Foreclosure filings nearly double

[Amerigo Vespucci]

Source: Associated Press

By ALEX VEIGA, AP Business Writer 59 minutes ago

LOS ANGELES - Foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their homes to foreclosure, a real estate information company said Thursday.

A total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago, according to Irvine-based RealtyTrac Inc.

The number of filings in September was down 8 percent from August's 243,947, the firm said.

Despite the sequential decline, the September figure represents the second-highest total for filings in a single month since the company began tracking monthly filings two years ago.

Read more: http://news.yahoo.com/s/ap/20071011/ap_on_bi_ge/foreclosure_rates;_ylt=AjOjcGEP0_zr_JyYr.B_wTes0NUE

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In this 30 March 2007 file photo, a house sits for sale in North Aurora, Illinois, a suburb outside of Chicago. Stockton, a town in central California has become ground zero in the wave of foreclosures plaguing the US housing market in the wake of the sub-prime lending crisis.(AFP/File/Jeff Haynes )

[fasttense]

1. The war on the American middle class is a success.

Foreclosures left and right, crappy jobs for even more crappy pay, inflation is everywhere, poverty, homelessness and hunger on the rise, and yet the stock market is going up.

Seems the wealth transfer from the middle class to the uber rich is in full swing. The huge deficit spending the bushes have left us has gone to payouts to corporations in no bid contracts. We will be paying it off for decades to come. Friedman's "free market" plan has been a success. When well over fifty percent of the US is below the poverty level, then the free marketeers can put their stamp of approval on us.

[SpiralHawk]

2. "I told you I would bring us* victory, smirk" - Commander AWOL

* us = fatcat republcion cronies

[Fresh_Start]

5. stop the stock market from going up

do not buy one single extra thing until this administration and the GOP are out on their asses.

Only a collapse in the market will get their money masters to reel them in.

[Baby Snooks]

3. Leveling off...

The Bush administration will use the 8% decline from August to spin it's "the economy is booming" spiel and claim it indicates the housing crisis is "leveling off" and will turn around soon. And it will. Just as soon as the lenders can figure out a way to rip off the same homeowners a second time by "refinancing" the loans they already can't afford. The rich get rich off the poor. And this proves it.

[fed-up]

4. CA foreclosures-FOURFOLD increase from Sept of last year!!!

"California's foreclosure rate was one filing for every 253 households. The state reported the most foreclosure filings of any single state with 51,259, down 11 percent from August but a fourfold increase from September of last year."

[Amerigo Vespucci]

6. Yep...we really raised the bar in Silicon Valley with a $750K median home price.

$750K median price + sub-prime loans = "recipe for disaster."

[slackmaster]

7. That sounds shocking, but it's important to look at numbers in context

Here is a slightly longer term view. This source's data goes back to 1992.



http://www.dqnews.com/RRFor0707.shtm

[cliss]

8. Even more shocking news.

I just read that there are currently around 5 million homes for sale in the U.S. The article said that there are around 2 million more homes which will go on the market soon.

Unbelievable - but true.
Hard to believe: this is just the beginning of what's to come. I've looked at mortgage statistics. Every month, more and more mortgages will be reset. These are mostly the subprime mortgages. They will reset to much higher rates, some as high as 14%.

March of 2008 will be the highest amount of resets. Something like $110 billion mortgages will be reset.

This is just the beginning.