U.S. Home Foreclosures Jump Sharply in July, Up 9 Percent From June

U.S. Home Foreclosures Jump Sharply in July, Up 9 Percent From June

biz.yahoo.com

The number of foreclosure filings reported in the U.S. last month jumped 93 percent from July of 2006 and rose 9 percent from June, the latest sign that homeowners are having trouble making payments and finding buyers during the national housing downturn.

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This is getting ridiculous, are that many people willing to purchase homes out of their budget range? or is this the beginning of a fallout due to the economy turning sour? maybe I should purchase some rental property.

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The blame should fall primarily on loan officers and companies whom were giving loans too many who didnt quite qualify for the standard loans and shifted the loanees too oddly rated loans they knew would turn unaffordable. Dont blame the consumer for this one and the loan companies should have too eat it as much or more as the many families losing their homes. See what happens when you dont have standards and oversight in place folks. The loan companies are the ones too blame period.

from what i see personally, it's people buying far out of their means...

my wife and i just bought a house and were very strict on it.
her brother just bought one and i damn near crapped when i found out how much.

same thing with her friend at work. make fair money. 3 kids, 2 monster car payments, a house payment and they just bought a house that cost 3 times as much as the one they have now.

i kick back and i can see the doom hanging over their head and i can't help but think they have to know it.

no doubt people get taken advantage of but poeple get that gleam in their eye and they go nuts.

Why should the blame fall on people giving loans? They are in business to make money, which they do. The blame falls squarely on the shoulders of all those people making my life harder by being stupid and irresponsible. They can't affors their homes because they buy way over their head, have 4 credit cards maxed out and drive brand new unpaid for suvs. Blaming a bank is like blaming cigarette companies for smokers or McDonald's for fat people or guns for street crime. Wake up, America. Take a little personal responsibilty. Do your civic duty and next time your neighbor buys a new boat then complains about how in debt he is punch him in the face and ask him to kindly not pass along his obviously defective genetic line

Originally posted by the_sentinal


This is getting ridiculous, are that many people willing to purchase homes out of their budget range? or is this the beginning of a fallout due to the economy turning sour? maybe I should purchase some rental property.

biz.yahoo.com
(visit the link for the full news article)

I think it is more along the lines of expenses catching up with them, along with rising credit APR's on everything from the home loans, car loans and credit cards.

Remember, wages are not rising but the price of goods is rising..

I blame no the consumers but the investment bankers and hedge fund managers, who created the subprime mortgage. This predatory practices has driven our economy and the house markets to collapse and now they are spilling over other markets as well.

Why people can not pay for their homes?

Well in a nation like ours that is a nation of prosperity the prosperity has evaded the regular American citizen, creating a super rich group that benefit from the debt of others.

In America workers are being pay now lower than 5 years ago, with the debt and now the lost of their American dreams we as a nation are facing a very sad future.

Our industrial and manufacturing base has been destroyed, the deceiving manipulation of interest rates has kept American dying middle class living an illusion of prosperity while million of high pay jobs were outsourced.

Now while the housing market crumbles and the super rich keeps making money the rest of the nation loses their American dream, and now Americans are seen for the first time what our nation has become.

When the people of a nation loses hope they lose faith on their government and that creates instability.

This is how America is viewed by people outside of the country...

A recent trip to the United States – after a three-year absence – showed me how far the country and its people have deteriorated in a short period of time. Americans are bankrupt. They are bankrupt at every possible level: spiritually, morally, educationally. The country’s economy has deteriorated to the level of a Philippines or a Thailand (and I mean no disrespect to the Philippines or Thailand – I love those places).

When we are viewed as Bankrupt at every possible level, maybe it's time for a reality check, people take these creative mortgages out on property that they could never afford in a normal setting, I have seen people I know that make much less than I do, go into double the debt that I would go into comfortably, and struggle and slave to make ends meet, only to end up bankrupt when they finally hit the wall. there was a time when bankruptcy was something to be ashamed of, now it's a viable option for many who just want to play the system.

Originally posted by acetrippps
Why should the blame fall on people giving loans? They are in business to make money, which they do.

Yes, the same people willing to issue credit cards to illegals, and finance house for 125% because "It WILL go up in value some day".

Face it, the baby boomers are not buying houses like they used to, the number of legal citizens are fairly saturated with credit cards,...

The only way to increase your bottom line and increase growth in a bank nowa days is to find new ways to 'creativily' finance cash-strapped and debt-burdoned buyers into ever larger loans, especially since interest rates tanked a few years ago.


Why should we blame the lenders?.... cause they took advantage of every loophole to 'get you into that house',...and then turned around and sold the note to the fund and derivitive markets. If it was so lucrative to sell loans, but not to hold them, then the profit on the sale fell on their desk.

No?