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Rise in home foreclosures alarms city officials

 
paladin
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11/27/2006 09:09 PM
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Rise in home foreclosures alarms city officials
Rise in home foreclosures alarms city officials
Associated Press
Published Monday, November 27, 2006

MINNEAPOLIS – Home foreclosures in Minneapolis, St. Paul and other communities around the state are rising at a rate that is beginning to alarm some officials worried about destabilized neighborhoods.

The main cause appears to be homeowners who plunged into the housing boom of recent years and are now struggling with mortgages they can’t afford, and who in some cases may have fallen victim to risky financing arrangements.

“There are more and more people who have purchased houses using mortgage products that they didn’t fully understand,” said Cliff Morse, a mortgage financial planner with American Home Mortgage in Chaska. “Now people are falling backwards.”

In St. Paul, foreclosures are on a pace this year to be three times higher than they were in 2003. In Minneapolis, they’re up by about 79 percent compared with last year. And in Dakota County, there were more foreclosures by Sept. 1 than in all of 2005.

Minneapolis Mayor R.T. Rybak said foreclosures are now the city’s top housing issue. The city is looking into a program to identify at-risk homeowners before they fall victim to unscrupulous lenders.

“It’s on some level the underside of the refinancing boom,” Rybak said, “But it also has deeper aspects, including financial literacy and risky lenders who sometimes don’t have the best intentions.”

With the housing boom now in retreat, stagnant sale prices are adding to the difficulty, making it tough for homeowners in crisis to cash out.

The problem in Minnesota is not as severe as in other parts of the country where job losses are higher and incomes are stagnant. In October, Minnesota ranked 34th among states in the number of properties entering foreclosure, according to RealtyTrac, which keeps a national database.

Even in Minneapolis and St. Paul, where the problem is most aggravated, foreclosures remain a small fraction of the total number of mortgages. But city leaders say concentrations of foreclosed homes are hitting certain neighborhoods hardest.

As of Nov. 3, Minneapolis saw 1,353 foreclosures in 2006, according to city data. There were 870 total in 2005, and 414 in 2002.

But it’s low-income neighborhoods that are taking the brunt, particularly on the city’s north side. Newly boarded-up and vacant houses are being stripped of copper pipes and other valuables that can be carried out, creating new blight in areas already struggling with crime and poverty.

“I don’t think there’s any way to explain adequately how devastating one or more vacant houses on a block is to a community,” said Roberta Englund, a north side neighborhood leader.

Another peril is that foreclosed houses will fall into the hands of absentee owners who don’t have the same interest in keeping them up as do owner-occupants.

The increase in foreclosures is similarly steep in St. Paul, which saw 705 by July 1 after only 623 in all of 2005. The problem is most apparent in economically challenged areas like Frogtown, North End, Payne-Phalen and Dayton’s Bluff.

City Council President Kathy Lantry said the city will strengthen its counseling programs for home buyers and residents with burdensome mortgages.



[link to www.in-forum.com]
Anonymous Coward
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11/27/2006 09:21 PM
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Re: Rise in home foreclosures alarms city officials
bump
Anonymous Coward
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11/27/2006 09:23 PM
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Your post on the other thread on ARMs now this. They maybe just can't hold it together and will try to cushion the crash as best they can, which is kinda stupid thinking considering 'they' have stripped the country of every assett they possibly could.
Anonymous Coward
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11/27/2006 09:25 PM
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Re: Rise in home foreclosures alarms city officials
Step 1.- Financial Doom
2.- Social Doom
3.-Nesara
4.-Planet X,Nibiru
5.-Full ET Disclosure
6.-Ascension

This is going to be GLP's Disneyland !!! chuckle
Inanna of Sumeria

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11/27/2006 09:31 PM
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Re: Rise in home foreclosures alarms city officials
[link to www.wacotrib.com]

Residential foreclosures are rising

Sunday, November 26, 2006
By Mike Copeland
Tribune-Herald business editor

Clip...

Thomas is a 65-year-old Central Texan who knows the heartbreak of foreclosure — something more Americans are facing as easy credit during the housing boom “comes home to roost,” as one industry expert put it.

Thomas, who did not want his last name used because of his embarrassment over his predicament, has lost five houses this year to foreclosure. He couldn’t make the payments.

His losses and those of others in McLennan County are piling up.

Thomas hoped to retire more comfortably on the money he made from these homes, all in Waco, which he bought as investment properties.

Instead, “I’ve lost $100,000 or more, and my credit rating is totally and completely shot.”

He faces the prospect of finding a job.

Thomas bought the homes intending to fix them and sell them for tidy profits. He said he hired appraisers to help him gauge their values. In hindsight, he said, those values were not true.

His properties languished on the market, “and all of a sudden, I ran out of money.”

