Foreclosures in military towns quadruple the U.S. rate.
Foreclosures in military towns quadruple the U.S. rate.
Bloomberg reports today that “in the midst of the worst surge in mortgage defaults in seven decades, foreclosures in U.S. towns where soldiers live are increasing at a pace almost four times the national average“:
Foreclosure filings in 10 towns and cities within 10 miles of military facilities, including Norfolk, Virginia, home of the Navy’s largest base, rose by an average 217 percent from January through April from a year earlier. Nationally, the rate was 59 percent in the same period, according to RealtyTrac, which tallies bank seizures, auctions and default notices.
The biggest surge was in Columbia, South Carolina, home to Fort Jackson, where the Army trains recruits for combat in Afghanistan and Iraq. Properties in some stage of foreclosure rose 492 percent from a year earlier, RealtyTrac said. The second-biggest increase was 414 percent in Woodbridge, Virginia, next to the Marine Corps Base Quantico.
“We’ve never faced a situation like this, not in the Vietnam War, World War II, or the Korean War, where so many military are in danger of losing their homes,” Paul Sullivan, the executive director of Veterans for Common Sense, told Bloomerg.
Topic Cloud
ArchivesBlog Roll
Feel the Republican love.
So how many will still vote R come November?
Too many.
May 27th, 2008 at 11:54 amI guess the caging against the active duty will get even worse in November; keep those pesky military out of the voting process, as they might not like the Repug message any more.
May 27th, 2008 at 11:55 amThe Republicans made it very clear this week that they only care about the troops fighting in their wars, and that beyond that, they don’t even recognize them as human beings who deserve basic health care (prett much how they feel about all of us Americans actually).
How again did Bush get a second term? I still can’t reconcile how the thousands of military people and their relatives helped give that man a second term.
January 2009 cannot come soon enough!
May 27th, 2008 at 12:00 pm‘The Change You Deserve‘…
As a Veteran, you Deserve to lose your home.
As a Veteran, you Deserve 5-7 tours in Iraq.
As a Veteran, you Deserve less educational benefits.
As a Veteran, you Deserve to face suicide as a ‘way out’.
As a Veteran, you Deserve 1/3 the pay Blackwater gets.
As a Veteran, you Deserve the Worst. President. Ever.
May 27th, 2008 at 12:01 pmThat’s because dubya and McSame think the US Armed Forces are already too highly paid.
Who needs a GI Bill to get edumacated anyhow?
May 27th, 2008 at 12:05 pmI cannot believe what I’m reading. 414% right above Quantico? Too many statesiders are treating our troops like crap. And financial ruin can ruin a military career.
May 27th, 2008 at 12:05 pmmcsame:
“let’s not be too generous!”
May 27th, 2008 at 12:06 pm“We’ve never faced a situation like this, not in the Vietnam War, World War II, or the Korean War, where so many military are in danger of losing their homes,” Paul Sullivan, the executive director of Veterans for Common Sense, told Bloomerg.
Ah, but there is one precedent:
Bonus Army
The last time veterans lost homes to this extent was during the Great Depression, said Sullivan of Veterans for Common Sense. The so-called Bonus Army of almost 20,000 World War I ex-soldiers marched on Washington in June 1932 to demand early payment of certificates granted for service.
U.S. infantry and cavalry regiments under the command of General Douglas MacArthur attacked their encampment with bayonets and sabers to disburse them.
In these more humanitarian times, it’ll be watercannons, and tasers – or just wrap a chain-link fence around the encampment, and call it a “Freedom zone.”
May 27th, 2008 at 12:08 pmMy friend went to a Memorial Day parade in Norwalk, CT yesterday and she said that when the group Veterans For Peace came into view the woman with the megaphone announcing each participant said, “And now we have _____” she didn’t tell the crowd who they were unlike all of the other marchers.
That’s just wrong.
May 27th, 2008 at 12:08 pmI would like to see John McCain and President Bush try to live on what we pay our enlisted soldiers..
That is when you would see the military get a big raise. Just for one day walk in their shoes and then say that what you are paying them in fair. I think not…
May 27th, 2008 at 12:11 pmB-b-b-b-b-but Bush claims the military families didn’t need that pay increase he vetoed. He lied?
I’m shocked!
not.
Buy more made in China “Support the Troop” stickers and flag pins!
