Comments on: Home Foreclosures Continue to Surge. What Does It All Mean? http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/ Thu, 18 Mar 2010 14:09:05 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: Sam Hill http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1250088 Sam Hill Mon, 31 Aug 2009 16:42:52 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1250088 The surge in home foreclosures means the wealth of the general population is disappearing with no way to recover. This is directly connected to jobs and wages. When unemployment was to hit 8% it was projected, by Credit Suisse home foreclosures would be 8.1 million over four years. Unemployment is now 9.4%. See what its means. When people with degrees, experience and training can't find work. When college graduates can't find work in their field of degree. When wages are low. People can not pay the rent. Simple cause and effect. The surge in home foreclosures means the wealth of the general population is disappearing with no way to recover. This is directly connected to jobs and wages. When unemployment was to hit 8% it was projected, by Credit Suisse home foreclosures would be 8.1 million over four years. Unemployment is now 9.4%. See what its means.

When people with degrees, experience and training can’t find work. When college graduates can’t find work in their field of degree. When wages are low. People can not pay the rent. Simple cause and effect.

]]> By: Frikken's Lunch Box http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1244097 Frikken's Lunch Box Sat, 15 Aug 2009 19:52:56 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1244097 Okay, so the federal government owns the bank that owns the houses, right? So, the federal government can then redistribute the wealth by distributing the houses to whomever it likes, right? Reparations anyone? Okay, so the federal government owns the bank that owns the houses, right? So, the federal government can then redistribute the wealth by distributing the houses to whomever it likes, right? Reparations anyone?

]]> By: Chicago http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243967 Chicago Sat, 15 Aug 2009 12:44:57 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243967 this proves that th government's mandated foreclosure moratorium simply delayed the inevitable. the housing market needs to bottom so that it can reset and rebuild. placing a moratorium on it will only postpone the market bottom and as a result would make the landing a lot harder. all government intervention in any market does not have a postive impact in the long term. as long as millions of people are not finding jobs, the foreclosure market will keep accelerating. what the government needs to do is to get out of the way and let the housing market find the bottom so that it can start the pricing correction in earnest. house prices are still bloated due to the foreclosure moratorium...since the government is desperately tying the hands of the free market it is digging a deeper hole in the process. if the foreclosures were allowed to accelerate at the beginning of the year it would have bottomed this summer but now the bottom looks like it's still 6 months ahead. not a good scenario since the housing market is one huge anchor that's keeping the economy from recovering. let the forecolsures occur in earnest and allow the market to bottom out. reinflating the housing bubble is not the answer. the pricing for real estate form bubble levels need to correct, there's no ifs ands or buts about it. this proves that th government’s mandated foreclosure moratorium simply delayed the inevitable. the housing market needs to bottom so that it can reset and rebuild. placing a moratorium on it will only postpone the market bottom and as a result would make the landing a lot harder.

all government intervention in any market does not have a postive impact in the long term.

as long as millions of people are not finding jobs, the foreclosure market will keep accelerating. what the government needs to do is to get out of the way and let the housing market find the bottom so that it can start the pricing correction in earnest. house prices are still bloated due to the foreclosure moratorium…since the government is desperately tying the hands of the free market it is digging a deeper hole in the process. if the foreclosures were allowed to accelerate at the beginning of the year it would have bottomed this summer but now the bottom looks like it’s still 6 months ahead. not a good scenario since the housing market is one huge anchor that’s keeping the economy from recovering.

let the forecolsures occur in earnest and allow the market to bottom out. reinflating the housing bubble is not the answer. the pricing for real estate form bubble levels need to correct, there’s no ifs ands or buts about it.

]]> By: NoBamaNoWay http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243950 NoBamaNoWay Sat, 15 Aug 2009 09:06:56 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243950 jobs, jobs, jobs, and GOOD jobs. that's what we need, and it isn't going to happen overnight. it has taken decades to run this country into the ground, and it is going to take years, at least, to rebuild our economic foundation. Sorry, forgot to add great post! Can't wait to see your next post! jobs, jobs, jobs, and GOOD jobs. that’s what we need, and it isn’t going to happen overnight. it has taken decades to run this country into the ground, and it is going to take years, at least, to rebuild our economic foundation.
Sorry, forgot to add great post! Can’t wait to see your next post!

]]> By: NoBamaNoWay http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243905 NoBamaNoWay Sat, 15 Aug 2009 04:25:13 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243905 jobs, jobs, jobs, and GOOD jobs. that's what we need, and it isn't going to happen overnight. it has taken decades to run this country into the ground, and it is going to take years, at least, to rebuild our economic foundation. jobs, jobs, jobs, and GOOD jobs. that’s what we need, and it isn’t going to happen overnight. it has taken decades to run this country into the ground, and it is going to take years, at least, to rebuild our economic foundation.

