posted on May 8, 2006 07:27:18 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:
See how the democrats have helped thier constituents. Do yourself a favor and vote those people out come November 7th.
Remember a vote for a democrat is another foreclousre waiting to happen, stop the foreclousres now! If it weren't for the democrats all these people would still have thier homes.
posted on May 8, 2006 09:34:39 AM new
This really isn't a Demomoron or Republican issue. It is a Demomoron and Republican issue.
They are allowing realtors and mortgage brokers to issue interest only loans with the promise that property values are only going up. Now that they have fallen in many areas, the dipsticks that took those loans are defaulting.
Who is left holding the bag? The tax payers. Time for the clowns in DC to pass a law that forbids interest only loans. In fact, how about putting some teeth into it and state that all loan payments made, must include a clause that states that all loan repayments, at least 10% of the payment must go towards the principal. So if your payment is $1000.00, then at least $100.00 must go towards your principal.
Yes, this would drive down property values in the short term, but it would also make everyone responsible for their own loans instead of everyone else holding the bag.
posted on May 8, 2006 10:08:32 AM new
The really ironic part of your post Ron is that those are all predominantly republican states.
stone - the problem is not as much te interest only loans as the adjustable rate mortagages.
When rates were low people bought more house than they could logically afford and now that rates are going up, so are the mortgage payments and people are not able to make the payments, especially after a winter where heating costs were so much higher and now transportation costs are taking a bigger bite out of the budget.
There was an aticle in the paper here last week tat there are 20% more homes on the market here right now than there were this time a year ago and that there were 4700 forclosures here in the first 4 months of the year.
Of course this is not exactly a shock. We were discussing the increasing forclosures nearly a year ago and anyone that has watched a financial show in the past year would have known to not fall into the low rates/buy a bigger home trap.
Of course if you have money, this summer is going to be a hot time to start picking up some dirt cheap investment properties. The flip side is that if you are renting a privately owned home or condo, this is a good time to renegotiate your rent. Owners know that they are not going to be able to sell and rents are coming down so it's better to give a renter a 50 or so break on the rent and keep someone in the property rather than have it empty for a even a month.
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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.
[ edited by fenix03 on May 8, 2006 10:13 AM ]
posted on May 8, 2006 10:36:00 AM new
and your point is fenix? It is a list of all 50 states.
I know some people are stupid enough to equate this to politics instead of morons making poor choices.
posted on May 8, 2006 11:04:17 AM new
Ron - you would be surprised just how many. I can't believe how many people just did not pay attention to all of the warnings.
~~~ • ~~~ • ~~~ • ~~~ • ~~~
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 02:04:23 PM new
Ron says, "I know some people are stupid enough to equate this to politics instead of morons making poor choices."
Isn't it the Republicans who went off the deep end waving their "new home buyer" cheers over the last few years? Sure there are plenty of new home buyers, but as usual, it was also the Republicans who managed to cover up the fact that many "new home buyers" were heading straight to foreclosing on their homes because of the poor economy that the Republicans keep touting as a "great economy". I wonder how many foreclosures were directly associated with people who bought new homes, only to find that a month or two down the road their good paying jobs went to India, Mexico, etc. only to be replaced with McJobs barely paying minimum wage.
This is simply another reason why a Republican controlled government is such a miserable failure.
posted on May 8, 2006 02:50:43 PM new
So what you're saying rusty is that those people had no forethought or planned for situations where money would be tight. They were to ignorant to research the loans they were actually making.
posted on May 9, 2006 07:21:15 AM new
Just like rustydumbo to put a spin on it that is completely irrelevant.
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Many misleading tricks in 2006. The new Demomoron slogan.