All five homes found new buyers on the steps of the McLennan County Courthouse.

Similar scenes are playing out nationwide.

In September, 112,210 properties in America entered some stage of foreclosure, up 63 percent from September of last year.

“Foreclosure filings are up 39 percent year to date and already have surpassed the total number reported in all of 2005. If they continue at the current pace, foreclosures will exceed the 1.2 million mark by the end of the year,” said James Saccacio, CEO of RealtyTrac, which provides information to real estate and investment professionals.

Some say foreclosures are beginning to surge locally.

“Yes, sir, they’re just beginning to hit,” said Mark Bowles, with Prudential Synergy Realtors, in a recent phone interview. “I’ve processed 12 foreclosures in the last three days.”

By that he meant lenders had turned over to him a dozen homes they had foreclosed upon to market and sell.

Reasons for the foreclosure epidemic vary from region to region, said Jim Gaines, a research economist at the Texas A&M Real Estate Center.

Layoffs in the auto industry have hit hard in states like Michigan, Ohio, Indiana and Illinois. Workers aren’t receiving paychecks, so they’re losing their homes.

“But it would be hard to say foreclosures are an economic-driven problem in Texas,” said Gaines. “We’re not losing jobs, we’re adding them. Our economy has been doing very well, much better than the national numbers.”

So what’s going on here?....
Anonymous Coward
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11/27/2006 09:32 PM
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Blame the FED, they fueled this balloon by telling people it was fine to keep borrowing. Alan Greenspan, said there is just a "little froth", even though houses were already being foreclosed on. Even now, there are articles about how the housing market has bottomed and will start to climb again. Who are these people? They should go to jail.
Shadow

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11/27/2006 09:34 PM
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Hey Paladin, Inanna hi

Remember the unemployed drug addict that got a mortgage? The fellow who filled out a credit card app his dog received and got? The $1.3 million trailer on a rented lot in Florida? Unreal, how could anyone think it could continue?
Over the side and damn the barracuda
Redheaded Stepchild

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11/27/2006 09:38 PM
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Paladin:
I'm on a street with 14 houses on it...and three of the homeowners are now unemployed...OWNERS, not renters. One other house went under foreclosure over a year ago and still stands empty. The guy lost his job, too.

North Texas has one of the highest foreclosure rates in the nation, but all of it is not due to badly financed mortgages. The employment rate is just not as rosy as the Bush Admin. paints it to be.
"Until you are willing to organize your friends and neighbors and literally shut down cities - drive at 5mph through the streets of major cities on the freeway and stop commerce, refuse to show up for work, refuse to borrow and spend more than you make, show up in Washington DC with a million of your neighbors and literally shut down The Capitol you WILL be bent over the table on a daily basis." Karl Denninger

Don't blame me; I voted for Ron Paul.


Silence is consent.
Inanna of Sumeria

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11/27/2006 09:43 PM
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Re: Rise in home foreclosures alarms city officials
Forecloser Forum

[link to www.foreclosureforum.com]

Housing Tracker

[link to www.HousingTracker.net]
Shadow

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11/27/2006 09:48 PM
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The employment rate is just not as rosy as the Bush Admin. paints it to be.
 Quoting: Redheaded Stepchild


It is if 3 part time min wage jobs is considered employed. lol

But we (those of us with pc.s, internet access and liesure time) won't find them represented here.
Over the side and damn the barracuda
Rev. Star Gazer

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11/27/2006 09:53 PM
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It's kinda sad but, thanks to the housing bust, I have a home to rent - cheap. My boss got in over her head - has over 16 properties she can't get rid of or even rent to cover the mortgage. So, she figured that it was better to rent to me at a substantially lower rate than to let it stand vacant. I'm thankful but I really worry about her - she's never going to get her money out of all those properties.
"The lunatic is on the grass
The lunatic is on the grass
Remembering games and daisy chains and laughs
Got to keep the loonies on the path..."
Inanna of Sumeria

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11/27/2006 09:55 PM
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Re: Rise in home foreclosures alarms city officials
[link to www.upi.com]

Report: U.S. foreclosures hit 2006 high

IRVINE, Calif., Nov. 20 (UPI) -- U.S. foreclosures last month rose to their highest level this year and were up 42 percent over their October 2005 level.

RealtyTrac said 115,568 properties nationwide entered some stage of foreclosure during October, which translates into a national foreclosure rate of one new foreclosure filing for every 1,001 U.S. households, the highest monthly foreclosure rate reported so far this year.

"So far this year more than 1 million properties have entered some stage of foreclosure nationwide, up 27 percent from the same time last year," said James J. Saccacio, chief executive officer of RealtyTrac.

