All Dem Senators are Crooks

[DaVinci 0]

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Point of order: That figure is deceiving. Holding a mortgage is not ownership. We should expect those numbers to drop as the interest rates rise and force more foreclosures.

Like it or not, it is the standard that widely accepted. Rising home ownership is considered a sign of a good economy.

[SpeedRacer 1]

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The reason that the numbers are high (besides speculation in the market) is because of the drastic drop in interest rates. That spurred the housing market, that kept our economy afloat while simultaneously driving up market prices to what is probably an artificial high. The down side comes when the interest rates climb, adjustable rate holders have to refinance at a higher rate. Now they have a higher mortgage payment that they may or may not be able to afford and their taxes have gone up due to a significant reassessment.

It was quite clear that interest rates were at a historic low in 2003. Why anyone would refinance at that time with an adjustable rate mortgage just boggles the mind. (I locked in a fixed-rate mortgage in 2003)

Speed Racer
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[idrankwhat 0]

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Point of order: That figure is deceiving. Holding a mortgage is not ownership. We should expect those numbers to drop as the interest rates rise and force more foreclosures.

Like it or not, it is the standard that widely accepted. Rising home ownership is considered a sign of a good economy.

This is the point I was trying to make. If you "own" the house you don't have this problem:

NATIONAL FORECLOSURES INCREASE 22 PERCENT IN AUGUST
By RealtyTrac Staff

Foreclosures Up Nearly 50 Percent from August 2005, 38 Percent Year-to-Date

IRVINE, Calif. – Sept. 13, 2006* – RealtyTrac™ (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its August 2006 U.S. Foreclosure Market Report, which shows 113,300 properties nationwide entered some stage of foreclosure during the month, a 22 percent increase from the previous month and an increase of nearly 50 percent from August 2005. The report also shows a national foreclosure rate of one new foreclosure filing for every 1,021 U.S. households, the second highest monthly foreclosure rate reported year to date.

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

“After spiking early in the year U.S foreclosure activity has been relatively flat over the last few months. But foreclosures ramped up significantly in August, pushing the national foreclosure rate close to its highest level of the year so far,” said James J. Saccacio, chief executive officer of RealtyTrac. “And with home price appreciation continuing to decelerate and billions of dollars in adjustable rate mortgages projected to reset in the next few months, this month’s increase could be the beginning of an upward shift in the foreclosures market.”

Colorado, Nevada and Florida post top state foreclosure rates
Colorado foreclosure activity spiked nearly 60 percent from the previous month and the state documented the nation’s highest state foreclosure rate for the sixth month in a row, with one new foreclosure filing for every 301 households. The state reported 6,079 properties entering some stage of foreclosure during the month, more than twice the number reported in August 2005 and the seventh highest number reported by any state.

With one new foreclosure filing for every 430 households, Nevada posted the nation’s second highest state foreclosure rate for the third straight month. The state reported 2,016 properties entering some stage of foreclosure, a 24 percent increase from the previous month and more than three times the number reported in August 2005.

Florida foreclosure activity jumped to its highest level of the year so far, with 16,433 properties entering some stage of foreclosure in August — the most of any state and an increase of more than 50 percent from the previous month. The state’s foreclosure rate of one new foreclosure filing for every 445 households ranked as the nation’s third highest state foreclosure rate.

Other states reporting foreclosure rates among the nation’s 10 highest were Georgia, Texas, Michigan, Ohio, Illinois, Indiana and Utah.

Five states account for half of nation’s foreclosure activity
The five states with the most new foreclosure filings — Florida, Texas, California, Ohio and Illinois — accounted for 50 percent of the nation’s foreclosure activity in August.

Texas reported 14,272 properties entering some stage of foreclosure, the second most of any state and an increase of nearly 9 percent from the previous month. The state’s foreclosure rate of one new foreclosure filing for every 564 households was 1.8 times the national average.

With 12,486 properties entering some stage of foreclosure, California foreclosures increased nearly 25 percent from the previous month, and the state’s foreclosure rate — one new foreclosure filing for every 978 households — registered slightly above the national average for the third month in a row.

Ohio reported 7,468 properties entering some stage of foreclosure, a 36 percent increase from the previous month, and Illinois reported 6,909 properties entering some stage of foreclosure, an increase of more than 37 percent from the previous month.

Highest metro foreclosure rates in Colorado and Florida
Greeley, Colo., posted the highest foreclosure rate among the nation’s 252 largest metropolitan areas, with one new foreclosure filing for every 136 households — more than seven times the national average. The Greeley metro area comprises one county, Weld, which reported 488 properties entering some stage of foreclosure, a 39 percent increase from the previous month.

Fort Lauderdale, Fla., documented the nation’s second highest metro foreclosure rate — one new foreclosure filing for every 174 households. Broward County reported 4,263 properties entering some stage of foreclosure, an increase of more than 160 percent from the previous month.

Miami and Denver documented identical foreclosure rates of one new foreclosure filing for every 196 households. Miami reported 4,355 properties entering some stage of foreclosure, and Denver reported 4,506 properties entering some stage of foreclosure.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes entering some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

[Gravitymaster 0]

This is what happens when stupid people get themselves in over their heads financially. Do you think we need a government program to protect them from themselves?

