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Foreclosures Are Up 6% From Last Year

From an unfazed Associated Press:

Homes lost to foreclosure up 6 pct from last year

By Alex Veiga, AP Real Estate Writer Thu Aug 12, 2010

LOS ANGELES – The number of U.S. homes lost to foreclosure surged in July, another sign lenders are moving quicker to take back properties from homeowners behind in payments.

Lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009, foreclosure listing firm RealtyTrac Inc. said Thursday.

And we seem to recall that 2009 was a pretty bad year for the housing market. In fact, wasn’t that the precipice that Mr. Obama pulled us back from?

Banks have stepped up repossessions this year to clear out the backlog of bad loans. July makes the eighth month in a row that the pace of homes lost to foreclosure has increased on an annual basis.

Meanwhile, homeowners who are falling behind on their payments are being allowed to stay in their homes longer because lenders are reluctant to add to the glut of foreclosed homes on the market…

Banks are stepping up repossessions but letting ‘homeowners’ stay in their houses longer? How does that work?

Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures. Initially, lax lending standards were the culprit, but homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures.

Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.

The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. More than 40 percent, or about 530,000 homeowners, have fallen out of the administration’s main effort to assist those facing foreclosure.

That program, known as Making Home Affordable, has provided permanent help to about 390,000 homeowners, or 30 percent of the 1.3 million who have enrolled since March 2009.

But the government will be great at handling healthcare.

Still, RealtyTrac estimates more than 1 million American households are likely to lose their homes to foreclosure this year

This isn’t such bad news, really. Just think of all the nice new Section 8 housing that will be available for ‘the poor.’ 

In all, 325,229 properties received a foreclosure-related warning in July, up 4 percent from June, but down 10 percent from the same month last year, RealtyTrac said. That translates to one in 397 U.S. homes

Among states, Nevada posted the highest foreclosure rate in July, with one in every 82 households receiving a foreclosure notice. The number of properties in Nevada receiving a foreclosure warning last month rose nearly 7 percent from June, but fell nearly 30 percent from the same month last year.

Rounding out the top 10 states with the highest foreclosure rate last month were: Arizona, Florida, California, Idaho, Michigan, Utah, Illinois, Georgia and Maryland.

Las Vegas continued to be the city with the highest foreclosure rate in the U.S., with one in every 71 homes receiving a foreclosure notice in July — more than five times the national average.

In Nevada at least, it’s probably all the fault of those damn Hispanic Republicans.

This article was posted by Steve on Thursday, August 12th, 2010. Comments are currently closed.

2 Responses to “Foreclosures Are Up 6% From Last Year”

  1. proreason says:

    This is the real redistribution that is happening in this country.

    As Steve says: “Just think of all the nice new Section 8 housing that will be available for ‘the poor.’ ”

    Drooling Barney and his co-conspirators were smart enough to figure this out in advance. It is highly unlikely that they thought people who couldn’t make the payments on loans would somehow magically acquire the money. So it was entirely predictable that a very very high percentage of the homes would go into foreclosure, which would then dramatically lower housing prices around the country. With a huge stock of initially nice houses, what could happen to them other than to essentially give them away as rental property, much of it subsized by…you guessed it. Think about it. If you are a business stuck with a house that you had to foreclose on, and you can’t rent it to cover the true costs, you only have two choices: take another massive loss, or take what you can get. Rational businessmen will take what they can get.

    The whole thing was a scam from the get go. Bush was probably suckered in initially, and was too distracted by Terrorism to be willing to force a solution in the early 2000’s.

    The scam is probably only 50% complete. There will be many millions more foreclosures in the coming decade. The Moron has guaranteed it.

  2. finebammer59 says:

    “……another sign lenders are moving quicker to take back properties from homeowners behind in payments.”

    “Meanwhile, homeowners who are falling behind on their payments are being allowed to stay in their homes longer because lenders are reluctant to add to the glut of foreclosed homes on the market…”

    huh???

    i sincerely hope this a p moonbat was able to acquire a clean seattle crackpipe to smoke the rock she did before writing this piece!


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