US home foreclosures jump 14% in 2nd quarter: survey

[onehandle]

Source: AP

WASHINGTON (AFP) - US home foreclosures leapt nearly 14 percent in the second quarter from the previous quarter, research group RealtyTrac said Friday in a sign of deepening housing woes.

On an annual basis, home foreclosure filings soared 121 percent from the same period in 2007, RealtyTrac said in releasing a survey of the country's 100 largest metropolitan areas.

Foreclosures have spiked in the worst housing slump in decades and a related credit crisis that have brought the economy to a crawl.

With home prices falling and unemployment and inflation rising, homeowners are increasingly hard-pressed to make their home loan payments.

Read more: http://news.yahoo.com/s/afp/20080725/bs_afp/uspropertyfinanceforeclosure

[madaboutharry]

1. This all goes back to the deregulation of the banking

system and a "credit" culture where people did not understand the importance of buying what you could afford. There is enough blame to go around, but the main culprit is greed.

[soothsayer]

2. Not just greed, but our fiat system of money, where debt is used to CREATE money

If money were backed by something real (say gold or silver), it would be a different story. These days, money is sort of based on a big ponzi scheme, and the way that you create more money is to first create more debt. It's very confusing to wrap your head around, but find that little animated movie Money as Debt on the web (for free in many places) and watch it.

here it is on google

Money As Debt
Paul Grignon's 47-minute animated presentation of "Money as ...
47 min -

Rated 4.6 out of 5.0

video.google.com/videoplay?docid=-9050474362583451279

[livvy]

3. If you want to check your area or any other, this is a good resource.

http://www.realtytrac.com/

There are so many in SE Michigan that you have to zoom in really tight, basically just a few streets in some places, to view all of them.

Very sad, very scary.

[Virginia Dare]

4. I've got four within a block of my house..

I don't remember seeing but maybe one or two in the entire 15 years that I've lived here.

[cal04]

5. Foreclosure filings up 121 percent from last year

http://www.msnbc.msn.com/id/25846164/

Home foreclosure filings rose 14 percent in the second quarter, the eighth consecutive quarterly climb, and more than doubled from the same period a year-earlier, real estate data firm RealtyTrac said on Friday.

Home foreclosure filings during the second quarter were reported on 739,714 U.S. properties, up 121 percent from a year earlier, RealtyTrac, an online market of foreclosure properties, said in a report.

The figure is a total of default notices, auction sale notices and bank repossessions between April and June.

“Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity,” James J. Saccacio, chief executive officer of RealtyTrac, said in a statement.

[JMackT]

6. Well

Dont buy a house if you cant afford it.

If you cant afford it you know you cant.

[Arctic Dave]

7. You are quite the financial guru.