[idrankwhat 0]

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This is what happens when stupid people get themselves in over their heads financially. Do you think we need a government program to protect them from themselves?

Besides missing the point (that debt is not ownership) this is a nice derogatory blanket statement. I'll call it "Dem Bash Fishing".

[NCclimber 0]

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Point of order: That figure is deceiving. Holding a mortgage is not ownership. We should expect those numbers to drop as the interest rates rise and force more foreclosures.

Like it or not, it is the standard that widely accepted. Rising home ownership is considered a sign of a good economy.

This is the point I was trying to make. If you "own" the house you don't have this problem:

NATIONAL FORECLOSURES INCREASE 22 PERCENT IN AUGUST
By RealtyTrac Staff

Foreclosures Up Nearly 50 Percent from August 2005, 38 Percent Year-to-Date

Nice article. Unfotunately, its analysis only compares August numbers to other months over the past year.

Tip of the iceberg? Maybe. But the article doesn't say anything, either way.

[kallend 2,148]

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This is what happens when stupid people get themselves in over their heads financially. Do you think we need a government program to protect them from themselves?

Besides missing the point (that debt is not ownership) this is a nice derogatory blanket statement. I'll call it "Dem Bash Fishing".

He's telling us that the other branches of government should not protect GWB from his own stupidity.

...

The only sure way to survive a canopy collision is not to have one.

[idrankwhat 0]

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NATIONAL FORECLOSURES INCREASE 22 PERCENT IN AUGUST
By RealtyTrac Staff

Foreclosures Up Nearly 50 Percent from August 2005, 38 Percent Year-to-Date

Nice article. Unfotunately, its analysis only compares August numbers to other months over the past year.

Tip of the iceberg? Maybe. But the article doesn't say anything, either way.

[Gravitymaster 0]

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This is what happens when stupid people get themselves in over their heads financially. Do you think we need a government program to protect them from themselves?

Besides missing the point (that debt is not ownership) this is a nice derogatory blanket statement. I'll call it "Dem Bash Fishing".

Besides misunderstanding my point, where did I make it political? Stupid people come in all sizes and political affiliations.

Interesting how you only relate it to Dems, though.

[Gravitymaster 0]

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This is what happens when stupid people get themselves in over their heads financially. Do you think we need a government program to protect them from themselves?

Besides missing the point (that debt is not ownership) this is a nice derogatory blanket statement. I'll call it "Dem Bash Fishing".

He's telling us that the other branches of government should not protect GWB from his own stupidity.

This make 2 of you.

[idrankwhat 0]

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Besides misunderstanding my point, where did I make it political? Stupid people come in all sizes and political affiliations.

Interesting how you only relate it to Dems, though.

Sorry, my mistake. Originally I thought that your "do you think we need another government program......" comment was trolling for a dem bash fest...but then I remembered that it's not the Dems who have been increasing the size of government like we haven't seen since FDR

[kallend 2,148]

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Besides misunderstanding my point, where did I make it political? Stupid people come in all sizes and political affiliations.

Interesting how you only relate it to Dems, though.

Sorry, my mistake. Originally I thought that your "do you think we need another government program......" comment was trolling for a dem bash fest...but then I remembered that it's not the Dems who have been increasing the size of government like we haven't seen since FDR

Federal govt. spending has gone up approx 7.6%/year under GWB, compared with 4%/year under Clinton's administration. And that's without correcting for inflation. The difference is even more striking if inflation is taken into account. No doubt about it, Bush and the Republicans are spendthrifts.

...

The only sure way to survive a canopy collision is not to have one.

[idrankwhat 0]

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Besides misunderstanding my point, where did I make it political? Stupid people come in all sizes and political affiliations.

Interesting how you only relate it to Dems, though.

Sorry, my mistake. Originally I thought that your "do you think we need another government program......" comment was trolling for a dem bash fest...but then I remembered that it's not the Dems who have been increasing the size of government like we haven't seen since FDR

Federal govt. spending has gone up approx 7.6%/year under GWB, compared with 4%/year under Clinton's administration. And that's without correcting for inflation. The difference is even more striking if inflation is taken into account. No doubt about it, Bush and the Republicans are spendthrifts.

The main difference lies in where they spend it. Dems have a tendency to want to spend it here on the homefront while Cons prefer to spend it through Cayman Island accounts.

[NCclimber 0]

If only we'd bought Halliburton stock. It's up over 300% in the last five years.

[idrankwhat 0]

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If only we'd bought Halliburton stock. It's up over 300% in the last five years.

I actually thought about it at the time. Seemed like a no brainer. But I didn't do it because I thought it would be pretty lousy of me to bitch about them as being indicative of what I see as one of the core problems in Washington and simultaneously supporting and profiting off of them. I'm a warped character but I have to draw the line somewhere

[Amazon 7]

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If only we'd bought Halliburton stock. It's up over 300% in the last five years.

I bet most of the boys in the administration have managed to aquire some... makes for a good retirement for them.