People lose their homes at record rates in 2008.
By on Jun 5th, 2008 at 9:30 pm
People lose their homes at record rates in 2008.
The Mortgage Bankers Association reports that roughly 1 percent — or 447,723 loans — fell into foreclosure during the first three months of this year, marking a new record. “Americans’ equity in their homes — usually their single biggest asset — now has dropped to the lowest level on record in figures going back to the end of World War II. Homeowners’ portion of equity fell to 46.2 percent, which means the amount of debt tied up in their homes exceeds the equity they have built up.”
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Yeah, those rebate checks have really come in handy. Thanks, Chimp!
June 5th, 2008 at 10:15 pmWell the sad part is, as long as Dictator Bush is at the helm, it is only going to get WORSE. Pretty sad the only thing he cares about is his Global Domination efforts. Never mind our own country is literally falling apart at the seams!
JT
June 5th, 2008 at 10:22 pmThink your ISP is snooping?
Well, at least the pattern with the RNC trolls is still the same. The Bush Republicans create a huge mess and duck out just as it is blowing up. The Democrats start to take action (being blocked by Bush Republicans at every step of the way) to clean it up and then the Bush Republicans blame the Democrats for the mess.
June 5th, 2008 at 10:26 pmThe problems with the subprime mess began under the control of a Republican led congress TheRight when they deregulated the banking industry. If you had a bit of intellectual honesty you would have already studied the cause of the problem.
As for inflation and rising prices thats directly attributable to war. Look at any conflict and you’ll see inflation.
As for the rest of your remarks they are not backed up by any factual evidence and as such have been round-filed.
June 5th, 2008 at 11:02 pmAhh, TheRight who is always wrong,
It’s the oil companies themselves who didn’t want new refineries… they have consistently opposed and blocked their construction- you see, long ago they realized that they were selling a resource that was finite and they didn’t need to make more gasoline to make more money, they needed to make less… so they have, and guess what?!? IT WORKED!!! Gas Prices are through the roof and Oil Company Profits look down on the Sears Tower!
We Progressives blame you Bush Democrats for that, for the mortgage crisis, for the weak dollar, for our terrible foreign policy, for the criminal messes in Iraq and Afghanistan, and for so much more…
and sadly for you- the voters seem to agree with us…
we’ll clean up your mess, yet again… we don’t expect you to come along, but we insist you get out of the way.
June 5th, 2008 at 11:05 pmIn the last 30 years or so Democrats have not allowed our oil companies to drill domestically for oil or build new refineries. -TheRight
Thats bull, the Republicans had been in power from 1994 until 2006 and they fixed none of these problems your bleating about.
June 5th, 2008 at 11:07 pmOh, TheRight, stop reading MSM news and listening to Pundit radio. Some 4.3 billions of oil has been found in North Dakota.
ANWR is a political canard.
June 5th, 2008 at 11:15 pm“Americans’ equity in their homes — usually their single biggest asset — now has dropped to the lowest level on record in figures going back to the end of World War II.
This is the legacy of Reagonomics and conservatism in general. The right has been telling us for the past thirty-five years that free markets and tax breaks for the rich will bring us all prosperity but the fact is, one of the most popular decades in recent history happens to be the most socialistic period in this country.
http://progressiveworldreview.com
June 5th, 2008 at 11:23 pmThank you belac and Xisithrus. Very well stated. Of course, the troll will ignore the facts and keep spouting crap. I guess their only pleasure is trying to stir us up, silly trolls. Their koolaid must be tasting rancid by now.
June 5th, 2008 at 11:26 pmInvestors and speculators have moved away from SIV’s because the credit/bond market is still frozen and have put their money in commodities which has helped raise prices. Speculation, of course is not the only cause of high oil prices but a part of it.
Bernanke is set to inject another 225 billion in loans in June I hear to try, again, to create liquidity in the credit industry.
June 5th, 2008 at 11:30 pmThanks LV, I dont let the trollips to stir me up, I am usually chuckling when I write. If they expect third grade semantics they arent going to get it from me, plus it screws up their dittohead agenda 8^D
June 5th, 2008 at 11:33 pmTheRight Says:
In the last 30 years or so Democrats have not allowed our oil companies to drill domestically for oil or build new refineries.
June 5th, 2008 at 10:49 pm
You’re so full of shit, that it’s leaking out your ears. There is oil drilling in Louisiana, and refineries. I just drove across Wyoming, and guess what!? Oil wells and refineries! Montana, refinery after refinery.
Open your eyes, you stupid 25%er — people like you are responsible for the state of this country. No one else.
June 6th, 2008 at 12:01 amWell there was that area off the coast of a certain state with a certain governor which seemed off limits for some reason…
June 6th, 2008 at 12:31 amAnd just to put everyone on notice…explain how the banks have gotten record amounts of $$$ for a bailout and are getting nearly no-interest loans from the fed…yet they are still taking homes at a record rate. The government would have been better off paying off people’s mortgages with the money. Banks still get the funds but it shrinks the inventory of homes on the market which stabilizes the prices. Right now the banks are taking homes and not lending money. That equals high inventory and a stagnant economy.
Nice job!
June 6th, 2008 at 4:06 amAnd Dick Cheney says, “So?”
June 6th, 2008 at 8:08 amRemember Ed McMahon and his TV ads telling us all how to get rich?
His multi-million dollar pad in Beverley Hills is in foreclosure.
Heeeeeerrrrrrrrre’s poverty!
June 6th, 2008 at 8:39 amWelcome to the New regime! thank you dictator Bush!
JT
June 6th, 2008 at 8:40 amUltimate Anonymity
@nr 5 TheRight
June 6th, 2008 at 12:09 pmPerfect logic. Mortgages are lost because we cannot drill for oil. Who would have thought that the economy was so complex. And all those starving old people. Spending ALL their money on gas? Driving that much? Let them eat gas.