Housing foreclosures soar, the housing meltdown. (real estate, credit, mortgage, buy)

[TnHilltopper]

According to Reality Trac, a company based in California that tracks these trends, the Baltimore are is especially been hit hard but it is also indicative of a nationwide effect.

Foreclosures are also rising nationwide, but not as rapidly as in Maryland, the RealtyTrac numbers suggest. Impending-auction notices jumped 70 percent across the country last month, while lenders took back twice as many properties as they had a year earlier.

There's a vicious cycle at work: As lenders react to foreclosures by tightening credit availability, homeowners are less able to refinance out of trouble. And the slumping housing market means they can't count on selling fast to avoid foreclosure.

Foreclosures soar -- baltimoresun.com

Meanwhile, the likes of CNBC are letting folks know that all is well, the stock market is up and doing great and lets nor forget about the rise in our new manufacturing sector, McDonalds, where building burgers produces soaring numbers.

According to David Wyss, the worst of U.S. subprime troubles are ahead, S&P chief economist says

"We've seen the worst of the panic, but we haven't seen the worst of credit losses," Wyss said. "People are not sure what the levels of losses are going to be, and an even bigger part of the problem is, markets don't know who're holding these things, they don't where the bodies are buried, and they don't know how leveraged some holdings are."

He goes on to say that there is a 33% chance for a recession next year but according to others, including Alan Greenspan (broken link) as a conservative estimate. The full effects of the housing and subprime market won't even be entirely felt for onwards of two years.

Interestingly enough, the housing and subprime bubble that was permeating the US market has now sent investors moving into Asian markets where the trends indicate that they are in the process of creating another bubble.

[Yeledaf]

A lot of people are stupid. A lot of people are greedy.

Micro-problem: too many folks blow their cash on lottery tickets.

Macro-problem: lots of mortgage foreclosures.

This is surprising?

[baystater]

Originally Posted by TnHilltopper

According to Reality Trac, a company based in California that tracks these trends, the Baltimore are is especially been hit hard but it is also indicative of a nationwide effect.



Foreclosures soar -- baltimoresun.com

Meanwhile, the likes of CNBC are letting folks know that all is well, the stock market is up and doing great and lets nor forget about the rise in our new manufacturing sector, McDonalds, where building burgers produces soaring numbers.

According to David Wyss, the worst of U.S. subprime troubles are ahead, S&P chief economist says



He goes on to say that there is a 33% chance for a recession next year but according to others, including Alan Greenspan as a conservative estimate. The full effects of the housing and subprime market won't even be entirely felt for onwards of two years.

Interestingly enough, the housing and subprime bubble that was permeating the US market has now sent investors moving into Asian markets where the trends indicate that they are in the process of creating another bubble.

TN repost this in the real estate professionals or the bussiness and finance forum. You get a better response there.

[ArizonaBear]

Implode-O-Meter

Maybe dramatic but has a lot of truth about the mortgage implosion-------which will get worse before things straighten out.

[baystater]

Originally Posted by ArizonaBear

Implode-O-Meter

Maybe dramatic but has a lot of truth about the mortgage implosion-------which will get worse before things straighten out.

Are you on the Housing Bubble Blog? Think I've see your name there.

[pghquest]

Originally Posted by TnHilltopper

According to Reality Trac, a company based in California that tracks these trends, the Baltimore are is especially been hit hard but it is also indicative of a nationwide effect.



Foreclosures soar -- baltimoresun.com

Meanwhile, the likes of CNBC are letting folks know that all is well, the stock market is up and doing great and lets nor forget about the rise in our new manufacturing sector, McDonalds, where building burgers produces soaring numbers.

According to David Wyss, the worst of U.S. subprime troubles are ahead, S&P chief economist says



He goes on to say that there is a 33% chance for a recession next year but according to others, including Alan Greenspan as a conservative estimate. The full effects of the housing and subprime market won't even be entirely felt for onwards of two years.

Interestingly enough, the housing and subprime bubble that was permeating the US market has now sent investors moving into Asian markets where the trends indicate that they are in the process of creating another bubble.

Lower interest rates = higher mortgages because people can, and do pay more then they wouldnt under normal interest rate situations. They all buy them under adjustible interest rates, and when the interest rates go up.. people lose their homes.

Yes, lower interest rates boost the economy but when left there to long, people feel to comfortable about overpaying like it will never end.

Whats so hard to understand that people have been over paying and been overbuying since the Clinton administration, possibly since Bush Senior's term? (dont recall when Greenspan lowered the interest rates so low.. before my time)