US foreclosures up 24 percent in 1st quarter

WASHINGTON (AP) -- The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.

The big unknown for the coming months, however, is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, despite $75 billion in incentive payments.

The faltering economy is causing the housing crisis to spread. Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac Inc., a foreclosure listing firm.

In March, more than 340,000 properties were affected, up 17 percent from February and 46 percent from a year earlier.

Foreclosures "came back with a vengeance" last month and are likely to keep rising, said Rick Sharga, RealtyTrac's senior vice president for marketing.

finance.yahoo.com...

Well, as the government and the Fed are telling us that things are getting better, the cause of the problem (foreclosures) are getting worse.

I don't believe anything the government is saying about us coming out of this DEPRESSION by the second half of this year. They are so full of it, that it is not funny.

[edit on 16-4-2009 by finemanm]

It's getting better man!!

We should spend more so it we can recover quicker!

Give the banks more money!

Let the Fed run wild...it will all work out for the little guy in the end!

Talking out both sides of their mouth.

I think there still stuck on the whole idea that the only way to fix the economy is to say nice things about it, and if you can scam some money out of it. Well the stocks were up today, on the fact of talking sh up. Although walmart and a few others did good on stocks too.

Pretty much, the economy needs stabilization not lip service.

Ah, yeah. It's getting better. I am seeing people in fine clothes now shopping at Walmart with the rest of us peasants. Pretty soon I won't be able to tell them apart from the rest of us because they will wear the same cheap crap we buy from Walmart. Oh, wait. Their haircuts and perms will give them away.

Originally posted by finemanm

WASHINGTON (AP) -- The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.

finance.yahoo.com...

the cabal of , now flush with cash- Mortgage holders... such as big banks
can do away with the moritorium on Foreclosures
and now seize any profitable property since the TARP & TALF acts to fund the lenders was passed...
now nothings standing in the Lenders way to act their normal predatory way of doing business...and profiteering from someone elses misery.

but the big, mega-banks/lenders had to hold off their 'Snidely-Whiplash'
personna until the public got hoodwinked that the banks/lenders got humble & caring with their backs-against-the-wall & needing bailouts to survive economically...
the about-face & the resumption of Foreclosures by the lenders
came immediately after the transfer & availability of over $11Trillion
to the financial industry and mortgage-lenders (with Foreclosure papers hidden in their breast pockets, ready to be served)

The govt can't spend any of that trillion dollars to stop foreclosures? There are going to be a lot of upset people out there that believed Obama was going to pay their mortgage. Ah well I'm sure it'll end up being the fault of the 10 Republicans still in office. And Fox News.

The part of the story you needed to showcase was where it said

Fannie Mae and Freddie Mac, the big mortgage finance companies, together with many banks had temporarily halted foreclosures in advance of Obama's plan. Now armed with the details about which borrowers can qualify, the mortgage industry has begun foreclosing on ineligible borrowers.

The Obama plan was expected to help 9 million home owners but now that the details are out maybe 10% of that number qualify. Everyone is quick to say the market is close to hitting bottom... of course they've been saying that since day one...

Now forget the great depression and what happened back in the 30's the truth is we've never been in this position before. First we have this aging population on the edge of retirement. But as they leave companies and shutter businesses no one is replacing them. Fewer and fewer paying into the system and that means less money for infrastructure, Business growth stops, greater pressure is placed on the few still working to generate enough taxable income to support those displaced retired or infirm

Reason suggests there is a tipping point, one where one beyond that number the system will collapse under its own unsupportable weight. I haven't a clue what those numbers are but when I read reports like this I know we're all the closer to that tipping point

Next,Obama will grant US citizen ship to 12 million illegal immigrants and ,say Oh look I just crated 12 million jobs .
The money from the government was nothing more than funding to help the banks take more homes

The chilling point here is that "tent city" will not be allowed to exist. Let's recall how in Los Angeles, the cities are dumping each other's homless and sick into each other's skid rows? This indicates that part of the real battle will be between cities within the US. There is a lot of angst and prejudice between cities and counties and the Fed should be able to surf on that and ride the pain to some destination politically.

It's the Sheriffs who come to kick you out of your house. Remember the days when the Sheriff was the symbol of law and order and not a tool of his bosses? But then, the Sheriff needs to pay for his watercraft and new F-350 just like any other American.

Hardening the heart is what Americans seemed to be being asked to do. Divide and conquer works on a psycho-emotional level. The sheriff has a job do to, and it ain't kicking Black Bart out of town. He is being asked to wage a war against the poor and credit-enslaved.

If there were actually anyone with a heart in the US government, they would arrange for tent cities which are really just living closer to nature. They'd take some of the stimulus money and arrange for sewage and disposal for those displaced Americans. But, what we see is a vacuum-tight seal which will not allow any safety net to catch you or your family, once the Sheriff has done his horrible duty.

America needs a heart and it seems to have been strangled by greed and "mine". But neither a Supreme Court Judge, nor a President, nor a Sheriff can escape the eternal VCR of karma, which records all actions of humans on Earth. If you as a banker sign the papers to foreclose: you are guilty. If you as an authority kick a family out into the cold: you are guilty. And if I, as a person who has a chance to help that family living in their car, do not do so: I am guilty.

There needs to be a deep, collective shame in our country at our behavior. Nobody ever talks about families living in their cars. I think that's the first place to start, but when human life is being cheapened by the day, how shall we fight that propaganda?

People are told every day that the world is too overpopulated (a giant lie) and that poor or displaced or idealogically-victimized humans are just eaters and crappers (another lie) and that it would be a good thing if half of the world was depopulated (horrible lie). In the face of all this well-crafted lying, who will stand up for a single family living in their car? Who will try to help those little kids sleeping on blankets in the back seat?

The cold and heartless answer is to simply kill off all the baby boomers...

If you remember before the bust the big news was how we were about to have more people retired than working. Bush went on national TV and begged people to drop out of Social Security and buy into 401K's...

SO if you kill off all us baby boomers take our homes jobs and businesses you'd have plenty of money and housing to go around for all...

However the problem is you'll run into a few old guys like me who not only know how too and will fight back, we'll take a lot of them with us... so you wonder if its really worth the effort

We never really own our homes,Even if you own yours free and clear Stop paying your property tax and see how long you have a roof over your head

reply to post by deadcatsrule


You are absolutely right. So is St Udio. The Government is giving the Banks (Who are the real government) trillions of our hard earned dollars so that they can take our homes.

And this isn't about Obama or Bush or even Clinton. TPTB who really run things and pull the strings of these puppets haven't changed. We have an election that has no real meaning because the people who really run this mess never change.

The government just gave away trillions of dollars for nothing. With TARP, its a no recourse loan. Goldman is paying it back with the tax dollars it got through AIG and we are not getting any return on our investment except a foreclosure notice.