Report: Foreclosures increase at triple-digit rate in 11 states

centralvalleybusinesstimes ^ | September 10 2007 | central valley business times, california

[GeronL]

its the end of the world as we know it

[donna]

How many illegal aliens, I wonder.

[familyop]

It’s like the late-’70s and early-’80s all over again. ...except that the Fed. is much smarter now (protecting other economic sectors), and buyers aren’t victims of monster ‘70s interest rates, the gotcha (balloon) payment plans of those days and the like.

[djf]

If there is ANYONE out there, I mean ANYONE, who doesn't see what really happened in all this, I DEFY them to give me any other explanation.

Real estate prices are based in great measure on how much banks are willing to lend to cover the loan.

As long as prices are rising, banks are eager (aren't banks always eager?) to loan more assuring the suckers customers that there is no way they can lose money.

This whole scheme is based NOT AT ALL about whether we produce steel in this country anymore or how many Tulips we can grow.

And now the Fed and the ECB is pumping billions of dollars into the system IN THE MISTAKEN BELIEF that it will fix things, it Cannot fix things by going to the institutions, and the consumer is too tapped out on the credit nipple to benefit!!

During the depression, it was not unheard of for sheriffs to simply ignore foreclosure notices. You have a legal right to be informed of any notice and demand.

This is the beginning of a commodities bull like we have never seen before. It even makes sense to invest in paper!!

[elli1]

So far this year, 731,244 pre-foreclosures have been filed nationwide, it says. That translates to nearly 10 out of every 1,000 households in trouble financially with their mortgages.

And 'that translates' to less than one percent.

[djf]

Between now and July of 08, there is something like a half a billion dollars of ARM’s that are gonna reset.

I guess you figure they are gonna go down.

Bon chance.

[bruinbirdman]

"states with the most people losing their home this year include"

1/3 of those were not "people" occupied. 1/3 were second "homes".

The rhetoric is a little hyper.

yitbos

[omronnie]

Between now and July of 08, there is something like a half a billion dollars of ARM’s that are gonna reset.

>>>>>>>>>>>>>>>>>>>>>>>>>>

Got Popcorn??

[djf]

And, BTW, how long do you think a business would stay in business if even one percent was bad?

Would Safeway stay in business if one percent of the money? coming in was bad?

Would Wal-Mart?

Would Kodak? Would Microsoft?

[djf]

Yup!!!

[Leisler]

I have anticipated the market and change in consumer trends. Houses are so yesterday.( Click Here )

[Jimmy Valentine]

Don't blame the banks.

Never blame the booster for what the sucker does.

In thirty-five years, I never saw anyone sign loan documents with their eyes closed.

[djf]

Never saw some dude sitting behind a desk reach into his pocket and pull out 3,000 one hundred dollar bills either.

Damn easy to give away money that’s not yours, ain’t it?

[PeteB570]

I don’t know.

Credit Card companies seem perfectly happy with a great number of defaults. They just raise the fees on the ones who pay and go looking for more cards to give out.

[ShadowDancer]

I’m in Michigan and two people I know quite personally are both in foreclosure. However, in both their cases, it could have been avoided.

[freedomdefender]

Blame Greenspan. He killed the stock market in late 90s by raising interest rates too high, too fast, then turned on a dime and lowered them to next to nothing, encouraging hyper-inflation in housing prices.

[freedomdefender]

Don’t you see Greenspan’s role in this mess?

[djf]

Who said I didn’t?

Back in ‘04 or so he gave a speech urging something like “non-traditional” mortgage methods. Basically meaning ARMS.

I totally blame him. Too many rate cuts way too soon after the dot.com bomb.

That was the basis of the whole derivative market and hedge funds. Some made millions. Now many may be homeless.

Pisses me off. Should piss off any decent American.