http://www.youtube.com/watch?v=P36x8rTb3jI
Posted on 09/10/2009 4:12:38 AM PDT by blueyon
NEW YORK (Reuters) - U.S. mortgage foreclosure filings in August hovered near July's record high despite broad efforts to keep borrowers in their homes and will probably rise for another year, according to a report released on Thursday.
Filings -- including notices of default, auction and bank repossession -- dipped 1 percent last month from July's all-time high and were up 18 percent in August from the same month a year earlier, real estate data firm RealtyTrac said.
"The pipeline of early stage foreclosures and delinquent loans is still probably going to overwhelm the system's ability to quickly modify" terms so struggling homeowners can make their monthly mortgage payments, said Rick Sharga, senior vice president at the Irvine, California-based company.
One in every 357 U.S. households with loans got a foreclosure filing in August.
(Excerpt) Read more at reuters.com ...
Ah, The Miracle of Mo'BaNomics! Is there anything it can't do?
( bitter sarcasm off... )
Remember this?
Peggy the Moocher
"If I help him he's gonna help me"
Zero is toast
Twon hasn't gotten around to imposing a tax on the mortgage companies in order to provide more mortgage money and...
Twon hasn't gotten around to imposing a foreclosure tax in order to provide more money to prevent foreclosures.
Someone needs a vacation tax: Twon
But, but, Zero told a joint session of congress last night we were no longer on the brink and have begun a recovery......
Well technically speaking no one in a foreclosed home is losing their home. It's the bank's home that they were living in. If you have 20% downpayment then the lending institution owns more of the home than the so-called owner.
We were looking at homes in Phoenix this summer. Almost 85 percent of the homes were short sales. Suffice to say if these homes could not be moved, many of them would end up as foreclosures. What’s mind boggling to think is that we saw some 45 homes because we are extremely picky. If those homes go into foreclosure, even half, we are in for a disaster.
I do real estate and the trillion dollar question is “where is the shadow inventory?” The wave of foreclosures is being held off the books and here in Vegas - foreclosure central - listings continue to DROP! At some point train hits mountain. The question is when?
But wait. I just read in my local paper that the Fed has decided the recession is ending. There were no hard numbers to substantiate the claim, but let’s not let reality intrude on our fantasys.
This announcement by the Fed, of course, was manufactured to coincide with Onada’s Onadacare speech.
Train hits mountain in Oct-Nov time frame. One thing that will precipitate it is the new unemployment numbers—which will take into account all the summer season workers who will be unemployed. I suspect, something may happen in the financial area as well. There is absolutely nothing holding up the DOW—and the other financial benchmarks—but undocumented pronouncements from the Fed.
My son works in the power generation business. The industry has already had a 20% demand decline. It is planning for another 10% decline over the next one to two years. To meet that challenge his company is making an anaysis of whether it will be more cost effective to simply moth ball plants or run them at diminished capacity.
If you were a betting person whose analysis would you put your behind—The Marxist Onada or the power industry?
True, From yesterday:Shaw Industries closing Ringgold plant, cutting 430 jobs
[If you were a betting person whose analysis would you put your behind—The Marxist Onada or the power industry?]
I’d believe the power industry numbers, PLUS the financial numbers on both residential AND commercial properties (loans in default, not just forclosure which are being whitewashed).
It just doesn’t look pretty, no matter how many lies come from Obama and the Fed.
Isn’t it wonderful that left is so adept at building its houses of cards—only to have them collapse at the worst possible moments. Their ideology trumps common sense and facts.
Well there you go. Of course, The Marxist Onada, his angry commie buddies and his shill media are never challenged in any meaningful way to defend their math.
Sarah Palin is the only politician who is getting in Onada’s face. Even Joe Wilson, who shouted “lier” at Onada’s speech last night does not have the gumption to stick by his fundamental truth. I mean, here’s Onada accusing we dissenters of Onadacare of being liers, but it isn’t appropriate to return the favor. Totally bizaar time we’re living in right now.
Well there you go. Of course, The Marxist Onada, his angry commie buddies and his shill media are never challenged in any meaningful way to defend their math.
Sarah Palin is the only politician who is getting in Onada’s face. Even Joe Wilson, who shouted “lier” at Onada’s speech last night does not have the gumption to stick by his fundamental truth. I mean, here’s Onada accusing we dissenters of Onadacare of being liers, but it isn’t appropriate to return the favor. Totally bizaar time we’re living in right now.
Yo, Deo—That’s the ticket.
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