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Monday, January 18, 2010

Record Year For Foreclosures

The Huffington PostImage via Wikipedia

recently ran this article: "Record Year For Foreclsoures: 2.8 Million Households Threatened In 2009, Up 21 Percent".
In December, more than 349,000 households, or one in 366 homes, were hit with a foreclosure-related notice. That represents a 14 percent spike from November and a 15 percent jump from December 2008.

Banks repossessed more than 92,000 homes, up 19 percent from November.
The foreclosure crisis isn't letting up. Between 3 and 3.5 million homes are expected to enter some phase of foreclosure this year, said Rick Sharga, senior vice president of Irvine, Calif.-based RealtyTrac, which began tracking the data five years ago.
With this information, does anyone believe that we are in a "recovery"?  Of course we are not and it may get worse.  Commercial real estate will get worse and just add to the problems.  Unemployment and Underemployment will continue to plague our economy and prevent any real recovery in the foreseeable future.

Loan Modification programs and attempts by the government to do so are a total sham. 

Without a real recovery in real estate and recovery of lost jobs as well as a restoration of the middle class there can be no recovery.

What we need is definitive action not more of what I call "feel good" reporting from both our media and their government handlers.  Only a few - like the HuffPost - dare to tell it like it is. 

Isn't it interesting how the late night programing on NBC creates more news then does our economic crisis.  I have news for the networks, homeless people don't have televisions and if this economy continues to decline so will your viewership.

We are in a cycle of declining returns.  The more foreclosures, the more property values decline.  The more values decline the more our economy declines.  The more our economy declines the more unemployed we have.  A never ending cycle of decline.

This cycle can be stopped.  But stopping it might go against and end the plan for total economic domination by our Federal Reserve and their member banks. 

Read the HuffPost here

Other related articles:

Why Obama Must Take On Wall Street

The Great Bank Robbery Conspiracy Paulson Bernanke Geithner Goldman Sachs Bankers Steal Your Money Bank

Few Burns for Four Bankers on the Hot Seat

Stop the Abuse: It's Time to Break Up With Your Big Bank

Fed Is Again Accused of Blocking Release of A.I.G. Bailout Information

Wall Street Will Be Back for More

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