Posted on 10/15/2009 9:14:16 AM PDT by BGHater
There were over 900,000 foreclosures in the third quarter as Foreclosures rise 5 percent from summer to fall.
The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.As I have stated before, bailing out the banks did nothing for cash-strapped, unemployed consumers stuck in homes they cannot sell because they are too far underwater.
The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released Thursday by RealtyTrac Inc. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year.
"The sheer scale of the problem is preventing the loan modification programs from having the kind of impact we'd all like" said Rick Sharga, RealtyTrac's senior vice president for marketing.
Some homeowners are in such a massive financial hole that it's hard to design a modification that will actually provide lower payments. And some have avoided paying their monthly bills for a long time.
According to the RealtyTrac report, there were nearly 344,000 foreclosure-related filings last month, down 4 percent from a month earlier but still the third-highest month since the report started in early 2005.
It was the seventh-straight month in which more than 300,000 households receiving a foreclosure filing, which includes default notices and several other legal notices that homeowners receive before they finally lose their homes.
Banks repossessed nearly 88,000 homes in September, up from about 76,000 a month earlier.
On a state-by-state basis, Nevada had the nation's highest foreclosure rate in the July-September quarter. Arizona was No. 2, followed by California, Florida and Idaho. Rounding out the top 10 were Utah, Georgia, Michigan, Colorado and Illinois.
How awful to lose your home if THROUGH NO FAULT OF YOUR OWN.
It is breathtaking for a normal homeowner who has been laid off or spouse lost work or hours cut back or small business failing.... to figure out how (and whether) to address meeting a loan on a property that is worth tens or hundreds of thousands LESS than the loan. Can't make payments, can't sell, and usually the bank won't talk about short sale until they have missed payments and are deep into the hole with interest and penalties.
There is some fraud here, but a lot of this 3.5 million is cases of human misery. There but for the Grace of God....
Friends took one for a patio, one for a pool, one for a car....and when they sold the house, their equity amounted to "0"...and that was basically their life investment.
The pool was an absolute waste, the patio was no big deal and they just had to have a 3rd vehicle....2 cars and a truck. DUMB!!!
“THROUGH NO FAULT OF YOUR OWN.”
Sure, but how many people lost their home because they lost their job through no fault of their own. Consider what lazy fat-asses Americans have become in business it is no wonder why so many companies have failed and shut their doors. Maybe 10% of any company are there productive employees. There are boatloads of people shuffling stuff around but no work being accomplished.
This figure doesn’t even begin to reflect the actual number of foreclosable properties.
In Florida, there is often a 2-year lag between when the homeowner stops paying the mortgage and when the bank files the first piece of paper. The banks do not want the properties. They know they cannot sell them. They are looking the other way and letting homeowners stay in them for free. For years.
If every mortgage that is actually in default were counted as a foreclosure, the number would be way beyond 3.5M.
You are 100% correct ,, in my upper middle class subdivision (central Florida) there are dozens of properties (out of about 500 total) that could be forclosed upon but are being ignored by the banks ,, they can’t afford to take the hit to capital.
Bankers engaged in Price Fixing and other RICO Violations have yet to be prosecuted..May never be prosecuted.
Mortgage Lenders and Banks blackballing Appraisers, who refused to spin the value of property up.. Sharing those lists between institutions.. The public paying for appraisals and appraisers .. basing their decisions upon lies provided by those who stood and stand to profit by those lies.
Bankers whining when told they should cram down their phony loans and work it out with the Mortgage Holders...The only worthwhile bill dropped like a hot potato by Republi-Con and Demon-crat officials alike...
The Banker Piggies crying
“Its our money we stole it fair and square”
Fraud.. RICO, Price fixing Felony Conspiracy, Grand Larceny.
When we see 10,000 Bankers and Mortgage Loan Officers walking in hand cuffs.. on Federal RICO Fraud and Conspiracy Charges..When we see their convictions.
Then you can begin to take the mote from your neighbors eye.
Meanwhile all those in power ignore the Beam in their own and the eyes of Corrupt Bankers, Brokers and Mortgage Loan Officers.
It’s all funny money anyway..
The life savings of Millions well beyond those who have been forclosed upon..Three generations of love and labor stolen.. With the assent of Republi-Con and Demon-Crat "Leaders" alike.
Think you have some savings? Deduct 60% from what you think you have and that is an optimistic view of what your net worth right now is on the world market as compared to a mere 7 years ago.
Cannot blame only one Party only one President. Crap on the people... Right? It’s all their fault... Right?
While Americans perhaps the whole world get’s to relive the Grapes of Wrath the elite will be in Monaco, or the Rivera having already stopped by Dabai and exchanged their Stealings for Gold or Gold backed negotiables.
401K Pension Plans Savings and Retirement plans robbed of their last dime.
While CEOs spend 3 Million (more or less who counts loose change) in Corporate Monies (”Legally Stolen” from those 401Ks) for Birthday Parties or Bat Mitzvahs for their Wives and Daughters.. Or pay millions in a “settlement” for "taking advantage" of their subordinate homosexual “Lover” For each one caught a hundred never even noticed.
It is all the fault of those who lost their homes and those who didn’t but whose homes are upside down and continueing to plumet....Poof!!! 401Ks Empty Poof!!! So Sorry..SUCKERS!!!
Were you not “Smart enough to buy Euros” before Bush the lessor “floated the dollar making it lose 40% of its value on the world market? Such a Pity...tsk tsk.
You know I bet most of those losers are gun toting Bible believing trash anyway. Their stupid sons and daughters attending community colleges before going on to a State University. Others working or serving in the Military, they are lucky we let them have jobs. Another 50 million illegals we won’t need them for anything.
To hell with all that middle class trash...
Right?
(Sarcasim ladled on with a shovel)
W
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