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Old 12-22-2011, 11:47 AM
 
Location: Near the water
8,229 posts, read 12,426,102 times
Reputation: 3893

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The number of new home foreclosures jumped by more than 21 percent in the third quarter from the second as banks moved more aggressively after a pause to review how they deal with troubled borrowers, according to a report released by a bank regulator on Wednesday.

Home foreclosures jump in third quarter | Reuters
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Old 12-22-2011, 03:17 PM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 20,577,514 times
Reputation: 2508
HOORAY!!!

What great news...ohh,wait....
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Old 12-22-2011, 03:37 PM
 
Location: Ohio
23,155 posts, read 16,575,293 times
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No surprise there. You've had declining payroll all year long. The trend is definitely downward with absolutely nothing to support any change in the trend. It's going to affect mortgages.

This is why we harp on things like labor participation rate.

Like I always say, the standard is not 5% unemployment, rather it's 5% unemployment with a labor participation rate of 66.4% or greater. Why?

If your unemployment rate is 5% and the participation rate is 64%, then that means 3.6 Million fewer people are working than there were in 2008.

Would household incomes increase or decrease? Decrease. That means there are likely to be more defaults on mortgages. It also means you have to watch consumer spending and credit use.
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Old 12-22-2011, 04:26 PM
 
Location: Florida
28,288 posts, read 14,138,974 times
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Here in Florida there are people living in homes for 4 years and paying no mortgage payment. The banks are not getting paid and will have to foreclose on many properties , then selling them as an REO for about one third of the original mortgage .

A $300,000.00 house will go into foreclosure and will sell for $100,000.00 which the banks will lose that capital which they originally gave the buyer to give to the builder to purchase that home for $300,000.00.

The bank lost $200,000.00 plus the interest on that loan which was suppose to be the banks profit. Instead the banks are losing money hand over fist and they are up to their eyeballs in foreclosures. It is a nightmare for the banks and it will be a worse nightmare for the FDIC when the banks have to close.. the FDIC is the backed by the government and that is us folks.. the tax payers.
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Old 12-22-2011, 04:56 PM
 
Location: Chicagoland
41,313 posts, read 42,226,927 times
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What happened to obama's mortgage refinance plan, the one from this year AND the one he started 2 years ago that was another abject failure?

I thought it was supposed to help those at foreclosure risk?
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Old 12-22-2011, 05:49 PM
 
41,533 posts, read 22,622,257 times
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Quote:
Originally Posted by Chromekitty View Post
The number of new home foreclosures jumped by more than 21 percent in the third quarter from the second as banks moved more aggressively after a pause to review how they deal with troubled borrowers, according to a report released by a bank regulator on Wednesday.

Home foreclosures jump in third quarter | Reuters
Well, the left will be jumping up and down.....and jumping for joy.....this means more people on the government teet.....which means more votes for being lazy....................
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Old 12-22-2011, 06:06 PM
 
Location: Near the water
8,229 posts, read 12,426,102 times
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Originally Posted by chucksnee View Post
Well, the left will be jumping up and down.....and jumping for joy.....this means more people on the government teet.....which means more votes for being lazy....................

I don't know a soul on either side of the aisle who is jumping up and down over the mess we are in.
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Old 12-22-2011, 06:27 PM
 
41,533 posts, read 22,622,257 times
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Quote:
Originally Posted by Chromekitty View Post
I don't know a soul on either side of the aisle who is jumping up and down over the mess we are in.
We can start with, bob and west......shall I go on?
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Old 12-22-2011, 07:20 PM
 
Location: Fredericktown,Ohio
7,171 posts, read 4,938,957 times
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While visiting my sister she told me about the foreclosed home next to her. The bank has had to send someone out to pump out the water from the basement since there is no electricity for the sump pump. There is already mold and extensive wall damage and it is only been empty since August. That house is a mess and homes in the area go for 250k, the bank will be lucky to get 75K if they can sell it.
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Old 12-22-2011, 08:28 PM
 
25,324 posts, read 15,115,925 times
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Quote:
Originally Posted by Chromekitty View Post
The number of new home foreclosures jumped by more than 21 percent in the third quarter from the second as banks moved more aggressively after a pause to review how they deal with troubled borrowers, according to a report released by a bank regulator on Wednesday.

Home foreclosures jump in third quarter | Reuters

Hooray for Obama!

Liberals want more. What does that say about liberals?
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