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Old 04-15-2010, 01:24 PM
 
1,598 posts, read 2,789,798 times
Reputation: 700

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Quote:
Originally Posted by sanrene View Post
Wow! Look at this.

Foreclosure rates surge, biggest jump in 5 years - Yahoo! News (http://news.yahoo.com/s/ap/20100415/ap_on_bi_ge/us_foreclosure_rates;_ylt=Auygcu1_fK7K5GgRfhzn91iy BhIF;_ylu=X3oDMTJwN2FqYXMxBGFzc2V0A2FwLzIwMTAwNDE1 L3VzX2ZvcmVjbG9zdXJlX3JhdGVzBHBvcwMxBHNlYwN5bl9hcn RpY2xlX3N1bW1hcnlfbGlzdARzbGsDZm9yZWNsb3N1cmVy - broken link)

Foreclosure rates surge, biggest jump in 5 years



NOT good news. The key is the lack of jobs. Don't have a job, can't pay the mortgage and nowadays you basically get off scott free when surrendering your home.

The politics have made it easy for people to just walk away, without any detrimental consequences to their credit.

Where in the world did you hear that people are able to walk away without their credit being completely shot?
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Old 04-15-2010, 05:31 PM
 
1,842 posts, read 1,607,494 times
Reputation: 169
Quote:
Originally Posted by songgirl View Post
Where in the world did you hear that people are able to walk away without their credit being completely shot?
It only lasts for 7 years. And good credit is over rated
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Old 04-15-2010, 05:34 PM
 
69,360 posts, read 59,835,192 times
Reputation: 9374
Quote:
Originally Posted by GregW View Post
I would like to thank George W. Bush and his neocon cronies in the banking industry for making it possible to buy a bigger home that I could not afford before all the bankruptcies.
So you are blaming Bush for your stupidity.. Got it!!!
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Old 04-15-2010, 05:43 PM
 
1,842 posts, read 1,607,494 times
Reputation: 169
Quote:
Originally Posted by pghquest View Post
So you are blaming Bush for your stupidity.. Got it!!!
No the collapsing bubble has made a bigger home cheap enough for him to be able to buy it. That is the way I read what he wrote.
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Old 04-15-2010, 05:53 PM
 
69,360 posts, read 59,835,192 times
Reputation: 9374
Quote:
Originally Posted by newonecoming View Post
No the collapsing bubble has made a bigger home cheap enough for him to be able to buy it. That is the way I read what he wrote.
It appears you might be correct.. If thats the case, the I also must thank them for allowing me to buy the 6K sf home I bought because the previous owner lost his home last year due to foreclosure..

If he had a job, I'd still be in the "dump" I lived in previously.. hehe
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Old 04-15-2010, 05:58 PM
 
Location: FL
20,466 posts, read 11,035,157 times
Reputation: 5334
Quote:
Originally Posted by las vegas drunk View Post
Hey, I do not like Obama either, but blaming him for this is not right. I have known people who bought in the bubble who have now lost their homes. None of them lost their jobs, their payments doubled when the ARM reset so they lost the house. How is that Obama's fault? To me, it was irresponsibility of the home buyer's fault.
Yes, I know many of them. Every time the houses went up some went to refi again and again.
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Old 04-15-2010, 06:06 PM
 
Location: Oxygen Ln. AZ
9,320 posts, read 17,595,847 times
Reputation: 5742
Quote:
Originally Posted by cleanhouse View Post
Dont Worry Sonny all of Obama's Wall St friends are doing just great though-- and that is great for the American economy.

Funny when Bush was in office and Wall St was rallying his haters said "its only one sector of the economy". Well Looks Like we have a continuation of the Bush era.

The joke is truly on us.
I am glad you noticed.
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Old 04-15-2010, 06:16 PM
 
6,743 posts, read 8,793,417 times
Reputation: 1854
Modifications are very rare and the delinquency rate for mods is high. The faster people get out of homes they can't afford, the better.
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Old 04-15-2010, 07:42 PM
GLS
 
1,985 posts, read 5,091,185 times
Reputation: 2458
Quote:
Originally Posted by songgirl View Post
Have you taken, even a peek, at the rapid wealth distribution trend TOWARD the top 10% and the incredible, growth of wealth TOWARD the top 1%?
Have you given it any thought at all? The middle class is losing ground as the uber-wealthy keep more and more of the money. Never before has there been a greater disparity of wealth in this country. Not even during the Great Depression. Does that sound anything like socialism to you? Seriously, when we are looking more and more like an oligarchy, it's hard to conceive how some people are so worried about socialism.
inequality.org (http://www.demos.org/inequality/numbers.cfm - broken link)

Sometimes a chart says more than 1,000 words: GDP growth vs. median wage stagnation | Observationalism
Similar to the post I responded to, you are confusing TYPES of government with "inequality", your personal interpretation of wealth distribution. Just as the previous poster has misused the term Socialism, you have corrobrated my point by misusing "oligarchy". An oligarchy is a form of government in which power effectively rests with a small elite segment of society. Oligarchy is not always a rule by wealth, as oligarchs can simply be a privileged group,i.e. those currently in Congress.POWER is the key determinant. The correct term you are looking for is plutocracy.

Perhaps you should rethink your implicit accusation: "Have you given it any thought at all?"

As an aside, I am in that 1% and I make no apologies for it.
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Old 04-15-2010, 09:32 PM
 
Location: Tennessee
36,301 posts, read 36,975,487 times
Reputation: 56598
Default Not So Rosy Picture: Foreclosures

"The government aid, intensified in late March, has so far failed to overcome the staggering effects of nearly double-digit unemployment and wage cuts on borrowers. Foreclosure activity jumped 19 percent to a monthly record in March, driving first-quarter actions up 7 percent from the prior quarter and 16 percent from a year ago to a record of more than 932,000 properties."

Foreclosure actions spike despite aid | Reuters

So is the economy really improving?

Top foreclosure states are still Nevada, California, Arizona and Florida. To see the rest of them read the article.
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