Foreclosure Plague: No Cure Yet

CNN:

The foreclosure plague continued to devastate last month.

There were more than 360,000 properties with foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- an increase of 7% from June and 32% from July 2008, according to RealtyTrac, an online marketer of foreclosed homes. In fact, one in every 355 U.S. homes had at least one filing during July.

Read the whole story: CNN

Comments

[ejhickey]

Obama has forgotten about foreclosures.

[FogBelter]

Something to think about:

"About half of U.S. mortgages seen underwater by 2011
Wed Aug 5, 2009 5:12pm EDT

NEW YORK (Reuters) - The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday."

http://www.reuters.com/article/businessNews/idUSTRE5745JP20090805

[PhilipTaylor]

Wall Street received $23.7 Trillion to help reduce the Foreclosure Problem - as Sold by Bush, Obama, McCain, Paulson, and Geithner in September 2008!

$237,000 was taken from each family in America and Given to Wall Street!

Where is the Foreclosure Help Obama Promised in September 2008 and again in January 2009?

Millions of personal Bankruptcies and Tens of Millions of Home Losses!

Where is the Obama and Wall Street Promised Help for MAIN STREET Foreclosures?

[Common Sense 101]

Didn't Newsweek already declare the recession over or was that like the Mission Accomplished banner?

[Oldtimer]

Lenders went crazy approving subprime loans for big time profits
but the bubble bursts and they can't modify or refinance. Peculiar.
What is happening now is lenders and the big banks especially are
extorting the treasury. Capitalism has failed in today's America.
Profits are privatized. Losses are socialized on taxpayers.
Bonuses keep flowing regardless because the financial system
is rigged. Teddy and Franklin Roosevelt would never have handed
over our Treasury without breaking up the big financial trusts.
Obama has been a major dissappointment stopping the mass
extortion and raiding of the Treasury. As a result the recovery of
jobs and the economy will take even longer.
They (banks) didn't do it by sabotaging public debate. They did it by
flooding the media with commercials. They did it by dominating the
sham two party system. Goldman Sachs alone has held the Treasury
Secretary post since the Clinton years- Robert Rubin. One could
argue that Goldman Sachs is the Treasury Department.
Does anyone believe that Americans of the Roosevelt era would tolerate
this? If Obama does not do something major soon our system of
governance and the goal of fostering the PUBLIC good will be lost for
many many years to come. This is the moment Obama. why aren't
you seizing it?????

[Hirnlego]

A clip from Colbert report

As seen on last night's edition of The Colbert Report, not only is Pennsylvania repo dude Scott O'Brien a perfect symbol of today's uncertain economy, he's one of the most interesting characters we've met in a long time. Anyone who's cold-hearted enough to repossess a fire station's defibrillator and someone's hearing aid is a person we want to see more of. Take a look at the clip above, and tell us if you don't agree.

http://www.nerve.com/CS/blogs/theremoteisland/archive/tags/Scott+O_2700_Brien/default.aspx

[Brute]

These poor souls..........no job, no money, no food, no home..........but at least they have a shiny new Obama car! (at taxpayer expense). It’s going to get cold soon............I hope the heaters in those cars work well.

Thanks Barry!

Hope and Change!

(Maybe some of you Liberals will have them move in with you?)

[Jond0]

Just might do that.

[sonnybrakes]

Great idea.

[MelloY]

Yeah, and McCain would have rained money out his arse. Maybe if the last oh, majority of 30 years hadn't been run by Conservative's whiz down economics we'd have a more stable, if not booming economy and wouldn't be going through this pain now.

[jennylynn]

The polls today say "Hope and Change is a farce" BO is a one termer.

[haveyounodecency]

If it's one term where the economy improves, the environment is protected, housing stabilizes, the rights of gays are protected, and health care passes, than I believe it would be well worth it. Some of us care more about results than partisan politics.

[Jond0]

Yep, the sleeping giant has awoken to put the blame where it doesn't belong. If it truly is a one term deal, then it surely will be game over. Then who will you blame?

[Hirnlego]

Ridiculous to blame him for the messed economy which almost became a full blown depression.

