Americans brace for next foreclosure wave

Reuters ^ | April 4, 2012 | By Nick Carey

[Oldeconomybuyer]

Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end.

But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.

"We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010," said Mark Seifert, executive director of Empowering & Strengthening Ohio's People (ESOP), a counseling group with 10 offices in Ohio.

"Last year was an anomaly, and not in a good way," he said.

[Oldeconomybuyer]

With a pathecic record like this, I'm surprised the Kenyan is even running for reelection. There's not a single damned thing he's done that has improved the economy or this nation. Same for the Harry Reid senate, and almost the same for the Boehner-led house.

[BipolarBob]

Nancy Pelosi “We’ve got to bring down America before we can rebuild America”.
Or at least that sounds like something she would say.

[LomanBill]

 

 

" Uhhhh, that's not ours either! "

---Weiner, Obama, Perry, Pelosi, Frank, Pritzker and Associates, LLLP.

 

 

Follow the....

http://www.campaignmoney.com/finance.asp?type=in&cycle=08&criteria=pritzker&fname=penny

 

Billionaire business mogul Penny Pritzker is a member of one of America’s richest families and was the Finance Chair for the presidential campaign of Barack Obama.  It was Pritzker that led the prolific, and illegal, fundraising that helped power Barack Obama’s presidential campaign.  She was the chair of Chicago-based Superior Bank’s board for five years.  Pritzker was into subprime lending before it became all the rage starting in around 2000.  Prtizker's chairmanship was to concentrate on sub prime lending, principally on home mortgages, but for a while in subprime auto lending, too, after the Pritzkers' bank acquired its wholesale mortgage organization division, Alliance Funding, in December 1992. Back then they called it "predatory lending." Superior Bank went belly up in 2001 with over $1 billion in insured and uninsured deposits; 1,406 depositors lost much of their life savings.  This collapse came amid harsh criticism of how Superior’s owners promoted sub-prime home mortgages. On Nov. 1 [2002] the Federal Deposit Insurance Corp. pointed the finger at Ernst & Young, Superior’s auditor, in a fraud suit filed in federal court here.  But that action came two months after a group of Superior depositors accused the bank’s owners and directors, including two members of the Pritzker family, of racketeering....

[snip]

...Pritzker is chairman of Classic Residence by Hyatt, luxury senior living communities in 11 states; chairman of The Parking Spot, which owns and operates off-airport parking facilities in nine cities; chairman of the credit data company TransUnion and chairman of Pritzker Realty.  She also sits on the board of Global Hyatt and plays a role in numerous non-profit groups, including serving as chairman of the Olympic village portion of Chicago’s bid to win the 2016 Summer Games. 

 

http://www.theobamafile.com/_associates/PennyPritzker.htm

 

 

 

Nudge nudge nudge...

 

[allmost]

No one is bracing for this.

[DuncanWaring]

I'm surprised the Kenyan is even running for reelection. There's not a single damned thing he's done that has improved the economy ...

That's exactly why he's running - he (and the barbarians on the other end of the Blackberry) want to finish us off.

[Freddd]

‘Half a decade’ !! There wasn’t a thing being said about foreclosures half a decade ago....it was all selling and making money at that time.

Half a decade sounds sooo much more dramatic...well and absolves Obama, in the writer’s mind, I guess.

[kingu]

The liberals on Facebook HATE it when they see this image...

[mo]

A glimpse at the names of some who looted the American Treasury with their in-American Oval Office Occupant...

[kingu]

I'm more waiting for the clock on commercial paper to run out and all those new shopping centers get hit with that balloon payment. Ahh, yes, nothing like triggering credit default swaps in a massive way.

[familyop]

There’s a way to solve the problem. Allow the foreclosures to commence and property prices to fall. Then property taxes will fall. With the local regulatory crooks out, productive business will resume.

Residential real estate is going to dive for at least another couple of decades anyway. We Baby Boomers are headed for leisure and graves.

[familyop]

"House sales [Apartment rentals] are picking up across most of the country,..."

And foreclosures were temporarily stalled by lawyers during 2011, but they'll resume this year. Real estate and government interests are stubbornly keeping house listings insanely high, but those prices will be brought down one way or another. ...just wanted to clear up some of the propaganda haze.

[Delta 21]

OK. Just a reality check for me.

I have never missed a payment on my house in over 12 years.

I have nothing to worry about matter.

Obama has made me sick since his very first speech, trying to tell me how bad off I am and how much he is gonna help..........

Yep. Just like I thought.

How much worse do you think he can make it when America re-elects him?

[Ruy Dias de Bivar]

Someone has a way out. There has been two high dollar houses burn near here after they were abandoned. One house built about 45 years ago in a resort area, and recently abandoned has burned.

The other a high dollar mini mansion built around 25 years ago. The builders or owners never could keep anyone in it. It burned just a few days ago.

[Jack Hydrazine]

The average house price has dropped 30% since the real estate bubble burst. Will this next wave of foreclosures drop the price another 10% just this year alone?

[Jack Hydrazine]

This coming foreclosure wave is a sign that the recovery is well under way!/s

[motor_racer]

We had to destroy the village to save it.