.com/need/needsal.html we hear that "salaries have in fact returned to 1997 and 1998 levels." Local household incomes are not even half of what they need to be to sustain current house prices, even with both husband and wife working.
Population loss. San Francisco continues to lose population at the fastest rate of any city in the US and most of those are professional jobs. The problem is not only the dot-com crash, but also the outsourcing technical jobs to India, which continues at a frantic pace as corporations realize they can pay an Indian only 20% of what they must pay a similarly qualified employee in the Bay Area. Fewer people in the Bay Area means less demand for housing. It recently cost $3623 to rent a UHaul from San Jose to the midwest, but only $1800 to move the other way. This is because far more people are moving out of the Bay Area than are moving in.
Stock market crash. The NASDAQ at about 2000 is still only 40% of the 5000 it was at the peak of the recent stock market bubble. The crash in the NASDAQ probably hit the Bay Area harder than anywhere else because of all the stock held by employees of tech companies. That money would have been spent on housing, but is now gone.
Extreme use of leverage. Leverage means using debt to amplify gain. Most people forget that losses get amplified as well. If a buyer puts 10% down and the house goes down 10%, he has lost 100% of his money on paper. If he has to sell due to job loss, he's bankrupt in the real world. Even a small price decline will bankrupt buyers with small equity. Buyers foolish enough to buy with no money down are already bankrupt, but still unaware of the fact.
House prices do not even have to fall to cause big losses. The cost of selling a house is six percent. On a $600,000 house, that's $36,000 lost even if prices just stay flat.
Shortage of first-time buyers. According to the California Association of Realtors, the percentage of Bay Area buyers who could afford a median-price house in the region plunged from 20 percent in July 2003 to 14 percent in July 2004. Strangely, the CAR then reported that affordability fell another 4 percent in 2005, yet claims affordability is still at 14%.
Surplus of speculators. Nationally, 25% of houses bought in 2005 were pure speculation, not houses to live in. It is now possible to buy a house with 103% financing. The extra 3% is to cover closing costs, so the buyer needs no money down. All this is on the unwise assumption that housing will rise ever higher, covering interest payments through appreciation. Even the National Association of House Builders admits that "Investor-driven price appreciation looms over some housing markets."
Lightbulbs going on in many brains in the Bay Area: "Hey, I can just go to New Mexico or Oregon, buy a gorgeous house outright, and comfortably retire on the price difference. My neighbors just did it, so I'll have friends there too."
Trouble at Fannie Mae and Freddie Mac. They are now being forced to tighten up sloppy lending. This means they are not going to keep buying very low-quality loans from banks, and the total money available for buying houses is falling.
The best summary explanation, from Business Week: "Today's housing prices are predicated on an impossible combination: the strong growth in income and asset values of a strong economy, plus the ultra-low rates of a weak economy. Either the economy's long-term prospects will get worse or rates will rise. In either scenario, housing will weaken. Caveat emptor."
posted on May 8, 2006 08:09:21 PM new
While this is all new to peepa, if you read some of my posts from 1+ years ago, I said my broker said this was all going to fall apart.
These twits that suck all the equity out of their houses and buy houses and things they can't afford feign "surprise" that interest rates go up and real estate falls in cycles.
posted on May 8, 2006 09:12:53 PM new
HUM well if they would not buy houses they can't afford then they would not loose their collective a$$e$. When I bouhgt my first home I made da^^ sure it was fixed interest rate. As was my other 2 homes. I own my home outright no morgage at all and I plan to keep it that way even if I have to go without electricity water or anything else. I have always known that variable rate loans suck big time in the long run. I also do not think the government made people sign a contract to buy a home they could not afford. On that I blame realators and maybe bankers for convincing people to jump off that cliff of home buying. Our government stinks but like they say you can lead a horse to water but you can't make him drink so how do you blame a past or current government for the dip$hit living beyond their means... I do blame the government for the gas robbery we are all experienceing and that in turn making everything else go up like that electricity I might have to go without along with all the other trickle down effect it is having or soon to cause. Just hope it doesn't come to that as I will miss my PCing around the internet the most. Course if I am hungary that would be more problematic. Do you think the government will help me out. ______NO...... So I keep hoping and praying for things to get better for all of us and I right at this moment only blame the greedy oil Ba$tard$. OH I hate the credit card companies too, thankfully I only have 1 card and keep it low, but know others that are in great distress. So stick that in your political pipe and smoke it. No one makes you do anything you don't want to do no matter what you might be be told otherwise. Life is a crapshoot and I think snake eyes come up more often than you think...
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Some minds are like concrete,
thoroughly mixed up and permanently set.
The housing bubble was one of the reasons the conservative lawmakers changed the bankruptcy laws. Its been coming for a long time. The middle class American can't keep taking cuts in jobs,pay,benefits while everything else is going up all around them.
The war on the middle class has been going on for a long time it started in the 1980s. DUMBO BUSH and his gang just pulled all the stops and disguises off the middle class war.
Remember DUMBO BUSH says the rich are his base. Can you or anyone else name anything DUMBO and his GANG has done that benefits the middle and working class.
DON'T BE TRICKED BY THE CONSERVATIVE LIARS AGAIN. COME JOIN THE GREAT AMERICAN PROTEST ON NOVEMBER 7th 2006.
posted on May 9, 2006 12:49:05 PM new
Classic,
Clinton added to the war on the middle class by outsourcing jobs. Clinton did nothing to stop the outsourcing.
