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www.finalcall.com/artman/publish/National_News_2/Home_foreclosures_continue_to_rise.shtml Home foreclosures continue to rise What's your opinion on this article? Printer Friendly Page “I'm still unemployed so when the foreclosure notice came I wasn't surprised. It was just another nail in the coffin of our middle class life,” he told The Final Call. “I had to sell my car, now we take the bus and the train. We don't eat out and we don't shop. I'm doing all I know how to keep my house. The American dream for me has become a nightmare.” The Robinson family are just one of the 1.9 million foreclosure filings—default notices, auction sale notices and bank repossessions— reported on 1.5 million U.S. properties in the first six months of 2009, a 9 percent increase in total properties from the previous six months and a nearly 15 percent increase in total properties from the first six months of 2008. RealtyTrac, the leading online marketplace for foreclosure properties released its Midyear 2009 U.S. Foreclosure Market Report July 16, which shows that 1 in 84 U.S. housing units received at least one foreclosure filing in the first half of the year. Foreclosure fi lings were reported on 336,173 U.S. properties in June, the fourth straight monthly total exceeding 300,000 and helping to boost the second quarter total to the highest quarterly total since RealtyTrac began issuing its report in the first quarter of 2005. “In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” noted James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes' are now worth represent a potentially significant future risk.” He added, “Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue.” A new report called Its Time We Talked by the Center for American Progress explains that mediation should be mandatory in all foreclosure proceedings. The report found the vast majority of foreclosure proceedings were first time homeowners. More than 80 percent of homeowners at risk of losing their homes had not tried to mitigate foreclosures with lenders or servicers. According to the report, “Jurisdictions in nine U.S. states now employ so-called ‘alternative dispute resolution' methods, and in particular mediation, to help at-risk homeowners deal with looming foreclosures by mortgage lenders or servicers.” “These states now realize that mediation helps reduce the impact of the housing crisis on neighborhoods, unclog courts, and achieve faster, cheaper, and better resolutions for homeowners, mortgage lenders and servicers, and the community at large.” Homeowners, however, need to be aware that scammers are looking for unsuspecting customers to aid in modifying loans or avoiding foreclosure. Distressed homeowners are prey for solicitors who sound like they are the answer to prayers but come at a hefty cost. “There are free Housing and Urban Development agencies that provide these same services. The first thing we tell people when they come in is to stay in constant contact with their bank or loan servicer,” explained Joanie LaFemina of the Community Development Corporation of Long Island. “Give accurate numbers of income and expenses. Look carefully at your expenses. This information enables them to look at the loan and see how they can modify it.” Nevada, Arizona and Florida lead in foreclosure rates. More than 6 percent of Nevada housing units (one in 16) received at least one foreclosure filing in the first half of 2009, giving it the nation's highest foreclosure rate during the six-month period. Arizona registered the nation's second highest state foreclosure rate in the first half of 2009, with 1 in 30 of its housing units receiving at least one foreclosure filing, and Florida registered the nation's third highest state foreclosure rate, with 1 in 33 housing units receiving at least one foreclosure filing.
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8/13/09 12:47:13 PM#2
Even if the credit system were to start being fluid again it will take some time for the market to heat up again. I remember back in the 1980's it took damned near 7 years in the Pacific Northwest for it to heat back up even after the economy started to grow. Unfortunately were facing a long term slowdown. Nothing anyone can do will change how corporations behave during these times. They will continue to lay people off and restructure even when they are starting to make a profit because less people and more profits is good for them. |
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8/13/09 12:53:59 PM#3
My opinion of this article is that a Louis Farrakhan run news publication is just as critical as any conservative Bill Kristol new publication on President Obama's policies. To me, this article shows that the Nation of Islam doesn't like Obama anymore than the Conservative Christian Coalition does, and doubts him. In case you didn't know, the "Final Call" is a Nation of Islam newspaper and has been for many decades. One thing it should show to any of those nutcakes like Rush, Beck, Hannity and their deluded followers is that there is no "conspiracy with Muslims" by President Obama and there are Black people who dislike (and can be just as critical)President Obama just as much White people. So all that nonsense about President Obama hating White people and working against them is lunacy. Especially since he's half White himself.
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8/13/09 12:55:33 PM#4
I just don't see how people can still embrace the current administration as the answer to this. Furthermore, I simply cannot see how people still embrace Obama. I mean, in my opinion, you have to be either brain dead, brainwashed, stupid, dead, or fanatically loyal to even see that that this guy is going down the right path. At least, the good news is out of all this mess, my family who did voted for Obama realized they made a mistake. At least I know my family aren't nuts. My mom was so right when she told me a sucker is born everyminute. It happened in Germany in the 30s. Im sure itll happen again. Idiots everywhere no matter the timeline or country. |
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8/13/09 1:00:38 PM#5
People didn't vote for Obama in 1930s Germany, unless he had a time machine.
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8/13/09 1:05:28 PM#6
Originally posted by popinjay
Your reasoning fails. He didn't say Obama was in Berlin in 1930.
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8/13/09 1:15:42 PM#7
What happened in Germany 1930s is a strawman. We are talking about what happened now. Since you cannot see the end of now, it's impossible to draw real corelations. Show some examples between 1930s Germany and 2009 America, or the analogy fails. |
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8/13/09 1:38:42 PM#8
No wait, but good news, we only lost a couple *hundred thousand* jobs in July!!! The recession is over! Stimulus is working! Hooray! EQ1-AC1-DAOC-FFXI-L2-EQ2-WoW-DDO-GW-LoTR-VG-WAR |
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8/15/09 3:54:39 AM#9
A fun part about house-buying numbers is foreclosures are counted as sales. Even better is the unemployment rate, which can go down simply because people who have been unemployed for a long enough time run out of unemployment money and drop off the official figures despite still being unemployed. The numbers are way worse than the government will ever let on. |
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8/15/09 8:11:58 AM#10
Originally posted by aeroplane22
Your reasoning fails. He didn't say Obama was in Berlin in 1930.
Obama did go to Berlin and campaign there in 2008 though. Then someone told him that Berliners are not allowed to vote for the US President......oooops! By the way....the Nation of Islam is probably a wee bit upset that they have been dropped in the shitter just as much, if not more, than the rest of us, and there is no light at the end of the tunnel.
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8/15/09 10:11:52 AM#11
Originally posted by popinjay He only hates people that aren't CEOs of major banks and auto manufacturers. For everybody else he'll give the the shirt off someone else's back. |
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8/15/09 10:19:59 AM#12
Economic policies effects don't become apparent until "after" a presidentcy in almost all cases. For an economy to come back you need chains of dozens of conservative(not political)* business owners and similar to realize that they're making money and that there is a market again. Think what you want but keep a few things in your head at lease.
*ooo I made a few sales I better save this because next month won't be so lucky, rather than reinvesting right away like when they knew they were likely to make some sales next month. This affects the whole supply chain. The reverse is also true for when the economy goes down hill as it takes months for someone to realize someone flushed and then report it to the higher ups for a response to actually come into effect. |
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