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Sev
07-15-2010, 06:59 PM
Please I beg you. No more hope and change!!! /forums/images/%%GRAEMLIN_URL%%/sick.gif

http://www.foxnews.com/us/2010/07/15/homes-lost-foreclosure-track-eclipse-levels-banks-work-backlog/

Mass Foreclosures This Year Expected to Eclipse '09 Levels


LOS ANGELES

LOS ANGELES -- More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.

"That would be unprecedented," said Rick Sharga, a senior vice president at RealtyTrac.

By comparison, lenders have historically taken over about 100,000 homes a year, Sharga said.

The surge in home repossessions reflects the dynamic of a foreclosure crisis that has shown signs of leveling off in recent months, but remains a crippling drag on the housing market.


The pace at which new homes falling behind in payments and entering the foreclosure process has slowed as banks continue to let delinquent borrowers stay longer in their homes rather than adding to the glut of foreclosed properties on the market. At the same time, lenders have stepped up repossessions in an effort to clear out the backlog of distressed inventory on their books.

The number of households facing foreclosure in the first half of the year climbed 8 percent versus the same period last year, but dropped 5 percent from the last six months of 2009, according to RealtyTrac, which tracks notices for defaults, scheduled home auctions and home repossessions.

In all, about 1.7 million homeowners received a foreclosure-related warning between January and June. That translates to one in 78 U.S. homes.

Foreclosure notices posted monthly declines in April, May and June, but Sharga said one shouldn't read too much into that.

"The banks are really sort of controlling or managing the dial on how fast these things get processed so they can ultimately manage the inventory of distressed assets on the market," he said.

On average, it takes about 15 months for a home loan to go from being 30 days late to the property being foreclosed and sold, according to Lender Processing Services Inc., which tracks mortgages.

Assuming the U.S. economy doesn't worsen, aggravating the foreclosure crisis, Sharga projects it will take lenders through 2013 to resolve the backlog of distressed properties that have on their books right now.

And a new wave of foreclosures could be coming in the second half of the year, especially if the unemployment rate remains high, mortgage-assistance programs fail, and the economy doesn't improve fast enough to lift home sales.

The prospect of lenders taking over more than a million homes this year is likely to push housing values down, experts say.

Foreclosed homes are typically sold at steep discounts, lowering the value of surrounding properties.

"The downward pressure from foreclosures will persist and prices will be very weak well into 2012," said Celia Chen, senior director of Moody's Economy.com.

She projects home prices will fall as much as 6 percent over the next 12 months from where they were in the first-quarter.

Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit. Now, homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.

There are more than 7.3 million home loans in some stage of delinquency, according to Lender Processing Services.

Lenders are offering to help some homeowners modify their loans. But many borrowers can't qualify or they are falling back into default. The Obama administration's $75 billion foreclosure prevention effort has made only a small dent in the problem.

More than a third of the 1.2 million borrowers who have enrolled in the mortgage modification program have dropped out. That compares with about 27 percent who have received permanent loan modifications and are making payments on time.

Among states, Nevada posted the highest foreclosure rate in the first half of the year. One in every 17 households there received a foreclosure notice. However, foreclosures there are down 6 percent from a year earlier.

Arizona, Florida, California and Utah were next among states with the highest foreclosure rates. Rounding out the top 10 were Georgia, Michigan, Idaho, Illinois and Colorado.[/b]

cushioncrawler
07-15-2010, 07:37 PM
If i were King, there would be zero foreclosures. Its simple, u make a law preventing foreclosure. Even simpler, everyone would be given a house to live in -- zero homeless -- zero foreclosures.
madMac.

Sev
07-15-2010, 07:42 PM
Uh huh.

If I were God I would put a thick fur coat on people and then there would be no need of houses.

pooltchr
07-15-2010, 07:58 PM
and the left is out there telling us the economy is improving!

/forums/images/%%GRAEMLIN_URL%%/crazy.gif /forums/images/%%GRAEMLIN_URL%%/crazy.gif

Steve

cushioncrawler
07-16-2010, 12:57 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sev</div><div class="ubbcode-body">Uh huh. If I were God I would put a thick fur coat on people and then there would be no need of houses.</div></div>Better still -- long woollen hair, then we kood cut the hair before we moulted eech year, and make jumpers.
Feathers, we kood be covered in feathers -- hmmmmm, wipeing ones arse would be diffikult.
madMac.

Qtec
07-16-2010, 04:17 AM
Meanwhile...............

