22.9% of all FHA loans are either delinquent or in foreclosure

Source

30 day delinquency --------------8.77%
60 day delinquency---------------3.21%
90 day + delinquency-------------8.81%
Current Default--------------------20.78%
Foreclosure Default----------------2.12%
F/C and Current Default-----22.90%

The govt's handling of this crisis has not fixed the problem at all. As you can see, all it did was move a tremendous amount of risk from the bank's the the govt/taxpayer balance sheet.

Sorry my friends....... this is a coming bailout..... and things could get ugly.

I wonder how much Obama earns with each home that get foreclosed?
Fannie, Barry and Freddy are best of buddies.

reply to post by Alxandro


LOL, I doubt they get a bonus for foreclosures. My commentary was more about the absurdity of people saying things are getting better. At very very best, for a brief time, the rate of decent has slowed, but we are still going lower.....

reply to post by johnny2127


the 30 day delinquency should be an "Oops I just crapped my pants!" moment for anyone who believes we're recovering. The claims of recovery are being based off of data collected back in May and June, which is supported by the (comparitively) low 60 day delinquency figure. The 30 day figure means that since mid-July, the number of people who have missed mortgage payments almost tripled over the previous month.

It will be really interesting to see what these numbers look like next month when August factors into the equation. If the 30's remain above the 8% line it really does mean there is NO recovery and we're still far from this being (mercifully) over.

Obama said everything is ok and Bernanke said we are out of the recession. Everything is ok. Hey look at the pretty flower......

reply to post by liveandletlive


Very pretty flower......

I feel like they are trying to play 'sentiment economics'. There is no way that they really think this is over, but I think they are playing with a new theory that if they can people people to believe its over and start spending money again, it'll all get better.

Problem of course is that the issues that caused this past crisis have not been taken care of. They've just been transferred to the govt in some cases, and papered over with printed money in others....

Originally posted by burdman30ott6
It will be really interesting to see what these numbers look like next month when August factors into the equation. If the 30's remain above the 8% line it really does mean there is NO recovery and we're still far from this being (mercifully) over.

We fell over the cliff last year but luckily we landed on a handy ledge.

What's that cracking sound.....
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[atsimg]http://files.abovetopsecret.com/images/member/37faf03d713a.jpg[/atsimg]

There are a record number of Americans on food stamps but yet somehow the housing crisis is easing? People can't afford to buy food yet they can afford to pay their mortgages? LMAO! They must think we are all fools.

What has changed in the last year to usher in a recovery? Has there been a new war? NO. Some sort of breakthrough technology say in medicine like a cure for AIDS or cancer? NO. Has there been lots of new companies opening their doors hiring people? OBVIOUSLY NOT. Has there been a boom in American manufacturing? HAHA YEAH RIGHT! I mean what exactly has ushered in this "reocvery"? The only thing that is responsible for the pseudo recovery is DEBT.......US government printing more money and sinking us farther into debt. Like I've said lots of times on forums and to others.......if Americans aren't working they aren't buying and if they aren't buying there is no hope for a recovery. Without jobs NOTHING matters. And companies are FAR from hiring back all the people they just recently laid off. It's common sense.......they had to lay off people to stay in business and stay competitive.....DUH the minute they start increasing their workforce they become unprofitable again. Most of the jobs the US economy has lost are NEVER TO RETURN and have been replaced by lower paying service sector jobs. I feel really sorry for all these idiots who think going back to school and sinking themselves into more debt is the answer.