May 27th, 2008 at 12:12 pmmary Says:
Just an unforseen technical difficulty, I’m sure, Mary.
May 27th, 2008 at 12:13 pmMcCain thinks it’s “politically expedient” to care for the troops. Oh yes, that maverick stance.
Before you attack our candidate “for choosing not to serve in the military,” Mr. Flaky dry skin, understand that the bill is to benefit those after military life. Your talking point is empty because one doesn’t need to be a tactical expert to have the will to ease our troops into civilian life — something the GOP is terrible at doing even with tactical knowledge.
And since when does a president have to be a tactical expert to be a good CINC anyway? A president shows his strength on specific issues usually not through immediate knowledge, but through sound appointments. In this case, President Obama would be advised by the Joint Chiefs.
You’re not better than anybody, McCain, just because you were on active duty. The fact that you were a disaster as an aviator makes your military career null and void.
May 27th, 2008 at 12:17 pmI don’t know about the other areas, but Oceanside, near Camp Pendleton, also has significant gang activity, making these houses unattractive to potential buyers (even speculators). If this also the case elsewhere, we need a re-invigoration of these areas, as well as a program to place military in these foreclosed properties. Perhaps a Hud-based program to use miltary personnel to fix and refurbish these properties, and offer them to military-only folk at reasonable interest rates?
Sort of a government-backed, military version of Habitat for Humanity?
Wouldn’t that give conservatives fits?
May 27th, 2008 at 12:25 pmMcWars Says: The fact that you were a disaster as an aviator makes your military career null and void.
Expecting competence from a fortunate son is like expecting sacrifice from a republican. He’s a walking oxymoron, accent on the second syllable.
May 27th, 2008 at 12:30 pmNoVa does seem to have a gang problem, too, Barfly.
May 27th, 2008 at 12:30 pmGood point, Barfly.
May 27th, 2008 at 12:31 pm“We’ve never faced a situation like this, not in the Vietnam War, World War II, or the Korean War, where so many military are in danger of losing their homes,” Paul Sullivan, the executive director of Veterans for Common Sense, told Bloomerg.
well, there’s never been such a relaxation of the rules, before. Military folks are tragically but universally known a suckers for every possible scam. Cold-canvassing in a neighborhood near a base is one of the most lucrative forms of the art. EVERY young ‘war-bride’ wants a Kirby…
being as susceptible as they seem constitutionally to be (mebbe you hafta be a bit gullible to enlist in the first place), it does not surprise me that active-duty soldiers were easy targets for the unscrupulous mortgage and real-estate brokers.
May 27th, 2008 at 12:32 pmBut the 0.5% salary increase isn’t needed.
May 27th, 2008 at 12:34 pmThere is one problem with an all volunteer military.
If you make it more attractive, and draw more people into it, there’s even more incentive to USE the fu()king thing to blow up places and kill people.
Recruitment and retention are not unequivocal ‘goods’ in any case.
May 27th, 2008 at 12:35 pmBut, but….the mortgage companies aren’t doing anything illegal. They need to make a profit! Why do military families hate the mortgage companies?
May 27th, 2008 at 12:37 pm/sarc
If you make it more attractive, and draw more people into it, there’s even more incentive to USE the fu()king thing to blow up places and kill people.
Thus the Neocon agenda of shattering the current military.
Enter BLACKWATER.
I choose the volunteer route over the no-bid contract, working outside of international lawlessness of these a$$-clowns.
May 27th, 2008 at 12:47 pmI suspect part of the reason here is because of the target market for predatory lenders. They look for young people — particularly young families — who are looking to buy their first home (or who might be receptive to the idea that buying instead of renting would be a good thing). They want people who are buying their first home because they will be less familiar with the mortgage process and less likely to question promises and assurances made by lenders regarding adjustable rate mortgages and balloon payments.
The military fits this target market to a T. It’s no wonder that they are feeling the pain in greater numbers.
May 27th, 2008 at 1:04 pmBloomberg reports today that “in the midst of the worst surge in mortgage defaults in seven decades, foreclosures in U.S. towns where soldiers live are increasing at a pace almost four times the national average“
Just another example of how the working class in this country is nothing more than cannon fodder for the warmongering imperialists to use at their will.
http://progressiveworldreview.com
May 27th, 2008 at 1:05 pmSlightly OT. both SC senators voted against the Webb GI Bill.
