Not Feeling Too Irie Myself
If the human race wishes to have a prolongedand indefinite period of material prosperity,
they have only got to behave in a peaceful and helpful way
toward one another.
--Winston Churchill
_______
USA Today reports a record one million homes in foreclosure, with another 3 million behind in mortgages in the fourth quarter, a trend which will continue through '08 according to the Mortgage Bankers Association Thursday (Record: 1 Million Homes in Foreclosure.) As Real Estate Forum understatedly said in their February issue, all of this "leaves industry executives in a rather dour mood." It doesn't do much for the foreclosed upon homeowners, either."Nearly 3 million homeowners, 6.3%, were behind on their mortgages in the fourth quarter of last year, and more than 1 million more borrowers -- a record 2% of all loans -- were in foreclosure. The key drivers of the increase were in California and Florida, which together accounted for about 30% of the new foreclosures."
That is the news from the homeland. Soon perhaps they can truncate the cumbersome "Homeland Security" to just "Land Security" when all of the homes are gone.
On a brighter note, excess money earned by drug lords there is fueling a real estate boom in Kandahar, Afghanistan. Whose good fortune was brought courtesy of homeowners in the U.S.A. who are losing theirs.
You gotta ask yourself a question: "Who is winning the War on Drugs"? Ditto the War on Terror.
Does it really matter to you if your home is being foreclosed upon?
Labels: economy tanks, record foreclosures
posted by rangeragainstwar at 5:25 PM
3 Comments:
Industry executives are in a panic, if they're not already bagging groceries at the Winn Dixie. There are so many contributing factors to this debacle - and it is a debacle - that it's hard to blame only one, but IMO, the buck stops with the lack of regulation of everything that has been the Republican vogue for so long.
Remember the Di Tech ad where they urged you to borrow 125% of your house's value to "jump on a hot stock" We should have seen this one coming a long, long time ago.
Capt. Fogg,
While of course, you are correct re. lack of regulation, I am amazed at the failure of so many to draw a direct connection to our poor fiscal health and GWB's most excellent adventures in the Holy Land (as he calls it.)
The cost of these fiascoes is unsustainable, yet the right's heroes, like McCain, speak of another 100+ years.
And the sun once never set on the British empire. . .
the harsh truth of economics will tell us that while we have two mechanized armies in two countries half a world away and have been fighting these wars on credit cards since the beginning that there will be no reduction in the price of oil (they need lots of gas to run the hummers, bradleys, and other stuff), while we are keeping three carrier groups out at sea constantly. every consumer in the country could quit driving their car and the military demand for petrolium products would keep the price sky high.
if they had left the hedge funds alone it probably would have self corrected like most markets do.
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