Thanks Barack… Economy Struggling – Foreclosures “Astronomically High”
Posted by Jim Hoft on Thursday, May 26, 2011, 6:29 AM
And the hits keep on coming…
Sale of seized homes at 28% — 6 X normal…
JOBLESS FOR WEAK: 424,000…
Economy Struggling to Regain Speed…
Dow spooked…
Thanks Barack… The sales of foreclosed homes is nearly six times the normal.
The AP reported:
Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales — a share nearly six times higher than what it would be in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or were repossessed by lenders, hit the highest share of overall sales in a year during the first quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.
“It’s an astronomically high number,” said Rick Sharga, a senior vice president at RealtyTrac. “In a normal market, you’re looking at the percentage of homes sold in foreclosure to be below 5 percent.”
The pace at which homes are entering the foreclosure process has slowed in recent months amid bank and court delays. But distressed properties remain a fixture of a housing market still searching for a sustained recovery. The properties, often in need of repair, typically sell at a discount, weakening prices for other types of homes.
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Published May 23, 2012 at 4:57 am - 65 Comments
patman commented:
BO: “Just want to give a shout out to my homies in, uhhh…, what…foreclosures….ummm, uhhhh, I inhereted this……”
Brad commented:
Darn right Pat. Inherited from a Democrat run Congress. Check this out http://www.youtube.com/watch?v=_MGT_cSi7Rs
Brad commented:
You might want to check this one out too http://www.youtube.com/watch?v=cMnSp4qEXNM
DREAMS FROM BILL AYERS commented:
BREAKING NEWS… The LSM including FNC, DO NOT want to Report.
TRUMP DECLARES BARRY O’ BAMA’S BIRTH CERTIFICATE TO BE FAKE! http://www.BirtherReport.com
ponderon commented:
More bad news, employment benifits rise 10,000 to 424,000 last week.
Militant Conservative commented:
Remember the community reinvestment act was the brain child of Jimmy Carter.
It went nowhere till Bill Clinton threatened legal action via Janet (truck driver) Reno.
Barney Fag and Chris Dodd are also complicite.
This is ALL due to democrat policies that have destroyed this great nation.
Powder is dry
Warthog commented:
This will continue for the forseeable future. It took years to inflate housing prices to the top of the bubble, it will take years for market forces to correct that. The Community Reinvestment Act and the underwriting of Fannie May and Freddy Mack pumped dollars into the housing sector for decades.
No amount of government “fixing” will work. I wonder how many of these forclosures took Barrack’s 10% first time home buyer grants (on homes that proceeded to lose 20% of their value)? Without real, non-government jobs, this will only continue.
In effect, Adam Smith’s invisible hand is giving us the finger.
StrangernFiction commented:
OT:
“Mitt Romney, Tim Pawlenty, Jon Huntsman … I’m concerned about their commitment to American exceptionalism,” Wasserman Schultz said at a breakfast for reporters sponsored by theChristian Science Monitor.
http://weaselzippers.us/2011/05/26/now-ive-heard-it-all-dnc-chief-wasserman-schultz-says-shes-concerned-with-republicans-commitment-to-american-exceptionalism/#comments
gus commented:
The war is on folks. We are dealing with Communists. Communists do not tell the truth.
They lie until they get what they want, then they regulate your life to their ends.
succotash commented:
#9 Gus…….Amen
tommy mc donnell commented:
this is what happens when politicans run the economy. the sub-prime mortgage was a creation of the politicans. look what social justice has done for the housing industry.
patman commented:
Hope the bank doesn’t
Change the locks…
ProLifer commented:
The war has already been fought. The radical left has already won.
Where are the resistance fighters?
“Powder is dry” — but the right doesn’t fight. The right just “caves.”
__________
Opaobie commented:
I just met my new neighbor….who bought the house behind us out of FORECLOSURE. The father of the family that lost it lost his job last year and hasn’t been able to find another one that pays enough to keep up with expenses. Last time I talked to him, he was working three part time jobs.
MustComment commented:
All I can say to this is it’s a damn ‘ghost town’ in and around where I live (No. Cali). Shops closing like crazy, virtually NO building going on. “Their” plan seems to be working as the latest reports are 1 out of 7 Americans are now on some type of assistance. God help us!
Robert commented:
Forget the larger economy, the Democrats can’t even propose a federal budget.
Ask your Democratic friends (and politicians) why this is so. Then you can explain to them that the reason is that a Democrat budget would have to contain either a radical reduction of spending, a massive tax increase, or a sky-high deficit.
They can’t manage their own budget, so there is no way they can manage the larger economy.
KOW commented:
Just for the record, that makes it 11 weeks in a row that the prior weeks unemployment figures has been revised up.
That is for 11 straight weeks the Government has reported lower figures, fudging the numbers to make the reports seem better than what they were, then hid them the next week when most just report the latest weeks numbers.
They do that with the monthly figures also. This is an administration that always reports in their favor, then adjust the books later when no one is looking.
Radegunda commented:
Why hasn’t Janus Duel popped in to say we’re all stupid?
averagemelon commented:
I just had lunch with a man who said “Americans are just going to have to get in step with the rest of the world and accept lower wages.” Of course, I pointed out to him that he had himself a very nice government job with benefits, retirement, and automatic wage increases so when was he going to lead the way and start getting less?
Stupid Liberal went silent.
proudredneck commented:
Where i live small businesses are closing up shop one after another, Shopping centers are almost comptetely emptly. Crime is on rise too.The only thing standing between the people and government is employment checks,foodstamps what happens when the government can no longer support {money} these programs, people be prepared.
Militant Conservative commented:
Drooling Janus is a mental midget.
The subject matter at hand is over her head.
#13 May 26, 2011 at 12:16 pm
ProLifer commented:
The battle takes longer than one election cycle, and the battle is for the rest of your life.
powder is dry
Militant Conservative commented:
#20 been telling this crowd this for over a year.
powder is dry is a reference to being prepaired.
Red necks will do just fine. City dwellers not so well.
powder is dry
Agent 99 commented:
Yes You Have MC!! I have prepared as much as possible. Why as much as possible??
Simple!! Does anyone have any idea how so many ppl are just like an ostrich with their heads in the sand????
Seems a lot of ppl think “can’t happen here” or can’t happen to me!
I warn but am called a ‘fear-monger’ or a ”’conspiracy theorist’
GRrrrrrr!!!!
Agent 99 commented:
MC yes you have warned us all.
But many ppl are like the ostrich with their head stuck in the sand.
Warnings met with “not me” or NOoooo! This is America! can’t happen here.
I am called a fear-monger by my friends and some family members too.
#1AMERICAN commented:
odumbass mooslime marxist…doing what I set out to do…. if people do not wake tyhe hell up about this POS can you imagine what he will do the next 4 years when he doesn’t care because he will be a lame duck….scary people…
Sasja commented:
proudredneck. Where do you live?
proudredneck commented:
Small town,outside of Lexington,Ky…. Have a small farm
Sasja commented:
I’m in OKC. We’re doing fine. City is growing, there are jobs. I wish you the best. Hang in there. We are going to win this fight.
Sasja commented:
I guess this is from yesterday on Breitbart. Our Senator Inhofe thinks Zero needs a psych evaluation. Really?