Housing foreclosures accelerate

Even after giving away thousands of homes to the needy of determined skin color? How can that be?!?! /sarc

This is nothing. Just wait until rising oil prices cause gasoline to cost over seven bucks a gallon next year.

Say it with me now. “This is what America voted for“.

In February, Barack Obama and Timothy Geithner rolled out their plan to stem the tide of mortgage defaults.

[Open Comment] So who was stupid enough to believe that? The lazy people who didn’t vote, the ObamaBots, or the so-called conservatives who stayed home on election day? I sure as heck knew that the crapt was raining from the skies when the ObamaNation made this announcement. Didn’t you?

This is what America voted for. Either shut up, or do something about it.

Hint: The fix will not come from the lazy couch warriors.

This market has tanked so much worse than anyone ever thought possible.

rockmom on May 13, 2009 at 4:03 PM

Bullshit. There were many people predicting what happened. Do a YouTube search for Peter Schiff for one. He, and many others were all ignored or called crazy. I personally predicted 50% off peak 2006 prices in Las Vegas and Florida. I was laughed out of the room whenever I told anyone. I also laughed all the way to the bank, selling my house at the peak in Las Vegas and putting the several $000K profit in the bank as well as shorting financials. Now the same people who thought I was nuts email me regularly asking me for investment advice.

What you meant to say was nobody in the MSM ever thought this was possible. Keep that in mind next time you hear an “expert” on CNBC or Fox Business say we’ve hit a bottom (yet again).

Bob Boeckel on Hannity tonight, going on, about how Obama has saved the economy!!! I was like….hmmm. I don’t see it, but ok Bob. Whatever you say!

lorien1973 on May 13, 2009 at 5:24 PM

I believe the numbers. $962,000,000,000 is a very big number for Americans to have on their credit cards. That is just short of a trillion dollars. Think of this. Americans owe 11 trillion in mortgages, but at least they own real estate, that may one day go up in value. They haven’t consumed the house. It’s still there. But that trillion dollars of credit card debt represents consumed goods. It’s down the hole and never coming back and the only thing remaining is the bill. This bubble is going to burst. Watch out when it does.

Never read ‘Animal Farm’, but yes, my father’s words ring so true these days. He tells me this story, on my prompting, every time I go home to visit and make my world famous homemade pizza for my family.

HornetSting on May 13, 2009 at 4:31 PM

May I recommend the animated version? It’s pretty hokey by todays’ animation standards, but it will keep the kiddies attention. Keep some cookies and milk ready for the heavy scenes…so sorry, Boxer.

4 legs good, 2 legs bad. (The chickens were not amused).

… came along and killed the little hen and gave her well stocked pantry to the others that played while she worked.

Moral of the story: … is a bad man.

HornetSting on May 13, 2009 at 4:08 PM

That’s an old story. That was then.

This is now:

… came along and planned to kill the little hen and give her well stocked pantry to the others that played while she worked.

BUT he discovered that the little hen had been trading some of her well stocked pantry to the others in exchange for protective instruments.

One shot from a forty-four.

No thief, no more.

One of the main reasons that foreclosures continue unabated is that many homeowners have 2nd mortgages. These homeowners could ‘short sell’ their homes instead of allowing them to be foreclosed upon, but if the 2nd lender forgives all or a major portion of their lien, this creates a HUGE tax liability for most seller.

My bro could have short sold his CA home but in doing so, he would have created a $100,000 tax bill for himself. By allowing the home to be foreclosed upon, he most likely has no further liability.

Do they expect GDP growth in Q2, or even in any quarter this year? No, they look at the bargain hunters in the housing market buying up repos as evidence that we’re seeing recovery start now.

Well, that certainly would be nice, if it weren’t the analytical equivalent of perusing goat entrails for weather prognostication.

Actually, a better analogy would be that it’s like predicting the end of a drought because you see fewer corpses lying around. That could theoretically be a good sign, but not if it’s the ONLY sign.

Just think of those foreclosures as ‘tax cuts’. It will go down better.

GarandFan on May 13, 2009 at 5:45 PM

hahaha

+1 you’ve got his verve down…..

tune in next week when Barry explains that lost equity is “kind of like a charitable contribution since we just federalized your old bank”…..

“priceless”

Recession Is Over According to Financial Experts

Improving Housing Market, Leading Economic Indicators Makes Experts Optimistic

This is so blatant, I think this must be some kind of inside joke by the press to put the most surreal spin on these facts in order to see how many people’s heads the can cause to explode.

General Motors should have been bankrupt in 2000, but it stumbled into financial services in the 1990s, which kept making money and allowing it to hide its staggering losses in automobiles until 2007.

Target’s shareholders have just woken up to the fact that it was propping up its own sales through loose credit and promotions in its credit card business. Now its card defaults are hitting 15% and it is jacking up its rates as high as 29%.

keep the change on May 13, 2009 at 5:23 PM

Keep believing that. I posted a link from the official stats that is a completely different story. But believe what you want.

lorien1973 on May 13, 2009 at 4:57 PM

$2000 is the amount of credit card debt the average college grad has when they leave school. Currently credit card debt in the US is a record 962 Billion dollars. THAT was your booming economy. It was a phony economy based on borrowed money. That doesn’t even get into the hundreds of billions people borrowed against their homes when they were appraised higher in “boom” times. The “good economy” we were all used to was a house of cards built on a bubble.

In related news, watch for a rise in home gardening among Republicans, and a rise in missing persons among ACORN members.

Mew

acat on May 13, 2009 at 5:10 PM

invest in Liquid Potash…turns glycerin into soap…

Watch for Obama to begin quartering ACORN members in the homes of those who registered as Republicans.

BuckeyeSam on May 13, 2009 at 5:06 PM

Why not go after the third amendment….the other amendments he is killing were feeling lonely….?

BuckeyeSam on May 13, 2009 at 5:06 PM
——–
In related news, watch for a rise in home gardening among Republicans, and a rise in missing persons among ACORN members.

Mew

Knucklehead on May 13, 2009 at 4:21 PM
——–
Well, it’s one of a few things. Haven’t heard of any refinery or pipeline problems, so it’s likely not that.

Could be speculators or investors looking to park ca$h somewhere with a solid value driving up the price.

Oil companies increasing the prices as regulatory costs rise.

We’ve actually hit “peak oil”.

I don’t think it’s the first or last.

Mew