unfortunately, it's far worse than the OP even
all three housing indicators are at historic bads
home SALES are at a RECORD LOW, four straight months
home VALUES are thru the floor
and most ominous, home FORECLOSURES have topped 300,000 a month for 11 straight months---WITH NO END IN SIGHT
ap says 4.5 million NEW foreclosures will file in 2010
bear in mind that fed efforts to keep down home interest rates expire THIS WEEK
and the tax credit for first time buyers ends APRIL 30
worse, ap reports
PRESIDENT OBAMA'S HOME MORTGAGE RELIEF PROGRAM, HAMP, HAS BEEN A DUD
1.1 million people applied for assistance but only 170,000 were able to FILL OUT THE FORMS
(a lot like clunkers)
and
MORE THAN HALF OF THOSE WHO RECEIVED MORTGAGE MODIFICATIONS RE-DEFAULTED ON THOSE WITHIN 9 MONTHS
it's almost SIXTY PERCENT if you go back a full year
summary:
1. the housing market is WORSE, a lot WORSE, now than when pieface moved into pennsylvania ave
2. the housing crash is what PRECIPITATED all this pain
3. FORECLOSURES ARE STILL RISING
4. SALES are projected to a dismal 300,000 FOR A YEAR
5. the pieface's HAMP is a DUD
6. cuz everyone he keeps bailing out just keeps going bust
everyone with a deadbeat brother warned him but obtuse obama just can't HEAR (despite the largeness of those lobes)
a lot of the people we're talking about are currently residing in homes a lot bigger, shinier and NEWER than yours, by the way
but we're all paying for em
so the president decides to just do more of the same
and those who physically can't make good on their debts will just walk away
the federal deficit takes all the more balloon-like EXPANSION
til everything just goes POP!
OBAMA'S BIG BANG!
Foreclosures exceed 300,000 for 11th straight month | The Money Times
Housing market's recovery appears at risk - Boston.com
Sales of New U.S. Homes Dropped in February to Lowest on Record - Bloomberg.com
Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg.com