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Thread: Foreclosures Rise, Repossessions Set Record

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    Foreclosures Rise, Repossessions Set Record

    News Headlines

    US foreclosure activity rose in August from the previous month, and banks and lenders took ownership from homeowners at a record pace, according to a new report released Thursday.

    Bank repossessions, often the final step in the foreclosure process after a home fails to sell at auction, increased about 3 percent from the month before to 95,364, a record high. At the same time the number of properties that received default notices—the first step in the foreclosure process—decreased 1 percent from a month ago and fell 30 percent from a year ago, a sign that lenders are focusing on their backlog of foreclosure inventory before tackling new distressed loans, according to foreclosure listing website RealtyTrac, which released the report.
    Some comments

    1. The housing collapse is what brought us here.

    2. We can't get out until it stabilizes.

    3. Yet, far from rebounding, far from finding equilibrium, the market is still sinking.

    4. With no bottom in sight.

    5. This is not news.

    6. Market analysts for 2 years have been reporting their monthly assessments, all the same, all dismal, all forecasting further falls and foreclosures, 3 to 4 million more foreseen.

    7. Nearly 1 in 3 US homeowners is underwater.

    8. How many of them are unemployed or underemployed?

    9. How many are small business owners about to be hit with a massive tax increase?

    10. The White House, meanwhile, is witless.

    11. Its relief efforts to bailout the subprimed have been universally panned as a "dismal failure" (Jackie Speier, who survived the Jim Jones massacre, tho shot 5 times, was the first I heard to call it such).

    12. Half those HAMP'ed have already redefaulted.

    13. The biggest beneficiaries of Obama's bailout are, by course, bigwig bankers.

    14. These things are all intricately interrelated, you recognize.

    15. Consumer confidence crashed in September.

    16. Auto sales suffered their worst August in 30 years.

    17. Our trade deficit is thru the floor.

    18. And our oblivious Obama blithely babbles on about how we're all headed in the right direction.

    19. How outrageously outta touch can an Obama be?

    20. Ask James Carville, committed Clintonista.

    21. Progressives plead, drop the pollyanna pitch.

    22. Stick to TAXING THE RICH, they detail.

    23. When it comes to our economy this executive is clueless.

    24. Alinsky is all about politicals and socials, completely empty concerning ACCOUNTING.

    25. The FOREIGN POLICY of the oblivious one is equally BEREFT.

    26. SOCIALLY, he's as outta touch, it's fair to say, as an anti-colonial from Kenya.

    27. CHRISTINE O'DONNELL expresses far more aptly the American heart.

    28. Economically we are challenged, as a nation once great, to survive this alien incompetent's upside down policies.

    29. Politically, however, he and his are roadkill.

    30. Embarrassed yet?

    The Prof

    U.S. Foreclosure Filings Rise 16% as Bank Seizures Set Record - BusinessWeek

    Foreclosures rise in July - Aug. 12, 2010

    US foreclosures up 4%; top 300000 for 17th month on the trot | The Money Times

    U.S. Foreclosure Filings Top 300,000 for 11th Month (Update1) - BusinessWeek

    31% Say They Owe More on Mortgage Than Their House Is Worth - Rasmussen Reports™

    Daily Kos: Mortgage Relief Progam a Dismal Failure

    Few helped by Obama

    Experts: Obama

    Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg

    Banks to benefit most from White House program to help fight foreclosures - The Hill's On The Money

    U.S. Consumer Sentiment Index Unexpectedly Declines - Bloomberg

    Weak auto sales are latest sign of sluggish U.S. economy - Sep. 1, 2010

    US posts widest trade gap in 20 months

    What Democrats want Barack Obama to say - Glenn Thrush - POLITICO.com

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    Re: Foreclosures Rise, Repossessions Set Record

    1. So much for the Summer of Recovery.

    2. California unemployment rate is hovering around 12.3%.

    3. The Cash for Clunkers was a major flop and caused a short blip is sales but now a year later car sales are well below last year. And it cost you and I $28,000 per car sold in this boondoggle.

