Comments on: Foreclosures Continue To Dramatically Increase In 2010

By: CH

CH — Fri, 27 Aug 2010 19:59:08 +0000

Unemployment may be the primary driver behind foreclosures right now, but there are still a lot of bad loans out there. Additionally, negative equity is a pretty good predictor of foreclosure, which does not bode well for several states, including CA, AZ, MI, NV, and FL. CoreLogic released a negative equity report this week that showed that Nevadans owed around $23 billion more on their houses than they are worth. NV is the only stated in the union with overall negative equity. Look for lots more foreclosures in that state for sure.

By: paroc

paroc — Mon, 16 Aug 2010 17:40:56 +0000

Why are we in such dire straits? Three proper nouns:

Chris Dodd
Barney Frank
Barack Obama

By: paroc

paroc — Mon, 16 Aug 2010 17:36:23 +0000

Has anyone ever heard of UNIONS? It’s no wonder jobs are being exported!

By: Taylor White, PHD

Taylor White, PHD — Tue, 10 Aug 2010 23:36:01 +0000

Yah, foreclosures are going up up and away…with no end in sight.

As they should.

Lets just hope the government gets out of the way and lets this crash as it should so we ALL can get a move on.

By: Frank the Underemployed Professional

Frank the Underemployed Professional — Fri, 06 Aug 2010 18:34:09 +0000

What would happen if banks were required to sell foreclosed houses (for whatever price they can get) within 6 months or 1 year of taking possession of them? This would force the banks to address the problem, help the housing market find its bottom faster, and prevent the waste of dwellings that people could live in.

I do agree with some of the commentators that ultimately our problem is Global Labor Arbitrage–foreign outsourcing, H-1B and L-1 visas, and mass immigration. Unfortunately, our politicians won’t even acknowledge it as a problem.

By: T.J. Jackson

T.J. Jackson — Mon, 02 Aug 2010 22:34:35 +0000

We did not have a choice as whether to compete on the global labor market or not. It was completely inevitable. The only way that we can go back to a closed society is with an extremely severe police state. If this happens, I for one, will begin to develop a black market business and smuggle something from mexico. As we know, the border is so porous you could drive a vanload of illegals through it in the middle of the night and no one sees it happening. They can’t cure stupid and they can’t stop capitalism. Power to the people!

By: wake up

wake up — Mon, 02 Aug 2010 16:21:17 +0000

“They” also like to tell us that small business is the backbone of employment in this country. So, while the Big Boys are busy offshoring as fast as possible, the small business is getting pile driven and strangled by an endless sea of regulation, taxation, and fees. Healthcare cost are but one of the many reasons why small businesses are reluctant to add to the payrolls. Govt. needs to get their fingers out of our pockets and get the hell out of the way if they even have the slightest hope of this country becoming prosperous once again. Fat chance!!

By: Freedom Rings

Freedom Rings — Mon, 02 Aug 2010 14:08:21 +0000

At this point in time, I think it safe to say that we can put aside the great sucking sound, roaring sound of American jobs lost, to its a “full on Tornado” that is now destroying the job industry in this country. How can you have a jobless recovery? Face it folks, you have to work to get out of debt, if there are no jobs out there, then you can’t get out of debt. If you don’t mine it out of the ground, grow it out of the ground or manufacture it, you do not have anything to support a GDP. Welcome, welcome to the NEW WORLD ORDER, only to get far, far worse…..

By: Gary

Gary — Mon, 02 Aug 2010 02:27:35 +0000

Greg-you have to first have a ship to raise.

The rich need to taxed hard and wealth spread around. You are so wrong-are you drinking your own bath water? Can’t you see that the wealth and income inequality is the root of 99% of the problems our country is facing?

By: cree

cree — Mon, 02 Aug 2010 01:12:30 +0000

Was it unions that drove companies/corporations out or was it just plain greed.When I read articals which state that 66% of all American companies and corporations paid not one cent in tax’s but yet combined made over a trillion dollars profit then I PUT IT DOWN TO JUST PLAIN GREED.
Levi,the last year they operated in the U.S made $11 million in profits,not enough they say so off to Mexico we go,GE filed some 132 tax returns,not a penny owed even tho they had hugh profits,you do the math…

By: Ohio Loan Officer

Ohio Loan Officer — Sun, 01 Aug 2010 21:23:39 +0000

It’s going to take a hard spanking to our lifestyle to get things back on track again.
The welfare state has to end. We cannot afford Social Security, Medicare, Welfare, ect..
What did people do before these entitlements?
Families took care of their own.
There are as many poor people now as before entitlements.

