An Awful 2011 Could Crush The Middle Class Dream Of Home Ownership

catherine at 22:07 2011-01-04 said:

great great article and I have been writing for 3 years that the banks didn't have to pay the local taxes until they took title, big big big reason to leave the toxics sitting in the basement and we have sprinkled 24 trillon on this mess to keep the banks holding those toxics whole...............city and county and state governments are being destroyed by this and no mention in the media of the cause for their destruction, absolutely no connecting the dots from jobs to foreclosures to no government money, absolutely none.........

Do you think they are paying the 'unoccupied' insurance (triple) on the vacant properties too, yeah right? Where are those payouts on the accounting ledger? Instead they just keep pumping tax dollars into the banks and insurance companies to keep them whole while letting the unemployed homeowner go to suicide tent cities............

the following points she made:

11 million homes “underwater”, which is 21.5% of the total number of mortgages nationwide. In july 2007 people would bash you with a bat if you thought anymore than 3%of the mortgages would go bad - BAD BEATDOWN and still are..............it would be curious to find out just what the percentage of subprime loans are, wouldn't it? 22%, nope we are cutting into the PRIME bone.

• 4.2 million seriously delinquent mortgage holders

well the GOOD NEWS ( :lol: ) IS THAT only 380,000 people lost their employment last month............ :shock:

• 6 million homes in “shadow inventory

if we don't talk about it and it is kept in the shadows I am sure it won't destroy the banks or the economy :roll: :roll: ............

• 4.2 million seriously delinquent mortgage holders • 6 million homes in “shadow inventory” • 9 months of listed housing inventory at all price points • 50% fewer first time home buyers compared to from a year ago the baby boomers and gen xers are 39% of the BUYERS, THEY ARE GONE............the illegals are now gone since World isn't putting them into houses now..........so when the EXPERTS talk about recovery they ALWAYS leave out the buyers that have exited the MARKET FOREVER..........

I wrote in 2007 that rates could be 0 and people who had no jobs couldn't buy. We have just seen that and now rates are going to rise. The one thing that everyone leaves out is that all this destruction, ALL THESE FORECLOSURES are not the option loans that were going to rise and consequently throw people out of their property, interest rates have kept most arms from blowing sky high, so raise rates and then add all that damage to the pile......

Union workers in government are next to come to the party, they will start losing their jobs like the private workers have in 2011....

JOBS JOBS JOBS, that is the only thing anyone should be talking about and working on instead they are probably going to throw hundreds and hundreds of billions more in tax dollars at the mods, if you don't have a job YOU CAN'T KEEP YOUR HOUSE...............

the first depression was caused by buying stocks on margin, this one is caused by buying houses on margin..............can you imagine the idiocy of TRYING TO MOD the bad stocks of the 30s.............just as crazy now.......

you give people back their jobs, THEY WILL PAY THEIR MORTGAGES AND THEIR TAXES AND INSURANCE AND BUY THEIR OWN HEALTHCARE............

we are doing everything backasswards, is it on purpose after 3 years or an accident?????? Permalink