This needs to get out to all the residents of SC, a population which is very proud of its soldiers and sailors (Charleston) and one that takes pride in its patriotism.
Send the link to anyone you know in SC. They deserve to know what their conservative values are getting their proud sailors, soldiers, and marines (Pendleton).
May 27th, 2008 at 1:37 pmThis article implies that the military are particularly hard hit with foreclosures, but that case is not made, only that the areas near military facilities are hard hit. The county in which Woodbridge is located had a great number of latino residents who are particularly hart hit with foreclosures, particularly since the county is making a concerted effort to get rid of them by reporting them to the INS when stopped for traffic violations, etc. I suspect more latinos than marines have lost their homes in Woodbridge. Of course, poorer people are especially hart hit, and both enlisted folks and minorities tend to fall into that category. But, please, if you’ve got evidence that it’s the servicepeople in particular, give us the data. You may be right, but I can’t tell.
May 27th, 2008 at 1:42 pmYeah, and remember, military families, you don’t need that extra pay raise, do you?
May 27th, 2008 at 1:44 pmAll hail the chymperor, Bushus IIIrd.
Fort Lewis, between Olympia and Tacoma is a great example of this. Payday check outlets up the gazoo, thrift stores are the only booming businesses…
May 27th, 2008 at 1:45 pmUm, dottieB1, their source is ‘according to data compiled by research firm RealtyTrac Inc. in Irvine, California. ‘
Why don’t you write them a letter and ask for the data to be delivered by FedEx.
May 27th, 2008 at 1:47 pm“We’ve never faced a situation like this, ….. where so many military are in danger of losing their homes,”
But we’ve also never had a “war” where so many of the enlistees were in the weekend warrior side of the military.
Let’s face it, these folks thought they would be training for a few days a month and be soldiers in cases of natural disaster.
Then we call them up and force them on tours of greater than a year and multiple tours at that. How many families, military or not, could deal with the loss of a paycheck for several years ????????
May 27th, 2008 at 2:34 pmThe biggest surge was in Columbia, South Carolina, home to Fort Jackson, where the Army trains recruits for combat in Afghanistan and Iraq.
Heh. Now, there’s a surge that’s really working…
May 27th, 2008 at 3:15 pmAs quoted, the research data tells where, not who. It’s the veterans associations that are saying it’s the soldiers. I’m sure the soldiers are affected, but it’s still an assumption that all the foreclosures around military bases are military.
May 27th, 2008 at 3:20 pmWhy, yes, Dottie, of course you’re correct! Who would be living close to military bases?? Certainly not soldiers and their families!
And when I look in a henhouse, I’m just sure I’m going to see puppies.
Whatever.
May 27th, 2008 at 5:14 pmNo one could have predicted!
I know I never could have predicted the military would finally start voting Democratic, out of sheer necessity and self-survival.
May 27th, 2008 at 8:29 pmDick Armey (formerly R-Texas, natch) is on the board of directors of Rent-A-Center, known for payday loans and furniture and appliance rentals to poor people. They do big business in military towns and bases.
May 28th, 2008 at 2:15 amRent-A-Center currently charges interest rates on one-week payday loans that are equivalent to an annual rate of as much as 782%, according to a company Web site.
He also opposed any increases in the minimum wage.
Republicans are as dangerous in retirement as they were in office.
In Illinois, Democrats in the legislature are equally guilty. Our criminal governor took $500k from the industry.
Isn’t there something in the bible about usury? WWJD?
Fundie Darryl, help me out here.
I have never been more ashamed of the United States of America as I am today. The treatment of the military and their families is hideous. Oh Uncle Sam will call for you to fight and lay down your lives for the good of the country and sing your praises, but that is where it ends. We as a country should be paying the mortgages of these brave men and women that are fighting for our rights. Why should they have to worry if their families have a place to live or if they even have a home to come back to, while being thousands of miles from home fighting a senseless war. And let’s give them a poverty pay to live on and unaffordable health care for them and their families. But we want their blood sweat tears and maybe to give their lives up for the ‘cause’. God help us. We need to clean up this country with the current administration and start protecting and caring for our servicemen and women. I am sure we can produce a law for the military to pay their mortgages while they are away at war. It is only fitting and proper that we should do this. And shame on us if we don’t!
August 14th, 2008 at 11:08 am