]]> By: Walter M. Clark http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243841 Walter M. Clark Sat, 15 Aug 2009 02:04:22 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243841 Ellen D, A qualified veteran can get a home loan with nothing down. I did in 1997, and since I sold that home and paid off the VA mortgage I'll be using another zero down VA mortgage when I buy my next home, sometime late 2009 - early 2010. Walter M. Clark Ellen D,

A qualified veteran can get a home loan with nothing down. I did in 1997, and since I sold that home and paid off the VA mortgage I’ll be using another zero down VA mortgage when I buy my next home, sometime late 2009 – early 2010.

Walter M. Clark

]]> By: devildog666 http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243641 devildog666 Fri, 14 Aug 2009 18:59:23 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243641 This guy refers primarily to SoCal but the observations are good. http://www.doctorhousingbubble.com/ This guy refers primarily to SoCal but the observations are good. http://www.doctorhousingbubble.com/

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243636 Ellen D Fri, 14 Aug 2009 18:34:13 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243636 Thanks, Seattle Moss. That looks like a great site! Thanks, Seattle Moss. That looks like a great site!

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243629 Ellen D Fri, 14 Aug 2009 18:22:29 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243629 Changing the accounting rules has royally screwed everyone. As Lincoln said: Calling a tail a leg doesn't make it one." And inflating a value doesn't make it so. A toxic asset is a toxic asset. Changing the accounting rules has royally screwed everyone.

As Lincoln said: Calling a tail a leg doesn’t make it one.”

And inflating a value doesn’t make it so.

A toxic asset is a toxic asset.

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243623 Ellen D Fri, 14 Aug 2009 18:11:47 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243623 mine too - two of them. mine too – two of them.

]]> By: oowawa http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243618 oowawa Fri, 14 Aug 2009 18:08:54 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243618 Wow--thanks for the tip & the link, Seattle Moss. I'll be watching this site. Wow–thanks for the tip & the link, Seattle Moss. I’ll be watching this site.

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243613 Ellen D Fri, 14 Aug 2009 18:01:01 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243613 Plus, oowawa, seniors were badly hit by the "refinance" pressure. We gave up paying our mortgage at the bank that held it because every time we did the teller gave us a strongarm pitch to refinance. When we listened to one and spoke to their mortgage department, then turned them down, the agent phoned us at home to angrily tell us what a dump our house was, and how no one else would ever give us a mortgage because of the type of construction of our house. We reported her to her boss, but we are tougher than a lot of seniors. Plus, oowawa, seniors were badly hit by the “refinance” pressure. We gave up paying our mortgage at the bank that held it because every time we did the teller gave us a strongarm pitch to refinance.

When we listened to one and spoke to their mortgage department, then turned them down, the agent phoned us at home to angrily tell us what a dump our house was, and how no one else would ever give us a mortgage because of the type of construction of our house.

We reported her to her boss, but we are tougher than a lot of seniors.

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243607 Ellen D Fri, 14 Aug 2009 17:50:40 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243607 I'm not clear what you meant, Ginger. It took me 8 years to save the 15% down the bank needed to get a mortgage for my first house. What's wrong with requiring a 10 to 15% down payment? I’m not clear what you meant, Ginger.

It took me 8 years to save the 15% down the bank needed to get a mortgage for my first house.

What’s wrong with requiring a 10 to 15% down payment?

]]> By: imustprotest http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243598 imustprotest Fri, 14 Aug 2009 17:33:50 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243598 Yes, there were. But they're bringing everyone down with their greed. There are some, and you don't seem to be one of them, who lump them altogether and seem to suggest an, oh well, attitude about everyone, no matter what their circumstances. Thank you for your kind response. :) Yes, there were. But they’re bringing everyone down with their greed. There are some, and you don’t seem to be one of them, who lump them altogether and seem to suggest an, oh well, attitude about everyone, no matter what their circumstances. Thank you for your kind response.
:)

]]> By: Patience http://www.noquarterusa.net/blog/2009/08/14/home-foreclosures-continue-to-surge-what-does-it-all-mean/#comment-1243593 Patience Fri, 14 Aug 2009 17:28:25 +0000 http://www.noquarterusa.net/blog/?p=30328#comment-1243593 No, I didn't mean to suggest a typical family who's caught up in this mess. Rather, considering the rapid pace home "values" were climbing, there were surely a lot of speculators in the market. No, I didn’t mean to suggest a typical family who’s caught up in this mess. Rather, considering the rapid pace home “values” were climbing, there were surely a lot of speculators in the market.

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