Banks to Repossess One Million US Homes this Year
Submitted by Michael Nystrom on Thu, 07/15/2010 - 15:10
in
July 15 (Reuters) - Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday.
The root problems of job losses and wage cuts persist, making a sustained U.S. housing recovery elusive.
Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, RealtyTrac said in its midyear 2010 foreclosure report.
Repossessions will likely top 1 million this year.
Harvest time for
the syndicate!
So the banksters get to profit..
from the rest of America's misery?!
But that man should play the tyrant over God, and find Him a better man than himself, is astonishing drama indeed!~~D. Sayers
There is no difference between an authoritarian government from the right or the left...F. A.Schaeffer
Sorry
I accidentally pushed enter. Here is a link to a film which covers relevant themes, including the late 1800s, when massive home repossession occurred.
The Secret of Oz_chunk_1
http://www.youtube.com/watch?v=l9W-SQrzNgE
A link to a film covering
http://www.youtube.com/watch?v=l9W-SQrzNgE
And all they had to do was press a button
I think everybody should stop paying their mortgages and nobody would care to repossess anyone else's house. Let the bank presidents come ask personally if they want it so bad.
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The banks got all our money
The banks got all our money via the bailouts and now they get all the property. Gee... I wonder how that happened?
If only an act of God could set fire to all the bank owned homes.
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Wouldn't that
just be an insurance windfall for the banks? Then I suppose the insurance companies would haved to be bailed out at our expense and the prices would soar.
Your comment was probably
Your comment was probably made in jest, but the destruction of property does nothing except make us less prosperous.
maybe an act of God will burn
maybe an act of God will burn down the insurance companies as well. ;)
Yes - you're right, no matter what they will simply print the money they want to counterfeit to steal our wealth for themselves. It will never end until the Fed ends.
http://RunRonPaul.com
http://AuditTheFedPhoneBomb.com
http://MSMBoycott.com
And it's more than that;
And it's more than that; Fractional reserve banking needs to be expressly prohibited. The amount of money in the form of credit dwarfs what the FED itself can do.
*
People losing their homes is not a good thing, true. But the key is to learn from these mistakes. Either we have a system where Fannie-Freddie were making loans to people who couldn't afford them. Banks were doing the same thing. People not planning to be fiscally responsible and getting into debt too deep, thus not being able to withstand extra debt when they had no job.
Not to mention the Federal Reserve... but thats alot of the problem. I think Peter Schiff has it right when he says the prices of houses need to drop to a more reasonable level in generally more areas. Inflated prices for houses make the loans and mortgages more difficult to pay.
Actually a better system is
Actually a better system is where Fannie and Freddie don't exist at all. The federal government has no Constitutional purview in real estate.
This is all a predicable consequence as a result of a fiat monetary system that's predicated on a fractional reserve banking model. This was bound to happen.
Schiff, Mish, Rockwell and the rest of the Austrians are right: Home prices need to plummet. And they will. Home prices in California were going for 5+ times multiples (value:income) at the peak in 2006! Realistically, prices need to come to something closer to 1:1. It will happen.
. bump
very sad day so many losing their homes.
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Sad, but very necessary. If
Sad, but very necessary. If we keep on extending and pretending, we'll just end up in ruins. Sometime, somewhere, the malinvestments need to be liquidated. Unfortunately that means some families will become displaced.
there we go
Thanks for posting this Michael.
When I read this article this song comes to mind:
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"How can we justify to the unemployed and underemployed in the United States the incredible cost of maintaining a global empire?" - Dr. Ron Paul