"Monthly foreclosure filings hit their highest mark of the year so far in

October, mirroring the trend from last year, when the most foreclosures of the year were also reported in October. Our data from the last three months show that foreclosures are definitely trending upward, putting more pressure on an already strained housing market, and placing buyers and investors in the driver's seat when it comes to negotiating home purchases."

For the eighth consecutive month Colorado documented the nation's highest state foreclosure rate and Nevada had the second-highest level.
Anonymous Coward
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11/27/2006 09:55 PM
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Re: Rise in home foreclosures alarms city officials
Twin City Foreclosure Map [link to maps.kricar.com]
paladin (OP)

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11/27/2006 09:56 PM
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hey all.... hi


how can people live through the DOT.COM Bubble and not think the Housing Bubble is not real...


wages have not gone up with the house price.....END of STORY..
Shadow

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11/27/2006 09:56 PM
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hi RevSG very nice to see you flower
Over the side and damn the barracuda
Inanna of Sumeria

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11/27/2006 09:58 PM
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U.S. Foreclosure Market Statistics by State – Q3 2006

[link to www.realtytrac.com]

Realty Trac Forecloser Searcher

[link to www.realtytrac.com]
Inanna of Sumeria

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11/27/2006 10:13 PM
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Paladin, Shadow... hi
Anonymous Coward
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11/27/2006 10:22 PM
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I feel deeply for the average joe living in an average home and losing it because he lost his job or became ill and couldnt keep up the payments. I have not one ounce of sympathy for investors who buy homes for profit and then lose money, investing is gambling and as with any gambling you should never risk more than you are prepared to lose. Suck it up. I also have very little sympathy for the social climbers who buy a home they can barely make payments on and then bitch because the interest rates rise. A first home buyer these days seems to think they are "entitled" to 4 beds, 2 baths and a dedicated media room, these are things our parents worked all their lives to afford. Also what is with these idiots who draw the equity out of their homes? Never risk the roof over your head to buy a new boat or holiday, idiots.
paladin (OP)

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11/27/2006 10:22 PM
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just watch the 10 year bond.....

it is going down...when will they sell???

at that point the rate will go up......no matter what the Fed does
Fool
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11/27/2006 10:36 PM
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byekitty
Diogenes

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11/27/2006 10:59 PM
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This is really an interesting thread. I knew this was going on but now it appears to be somewhat worse than I thought.

My Sister owns a land title company and she said business was off. The land title business usually rides over the lows of the housing market.

On unemployment - I don't know of anyone here, in my circle of friends, that doesn't have a job.
Is truth found here?
EXCALIBUR
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11/28/2006 12:02 AM
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Re: Rise in home foreclosures alarms city officials
The NASDAQ bubble went from around 5200 to 1000. That was an 80% decline. If the housing bubble follows the NASDAQ, we will be back to buying homes for 40,000. The big difference in these bubbles is that when most people buy stocks they own them 100%. If the markets drop, you lose a percentage of you money, but you still have some money left.
In the housing bubble you can end up seriously "upside down". This will lead to a wave of forclosures where the debtors have deficiency judgements placed on them. This will leave them pennyless, in heavy debt, and homeless. This bubble is MUCH more dangerous than the stock market bubble. And with the new laws, many will not be able to escape the Banksters rath through the use of bankruptcy.
Redheaded Stepchild

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11/28/2006 12:05 AM
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The NASDAQ bubble went from around 5200 to 1000. That was an 80% decline. If the housing bubble follows the NASDAQ, we will be back to buying homes for 40,000. The big difference in these bubbles is that when most people buy stocks they own them 100%. If the markets drop, you lose a percentage of you money, but you still have some money left.
In the housing bubble you can end up seriously "upside down". This will lead to a wave of forclosures where the debtors have deficiency judgements placed on them. This will leave them pennyless, in heavy debt, and homeless. This bubble is MUCH more dangerous than the stock market bubble. And with the new laws, many will not be able to escape the Banksters rath through the use of bankruptcy.
 Quoting: EXCALIBUR 163169


Debtors Prisons are next?
"Until you are willing to organize your friends and neighbors and literally shut down cities - drive at 5mph through the streets of major cities on the freeway and stop commerce, refuse to show up for work, refuse to borrow and spend more than you make, show up in Washington DC with a million of your neighbors and literally shut down The Capitol you WILL be bent over the table on a daily basis." Karl Denninger

Don't blame me; I voted for Ron Paul.


Silence is consent.
Anonymous Coward
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11/28/2006 12:34 AM
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It's kinda sad but, thanks to the housing bust, I have a home to rent - cheap. My boss got in over her head - has over 16 properties she can't get rid of or even rent to cover the mortgage. So, she figured that it was better to rent to me at a substantially lower rate than to let it stand vacant. I'm thankful but I really worry about her - she's never going to get her money out of all those properties.
 Quoting: Rev. Star Gazer


You're in SD right? Your boss need help filling any of the other 16 places? =)

- at
World Food
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11/28/2006 12:57 AM
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Many people buy stocks on margin (loaner), but you're absolutely right.

