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In all fairness, it has nothing to do with Obama. The foreclosures are due to the fact that people bought houses with crazy ARM loans that they now cannot afford. They are the ones to blame, no one else.
Oh bull. The value of everyones' houses have gone down tremendously in certain areas of the country. It doesn't matter what kind of loan you got. Now, if anyone needs to sell, for whatever reason, job loss, job transfer, divorce, illness, etc...It simply can't be done. There are two options, short sale (if you qualify) or foreclosure. That's it in a nut shell.
It will take a decade or more for any of these homes in the hardest hit areas to become "sellable" again. Until that time, foreclosures will continue at a steady clip. The damage has been done. Long before Obama took office.
Short of writing down principal amounts on all the houses that were once $400,000 and are now worth $200,000, there will be no magic wand. Each one of these homes are another future foreclosure.
It appears as though the "prosperity" of the Obama administration is reserved for his Wall Street cronies. While the stock market has broken 11,000, more and more homes are broken and unemployment remains at nearly 10%. This is change we can believe in .
Foreclosure rates surge, biggest jump in 5 years - Yahoo! Finance (http://finance.yahoo.com/news/Foreclosure-rates-surge-apf-35024429.html?x=0&sec=topStories&pos=2&asset=&ccod e - broken link)=
The number of foreclosures is only gong to get worse. Not a shock at all.
In all fairness, it has nothing to do with Obama. The foreclosures are due to the fact that people bought houses with crazy ARM loans that they now cannot afford. They are the ones to blame, no one else.
So much for the allegation that he is redistributing the wealth from the rich to the poor. More proof he is not a socialist.
You are confusing Socialism with Robin Hood. Socialism is not redistribution "from the rich to the poor". It is redistribution of money, i.e. power from private enterprise to the government. The "rich" are openly targeted, the votes of the "poor" are bought, and the "middle class" is silently bled.
Obama is CLEARLY a SOCIALIST.
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
Quote:
LOS ANGELES – A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.
RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.
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.
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.
You are confusing Socialism with Robin Hood. Socialism is not redistribution "from the rich to the poor". It is redistribution of money, i.e. power from private enterprise to the government. The "rich" are openly targeted, the votes of the "poor" are bought, and the "middle class" is silently bled.
Obama is CLEARLY a SOCIALIST.
So Obama is restributing money from corporations to the state, yet he favors corporations. Got it.
You are confusing Socialism with Robin Hood. Socialism is not redistribution "from the rich to the poor". It is redistribution of money, i.e. power from private enterprise to the government. The "rich" are openly targeted, the votes of the "poor" are bought, and the "middle class" is silently bled.
Obama is CLEARLY a SOCIALIST.
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)
Of course that little chart the 8% comes from, was prior to Obama becoming President. It was prior to when we knew how bad everything actually was. It was prior to the last couple months of jobs reports from the Bush administration where 1.5 million jobs were lost. It was prior to the horrendous 4th quarter 2008 earnings reports came out. It was prior to the 4th quarter 2008 GDP report came out. The whole 8% thing was based off information known at the time of the report. In actuality things were MUCH worse when Obama took over than was actually thought when the 8% figure was made.
BTW, the article states many of the homes were in delayed foreclosure and it was basically a backlog of foreclosure inventory. Which basically means those who are facing foreclosure have been in trouble for a long time.
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They are the ones to blame, no one else.
