US home foreclosures soaring.....

[marmar]

from the AP, via Yahoo:


U.S. home foreclosures soar in August
By ALEX VEIGA, AP Business Writer
Tue Sep 18, 8:32 AM ET



LOS ANGELES - The number of foreclosure filings reported in the U.S. last month more than doubled versus August 2006 and jumped 36 percent from July, a trend that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a national housing slump.

A total of 243,947 foreclosure filings were reported in August, up 115 percent from 113,300 in the same month a year ago, Irvine, Calif.-based RealtyTrac Inc. said Tuesday.

There were 179,599 foreclosure filings reported in July.

The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages.

August's total represents the highest number of foreclosure filings reported in a single month since the company began tracking monthly filings two years ago.

The national foreclosure rate last month was one filing for every 510 households, the company said.

"The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now," RealtyTrac Chief Executive James J. Saccacio said. .....(more)

The complete piece is at: http://news.yahoo.com/s/ap/20070918/ap_on_bi_ge/foreclosure_rates;_ylt=AiHvVGEmMTmIcJMlcplgDfCs0NUE

[Roland99]

1. NAHB Index (Homebuilder Sentiment) down to 20 (under 50 is negative sentiment)

Lowest in 16.5 years

[Xipe Totec]

3. And who was president 16.5 years ago?

George Herbert Walker Bush

[madrchsod]

2. those rates will be adjusting for the foreseeable future

welcome to the jungle

[flamin lib]

4. You ain't seen nothin' yet.

I posted this synopsis a few weeks ago: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1746085

It's gonna' get ugly out there.

[DeSwiss]

8. That was a good post....

...and the part that caught my eye was the idea of Fannie Mae, Freddie Mac and FHA kicking in to help the foreclosure problem with fixed-rate mortages. About 80,000 of the 1.4 million loans in default. That's a little over 5% guys. Gee thanks. :sarcasm:

This is what help looks like from Repukes.

[NewJeffCT]

5. Nobody could have anticipated...

Isn't that the typical Republic refrain?

[kineneb]

9. blind, deaf and dumb Rs

The info on the impending storm has been circulating on the internet for some time.

Of course, with their rosy glasses, no future problem exists; every thing is tickety-boo. (The glasses must be like Zaphod Beeblebrox's danger-sensitive variety: they fog up and go all rosy if anything goes wrong.)

Suggested reading for such folk: Asia Times Online, the writings of Mike Whitney over at Information Clearing House, etc. But then, they don't read such "liberal" media...do they even read?

[NewJeffCT]

10. they read

the Washington Times for the smarter Republics... the NY Post for the others.

[kineneb]

11. prepare the circular firing squad.

self-reinforcing propaganda.... sigh.

[partylessinOhio]

6. Will we see a drop in the inflated property taxes we are paying because

of the inflated prices buyers were paying for their homes?

Here in my declining suburb many homes are empty or with rent to own signs in the yards. Yet Cuyahoga County revalues all homes every three years UPWARD.

The greed of banks, mortgage companies and local taxing authorities have all created this problem. It's about time that home prices and interest rates come back down to affordable figures.

[SoCalDem]

15. Hah!!.. Are you on crack?

Those taxes are the lifeblood of communities everywhere.. they will NEVER drop them..If they ever DID, they would just have to raise other taxes in their place.. No one wants to take a long hard look at what they fund and how they fund it..

The reason why property taxes are so high NOW, is because they refuse to fund schools the way they should be..

[cliss]

7. Now here's an interesting question -

Of the 243,947 foreclosures, I wonder what the value was of those homes. Also, what was the debt connected with that value? In other words, how much equity did those poor soon-to-be ex-homeowners have?

Was it $5.00, $5,000 or $50,000? How much equity is going down the drain? What will happen to the families? All their stuff? It's a horrible situation. And just imagine over the next 3 months, when foreclosures will start a spike upward as MORE mortgages are reset.

[flamin lib]

13. Foreclosures are a real problem for the homes not being foreclosed

but on the market. A foreclosure in good condition usually sells for 10% below market. Unfortunately most foreclosures are NOT in good condition. Homeowners in such dire straights are under a lot of stress and they tend to take it out on the property. Many need a lot of sheetrock work, replacement of fixtures and some will need a new ac unit as well as all the kitchen appliances because the owner took them when they left. (Yeah, I said AC units and all the copper wire they can strip to go with it.) These homes sell for 15-20% below market.

One or two of those in your subdivision and your home is suddenly worth 10-15% less than it was.

The only thing worse than a foreclosure is a nasty divorce--if I can't have it you damn sure can't!

[earth mom]

12. K & R. nt

[Blaze Diem]

14. And news reported that Foreign Investors are buying US

property at a faster rate than ever.
Guess who DOES NOT own our Country???