The job market seems to be in very good shape...

When you apply for a mortgage, your income is verified to make sure you have well enough money to pay the loan...

So what's going on here?


The NASDAQ bubble went from around 5200 to 1000. That was an 80% decline. If the housing bubble follows the NASDAQ, we will be back to buying homes for 40,000. The big difference in these bubbles is that when most people buy stocks they own them 100%. If the markets drop, you lose a percentage of you money, but you still have some money left.
In the housing bubble you can end up seriously "upside down". This will lead to a wave of forclosures where the debtors have deficiency judgements placed on them. This will leave them pennyless, in heavy debt, and homeless. This bubble is MUCH more dangerous than the stock market bubble. And with the new laws, many will not be able to escape the Banksters rath through the use of bankruptcy.
 Quoting: EXCALIBUR 163169
pietrojavelina
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11/28/2006 01:05 AM
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On the other hand...I been quite busy doing foreclosure work...one observation....a large number of the "clients" I service have waaaay to many toys....expensive cars,electronics,jetskis etc...trappings of wealth wihout substance...
Anonymous Coward
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11/28/2006 01:29 AM
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old fucking news (but updated nonetheless). there were major stories on another city facing the same problem, at least last week. but definately a pinnable story. for obvious reasons.

sorry op, i used the vulgarity to highlight the situation. your story is very timely as well.
Rhys

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11/28/2006 01:40 AM
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This has been talked about many times, in many ways..

The push for young families to live beyond their means was brought about by the heavy influence of the media. People have been awash in subversive commercialism. Things like subliminal advertising have been honed to a science. The "image" has been ingrained upon everyones minds. And the constant push to elevate materialism, to that of apparent worship, has been the mode of operation.

Just shake your mind clear for a minute and look at where our society has gone! In 30 years we've gone from family values, sensible lifestyles and patriotism to idol worship, hedonism and gross materialism. Everyone's in a rush to have the greenest grass, the most expensive cars, houses and designer labels.. and the list goes on and on.

In simple terms, the money machine is pooling riches into the hands of the few, and leaving less and less of it to the masses. Theres desperation out there to keep the facade going for most families and individuals that are living beyond their means. But it may be that the rugs were simply pulled out from underneath promising foundations.

I've been hearing those government/banks sponsored radio infomercials, in the last several months, organizing a sort of lottery to where they designate last names beginning with like A through G to call in and get dibs on home foreclosure deals. Its really disturbing to know that there are THAT many foreclosures taking place. But I've heard that in major cities, its as much as 150+ foreclosures a DAY! And to hear these commercials play up the fact that these are killer deals and the banks are offering potential buyers, "deals made in heaven", makes me fume thinking about why the banks didn't give the evicted families a deal to work it out. The ole mighty dollar is worth more in the eyes of us all than the lives of our brothers and sisters. Thats exactly what this is saying!

You know that the majority of these foreclosed home sales are purchased by those with sizable incomes and savings. Players just working the system along with the best of them. Its always more, more, more! Not all of us have our minds focussed on monetary riches. Most of us are satisfied with simple pleasures and a relationship with spiritual contentment. The comfort of food on our tables, roofs over our heads and the ability to make sensible aims and wishes come true.

The direction this all is taking is leading to class war. The one thing us little guys have are our numbers. And never before have we all been so readily connected as we are in this technologically networked new millennium.
listen with your heart
feel through your eyes
and speak with your spirit
EXCALIBUR
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11/28/2006 02:03 AM
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Re: Rise in home foreclosures alarms city officials
Only 1% of Americans \"own\" their homes free and clear. The other 99% are beholden to the Banksters to one degree or another. Of course the issue of ownership is questionable for even that 1%, since it will be taken if you don\'t pay the property tax. The \"redemption\" guys say that we don\'t get true title anymore due to the 1933 US bankruptcy. They say the Corporate US owns everything, including us.
What was the quote by Jefferson? Something to the effect that \"If we allow Banksters to run our money, first by inflation then by deflation, we will wake up homeless on the land of our fore fathers. Well it would appear that with 1* questionable ownership, WE ARE THERE. EX
Anonymous Coward
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11/28/2006 03:00 AM
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It's a 'p'residential foreclosure that I anticipate before we're through.
Anonymous Coward
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11/28/2006 05:38 AM
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all of pales in comparison to loosing the defacto currency of the world, the dollar!!

we are so abusing our friends and allies by printing all this money. they will only take it so long!!

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