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Foreclosures surge 53% in June

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posted on Jul, 11 2008 @ 08:59 AM
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Click here for full article.

Nationwide, 252,363 homes received at least one foreclosure-related notice in June, up 53 percent from the same month last year, but down 3 percent from May, RealtyTrac Inc. said. One in every 501 U.S. households received a foreclosure filing last month.


At least it's a little better than May's numbers. Most Americans have received their "stimulus checks," and it looks like they haven't helped the big picture.


Irvine, Calif.-based RealtyTrac monitors default notices, auction sale notices and bank repossessions. More than 71,000 properties were repossessed by lenders nationwide in June, the company said.



Economists project 2.5 million homes nationwide will enter the foreclosure process this year, up from about 1.5 million in 2007.


2.5 MILLION HOMES!!!!! Where are all of these people going to live? FEMA camps?


In today’s market, about 50 to 60 percent of borrowers nationally who receive foreclosure filings are now likely to lose their homes, said Rick Sharga, RealtyTrac’s vice president of marketing, compared with a typical rate of about 40 percent.


This is all the result of trickle down economics. Big business and the CEOs continue to make more and more money, while WE THE PEOPLE continue to make less and less, and lose our medical benefits.

It'a like Ross Perot said,"Trickle down economics just doesn't trickle!"




posted on Jul, 11 2008 @ 08:11 PM
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I'm pretty sure most will a) move back with other family b) rent



Also, CEO and executive pay is down

[edit on 11-7-2008 by yellowcard]



posted on Jul, 11 2008 @ 08:33 PM
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First of all, the stimulus checks apparently went to the department stores, at least in large part. I know; the stores I deliver to had a definite boost in sales after they started.

Now, as to the housing market, the problem is not going to go away. Freddie Mac and Fanny Mae are both in serious trouble. It's getting worse, and there is no end in sight. No one is doing anything to curb the drop of the dollar, the primary cause of the problem. And even worse, no one in the general population is doing anything to help themselves.

The solution is simple, but painful. We must stop spending countless millions of dollars we do not have. We must allow our economy to thrive by stimulating small business, not people directly or large existing corporations. We must stop making it financially feasible to move jobs overseas, and financial suicide to keep them here. That means NAFTA must go, relations with countries like China and Mexico will have to be fairer to us, and we have to wean the people off of charity from the all-impotent government, allowing (forcing?) them to care for themselves unhindered as has been our way since the American Revolution.

It's political suicide, and a slide down either way. But a slide would be preferable to a free-fall in the long run, and it's simply a shame that we as a people don't have the backbone to grab the rope, even as the bridge we are on collapses.

Don't anyone look down; we have a very long way to fall.

TheRedneck



posted on Jul, 13 2008 @ 09:30 AM
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reply to post by yellowcard
 


CEO pay is down? REALLY??"!!! Do you have facts to back you up on that, because I have a database of ALL major corporations' CEO salaries, and according to it, they are all UP.
CEO pay database

The facts don't lie.



posted on Jul, 13 2008 @ 09:36 AM
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reply to post by TheRedneck
 


Yep, the falling dollar is killing our economy. I've said on a couple different posts that I think our government has been implementing a "weak dollar policy," because they think it will bring manufacturing jobs back to the US. We can all see now where it's led us.



posted on Jul, 13 2008 @ 02:08 PM
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Originally posted by pjsconcrete
reply to post by yellowcard
 


CEO pay is down? REALLY??"!!! Do you have facts to back you up on that, because I have a database of ALL major corporations' CEO salaries, and according to it, they are all UP.
CEO pay database

The facts don't lie.



From 2007 to 2008 CEO pay has declined.



Overall, CEO pay declined nearly 9 percent last year to $1.3 million. Their combined salary and bonus pay fell an average of 5 percent, to about $709,000.

- Spokanejournal.com




But this year, with shareholder returns lacking, CEO pay also suffered. Twelve CEOs took double-digit pay cuts. Total median pay declined 5 percent to $1.5 million,

-Biz Journals

What was that, that you said? You don't know what you're talking about? Yeah that's what I thought...zip it.


[edit on 13-7-2008 by yellowcard]



posted on Jul, 13 2008 @ 03:19 PM
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reply to post by yellowcard
 


Okaaayyyy, how about this one.
Reuters.com-May 2008
Let me quote it, since you obviously didn't read any of the info in the CEO Pay Database.

study, released today, finds the median increase in CEO pay at S&P 500 was almost 16%, compared to 2% at other companies.


The average increase was only 5%, which is still an increase, be it a smaller increase compared to their usual. I am a CEO of a small corporation, and my pay is down 50%, but what I make is chicken feed compared to what the big-wigs get at the giant corps.

