Foreclosures: 'Worst three months of all time'

Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter - a sign the plague is still spreading.

I think the title says it all. Despite all the tax payer money being poured into the economy foreclosures are still though the roof. The banksters were saved and are still seeing their million dollar bonuses but the average American saw no benefit and are still struggling and losing their homes. This recession is far from over.

Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.

"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.

During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.

money.cnn.com...

[edit on 10/15/2009 by Erasurehead]

Isn't it funny how just yesterday the DOW hit 10000?
It just goes to show its not really a true indicator on how the economy is doing.
Just because JPMorgan bank made a good profit does not mean that the economy is recovering...it just means another bank has profited from this on the backs of the people.

Yeah I read this from RealtyTrac's website... there were numbers CNN missed like
Banks repossessed nearly 88,000 homes in September, up from about 76,000 a month earlier. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year.

if that's not worrisome enough most experts now predict these numbers will continue to rise through next year and maybe leveling out sometime in 2011...

Don't let these numbers fool ya into thinking you'll get a bargain on a house... even if you have cash these same homes tend to owe lots of back taxes, multiple liens and easley need 10 to 20 thousand in rehab costs... I've seen where they stole every ounce of copper right out of the walls!... there are no disclosures at auction that's all as/is

reply to post by DrumsRfun


Normally I dont copy paste my own posts but since I answered the why the markest are rising elsewhere ... this time I will..

Wall Street profits from rising asset prices on which it charges a management fee, from deal-making on which it earns advisory fees, and from encouraging retail investors to buy stock, which boosts transaction fees. Such earnings are far larger when stock markets are rising, which explains Wall Street’s genetic propensity to pump the economy. they have to claim everything as all sunshine and roses otherwise the cant get new suckers... make that investors... to fork over their cash...

On the subject of cash... Over night Japan said they now expect the US dollar to fall as low a 50 yen per... they worry it may already be to late to save the dollar as the international reserve currency...

It's because of things like this were getting closer and closer to slipping into anther "Great Depression" Read why here

S@F that is crazy... the numbers are staggering and the MSM ignores this stuff... ugh, its disgusting

I was about to add to that statistic this month.

I've been trying to rent out my house since march and I finally got someone to sign a lease and move in last week.

reply to post by DaddyBare


I am definately no expert in finances to say the least.
Thanks for the info.

I wonder about the printing of money and creating inflation and when that is going to catch up to them,if it ever will at all.
This stuff is confusing to me.
Thanks again.

Why the negativity? Everthing is fine. Look at the stock market. Its over 10,000!!!! We are past the worst of it! Why pay attention to the negative numbers? Unemployment, forclosure, trade defecit, budget deficit, consumer confedence, retail sales, commercial and residential realestate, GDP, and the falling dollar to name a few. I mean come on, oil is on the increase, houses are cheaper, the lazy people are finaly losing the jobs they dont deserve! Thats good right?

[edit on 15-10-2009 by liveandletlive]

[edit on 15-10-2009 by liveandletlive]

[edit on 15-10-2009 by liveandletlive]

reply to post by Erasurehead


Hey, remember is the comeback of the big bonuses so occur we don't need to learn about how bad the economy is doing for the regular unemployed joe, the big banking rats are booming.

And the DOW is finally 10,000 and fluctuating, let not forget that the dollar is at its lowest and the oil is getting higher.

Nothing to see really if you don't live in Richistan America.

reply to post by liveandletlive


I know your attempting to incite... but I'll not go there... Rather I suggest you do a little research into Hyman Minsky's Deleveraging Economic model...
His Financial Instability Hypothesis has proven accurate time and again, that model now says we're in deep doo-doo
Minsky's theories

You know what just occurred to me?

Our politicians and presidents are now running our country like a corporation.

Think about it: if you've ever worked for a corporation, you know that the CEO and the directors, and the managers only care about one thing: what the corporation looks like on the surface i.e. how much the shares are selling for, the bottom line (profit), and the image it portrays. Basically, just keep the stock holders happy.

Once you actually work for the corporation, you realize that they have a lot of neat tricks when it comes to reporting real profit, and things are actually really, really screwed up on the inside.

That's what our "leaders" are doing: they figure, bail out the banks and the big corporations, so the stock market doesn't fall. As long as the stock market looks good, our country looks good to other countries, and we'll be ok. But on the inside.....massive unemployment, millions of foreclosures, etc.....

But hey....10,000 on the dow looks good, right?

Just keep the "stock holders" (foreign investors) happy, and we'll be fine.

We should change the name of our country to The United Corporations of America

Might as well....

[edit on 15-10-2009 by nikiano]

[edit on 15-10-2009 by nikiano]

reply to post by nikiano


You are right that our government is run like a corporation, but people got it the wrong way, because is corporations the ones that runs our government, specially the banking industry.

Still you are also right that we need to keep our foreign investors happy but is not just because they buy our debt, but because as today they also own a big chunk of America from real state, infrastructures and industries.

Originally posted by DaddyBare
reply to post by liveandletlive

 

I know your attempting to incite... but I'll not go there... Rather I suggest you do a little research into Hyman Minsky's Deleveraging Economic model...

Minsky's theories

Attempting to incite? And I thought I was being a smart @ss! I read Hyman Minsky's Deleveraging Economic model as you suggested and I would guess the U.S. is most like:

"The "Ponzi borrower" (named for Charles Ponzi, see also Ponzi scheme) borrows based on the belief that the appreciation of the value of the asset will be sufficient to refinance the debt but could not make sufficient payments on interest or principal with the cash flow from investments; only the appreciating asset value can keep the Ponzi borrower afloat. Because of the unlikelihood of most investments' capital gains being enough to pay interest and principal, much of this type of finance is fraudulent. These days, many people might call this "Madoff" finance."

But dont worry, the government cannot be held accountable like madoff!

Originally posted by liveandletlive

But dont worry, the government cannot be held accountable like madoff!

He, he, that is not what former CEO of GM said today in CNBC Wagner said don't blame Wall street for getting bonuses blame the government for not providing jobs to people or something along the lines, he also said that he doesn't make much money only around 800,000 dollars.

reply to post by marg6043


The government can be "accused" but not held accountable! After all, the law is what they say it is. They are our masters. They are smart. They should make the decisions and the laws. We need them to make our decisions.