[Bugweed]

I'm really sorry for the people that have used their houses like bank accounts awash in real money. You bought the bullsheet, ate it all with a big spoon and now realize it tastes terrible. Why does anyone ever believe that:

1. The check is in the mail;
2. Real estate will never decline in value;
3. He (She) will call in the morning.

Prices climbed in many places to 200% of wthat they are actually worth. Until the banks choke on this inventory, until people understand that your first loss is your best loss, this will go on and remain painful.

[Brute]

4. "I'm from the government and I'm here to help"

[ErnestineBass]

Man, I almost feel sorry for you guys still stuck in the Raygun years.

[Jond0]

5. Voodoo economics really works.

[markm8128]

The question is, where would the poll numbers be if Obama hadn't succeed in keeping the entire US banking system from collapsing?

The entire US banking system came to the verge of collapse on September 15th, 2008 and the stock market began its record collapse a week later. Over 1,000 US banks have been on the verge of bankruptcy ever since. (Nice going, Bush! Great way to end your term in office!).

Obama's biggest success, so far, has been restoring stablity to our banking system. And every American...including the nutcase "Teaparty-ers" should thank him for cleaning up the disaster the Greedy Republicans left us with!

[blastocyst]

Eventually incomes & home prices'll find a happy medium.
Or a low.

These foreclosures, bankruptcies, this dramatic decline in our collective fortunes is a direct result of our abandoning our manufacturing base. The jobs supported by our building what we consume are being performed in perpetually developing nations for near-slave wages. Our love of all things foreign is strangling us. Then the price of fuel will double or treble and herald a sad end to our folly.

[markinaz]

Only for those who weren't dirt poor before. We'll soldier on as we always have.

[blastocyst]

But the sheer numbers, ponderous as they are, will bring us lower than anyone, extent, can remember.

Americans, those sentient enough to grasp the concept, will find out what it is like to be Number 2 or 3.

[Brute]

It isn't just foreclosures.......and the line "Republicans caused this" is wearing thin. Obama and the Democrat Congress were elected to RESOLVE this and it's getting much, much worse.

These are just a couple of TODAY'S headlines. The jobless numbers are much worse than last month.........the administration cooked the books and they still suck. He can't hide this for much longer and he is delaying the White House report on the economy that was required to be released last month.



US Federal deficit higher in July, $1.27T this year; Record spending...

New jobless claims rise unexpectedly to 558K...

Home foreclosures set another record in July; Rise 7%...

SALES SUCK...........

Retail sales dip unexpectedly, jobless claims rise............

http://www.google.com/hostednews/ap/article/ALeqM5gNiyJ905Ho0Ur96V2TQhsBX19lGwD9A22U880

[dennisrs]

Yeah and it turns out they maybe fudged Junes unemployment numbers it was higher than reported, do to a computer glitch it was misreported. The administration sure was quick to brag about the so called better than expected numbers.

[Jond0]

This has been going on for decades -- are you a recently awoken sleeping giant too?

[FBHO]

But the recession's over,right?

[Thordeer]

:)

[SantaFeStars]

This is the greatest nation on earth! I've traveled all over the world and I wouldn't live anywhere but the good old USA!

[mikekopac]

what do you make a year? how many assets do you have? where have you travelled? how long did you stay?

[Jond0]

What kind of car do you drive?

[dennisrs]

I to0 have traveled & worked in many places in the world SantaFeStars and mostly agree with you. I do know if I won a lottery and came into a nice chuck of money I would not be living here. I think you know what I mean too.
Awww back to Costa Rica!

[Angie Cordeiro - Huffpost Blogger]

Here's my foreclosure story :

http://www.huffingtonpost.com/angie-cordeiro/i-see-no-bailout_b_256820.html

"...there is no problem that strong intellect can not solve..."

Well, let's see if this quote holds true to today's challenges.

[dennisrs]

So say smart intellect got us here. Wait you wrote "strong intellect" though I'm not quite sure the difference.

[JazzyJim]

Bush cannot be confused with "smart".

[Jond0]

Good one!!

[nah415]

I guess those green shoots are actually the spray painted weeds on what used to be your neighbor's front lawn...