Today DUMBO BUSH and his CROOKED CONSERVATIVE LAWMAKERS are in charge. They are the one that are all but destroying the conservative movement you support.
My post is about the war on the middle class showing up. All I need to say about that is tell me laws DUMBO BUSH and his GANG HAVE MADE THAT BENEFITED THE MIDDLE AND WORKING CLASS.
CLASSIC,COME ON OVER AND JOIN THE GREAT AMERICAN PROTEST AGAINST CROOKED CONSERVATIVE LAWMAKERS ON NOVEMBER 7th 2006.
JOIN THE MILLIONS WHO VOTED CONSERVATIVE AND NOW REALIZE THEY GOT TRICKED AND LIED TO FOR THEIR VOTE. TOGETHER WE WILL BUILD A BETTER AMERICA FOR ALL.
[ edited by bigpeepa on May 9, 2006 01:03 PM ]
posted on May 9, 2006 01:13:12 PM new
" Classic,
Clinton added to the war on the middle class by outsourcing jobs. Clinton did nothing to stop the outsourcing."
Big-so what you're saying is Clinton-who is a democrat,is as bad as Bush.If thats the case,why would I vote Democratic? According to your statements the Republicans and Democrats are both bad.....who ya gonna call...ghost bustas??
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If you dont want to hear the truth....dont ask the question.
posted on May 9, 2006 01:34:43 PM new
It's hard to figure out what this dummy is ever talking about. I wonder if the "middle class" knew they were at war considering that up until most recently, wages more than kept pace with the costs increased by the oppressors of da people.
And some how these "oppressors" have locked into the real estate market which is not behaving any different than it has in the last few HUNDRED years.
posted on May 9, 2006 07:48:44 PM new
Can any of you DUMBO BUSH supporters tell me what he and his GANG of conservative lawmakers ever did to benefit the middle and working class.
COME ON GUYS AND GALS THERE MUST BE SOMETHING THE CONSERVATIVES DID TO BENEFIT THE MIDDLE AND WORKING CLASS.
IF YOU FEEL TRICKED AND LIED TO FOR YOUR VOTE BY BUSH AND HIS CONS JOIN THE GREAT AMERICAN PROTEST ON NOVEMBER 7th 2006.
Classic, if that is all you got in your reply its weak and lame.
desquirrel, you have gotten as bad as liar_K, you have nothing to say so you become a liar. But your right about one thing, you conservatives just recently woke up the masses in America to the war against the middle class.
Now the angry masses in America will chew up the conservative liars and spit them out like an old wad of tobacco juice.
I am sure your ever so educated brain can't understand that statement either. That is until you start seeing brown stains on your sweet cakes.
posted on May 10, 2006 04:39:11 AM new
Big-I was just repeating what YOU said.
"Clinton added to the war on the middle class by outsourcing jobs. Clinton did nothing to stop the outsourcing."
So I will say once again-You say Bush who is a Republican has a war with the middle class.Then you state Clinton who is a Democrat,added to the war on the middle class.You also stated both parties are out sourcing jobs-which means that both the Democrats and the Republicans have a war on the middle class....according to you.
So I will ask you once again-why should I vote Democratic??
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If you dont want to hear the truth....dont ask the question.
posted on May 10, 2006 10:22:52 AM new
You really have to laugh at some of these peepa/helen/kraft posts.
Peepa posts like plagerized versions of "Das Kapital for Dummies".
Screaming about evil corporations but paying HIS employees fractions of what the evil doers do but making up for it with "compassion".
Screaming about outsourcing, but we know they're buying $.50 bars of soap at the local food king instead of $5.00 at the local corner grocer who drips with compassion.
posted on May 10, 2006 12:06:53 PM newThe middle class American can't keep taking cuts in jobs,pay,benefits while everything else is going up all around them.
THE EMPLOYMENT SITUATION: APRIL 2006
Nonfarm employment increased by 138,000 in April, and the unemployment rate was unchanged at 4.7 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Industries with notable job gains over the month included financial activities, health care, and manufacturing. Average hourly earnings rose by 9 cents in April.
Unemployment (Household Survey Data)
The number of unemployed persons (7.1 million) was essentially unchanged in April, and the unemployment rate held at 4.7 percent. The jobless rates for the major worker groups--adult men (4.2 percent), adult women (4.3 per- cent), teenagers (14.6 percent), whites (4.1 percent), blacks (9.4 percent), and Hispanics (5.4 percent)--showed little or no change over the month. The unemployment rate for Asians was 3.6 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)
posted on May 10, 2006 01:01:59 PM new
Bear and his conservative government does not and will not tell the whole story so his job post is just another CON GAME LIE by the failed conservative government.
Bear didn't mention the Jobs created were 60,000 less that what was expected and needed.
Bear goes on to continue his conservative CON mans GAME and LIES about pay increases.
The truth is any pay increases this year under DUMBO BUSH and his GANG of crooked lawmakers has not kept with the cost of living. The truth is the adverage American has not done well under BUSH AND HIS GANG.
desquirrel,
You said nothing and have nothing to say.
Since all I am getting is a bunch of LIES and nothing to says from left behind conservatives I am out of here.
Go ahead and lie all you want TRUTH IS 7 out of 10 Americans don't believe your CON GAMES AND LIES any longer
"I DON'T GIVE THEM HELL, I JUST TELL THEM THE TRUTH AND THEY THINK ITS HELL." HARRY TRUMAN
