CNBC'S Olick: Foreclosure Wave About To Hit With "Thunderous Roar"

Calculated Risk ^ | 4-5-2010 | Diana Olick

[winodog]

Bingo!! Inner City gangsters and their moms will be given welfare checks and nice homes to live in and the power,water,septic bill will be paid for by the state

[GeronL]

I wonder if the republican leadership will "not let a crisis go to waste".

I expect they'll live up to the moniker "The Stupid Party".

[GeronL]

Yup. Very unexpected that the whole ponzi government collapses.

[Rebelbase]

"Everyone seems to be ignoring the commercila side of this"

Like Godzilla with no rent?

[pnh102]

Heh. And all this time 0bama has been telling us that we're turning a corner.

He might be right.

[blam]

Where Are Mortgage Interest Rates Headed And Why?

[Beowulf9]

If you put that on a telemetry monitor it would spell code blue.

[woodbutcher1963]

It is also better for the bank to have someone living there, even if it is practically free. That way the house is less likely to be damaged by frozen pipes or to be gutted for its copper pipes, etc.

[Buckeye McFrog]

At the same time the “housing justice activists” are ramping-up their squatters rights campaign (see yesterday’s S.F. news sources) All going according to plan...

[MrB]

In order to make their balance sheet look better,
the banks would rather have a $200k asset on their books
than a $100k short sale.

[blam]

U.S. Economy: Peaches And Cream Or Gloom And Doom?

[updatedscreenname]

Yes,
The fraud that banks and insurance companies are allowed to
continue pretending that the assets behind the loans they have made for commercial and home real estate is enormous.

Insurance companies are now going to be squeezed even further as annuity sales dry up as they are heavily taxed via obamacare.

[Nervous Tick]

>> the Obama Admin. is using the guise of social engineering to offer foreclosed homes to those who still can’t afford them.

That’s the feeling I get. It’s just another “society-leveling” communist scheme. Bambi doesn’t really give a hoot about the integrity of the American economy.

[Nervous Tick]

Interesting.

[hiredhand]

I read a lot and just can't keep up with all the sources. But I read last week that 50% of all homes in America are "upside down". Nothing good will come of this. People had to have their "stuff"... believed the big lie which was orchestrated by the financial industry, and sanctioned by the gov't and here we are now slogging through the results while the very ones who facilitated the crime (the gov't) claim to now be helping us. If we weren't comprised of so many slaves and beaten people, I'm quite certain we would have had public hangings in D.C. months ago. America is weakened nationally, lead by a marxist, and a little over 500 individuals who claim to represent us, but serve themselves. America displays all the outward early indicators of a national breakdown at some degree and level. What's occurring simply isn't sustainable.

At least the weather is getting warmer. Grasshoppers and sheep like warm weather and tend to be a little more peaceful when they're comfortable.

[1st I.D Vet]

Debt fuels inflation.

We’ve been in an inflated market for decades and its simply losings its fuel.

In Detroit, the houses are worth what you pay for them in cash. If a market predominately requires debt to purchase, you can count on that market continuing downward.

Detroit is already in the crapper - and real estate has reached its true value.

[sten]

the banks stopped taking possession and forcing the occupants onto the street.

this is an attempt to keep the value of the properties up, as the number of homes on the market would be rather large. also, homes would fall into disrepair if not lived in... thereby lowering their value.

[tiki]

There are/were people living in homes who haven’t made a mortgage payment in over a year. I don’t know why they have waited so long but I know that some of those people are finally getting the formal foreclosure and leaving their homes.

[blam]

"Detroit is already in the crapper - and real estate has reached its true value."

I read last week that the average price of a house within the city limits of Detroit is $7,000.00.

Good luck with that.

[gathersnomoss]

got a winner...

The black Barney Frank.