Every 13 seconds there is another foreclosure

There are more than 6,600 home foreclosure filings per day, according to the Center for Responsible Lending, a nonpartisan watchdog group based in Durham, North Carolina. With nearly two million already this year, the flood of foreclosures shows no sign of abating any time soon.

when you figure the average American family is mom dad and 2.5 kiddies then every day we have 29,700 people being forced from their homes... at this rate if things stay as their are by year end there will be 10,840,500. persons kicked out of their houses more than half of them children...

Yet the press says things are getting better??? today's headlines read "Stocks futures point to sharply higher opening due to strong corporate earnings"!


Source
Source

Things are getting worse by the second, the only hope for an economic recovery seems to be in these press releases... There is no recovery....you are being lied too... How can things possibility get better when we have some 10 million homeless families and no jobs to help them turn things around?

[edit on 8-10-2009 by DaddyBare]

The MSM stopped reporting on the mortgage crisis and war body count and most other bad news as soon as Bush left office.

Now they only report on health care reform and dangerous racist conservatives.

reply to post by DaddyBare


Towards the end of the foreclosure article it addresses one solution that has been defeated already this year, and would continue to face opposition by the banking industry: Judges having the ability to reduce the principal on upside down mortgages at the foreclosure hearing.

Maybe the banks wouldn't fight it so vehemently if a portion/percentage of future sales were offered as a type of balloon payment should the market rebound and home prices increase. It is completely within the bank's interest to keep the homes occupied and maintained for a period of time sufficient to see a rebound in the market.

The longer the family stays in the home the more likely this is to happen.

The loss is realized by the bank immediately if the home is foreclosed on in this market or sold as a short sale.

reply to post by elfie


There was another report put out by the government accounting office about a month ago... in it they reported more then half of all those who had a loan modification still lost their homes with something like 63% already behind on their payments....

Still another report stated that many of these people seeking to refinance ended up with even higher payments than they had before....

Throw in the ever growing job losses and not a day goes by where I don't see another add on craigslist. "Moving Sale! lost job losing home, everything must go cheap"!

As to the banks unwillingness to allow a bankruptcy judge to set terms most argue that would set a bad precedent in contractual law. they are right... if allowed no one would ever again have to honor their debt obligations they could just ignore their contracts and there would be no protection at all for those who make loans... but you are right getting even a few dollars is much better than no money at all... little wonder the FDIC has closed 98 banks so far this year and most of us expect on Saturday we'll top 100

I am in construction in Illinois and don't understand how these foreclosures are not on the market .Is it because the banks got the bailouts and now they don't have to liquidate the properties?Also I am 44 years old been in the trades for 23 years and everyone I know that has a job related to construction is out of work most get unemployment and have for 13-20 months.My question is wouldn't it have been better to not give the banks money let the houses in foreclosure go to market ,be bought, repaired, sold, have the tradesmen keep working and getting paid rather than giving them free money for 2+years..........thank you Obama!

reply to post by DaddyBare


Now the banks need another bail out as the commercial real state loans are defaulting also, that one is been kept hidden from public view and only comes out when the news on another bail out is surfacing.

Right now Obama and congress are getting ready for the final touches on yet more money for first time buyers, extensions of unemployment and hidden under the paper work is another bailout to deal with the still lingering banks toxic assets.

Oh, yes they are ready to bailout the banks again, after all we the tax payer are more than willing to give money away.

The “Non-Stimulus” Stimulus

White House officials and Congressional Democrats have signaled that they are willing to implement a second stimulus to stem the tide of unemployment, according to The New York Times, even if no one is willing to call it that.

On Saturday in his weekly radio address, President Barack Obama said that his economic team would “explore additional options to promote job creation.” Now, according to multiple reports, the White House is considering a combination of spending programs and tax cuts to combat the highest unemployment rate in 26 years.

Yes the economy seems to need those stimulus and bailout like a drunk needs their daily fix.

www.economyincrisis.org...

www.bloomberg.com...

And the deficit keeps growing. . .

reply to post by genius/idoit


Your in the trades... so if I say to you I'm a retired GC a GB 98 you know where I'm coming from....
here's the rub... with all the funny money and tricky financing they did a lot of these homes have no one owner...

What they did was wrap up the mortgages into bonds... investors bought those bonds expecting to be paid a return... The notes on these homes can be held by several different folks and all of them have to sign off on the lien before taking it to auction... Lots of those same investors lost a heck of a lot of money... cant blame them for being scared, cant blame them for not being willing to send their investment to auction...

It might be to late now... with so many distressed props (2 Years worth) it'll be years before that market has a chance to rebound... better to give them to the state and let them turn those houses into section 8 props

[edit on 8-10-2009 by DaddyBare]

reply to post by DaddyBare

I agree but my point is, if that's how the gov. "fixed" that problem I don't want them to "fix" anymore, I don't think I can survive it.
The market should have been allowed to run its course and the people who were at fault should have paid the price not all the rest of us!
Good luck to you,I don't mean to sound like I'm attacking you ,I'm just scared and pissed.

I posted details of a recent US high court ruling which spelled very good news for people who are worried about foreclosure on their homes. It got zero replies which leads me to believe that either there is no real problem or most ATS'ers are not at all concerned about this.
I do not think either of the above are true and my heart goes out to anyone who finds themselves in this predicament, but I ask again, if you are worried about losing YOUR home, please spend a few minutes reading this:

www.abovetopsecret.com...

It could give you some real hope

PEACE,
RK

[edit on 8-10-2009 by Rigel Kent]

reply to post by genius/idoit


Trust me when I say you have every right to be scared and pissed.. I am.. anyone with half a brain should be too!

