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U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple

 
Omega
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User ID: 360168
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07/10/2008 09:14 AM
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U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
The party continues,lol....and will for years to come....




U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple

By Dan Levy



July 10 (Bloomberg) -- U.S. foreclosure filings rose 53 percent in June from a year earlier and bank repossessions almost tripled as deteriorating property values and higher payments on adjustable mortgages forced more people to give up their homes.

More than 252,000 properties, or one in every 501 U.S. households, were in some stage of foreclosure, RealtyTrac Inc., an Irvine, California-based seller of default data, said today in a statement. Nevada, California and Arizona had the highest foreclosure rates.

``The foreclosure problem is getting worse and will stay with us well into the next decade,'' Mark Zandi, chief economist for Moody's Economy.com in West Chester, Pennsylvania, said in an interview. ``The job market is eroding and homeowners have less equity. Lenders are much less willing to work with you if you've got negative equity, and you're more likely to give up your house if you're deeply underwater.''

About $3.5 trillion in homeowner equity has been wiped out since the spring of 2006, when housing prices were at their peak, Zandi said. Home prices fell the most on record in April, according to the S&P/Case-Shiller index of 20 U.S. metropolitan areas. June was the second straight month in which more than a quarter million properties received foreclosure filings, RealtyTrac said. Filings fell 3 percent from May.

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[link to www.bloomberg.com]

Last Edited by Account Deleted by User on 09/02/2011 08:46 PM
Handguns are a skill; shotguns an art; rifles a science.
_____________________________________
Democracy is two wolves and a sheep voting on whats for dinner.

Disarmament is the precursor to Genocide.

Better to take action now rather than chances later. Your choice.
Anonymous Coward
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07/10/2008 09:27 AM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
but but but ...
THE BOTTOM IS IN !!!!!!!!!!!!!!!!!!!!!!
Anonymous Coward
User ID: 110292
United States
07/10/2008 09:28 AM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
I doubt very much that this problem will last into the next decade. I don't think the system can stand up that long - things are going to get nasty ----- my goal have more sex lol
CountryJoe

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07/10/2008 09:30 AM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
J6P is so deep in doo, maxed out credit cards /home equity maxed, house value has dropped..tip o'the iceberg here... hiding
__________

"we are all one consciousness experiencing itself subjectively. There's no such thing as death, life is only a dream, and we're the imagination of ourselves..Bill Hicks"
BriZzNiTcH

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07/10/2008 09:46 AM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
yikes. not too good!
"I'm just like you...just not as cool"


fight my brute! [link to brizznitch.mybrute.com]
Omega (OP)

User ID: 360168
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07/10/2008 09:52 AM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
Lots of blogs out there of people living in GHOST TOWN housing tracks.

California looks to be toast, I just don't see how they recover from this.

Credit is tight, and you better have pristine credit and 20% down to buy a house now. Who has that????


Banks ain't loaning shit. They are terrified....
Handguns are a skill; shotguns an art; rifles a science.
_____________________________________
Democracy is two wolves and a sheep voting on whats for dinner.

Disarmament is the precursor to Genocide.

Better to take action now rather than chances later. Your choice.
Anonymous Coward
User ID: 351554
United States
07/10/2008 10:26 AM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
People are living out of their cars in parking lots of local ghost towns set up to receive these now poor people. People are also dumpster diving for their meals, no joke. Can we say 9-11, Katrina and martial law? There is absolutely no monetary resolution to save this soon to be defunct system.
Anonymous Coward
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Netherlands
07/10/2008 10:32 AM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
Fortis is right

Soon
Anonymous Coward
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07/10/2008 10:51 AM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
Pittsburgh news station has a segment the other night about all the houses that have been foreclosed and for sale. They said the city is going to have to start charging the banks that own the properties for the up keep the city does to the lots. Mowing grass, draining pools, ect.

They said the city is not in that business so they have to charge to cover the cost to keep the properties from becoming a danger to local residents and being condemned.
Anonymous Coward
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07/10/2008 12:15 PM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
The American economy is completely collapsing as the charts and analysis of this article conclusively prove:

[link to theendtimesblog.blogspot.com]
Skipper1975

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07/10/2008 12:53 PM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple

~we(me,kalindi,nimai and our unborn) need some help.
[link to blogs.myspace.com]
Anonymous Coward
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07/10/2008 01:44 PM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
I just don't see it. No one wants doom more than I do. But the houses that are vacant get filled pretty quickly. All the houses that were for sale last year have people living in the now. I suspect the ones that are for sale now will be occupied soon too.

People are still getting easy credit. My mother just got a loan on one of her vehicles and she already owed money on it and has bad credit. In fact, she is on the hook for that restaurant we owned aroundn 5 years ago. It went bankrupt.

I see places opening and being built everywhere.

I am starting to think all this doom is just in the papers and on the net.
Anonymous Coward
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07/10/2008 02:25 PM
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Re: U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
^^^ Think so ...

Where does the money for that loan come from ?

Where does the interest come from ? Where does it go ?

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