2010 Expected to Be Record Year For Foreclusures as Obama Unemployment Rate Continues to Climb
Posted by Jim Hoft on Thursday, January 14, 2010, 4:46 AM
This doesn’t look good…
2010 is expected to see a record number of foreclusures as the Obama unemployment rate continues to climb. One in 45 homes received a foreclosure-related notice in 2008 and more are expected this year do to the horrid economy and high unemployment.
The AP reported, via Free Republic:
A record 2.8 million households were threatened with foreclosure last year, and that number is expected to rise this year as more unemployed and cash-strapped homeowners fall behind on their mortgages.
The number of households that received a foreclosure-related notice rose 21 percent from 2008, RealtyTrac Inc. reported Thursday. One in 45 homes were sent a filing, which includes default notices, scheduled foreclosure auctions and bank repossessions.
In December, more than 349,000 households, or one in 366 homes, were hit with a foreclosure-related notice. That represents a 14 percent spike from November and a 15 percent jump from December 2008.
Banks repossessed more than 92,000 homes, up 19 percent from November. That increase was likely due to lenders working to clear their books at the end of the year, RealtyTrac said.
Stemming the tide of foreclosures is an important step for the real estate market and the economy to recover. Because foreclosures are usually sold at heavy discounts they can lower the value of surrounding properties. Cities lose property tax dollars from empty foreclosures and declining home values, straining local economies. Home prices have stabilized in some cities, but are still down 30 percent nationally from mid-2006.
The foreclosure crisis isn’t letting up. Between 3 and 3.5 million homes are expected to enter some phase of foreclosure this year, said Rick Sharga, senior vice president of Irvine, Calif.-based RealtyTrac, which began tracking the data five years ago.
ADVERTISEMENT
-
Featured Story:
Horrible… Obama Tells Foolish Supporters: I’m Not Over-Spending… “I’m Running to Pay Down Our Debt”
Published May 23, 2012 at 11:51 pm - 66 Comments
LimoLibsSuk commented:
My economic plans are working. ACORN and SEIU will be the only entities to work for after the Big O’lapse. Sure, AGI creditors in Europe got a sweet deal and American taxpayers took the hit. So what? Homeowners sukk.
At least I got in power and spread the money around to my cronies. Our rental buildings are quite lucrative. We are quite happy.
Sure, the Community Reinvestment Act was a great scam. It made me rich. Nobody in my administration has been hurt by it. Things just happen like that. The Taxpayers lost.
My limousine is running and I have a meeting with ACORN and the Federal Reserve. I want to know why I can’t walk over the Bureau of Engraving and get a few sheets of Ben Franklin’s for my wife and kids while your house is being foreclosed. I’ll even cut them out myself. I am the president after all.
Enough openness, I have to look busy. Good day.
Michael commented:
Obama’s failures are coalescing. As the Fed mumbles about tightening money supply, the housing market will retreat further and the banks will hold huge inventories of property. Government solutions only create worse problems. The outcome sure looks like either insolvency or hyper inflation – an economic collapse Obama desires to remake America.
jorgen commented:
Don’t worry. Soon you will all be sent to reeducation-camp and when you are ready, you will get a job at ACORN.
Betsy Ross commented:
It appears that obama has written a new book yet to be released….the title:
Destroying Capitalism for Dummies
Typo in head: foreclusures commented:
Foreclosures not Foreclusers
seven commented:
As an economist, i see Obama tells his advisors what to say. At some point people will know what banks do. Every dollar he rips off from a bank means a multiplied number of dollars they can’t lend. The Obama care will add several million to unemployment as will cap and trade. The last minimum wage increas added to unemployment. We need an un threatened banking industry so people can get their homes sold and financed and avoid foreclosure. Unemployment also trashes thoughts of refinancing.
shibumi commented:
So, will the census workers automatically put imaginary individuals in empty homes in Democratic districts, while providing an accurate count in Republican districts? Just wondering if that’s part of the new program.
Moright commented:
To understand where this administration has us headed, read their patron pinko economist Krugman’s column from NYT 1.12.10:
http://www.nytimes.com/2010/01/11/opinion/11krugman.html
MUST READ. Europe is the goal. So buried deep in today’s NYT:
http://www.nytimes.com/2010/01/14/business/global/14mark.html?scp=6&sq=germany&st=cse
Germany, Europe’s largest economy at zero growth. Excellent! Your blood will boil, but I encourage you to read Krugman to grasp how serious the threat is. This unemployment situation is acceptable in their model -it will not change- and we’re just a casualty in their plan.
Alana commented:
God, those comments on that Krugman article are smug.
wanumba commented:
Michael
January 14th, 2010 | 6:44 am | #3
Obama’s failures are coalescing.the housing market will retreat further and the banks will hold huge inventories of property.
……..
shibumi
January 14th, 2010 | 9:58 am | #10
So, will the census workers automatically put imaginary individuals in empty homes in Democratic districts, while providing an accurate count in Republican districts? Just wondering if that’s part of the new program.
……………………
Two possibly converging situations. What if:
Houses are for sale all over right now – many over TWO YEARS they’ve been sitting for sale. Many are now vacant. Banks do not want huge inventories of homes and properties – that’s all expense and no income. But fewer and fewer are able to buy, so it’s a buyers market now. If all is “working as planned,” then the USG could quickly become Big Landlord by buying up at fire sale prices the housing inventories held by the banks.
Then a good chunk of the US population are tenants, a portion of the private housing sector gone to permanent government ownership – hello Soviet-style rental life.
Once the USG owns these properties, it can hand choice ones out to connected buddies, and stuff others with voters to swing districts to Democrat politicians.
Obama has been very up-front about what he wants to do. Redistribute.
wanumba commented:
It started with the collapse of the Freddie/Sallie housing bubble of too easy 100% credit for overpriced homes to people who were bad credit risks. That’s cleaned out, but the new foreclosures are by people who have been diligently paying normal mortgages, but face underemplyment and unemployment.
Different set of circumstances. Much more devastating.
The Obama Administration and the Democrats in their frenzied stampede to tax and regulate the crap out of everything have made it impossible for business to project their needs and the scope of the markets they serve – and their ability to maintain, expand or start-up production. They cannot commit to hiring anyone and are laying off employees in a hunker-down business position.
The Democrats have pushed American business and private enterprise into a completely defensive posture and thus have crippled employment opportunities.