    4. More than a year after Congress approved $800 billion in stimulus funds, the Los Angeles city controller has released a 40-page report on how the city spent its share, and the results are not living up to expectations.
    "I'm disappointed that we've only created or retained 55 jobs after receiving $111 million," said Wendy Greuel, the city's controller.

    5. Federal tax cuts are going to go away because of the Liberals, being stupid. A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.

    Does any of this sound like a recovery or the frugal use of stimulus money or good ideas to help us in a recovery? .
    Hell no but it is typical for the way the Trifecta of doom Obama, Pelosi, Reid have come up with idiotic ideas have just not paned out worth a tinkers damn.

    My State is going to die a slow and Painful death thanks to Jerry Brown's past reign as Gov. when he allowed the Unions to start the wrecking ball contracts that are bankrupting the State today and he has the gut's to claim he can fix it? Give me a break.

    If it's the Trifecta of doom or Jerry brown come Nov. flush them down.

  3. #3
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    Re: Foreclosures Rise, Repossessions Set Record

    i too am a golden stater, lifer, and here's my take

    californians have known for about ten years we are doomed, fiscally speaking, i mean

    for a few of those first years we looked naturally to leadership in sacramento for solutions

    ahnald called the seiu's and cta's bluff in the form of the super famous special election of 2005

    they were scared of him, the media trembled, he'd just been elected to replace the disgraced, recalled gray davis

    the gubernator put up FOUR props he personally prescribed, most excellently timed and framed---parental notification before minor abortions, teacher tenure reform, no union political contributions without prior approval by dues payers, spending limits...

    the nurses gutted the gub, schwarz went 0 for 4

    since then, we've seen nothing but cynicism, gridlock, throwing up hands

    they leave town a lot

    the point---californians, in my opinion, have completely given up on sacto to come up with anything remedial, there is nothing out here but antipathy for and disgust with our state capitol

    also to be stressed---this sense of utter despair, politically speaking, has been the status quo here for many years

    i just can't see this state going blue, hard as that is to see due to our demographics

    but no way any of my neighbors, fellow schoolteachers, churchgoers, friends feel a fillup of faith for jerry moonbeam brown to offer up anything, y'know, real

    in times like these

    we'll see

    in the senate, i can also tell you that barbara boxer's problem is she's a bitch

    i wouldn't say that about difi, i couldn't, i'd be wrong, she's way too smart

    can't say it about a lotta dem femmes

    but boxer, i'm telling you, that's her rep

    it's personal

    she's never been in a difficult race, she's never been challenged

    in may of 09, we had another special election, precipitated by the crisis that was our budget

    6 props were up, the results held great meaning

    1a would have increased the state's rainy day fund, paid for by a 2 year tax increase passed separately in assembly and dependent on 1a's approval---it failed, 35 to 65

    1b was money for schools, also downed, 38 to 62

    1c called for borrowing from future lottery revenues to blah blah blah---nope, 38 to 64

    1d was a tobacco tax which was extinguished, 34 to 66

    1e was a "one time" "reallocation of income tax" to allow the budget busters to blah blah blah---californians killed it, 34 to 66

    1e was the biggie, it was billed as "pass or we'll fall into the pacific," ahnald was all over it

    1f eliminated payraises for assemblymen and women, passed overwhelmingly, 74 to 26

    that was 17 months ago, but then we're like greece, way ahead of the curve

    big changes out here on the left coast
    Last edited by The Prof; 09-18-10 at 04:06 PM.

