Tag Archives | Foreclosure

Mortgage Delinquencies, Foreclosures Break Records

Photo: Brendel (CC)

Photo: Brendel (CC)

Anyone who thinks the financial crisis and recession are over, check this out, from NPR/AP:

The number of homeowners who missed at least one mortgage payment surged to a record in the first quarter of the year, a sign that the foreclosure crisis is far from over.

More than 10 percent of homeowners had missed at least one mortgage payment in the January-March period, the Mortgage Bankers Association said Wednesday. That number was up from 9.5 percent in the fourth quarter of last year and 9.1 percent a year earlier.

Those figures are adjusted for seasonal factors. For example, heating bills and holiday expenses tend to push up mortgage delinquencies near the end of the year. Many of those borrowers become current on their loans again by spring.

Without adjusting for seasonal factors, the delinquency numbers dropped, as they normally do from the winter to spring.

More than 4.6 percent of homeowners were in foreclosure, also a record.

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The United States of Foreclosures

Foreclosures Are Rising And Not Just Homeowners Are Affected: A Haitian Family Loses Island Home In Earthquake, NY Home in “Bankquake”

The financial crisis started as a housing bubble with the financial industry convinced that home values never fall. How wrong they were even as they leveraged and securitized their investments to create a global crisis.

Now brace yourself, because not only isn’t it over until it’s over, but in some respects it’s only just begun. There will be more foreclosures this year than last and as a result more suffering for American families

Ed Harrison who monitors this industry for a website called Credit Write Downs sees a “second wave coming”—like a new tsunami in a industry that All of Obama’s horses and all of Obama’s men have not been able to do anything about. The idea of challenging fraud and deception with a debt relief plan goes a bit too far for these self-styled centrists.… Read the rest

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“Take ‘Er Down”: The American Dream Turned Nightmare

Not sure how I feel about this very American expression of homeowner rage:

from death+taxes

It’s undeniable that the recession has unleashed anger across the nation. And that anger’s rapidly devolving into madness. From Joe Stack’s flight into an IRS building to Terry Hoskins, the man who bulldozed his house ahead of foreclosure, seemingly average Americans are lashing out in crazy ways. While Stack’s attack qualifies as the most dramatic outburst, the Hoskins incident, hardly isolated, provides a far more telling glimpse into the ways the economic crisis has soured, and scorched, the American dream.

Owning a home once ranked as the primary goal in the American experience. It was the pinnacle of national striving and homes were icons. Now, as millions face foreclosure, that dream has turned into a nightmare. At his wit’s end about a potential foreclosure, and undoubtedly angry with the bank, Ohio man Terry Hoskins decided to take matters into his own hands and destroy his home. “When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it — no, I wasn’t going to stand for that, so I took it down,” explained Hoskins. It’s a compelling tale, one that gives a face to universal public frustration. It’s also turned Hoskins into something of a hero.

Scores of people are praising Hoskins’ middle finger to big business. That’s not surprising. It was, after all, a somewhat charming way to get back at the bank. Rush Limbaugh called his and Stack’s actions “defiance.” Neighbors and sympathizers have started a website to collect donations for Hoskins, who still owes the bank and IRS hundreds of thousands, and may lose his business. Local businesses are showing their support by selling t-shirts and hats that depict a bulldozer and read “Take ‘Er Down.” It’s unclear if “‘er” means the banks, the government, or just foreclosed homes. A sympathetic singer, meanwhile, has written a ballad about Hoskins.

It doesn’t matter to many that Hoskins insists he didn’t do it to “stick it to the man.” He unwittingly embodies public anger, and the public likes to see a mirror image. Though Hoskins gained widespread exposure for his antics, he’s hardly the only American taking drastic steps to avoid foreclosure. He’s just the most flamboyant and, therefore, spellbinding.

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The Great Foreclosure Robbery Of The 21st Century

By Robert Singer

The Center for Responsible Lending estimates that there have now been 1,000,000 foreclosures filed so far in 2009 and the group expects the foreclosure number to double before the end of the year.

U.S. Home Vacancies Hit 18.7 Million on Bank Seizures (Update2) [1]

Thanks to our controlled and uncontrolled media, we know when you take the derivative of the foreclosure crisis you get those greedy predatory lenders at AIG, Goldman Sachs and Bank of America plotting to steal our tacky (I mean tract-y) houses.

Conventional wisdumb and the media always blame the usual suspects and FOX News wraps it up: “It’s the age-old Wall Street vs. Main Street smackdown again”

Is this foreclosure for profit?

Read the rest at the Marketoracle

The Great U.S. Housing Market Foreclosure Robbery Of The 21st CenturyRead the rest

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