The number is still lower than the peak hit in August when over 300,000 homes went into foreclosure, but the 279,000 in October represents a 5% increase from September

Is Pangloss Morrissey finally getting it? The economy is horrible and writing has been on the wall for a long time.

Wait wait wait- did they break it down as to who was going into foreclosure?

would love to see a real poll on that!

This may be of interest, though. Jubak makes some good points. My bet is the One will keep Paulson or give us a clone:

Jubak: Fire the whole treasury team

Elizabetty on November 13, 2008 at 5:44 PM

a damn skippy idea. Neil Cavuto could be his VP

And if you took out a loan you can’t afford you don’t deserve to keep that loan. Above all else, the worst thing Bush did was validate these idiots as victims. And from now on anytime someone makes a poor financial decision, be it a car loan, cc debt, buying a boat at 25% interest, they will expect the govt to come and fix the problem.

At the end of the day, once you get past Fannie, Freddie, Barney Frank, et al..it comes down to this:

millions of people knowingly bought way more house than they could afford thinking the value of the house would go up forever. And now that the party is over they need to suffer the consequences of those stupid decisions.

What caused the problem, who caused it, who is still in charge of the problem, why has the problem not been fixed only funded to continue, and why has the media not properly held the political leaders responsible accountable for it he first place?

Now, them be the real questions, eh????
I’ve been a licensed Realtor for about 16 years. There is plenty, plenty of blame to go around and my profession is not without blame either: a lot of agents (notice the differentiation between agent and Realtor…but that’s a whole ‘nother discussion)see the sale as a paycheck, and when the sale starts to go down they think, “But we have to make this work, I gotta get my commission.”
The lenders? Yes, they too were at fault, especially with what the industry blatently acknowledged were “Liar’s Loans.” (Oh, you SAY you make that much money? You SAY you only have so-much debt? Well your credit scores look pretty good, so we’ll take your word for it. No verification [w-2s, tax returns etc.] needed).
But IMHO the real blame lies at the feet of of the gov’ment, who wanting to get more people into their own homes (another example of a noble concept in the hopey/changy mode), relaxed lending standards and in very, very many instances pressured the banks (remember, FANNIE and FREDDIE create the standards=rules)into making very, very bad loans with little to no money down to people that should have had the words “MUST RENT” stamped on their foreheads. This began as early as the Carter admin. btw.
This was the one reason I was willing to walk over that broken glass (before Sarah was named as running mate)to vote for McCain.) He promised a thorough investigation and that names would be named. Now, Frank, Dodd, Jamie Name-escapes-me-now, and even good ole Rahm will all get off scot free in their complicency in this monumental mess that has truly become the snowball from that very, very warm place we’ve heard so much about, and it is rapidly rolling down the mountain.

So we didn’t bail out American citizens losing their homes but we did bail out corporations with bad management. Great.

D0WNT0WN on November 13, 2008 at 3:32 PM

We shouldn’t be bailing out either. Actions have consequences, and people need to learn that — especially people who behave irresponsibly. When we reward bad behavior, we just guarantee that we will get more of it in the future.

I believe about 5 million dollars worth. They are running back to their third world crap trenches and we are here to “Bail them Out”! Sux to be compassionate.

HornetSting on November 13, 2008 at 3:55 PM

I think that HUD released some stats showing that five million defaulting subprime loans were made to illegal alien borrowers — that’s a lot more than 5 million dollars.

Once we knew it could probably be summarized with…”What bunch of idiots.”
————–

Any websites out there offering these distressed properties for sale at super recession-sale bargain rates? Or with the govt. bailouts looming are the banks keeping these foreclosed properties waiting waiting for an Uncle Sam buyout.

I work in finance and still have a job. I own a house and I can still afford my mortgage. My life must be an anomaly example of how budgets work.

fiscallyconservative on November 13, 2008 at 4:05 PM

Obama is going to go after us first. Damn us for being so damn smart. Damn us. Take a little, give a lot. That’s the WELFARE STATE MOTTO.

People are so stupid.

Just kidding my house is already paid for.

Hmmm an old retired construction worker.

My house is paid for.
My truck and two cars are paid for.
My fifth wheel is paid for.
I have insurance.

Hmmm I guess “O” Dumbo will be after me for what I have left.

Rick007 on November 13, 2008 at 3:57 PM

But he will pry my guns from my cold dead hands.

Let them fail. I want to see breadlines and Obamavilles all over the place.

I’m sure they’ll be dubbed “Bushvilles”.

Just kidding my house is already paid for.

Hmmm an old retired construction worker.

My house is paid for.
My truck and two cars are paid for.
My fifth wheel is paid for.
I have insurance.

Hmmm I guess “O” Dumbo will be after me for what I have left.

Paulson is on Bloomberg right now and he’s absolutely incoherent. Lord help us, he is clueless.

BadDogMN on November 13, 2008 at 3:54 PM

He has more twitches than a crackhead.

How many of them were illegal aliens?

Seven Percent Solution on November 13, 2008 at 3:52 PM

I believe about 5 million dollars worth. They are running back to their third world crap trenches and we are here to “Bail them Out”! Sux to be compassionate.