I have found THOUSANDS of links to articles saying CEO pay is up, but at a lower rate than usual. It depends how you look at the numbers. Just as I'm sure you could find thousands saying they are down. Regardeless, I do not feel sorry for someone who ONLY makes 1.5 Million per year.

Here's another one for you.

During the past 12 months, overall total compensation of the highest-paid executive increased 20.5 percent while revenues increased 2.8 percent, the study found. As of February 2008, the average top executive received overall total compensation of $18,813,697, according to the study. In comparison, the median pay for workers rose only 3.5 percent to $36,140 in 2007, from $34,892 the previous year, according to the U.S. Bureau of Labor Statistics.[

How about this one?
USA TODAY

As the American economy slowed to a crawl and stockholders watched their money evaporate, CEO pay still chugged to yet more dizzying heights last year, an Associated Press analysis shows.

More from the same article

The 3.5% pay increase for CEOs came even as the economy was choked by a housing market in free fall, layoffs and soaring prices for fuel and food.

more...

Collectively, the 10 best-paid CEOs made more than half a billion dollars last year. Yet half the members of this stratospheric club were leading companies whose profits shrank dramatically.

more...

Rick Wagoner, CEO of General Motors, (GM) announced this month the company had to close four plants that make trucks and SUVs because of lagging demand as fuel prices soar. That followed the posting of a $39 billion loss in 2007, a year when its stock price fell about 19%. And Wagoner? His pay rose 64%, to $15.7 million.

This thread isn't about CEO pay anyway, it's about foreclosures.
Go argue with someone else who can't back themselves up with facts and figures.
And I can't believe you said "zip it", do people really talk that way? That's hillarious!



posted on Jul, 13 2008 @ 04:07 PM
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Originally posted by pjsconcrete
reply to post by yellowcard
 


Okaaayyyy, how about this one.
Reuters.com-May 2008
Let me quote it, since you obviously didn't read any of the info in the CEO Pay Database.

study, released today, finds the median increase in CEO pay at S&P 500 was almost 16%, compared to 2% at other companies.


The average increase was only 5%, which is still an increase, be it a smaller increase compared to their usual. I am a CEO of a small corporation, and my pay is down 50%, but what I make is chicken feed compared to what the big-wigs get at the giant corps.

I have found THOUSANDS of links to articles saying CEO pay is up, but at a lower rate than usual. It depends how you look at the numbers. Just as I'm sure you could find thousands saying they are down. Regardeless, I do not feel sorry for someone who ONLY makes 1.5 Million per year.

Here's another one for you.

During the past 12 months, overall total compensation of the highest-paid executive increased 20.5 percent while revenues increased 2.8 percent, the study found. As of February 2008, the average top executive received overall total compensation of $18,813,697, according to the study. In comparison, the median pay for workers rose only 3.5 percent to $36,140 in 2007, from $34,892 the previous year, according to the U.S. Bureau of Labor Statistics.[

How about this one?
USA TODAY

As the American economy slowed to a crawl and stockholders watched their money evaporate, CEO pay still chugged to yet more dizzying heights last year, an Associated Press analysis shows.

More from the same article

The 3.5% pay increase for CEOs came even as the economy was choked by a housing market in free fall, layoffs and soaring prices for fuel and food.

more...

Collectively, the 10 best-paid CEOs made more than half a billion dollars last year. Yet half the members of this stratospheric club were leading companies whose profits shrank dramatically.

more...

Rick Wagoner, CEO of General Motors, (GM) announced this month the company had to close four plants that make trucks and SUVs because of lagging demand as fuel prices soar. That followed the posting of a $39 billion loss in 2007, a year when its stock price fell about 19%. And Wagoner? His pay rose 64%, to $15.7 million.

This thread isn't about CEO pay anyway, it's about foreclosures.
Go argue with someone else who can't back themselves up with facts and figures.
And I can't believe you said "zip it", do people really talk that way? That's hillarious!


I was going to tell you to shut up, but I figured I'd be polite; Your figures are incorrect considering you only used the S&P 500 index as opposed to a national average of CEO pay. Were you actually trying to have a factual based position, you would have taken that into consideration before posting pay based on a single index. Then not only that, but anyone with a bit of vocabulary knows that compensation does not mean "pay," If you are being compensated to buy stock at $17 and the current stock price is $10...your compensation isn't as large as stated. Oh, so as I was saying... What was that you were trying to say? Yeah, that's right you don't know what you're talking about, so shut up.

[edit on 13-7-2008 by yellowcard]



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