« Obama agenda to become infused in many TV programs next week | Main | Is the dollar really going to collapse? »

A record number of foreclosures in third quarter

According to Bloomberg News yesterday: (emphasis mine)

U.S. foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc.

A total of 937,840 homes received a default or auction notice or were repossessed by banks, a 23 percent increase from a year earlier, the Irvine, California-based seller of default data said today in a report. One out of every 136 U.S. households received a filing, the highest quarterly rate in records dating to January 2005.

"The problem is prime loans going into foreclosure and people being underwater and losing their jobs," Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles, said in an interview. "It's a really bad number."

Mounting foreclosures mean U.S. home prices probably will resume falling, analysts from Amherst Securities Group LP in New York said Sept. 23. A "shadow inventory" of 7 million properties are in the foreclosure process or likely to be seized, up from 1.27 million in 2005, they said.

Numbers like these speak volumes about the fact that we are not on the cusp of economic recovery as the Obama administration and liberal media insist. These are harrowing indicators of a recession that is going to last many years. We simply cannot spend or, even worse, print ourselves out of debt. We must provide incentives for industries to expand and resume hiring. That is done with tax cuts, not with continued castigation of the business sector.

Kevin adds: Here's an interesting comparison...

The aformentioned forclosures, shown graphically by state:


forclosure2009-500.jpg


And the 2008 Electoral map:


ElectoralCollege2008.jpg


Notice anything?

It seems those who know far better than you and I how to spend our tax dollars aren't so good with their own...


TrackBack

TrackBack URL for this entry:
/cgi-bin/mt-tb.cgi/37021.

Comments (3)

Unless you are Arizona, but... (Below threshold)
JustRuss:

Unless you are Arizona, but considering they only voted for McCain for obvious reasons, and that McCain is not a conservative but a Progressive Republican...

Very interesting indeed.

Wonder what the 'buyers rem... (Below threshold)
GarandFan:

Wonder what the 'buyers remorse rate' is in these states.

Yes indeed. The liberals su... (Below threshold)
914:

Yes indeed. The liberals sure no how to bankrupt everybody when there in charge.




Advertisements









rightads.gif

beltwaybloggers.gif

insiderslogo.jpg

mba_blue.gif

Follow Wizbang

Follow Wizbang on FacebookFollow Wizbang on TwitterSubscribe to Wizbang feedWizbang Mobile

Contact

Send e-mail tips to us:

[email protected]

Fresh Links

Credits

Section Editor: Maggie Whitton

Editors: Jay Tea, Lorie Byrd, Kim Priestap, DJ Drummond, Michael Laprarie, Baron Von Ottomatic, Shawn Mallow, Rick, Dan Karipides, Michael Avitablile, Charlie Quidnunc, Steve Schippert

Emeritus: Paul, Mary Katherine Ham, Jim Addison, Alexander K. McClure, Cassy Fiano, Bill Jempty, John Stansbury, Rob Port

In Memorium: HughS

All original content copyright © 2003-2010 by Wizbang®, LLC. All rights reserved. Wizbang® is a registered service mark.

Powered by Movable Type Pro 4.361

Hosting by ServInt

Ratings on this site are powered by the Ajax Ratings Pro plugin for Movable Type.

Search on this site is powered by the FastSearch plugin for Movable Type.

Blogrolls on this site are powered by the MT-Blogroll.

Temporary site design is based on Cutline and Cutline for MT. Graphics by Apothegm Designs.

Author Login



Terms Of Service

DCMA Compliance Notice

Privacy Policy