[BurbankKarl]

This can't possible be correct...the Freepers tell me so.

[GodGunsGuts]

ping

[FLOutdoorsman]

Dam, who was number 1?

I wonder if any of this occured because of the illegal backlash in Georgia as of late. ie recent bills and such.

[stainlessbanner]

bttt

[goodnesswins]

How many illegals got home loans in the last several years?

[RayStacy]

for later

[Indy Pendance]

I guess I won't try to 'flip this house' in Georgia.

[lesser_satan]

In related news: Fannie Mae erases $6.3 billion in profit

I'm sure this glut of worthless paper won't help them any.

[ArtyFO]

I think it was criminal for the Feds to encourage banks to make house loans to undocumented aliens. I'll bet this increase in forclosures reflects this new policy. Looks like another mid eighties downturn in the offing.

[Extremely Extreme Extremist]

People living beyond their means. Can't afford a house? Get an apt and work from there.

[annelizly]

I have to disagree. I live in northern michigan. we have no illegals. Yet forclosures are EVERYWHERE!!! This is about our economy being in recession. layoffs everywhere and no jobs to have.

5 years ago when all was booming everyone went out and bought a home that they COULD afford with their income. But when your job just goes away and so do all other jobs you are forced into forclosure.

The economy is spooky here right now!!!

I am trying to sell my house which is worth at least 20 thousand more than what we're asking just to move somewhere where we can actually make a living!

[tgslTakoma]

That can't be true. What is the Atlanta Urinal thinking? The 'Rats won big in November... all is just hunky-dory now.

[TheLion]

If the real estate markek was so bad, why would anyone want to buy a forclosed home?

[calljack]

Hundreds of Georgians lost their homes Tuesday.

Couldn't you also say that hundreds who couldn't previously afford a home just got one???

Doom Despair and agony. It's a hee haw show.

[Shion]

Eh. I have it on good authority that Georgia is the capital of the real estate and mortgage fraud universe.

[raftguide]

99% from what to what? 10 to 19 is a 90% increase!

[Proud_USA_Republican]

Just wait till hundreds of billions in arm and no money down/exotic loans readjust upward from the teaser rates over the next couple years.

[ex-Texan]

Television commercials and full page advertising is blanketing the Portland Metro area right now. The message is "get rich quick" by buying foreclosures. Headline in the Oregonian says "Buy Real Estate 30% to 50% Below Market Price." The advertisers are focusing obviously on people who are least qualified in term of credit. . Obviously attempting to lure more suckers in for exotic loans. My telephone has been ringing off the hook from automated calls pitching loan scams. Yesterday I spent eight hours out looking around. Every neighborhood has "for sale" signs with "price reduced" notations. 2007 will be very interesting. I have no plans to take action next year. Better pickings will be out there in 2008.