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">J.P. Morgan Chase said its second-quarter net income was $4.8 billion, a 77 percent rise, as losses from failed loans eased. </div></div>

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">More homeowners are opting for 'strategic defaults'
Underwater on their mortgages and angry at banks, more borrowers are choosing to hand over the keys, even if they can afford the payments.
March 17, 2010|By Alana Semuels
(Page 3 of 3)

Case in point: Maguire Properties Inc., one of the largest commercial landlords in California, walked away from seven prime office buildings in Los Angeles and Orange counties last year, defaulting on loans worth more than $1 billion.

Consumers typically begin to think about walking away once the value of the property has fallen to 25% less than the value of the debt, according to research conducted by Sam Khater, senior economist at real estate research firm First American CoreLogic. About 5 million people nationwide are in that situation, he said. </div></div>

Also,

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Wynn Bloch has always dutifully paid her bills and socked away money for retirement. But in December she defaulted on the mortgage on her Palm Desert home, even though she could afford the payments.

Bloch paid<u> $385,000</u> for the two-bedroom in 2006, when prices were still surging. Comparable homes <u>are now selling in the low-$200,000s. </u>At 66, the retired psychologist doubted she'd see her investment rebound in her lifetime. Plus, she said she was duped into an expensive loan. </div></div>



Like his style.
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Frustrated Owner Bulldozes Home Ahead Of Foreclosure
Man Says Actions Intended To Send Message To Banks

POSTED: 10:42 am EST February 18, 2010
UPDATED: 6:36 pm EST February 19, 2010
MOSCOW, Ohio -- Like many people, Terry Hoskins has had troubles with his bank. But his solution to foreclosure might be unique.

Hoskins said he's been in a struggle with RiverHills Bank over his Clermont County home for nearly a decade, a struggle that was coming to an end as the bank began foreclosure proceedings on his $350,000 home.

"When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it no, I wasn't going to stand for that, so I took it down," Hoskins said.

View Slideshow

Hoskins said the Internal Revenue Service placed liens on his carpet store and commercial property on state Route 125 after his brother, a one-time business partner, sued him.


The bank claimed his home as collateral, Hoskins said, and went after both his residential and commercial properties.

"The average homeowner that can't afford an attorney or can fight as long as we have, they don't stand a chance," he said.

Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure.

Hoskins told News 5's Courtis Fuller that he issued the bank an ultimatum.

"I'll tear it down before I let you take it," Hoskins told them.

And that's exactly what Hoskins did.

Man Says Actions Intended To Send Message To Banks

The Moscow man used a bulldozer two weeks ago to level the home he'd built, and the sprawling country home is now rubble, buried under a coating of snow.

"As far as what the bank is going to get, I plan on giving them back what was on this hill exactly (as) it was," Hoskins said. "I brought it out of the ground and I plan on putting it back in the ground."

Hoskins' business in Amelia is scheduled to go up for auction on March 2, and he told Fuller he's considering leveling that building, too.

RiverHills Bank declined to comment on the situation, but Hoskins said his actions were intended to send a message.

"Well, to probably make banks think twice before they try to take someone's home, and if they are going to take it wrongly, the end result will be them tearing their house down like I did mine," Hoskins said.

Man Has No Regrets Over Bulldozing House

Hoskins said he's heard from people all over the country since his story first aired Thursday, and he said most have been supportive.

He said he sought legal counsel before tearing down his home and understands the possible consequences, but he has never doubted his decision once he made it.

"When I knew I was going to lose it, I decided to take it down," Hoskins said. </div></div>

Q

Sev
07-16-2010, 05:23 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: cushioncrawler</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sev</div><div class="ubbcode-body">Uh huh. If I were God I would put a thick fur coat on people and then there would be no need of houses.</div></div>Better still -- long woollen hair, then we kood cut the hair before we moulted eech year, and make jumpers.
Feathers, we kood be covered in feathers -- hmmmmm, wipeing ones arse would be diffikult.
madMac. </div></div>

HAHAHAAHAHAAHH!!!!

Def no preening going on after that.

Sev
07-16-2010, 05:33 AM
I would have to say those profits will see a drop if Morgan holds a substantial amount of the loans.

Otherwise if they have dumped their loans they wont be effected.

Qtec
07-16-2010, 05:55 AM
Or they have their losses covered by tax payer money.

Q

Sev
07-16-2010, 06:19 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body">Or they have their losses covered by tax payer money.

Q </div></div>

And my day was starting out so well. /forums/images/%%GRAEMLIN_URL%%/frown.gif

LWW
07-16-2010, 06:32 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body">Or they have their losses covered by tax payer money.

Q </div></div>

Of course they will ... they own the regime.

LWW