Posted on 10/15/2009 5:21:51 AM PDT by Kartographer
Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
(Excerpt) Read more at money.cnn.com ...
That God the recovery has started! [/s]
Amen.
Oh wait, has that word been banned from being used in the public domain because it may be offending someone? /s
And the banks aren’t even foreclosing on all the houses they should because as long as they don’t they can keep on pretending a house with a $500,000 mortgage is worth that much. Foreclosing and selling it will force them to write it down to its real value.
Within the next 18 months, foreclosures will begin appearing in commercial real estate markets, and that could really spell trouble for the economy.
How’s that Hope and Change thing workin’ out for ya?
No worries — in Obamaconomics, this is a sign that the economy is improving! Really, it’s true. I heard it on CNNNBCABCCBSNYTPBS!
It was "Change WE can Trust", not "Change YOU can trust".
Yep. And how about the DOW hitting 10,000 yesterday. Story line is that financials drove the increase. That’s interesting. People are getting out of stocks and moving to hard (precious metals) commodities, unemployment continues unabated, foreclosures continue unabated, bank closures continue unabated etc. But the stock market goes to 10,000 on one Goldman Sacks report.
When this hot air balloon bursts it will not be pretty. Somebody is manipulating the market to make it appear everything is just hunky dory preceding the mid term elections.
Apparently it’s the only economic indicator the commies in Washington can manipulate to any appreciable degree. But the unemployment, foreclosure and bank closing numbers are impossible to mask—and that is what most people live with each day.
So, while stock market manipulation is frustrating, I don’t think it changes the average American’s perception of this disastrous economy—and the “government” that is responsible. The bloom is off the “Bush did it” rose.
It’s okay. Folks will still have hope and change!
Hope that they still have enough change for a package of hotdogs.
Meanwhile, those $500,000 homes are sitting vacant and a vacant house quickly becomes prey to vandalism, rodent and insect infestation, mold/mildew and just basic deterioration. This makes it worth even less than it would have been worth if the bank just marked the costs down and unloaded them when they were in marketable condition.
This news is logical, since the unemployed are running out of benefits.
How is that Hopey Changey working out for you? Is Mr. Hopey Changey paying for your mortgage? Apparently not. Yes, where are those green shoots?
The way the foreclosures are going to stop is when the feds forbid the banks to foreclose. That will make it all better.
Then all we’ll hear is “no foreclosures for the month of XXXX”
18 months? Commercial ventures are being foreclosed on left and right in Charlotte NC; the “Banking Capitol of the South”.
I feel that the stock market is not an indisator of anything anymore except what the powerful and corrupt want it to indicate.
Without manufacturing, it’s all horseshit banks and financials. Disconnected from reality. It’s a closed and manipulated game for the Paulsens, Geithners, Bernankes, et al.
I believe that the commercial real estate issues will last well beyond the time that residential has recovered.
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