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    Re: Foreclosures Rise, Repossessions Set Record

    big news from CA

    the central valley, finest farmland in the nation, formed by drainage of the san joaquin and sacramento rivers, has been turned literally into a virtual dust bowl by its being unnaturally deprived of delta water in order to save the little tiny silverfish, the smelt

    http://www.nytimes.com/2009/04/17/us/17march.html

    unemployment in the regions surrounding turlock, merced, fresno, heavily hispanic, are pushing 40%

    well, it comes as NO surprise to those of us living nearby to learn TODAY that bitchy barbara boxer is currently trailing the latest teatotaler, carly fiorina (she embraced the wingnuts late last week, after the witch won), by TWENTY ONE PERCENT

    in the heavily hispanic central valley

    Fiorina's Prospects? Just Add Water - IBD - Investors.com

    IF---i repeat, IF---that is true, then you can bid bye bye to bitchy barbara boxer

    SHE, by the way is running about 10 points AHEAD of THE MOONBEAM

    thus, blow goodbye to brown, as well

    you know that IF reds take CALIFORNIA it is going to be very, very difficult for dems to hold on to the senate, with or without the witch from delaware

    finally, knowledgable nudgeniks have noticed since the start of all this that IF the central valley abandons the blue/green's of sacto, then incumbent dem CONGRESSMEN dennis cardoza (CA18, the northern valley, stockton, merced, los banos) and jim costa (CA20, the south, kerns and king and fresno) are gone too

    the point---according to the cooks and rothenbergs, et al, these two seats are on the order of pickups NUMBER 80 and NUMBER 90 for the party of the orange dude who smokes 2 packs

    fyi
    Last edited by The Prof; 09-20-10 at 05:49 PM.

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    Re: Foreclosures Rise, Repossessions Set Record

    Yep, **** is bad. What do you want government to do about it?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Foreclosures Rise, Repossessions Set Record

    California's water supply problems is another Enron. People never learn.. .. ..and greed is alive and well.

    Water Wars: Billionaire Farmers Scheming to Privatize California’s Water Are Under Attack - By Yasha Levine - The eXiled
    ~snip
    Stewart Resnick, a Beverly Hills billionaire “farmer” credited with being the brains behind the Kern Water Bank water privatization scheme, pocketed $40 million in taxpayer funds from 2000 to 2007 via a single water buyback program administered by California’s water officials. Stewart, whose private holding company Roll International owns Fiji Water, Pom Wonderful, pesticide manufacturer Suterra and Paramount Agribusiness, the largest farming company in America and the largest pistachio and almond producer in the world, has also been using the Kern water bank to grow even bigger, nearly doubling his cultivated land holdings just in the three years after the Monterey Agreements.

    The Monterey Agreements did more than transform public infrastructure into a personal ATM machine for a small group of wealthy people–they also implemented a generous debt forgiveness scheme that released farmers like Resnick from having to repay the state bonds that had financed the aqueduct system used to pipe in their subsidized water–and instead put California’s residents on the hook for the cash.

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    Re: Foreclosures Rise, Repossessions Set Record

    tell it to the mostly hispanic residents of the valley who by a plurality of 22% appear to be going for fio

    adios, california

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    Re: Foreclosures Rise, Repossessions Set Record

    Quote Originally Posted by Boo Radley View Post
    Yep, **** is bad. What do you want government to do about it?
    Just wanting to know if the Prof or other conservative is going to answer me? What do you guys want government to do about it?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Foreclosures Rise, Repossessions Set Record

    Quote Originally Posted by Boo Radley View Post
    Just wanting to know if the Prof or other conservative is going to answer me? What do you guys want government to do about it?
    You know that is the funny thing about their argument sometimes.

    It's like, Government shouldn't do anything.

    And if Obama hadn't of done anything, I.E. No stimulus etc. and things were worse, you can bet they'd be hammering him for it.

    The classic tax cut/spending isn't gonna work this time. We're in such a big hole it's scary. And it's all our faults. We built a society on nothing but thin air (credit)

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    Re: Foreclosures Rise, Repossessions Set Record

    Quote Originally Posted by Boo Radley View Post
    Just wanting to know if the Prof or other conservative is going to answer me? What do you guys want government to do about it?
    Demonstrate fiscal accountability. Be responsible to their taxpayers. Stop spending 500 million dollars on a single schoolbuilding. Clamp down on illegal immigration and stop creating social service programs and spending money like illinois crackwhores. Start charging their citizens appropriately for upper education programs. Use intelligent decision making when it comes to managing waterways and power grids. For starters.

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