By: PHC

PHC — Sun, 01 Aug 2010 20:08:24 +0000

I think what this article says was pretty well summed up by George Carlin in his final words to the world…
http://www.facebook.com/video/video.php?v=159216125164

By: sharonsj

sharonsj — Sun, 01 Aug 2010 18:31:54 +0000

Rick, a lot of us know what’s going on, but it’s not going to get fixed. TPTB will not willingly give up power and money, and Congress is a major impediment to any solution.

We’ve got Republicans saying NO to everything because they think it hurts Obama; they don’t care if it hurts people. We’ve got Democrats who are too damn cowardly to take control. And both parties are corrupt.

The first solution would be public campaign financing to get big business out of politics. The second would be enforced term limits. The third would be an ethics committee that actually does its job. And fourth would be an audit of the Fed, if not eliminate it entirely. I’d also jail the SEC (present and former members) and most of the CEOs of investment banks.

Then Congress might enforce our border and immigration laws, our monopoly laws, our consumer protection laws, our worker protection laws, our environmental laws–and so on. Right now too many corrupt agencies take money to look the other way while our country is trashed. Almost none of them have gone to jail either.

Until these law-breakers are thrown out or thrown in jail (or somehow done away with), we will stay a banana republic.

By: Joey

Joey — Sun, 01 Aug 2010 13:44:57 +0000

@Rick, We could open mineral and oil production,maybe even create a nationalized company. We need to implement some type of tax that will go directly towards the national debt,and it has to be enough to stop the interest accumulating and turn the clock around. Once the debt is paid,eliminate the tax and most of the others also. Then make sure that our law makers adhere strictly to a balanced budget.

By: bandv

bandv — Sun, 01 Aug 2010 10:58:33 +0000

Heres another article on the housing market

http://vinceseconomicblog.wordpress.com/2010/07/31/homes-keep-falling-into-foreclosure-as-programs-fail-to-help/

By: caryn verell

caryn verell — Sun, 01 Aug 2010 07:11:53 +0000

yep…that giant sucking sound is being heard around the world. if hindsight were 20/20 we would have secure borders, money in the bank, a job we cared about and a house/home that we could afford. the day of 2-4 cars in the driveway, a tv set in every room, a cell phone in every pocket, and a fast food meal every day is OVER…and guess what! we are all gonna have to get used to it and do what we gotta do..quit the unions, buy american products, plant a garden, put what we used to consider “luxury” items back on the shelf, and learn new ways to make a living and survive. and while we are doing all of that, maybe this generation of youngsters will learn from our experiences too.

By: Rick

Rick — Sun, 01 Aug 2010 02:19:10 +0000

OK, so eveyone here knows what is going on…Now what?

Who’s got a plan to fix all of this..Anyone???or is this just the place where we all meet up to tell each other that we know what their plan is…

By: Max Nigh

Max Nigh — Sun, 01 Aug 2010 00:47:10 +0000

The real problem, and its resolution,is the banks and their greedy wish to recover as much of their capital as they can. If it means holding off ultimate foreclosure results , and they will ask the government to help them. Housing has to come down to the proper ratio with labor of 1950 or so. Then we can start over, and people will pay their mortgages( when they represent true value)

By: stacy

stacy — Sat, 31 Jul 2010 20:36:52 +0000

i rode by a church sign today that said “pray for our missions in hungary and detroit”. does anyone else find it unbelievable that we have missions in this country going to detroit. wow. great job washington.

By: sharonsj

sharonsj — Sat, 31 Jul 2010 19:45:13 +0000

Let me tell you what else I’ve been reading: banks are NOT listing foreclosed properties in their accounting nor are they putting them up for sale. I saw a chart that showed which banks have foreclosed on thousands on homes but actually list only a fraction of them, sometimes less than 5% of the total. If banks were forced to list how many bad mortgages they actually had, they’d go under.

If people knew just how bad off the banks were, we’d be taking out our money. I wonder if this is one reason why economists are telling everyone to stash cash under the mattress?