Thursday :: Apr 27, 2006

Kicked To The Curb


by pessimist

Back in the days of silent movies, one of the more common plots was for the heroine to fall behind in her payments, resulting in the holder of the mortgage to demand either full payment or possession of the deed to the property. According to a recently released report from the real estate financing industry, there are an awful lot of Red Staters hoping that some handsome hero will come running to thrash the evil landlord and save the day.

In this report, notice that with the exception of California - where housing costs have been high for a long time and wages aren't what they used to be - and Michigan, all the affected states are RED!

It makes one wonder if they are still glad they allowed George W. Bu$h and the Neo-Confidence Men to take power:


Foreclosures Soar 63 Percent over Last Year

April 19, 2006 — RealtyTrac(TM), the leading online marketplace for foreclosure properties, today released its March 2006 U.S. Foreclosure Market Report, which shows 101,597 properties nationwide entered some stage of foreclosure in March, a 13 percent decrease from the previous month but a 63 percent increase from March 2005. The report shows a March national foreclosure rate of one new foreclosure for every 1,138 U.S. households.

"After rising more than 20 percent during each of the first two months of the year, foreclosure numbers experienced a fairly sharp correction in March," said James J. Saccacio, chief executive officer of RealtyTrac. "We saw a similar drop in March of '05, followed by four consecutive months of increases.

"Many buyers and investors typically start looking for properties in the spring,
and that could have provided distressed homeowners
a better chance of selling their properties to avoid default or foreclosure."

So much for the 'booming' Bu$hCo economy!

Over 57,000 homes have been lost to foreclosure in just nine states - and this was only for the month of March:

Colorado's foreclosure rate leapfrogged to highest among the states thanks to
a 31 percent increase in new foreclosures from the previous month. The state reported 5,392 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 339 households -- more than three times the national average.

After spending the two previous months as highest in the nation, Georgia's foreclosure rate dropped to second highest behind Colorado thanks in part to new foreclosures decreasing 19 percent from the previous month. The state reported a total of 7,656 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 404 households and a 77 percent year-over-year increase.

With a total of 4,933 properties entering some stage of foreclosure in March, Indiana's foreclosure rate -- one new foreclosure for every 512 households -- ranked among the nation's five highest for the third month in a row despite a 17 percent decrease from the previous month.

Utah foreclosures increased 21 percent from the previous month and replaced Ohio, where new foreclosures dropped 52 percent, among the states with the five highest foreclosure rates. Utah reported a total of 1,437 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 535 households and a 32 percent year-over-year increase.

Texas documented the most new foreclosures of any state for the fourth month in a row even though foreclosures there decreased for the second consecutive month. The state reported a total of 11,951 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure for every 674 households -- 1.7 times the national average.

Florida foreclosures decreased 7 percent from the previous month and 12 percent from March 2005, but the state still reported 9,283 properties entering some stage of foreclosure in March -- the third most of any state and a foreclosure rate 1.5 times the national average.

That takes care of the states which went for King George in both 2000 and 2004. I hope they are enjoying Bu$hco prosperity!

As for Michigan and California, Michigan has been bleeding high-wage jobs for a long time. Are all those layoffs of UAW members who once worked for Delphi, GW, and Ford starting to affect the economy?

Michigan's foreclosure rate dropped from second to fifth place among the top state foreclosure rates thanks to a 25 percent decrease in new foreclosures from the previous month. The state reported 7,727 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 547 households and more than three times the number reported in March 2005.

California reported 11,073 properties entering some stage of foreclosure in March, the second most of any state, and the state's foreclosure rate registered slightly above the national average thanks to a 22 percent increase from the previous month.

Just to show you how high housing prices are in California, I cannot afford to buy the house I live in - and I earn more than 90% of American workers according to US Government statistics.

I also commute 50 miles one way to my job, which has become about the median distance travelled by the employees at my job considering that some of my Good Orange County (CA) Republican coworkers sold their homes in the OC to cash out their profits and then moved halfway to the Colorado river. It's a decision some are beginning to regret now that gasoline has become so expensive.

But don't let that make you think that anyone cares about how much gas costs, now! We wouldn't want to expose the lie that is Bu$hCo!


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