Foreclosures Soar 63 Percent over Last Year (in 'booming' Bu$hCo economy!)

[ProSense]

Thursday :: Apr 27, 2006

Kicked To The Curb

by pessimist

Snip...

According to a recently released report from the real estate financing industry, there are an awful lot of Red Staters hoping that some handsome hero will come running to thrash the evil landlord and save the day.

In this report, notice that with the exception of California - where housing costs have been high for a long time and wages aren't what they used to be - and Michigan, all the affected states are RED!

It makes one wonder if they are still glad they allowed George W. Bu$h and the Neo-Confidence Men to take power:

Foreclosures Soar 63 Percent over Last Year

April 19, 2006 — RealtyTrac(TM), the leading online marketplace for foreclosure properties, today released its March 2006 U.S. Foreclosure Market Report, which shows 101,597 properties nationwide entered some stage of foreclosure in March, a 13 percent decrease from the previous month but a 63 percent increase from March 2005. The report shows a March national foreclosure rate of one new foreclosure for every 1,138 U.S. households.

Snip…

So much for the 'booming' Bu$hCo economy!

Over 57,000 homes have been lost to foreclosure in just nine states – and this was only for the month of March:

Colorado's foreclosure rate leapfrogged to highest among the states…5,392properties entering some stage of foreclosure in March…

After spending the two previous months as highest in the nation, Georgia's foreclosure rate dropped to second highest…a total of 7,656 properties entering some stage of foreclosure in March…

With a total of 4,933 properties entering some stage of foreclosure in March, Indiana's foreclosure rate…

Utah foreclosures increased 21 percent from the previous month…a total of 1,437 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 535 households and a 32 percent year-over-year increase.

Texas documented the most new foreclosures of any state for the fourth month in a row…a total of 11,951 properties…

Florida …reported 9,283 properties entering some stage of foreclosure in March -- the third most of any state and a foreclosure rate 1.5 times the national average.

Snip…

But don't let that make you think that anyone cares about how much gas costs, now! We wouldn't want to expose the lie that is Bu$hCo!

more...

http://www.theleftcoaster.com/archives/007497.php

Edited to fix link.

[Robbie Michaels]

1. More To Come

Wait until the feds look into those adjustable rate mortgages with multiple payment options, or if lending guidelines are tightened to the way they were about four to five years ago. If it weren't for exotic mortgages and "relaxed" guidelines, the price of the average home in some parts of the country (like mine) wouldn't be nearly as high as they are.

If I remember correctly, about 46% of all new home purchases are with those types of mortgages. :wtf:

[teknomanzer]

6. The housing bubble...

was largely supported by mortgages that were just too easy to obtain. The relaxed guidlines allowed people to purchase a home far beyond their financial means, and now the results are in. This is just the tip of the iceburg. Many more foreclosures yet to come.

As a side note, I've noticed many, many homes suddenly up for sale (at least 20% in this housing community alone) in the neighborhood down here in South Florida. I find this really odd because the boom is over... its now officially a buyers market.

Anyone care to speculate on this?

[WePurrsevere]

2. Foreclosure link doesn't work... has extra / & space. As for foreclosures-

being so high... the only way this economy is doing well is if you're one of the very rich.

[ProSense]

3. Fixed. Thanks! n/t

[Mayberry Machiavelli]

4. Ya, I've heard the really high end properties (2 mil and up etc.) that you

see in expensive cities like in coastal CA, NYC, Washington D.C., Boston etc. are often bought with CASH.

The rich, they are different from you and me.

[WePurrsevere]

5. Yeah... but wouldn't it be nice to someday have the money the rich...

basically throw away on stupid or ego crap.

When we and many like us have just spent a very cold northern Winter fighting to stay warm, just trying to get by and increasingly worried about how we'll dig out of an ever increasingly deep debt hole... when people in NO are homeless... when our troops are doing without proper armor.... when there are children going without food and proper medical care... etc etc..etc... it's just a bit difficult for me to feel very sorry for people who, without even much thought, can blow away a 100k+ on a diamond studded shift nob for their BMW/Hummer or buy a 5th "extra" multi million dollar house or such ya know?