TPTB keep dragging their feet, not addressing this growing problem... if they keep looking the other way... things are going to get far worse than even my twisted imagination can foresee... I do wonder if we've already come to far to "FIX" anything? My guess is things will only snowball from here... I'm not alone in that belief just take a look at the gold markets....

reply to post by Rigel Kent


States and banks are holding on the foreclosures as long as they can, no state wants to see property going to waste and been vandalized, that doesn't look good on their cities.

Still banks wants their money, they want money for the money that the lost we pay back on bailout and they did what they did with it and they are not paying us back a penny, actually banks are now raising interest on credit cards and imposing new restrictions on home loans.

No wonder the government is luring first time buyers into the new banks conditions with incentives, but at the end new time buyers are going to get screw by the banks.

The markets are not going to rebounce at all, no until the real problem facing the nations is addressed, that is unemployment, and not is not with service jobs but real jobs that put enough money on the table to keep maintaining the middle class in the nation, without middle class we are nothing but welfare nation

Most of our well pay jobs are lost forever to outsourcing and whatever is left is been insourced by the companies left behind.

Sad.

While stocks rebound and fall down again giving the sense of recovery our nation labor force are living in unemployment benefits because is not jobs to sustain that same labor force.

You know is desperation when our own government keeps deceiving the public with false sense of hope as the unemployment lines keeps growing.

Then on top of that the productivity reports by the government are enhanced to show that we are producing but what they don't tell you is that nobody is buying no even our "trade partners" around the world

Then our last industrial companies that are mostly own by foreigners have cut on labor to maintain their productivity rates, less employees less hours of work in a change for better numbers.

Deceiving.

Originally posted by genius/idoit
I am in construction in Illinois and don't understand how these foreclosures are not on the market .Is it because the banks got the bailouts and now they don't have to liquidate the properties?Also I am 44 years old been in the trades for 23 years and everyone I know that has a job related to construction is out of work most get unemployment and have for 13-20 months.My question is wouldn't it have been better to not give the banks money let the houses in foreclosure go to market ,be bought, repaired, sold, have the tradesmen keep working and getting paid rather than giving them free money for 2+years..........thank you Obama!

From what I hear, the banks are now holding on to the foreclosures and not selling them, even if they have offers on them, so the home prices don't keep going down.

I have a friend who has had multiple offers on her house in Chicago, and the bank refuses to acknowledge any of them.

Also, here in Arizona, the houses are basically just sitting empty. The banks thought that by doing that, it would keep the housing prices up, but what it's actually done is cause a lot of looting. TONS of houses here in the Phoenix area have been looted for their granite counter tops, their copper wiring....basically, anything removeable and worth any value.

And of course, on top of it, the banks are refusing to modify anybody's loans. The banks are either saying: You make too much money, or you don't make enough money. My realtor has told me that so far, she has not seen one person who has been able to get a loan modification yet. She said, they try for months and months and months, then eventaully go to her to put it up for short sale. So, all the money that went to the banks to encourage them to do loan modifications, just stayed in the banks.

And, now the banks not only got bailed out, but they also have houses they're holding onto, that they will let go on the market in tiny allotments in the future, so to keep the housing prices up.

But yes, you're right.....this means people like yourself have no work. You guys could at least be used to fix up the houses.


So, here is my question:

The banks have the houses and the bad loans. We know what happens to the loan papers when they go bankrupt....their loans get awarded to another bank. (i.e. my home loan from countrywide got awarded to bank of America when Countrywide went bankrupt.)

But, let's say a bank foreclosed on 100 homes, and are keeping them vacant until the market rebounds. Let's say, tomorrow, THAT bank goes belly up. What happens to all the empty houses? Do those assets (??) get awarded to another bank, too??

I think that's why we're seeing so many vacant houses with questionable ownership now. NObody really knows who owns the houses anymore.

Also, here is something else I recently read about on the internet: Some banks are starting foreclosure.....but then walking away from the foreclosure process themselves, after it has been started. (Because it costs the banks money to foreclose, and they don't want to spend the money on the lawyers and the courts). So, some banks are walking away from the foreclosure process. So....these people have been told to vacate their home, and then later on, they get a tax bill from the city/state because the bank never officially took ownership of the house, because the bank walked away from the foreclosure process.

That's why people are being told to stay in the house until they get actual eviction papers, because the home might never go through foreclosure....then it sits vacant...then it goes into terrible disrepair....then the city comes after the original owner for money, etc...

The city should go after the bank, not the previous home-owner... but nobody knows what banks really own the homes!


[edit on 8-10-2009 by nikiano]

reply to post by nikiano


That depends on the states and what the cities are allowing the banks to foreclosure or not, remember that many cities are not evicting the people after the foreclosures.

Because they don't want the properties to sit empty and unkempt.

At least in my neck of the wood the Sheriff is holding back on evicting people.

That save money on maintenance of empty properties, other states and cities are forcing former homeowners to maintain the properties they evacuated by choice.



[edit on 8-10-2009 by marg6043]

reply to post by marg6043


Amen Marg...

As proof the markets are being manipulated I offer this statement

S&P 500 companies will report a ninth straight quarter of declining profits, the longest streak since the Great Depression! Even so, the S&P 500 has rebounded 57 percent from a 12- year low in March!

I don't know about the rest of you but if my company had nine straight quarters of losses, (Three months per quarter) I'd be standing in the welfare line!

Smoke and mirrors as I said before you are being lied too! things are very , very bad and getting worse... when are we common men, and woman, going to see our bailouts?
Thanks again Marg

Here's a couple of headlines from today to ~chew on~ ... :shk: ...let Bail out 2.0 begin!!!

FHA Shortfall Seen at $54 Billion May Lead to Bailout (Update1)
www.bloomberg.com...

Corruption: FHA Is Dying, Will Anyone Stop It?
market-ticker.org...